If you are in need of extra money to handle any of your personal needs, you can simply apply for a personal loan and repay it in equated monthly installments (EMIs). Indore has a number of top lenders that process and approve personal loan applications without causing any hassle to the borrower.
|Interest Rate (Monthly reducing balance)||9.05% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
A few of the top lenders that offer personal loans in the city of Indore include:
You can procure a personal loan with the best interest rate by comparing and researching thoroughly. You will also need to prove your creditworthiness to your lender. For this, you will have to maintain a good credit score. A typical good credit score is anything above 750/900. Your lender may also check your job situation. If you have been shifting jobs on a frequent basis, the lender may not trust you to repay the loan on time. Therefore, before you apply for a personal loan, make sure you have been in a job for a reasonably long period. This will establish that you have a regular source of income and that you will be able to make your loan EMIs along with your other monthly expenditures. You should also fix your personal loan amount as per your financial situation. You should ensure that you do not borrow an extremely high amount as you should not have to struggle to pay your installment amounts. Struggling to make repayments can also lead to defaults of loans, which is very bad for your credit score.
You should also fix your personal loan amount as per your financial situation. You should ensure that you do not borrow an extremely high amount as you should not have to struggle to pay your installment amounts. Struggling to make repayments can also lead to defaults of loans, which is very bad for your credit score.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|CitiBank||9.99% - 16.49%||Up to 3.00% of the loan amount that has been sanctioned||Rs.30 lakh (Max)||1-5 Years|
|Tata Capital||Starting from 10.99%||2.75% of the loan amount plus GST||Rs.25 lakh (Max)||1-6 Years|
|Kotak Mahindra Bank||Starting from 10.25%||2.50% of the loan amount plus GST||Rs.25 lakh (Max)||1-5 years|
|Bank of Baroda||Starting from 10.50%||2.00% of the loan amount plus GST||Rs.50,000 to Rs.5 lakh||Up to 60 months|
|State Bank of India||Contact the bank||1.50% of the loan amount plus GST||Up to Rs.20 lakh||6 Years|
|Yes Bank||Contact the bank||Contact the bank||Rs.40 lakh (Max)||1-5 Years|
|Standard Chartered||Contact the bank||Contact the bank||Contact the bank||Up to 5 years|
|South Indian Bank||Repo Rate + 6.55% onwards||2.00% of the loan amount plus GST||Rs.10 lakhs||Up to 5 years|
|IndusInd Bank||10.49%-31.50%||2.50% of the loan amount||Rs.15 lakhs||1-5 years|
|HDFC Bank||10.40% onwards||Rs.3,999 plus GST||Contact the bank||Contact the bank|
|Indian Bank||9.05% onwards||Contact the bank||20 times the gross salary of the loan applicant||Contact the bank|
When you are applying for a personal loan in Indore, you need to meet certain eligibility criteria. These are the requirements:
How can I apply for a higher amount for my personal loan?
You can raise your personal loan amount by clearing all your credit card bills and by selecting a longer loan period for up to 5 years.
I am a self-employed applicant. Could you let me know about the documents that I need to submit?
You will have to give your Income Tax returns with the calculation of your income for the most recent 3 years. You will also need to submit your balance sheet and profit and loss account that is CA certified or audited.
Does BankBazaar have paperless options for personal loans in Indore?
Yes, BankBazaar has collaborated with certain banks to provide you with convenient paperless options. Some of the institutions that offer paperless transactions include HDBFS, HDFC Bank, Fullerton, Oriental Bank, and more.
Will I need to pay the processing fee more than once?
This depends on the bank that you approach. Most banks charge a one-time fee for the processing fee.
Will I have to make arrangements for a guarantor while applying for a personal loan?
No, you do not require a guarantor for a personal loan application.
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