Kanpur Personal Loan

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Kanpur, the second largest city in Uttar Pradesh is situated at close proximity from its capital Lucknow.It’s based on the banks of river Ganges and is often called Manchester of the East.It has also been called the Leather city because of the number of top quality tanneries that are located here.

A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.

Documentation needed to apply for an Kanpur Personal Loan

• 1. Photo ID and age proof
• 2. Signed application form with photograph
• 3. Residence proof
• 4. Last 6 months bank statement
• 5. Documentation for salaried applicants:
  • Last 3 months salary – slips
  • Form 16 or Income Tax Returns
• 6.Documentation for self-employed applicants:
  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan offered by various banks in Kanpur

There are various banks and NBFCs who offers personal loans to customers living in Kanpur. Some of the banks that offer personals loans to people living in Kanpur are:

• State Bank of India
• Axis Bank
• HDFC Bank
• Fullerton
• Kotak Mahindra Bank
• Standard Chartered Bank
• Tata Capital

Kanpur Personal Loan Interest Rates_{Updated on 02 Oct 2023}

Kanpur Personal Loan Details

Interest Rate (Monthly reducing balance)	9.60% - 36%
Processing Fees	0%-6%
Loan Tenure	1 year to 6 years
Pre-closure Charges	2% - 5%
Guarantor Requirement	No guarantor required

Check Personal Loan Interest rates in Kanpur 2023

FAQs on Kanpur Personal Loan

1. How can I apply for a higher amount for my personal loan?

If you can maintain a healthy credit score by clearing all your loans and credit card bills on time, then you can apply for a higher loan amount.

2. I am a self-employed applicant. Could you let me know about the documents that I need to submit?

Some of the documents you will have submit are your IT returns for the past 3 years, balance sheet and profit and loss account, and other documents as asked for by the bank.

3. Does BankBazaar have paperless options for personal loans in Kanpur?

Yes, BankBazaar has collaborated with certain lenders in order to offer you loans with convenient paperless options. Some of the institutions that offer paperless options are HDFC Bank, Axis, Fullerton, etc.

4. Can I avail myself of a personal loan in Kanpur to pay my child’s tuition fees?

Yes, you can avail yourself of a personal loan to pay your child’s tuition fees. However, you can also consider applying for an education loan.

5. I reside in Lucknow. Can I apply for a personal loan in Kanpur?

Yes, you can apply for a personal loan in Kanpur even if you are a resident of Lucknow. You will, however, need to submit all the proper paperwork for your loan to be approved.

6. Can I ask my bank to offer me a personal loan at a lower interest rate?

If you have a good relationship with your bank and your credit score is 750 and above, then you can certainly ask the bank to offer you a personal loan at a much lower interest rate.

7. Is it possible to halt my EMI for two months?

Lenders frequently hesitate before approving an EMI request when the borrower is experiencing an income loss. Most banks offer an EMI waiver of three to six months (no EMI for the following three to six months). You can carry on paying loan payments once you have recovered.

8. What takes place if a loan is not paid back?

If you don't pay back your debt, the lender could sue you. In order to avoid further penalties like asset seizure or wage garnishment, the court will next require that you return the obligation in full. The lender may send debt collectors after you and report the debt to credit bureaus if payments are not paid on time.