Meerut is considered to be one of the most important cities in Western Uttar Pradesh and it’s the second largest city in the National Capital Region. In fact it’s only about 70 kms from away from New Delhi, which adds to its geographical importance.It is considered to be 63rd fastest growing urban regions in the world.The infrastructure in the city today is top notch as it is well connected to Delhi, Agra and other important cities in North India
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.
|Interest Rate (Monthly reducing balance)||9.60% p.a. - 36% p.a.|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Meerut is an ancient city situated on the banks of the Indian state of Uttar Pradesh. The settlement dates back to the times of Indus Valley Civilization. It is an industrial town with a balance of new and traditional industries. The city’s proximity with the country capital, Delhi, also is a big plus for its economic welfare.
There are a number of leading banks and NBFCs that offer personal loans to customers who are located all over Meerut. These banks provide all kinds of loans to the ever burgeoning population of the city, including personal loans.
In addition to providing personal credit, these banks also offer a number of different banking facilities like investment advice, net banking, asset management, and other forms of commercial lending. Listed below are a few of the prominent banks that provide personal loans and operate out of Meerut:
Knowing the components of a loan that affect the interest rate is imperative when applying for a loan. Most people, blindly avail loans from the banks holding their salary account and leave all the calculations and assessments to be made by the bank. For first-timers, these are the areas you need to look into and improve if you wish to avail a personal loan at the lowest interest rate possible.
Credit score - The credit score of the individual directly influences the interest rate that the bank will offer you when availing a loan. If the credit score is good (anything above 750), the interest rate offered by the bank will be low. If the credit score is below 750, the bank will place a higher interest rate on the loan.
Down payment - Making a down payment upwards of 20% of the loan amount will result in you getting a better interest rate on the personal loan.
Debt-to-income ratio - When a bank or NBFC makes a verification of the credit profile of the loan applicant, the debt-to-income ratio is one of the first things that is taken into consideration. Having a debt-to-income ratio less than 40% of your monthly net income is ideal when availing a loan. If it is more than 40%, the bank might reject the loan application (based on your income) or might apply a higher interest rate if the application comes through.
Loan shop - Facilitating the use of financial portal such as BankBazaar has made loan shopping easy. Using the BankBazaar website, individuals can compare loan offers from different banks and NBFCs and choose one that suits their financial situation. In addition, customers can even make EMI calculations and check their CIBIL score on the website.
Experience and employer - The number of years of experience you have and the company you work for affects the bank’s decision to either give you a higher or lower interest rate. Working for a reputed company will increase the bank’s trust in you making the repayment in time.
Negotiate - One of the more important aspects when availing a loan is to negotiate with the bank executives on the interest rate of the loan you wish to take out. Making a negotiation might just get you an ideal interest rate on your loan.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Citibank||9.99% - 16.49% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||10.25% onwards||Up to 2.5%||Up to Rs.20 lakh (Max)||1-5 years|
|Fullerton||11.99% - 36%||0% to 6.0% (One time fee)||Up to Rs.25 lakh (Max)||1-5 Years|
|Bank of Baroda||10.50% - 12.50% (Fixed)||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (One time fee)||Up to Rs.2 lakh||1-5 Years (Max)|
|State Bank of India||9.60% - 15.65%||1.5% (One time fee)||Up to Rs.20 lakh||6 Years|
|Aditya Birla||14% - 26% (Fixed)||Up to 2% of the loan amount||Rs.15 lakh (Max)||1-3 Years|
|Yes Bank||10.99% onwards (Fixed)||Up to 2.5% (One-time fee)||Rs.40 lakh (Max)||1-5 Years|
When a bank or NBFC receives an application that was sent in by an individual who’s looking for a personal loan, there are a few requirements that the borrower would have to meet before the lender can sanction the loan. One of these factors is the individual’s salary. The bank or NBFC should be quite certain that the individual is capable of repaying the loan amount. Some of the requirements that the borrower has to meet have been listed below:
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.
Yes, you can use a personal loan to furnish the interiors of my house.
If you have a low credit score, you may either get the loan at a very high rate of interest or your application may be denied as well.
Lenders usually charge a processing fee ranging from 0.5% to 2.5% on the overall loan amount.
Unsecured loans like personal loans are those which do not require any collateral or security to be pledged in exchange for the loan.
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