Nagpur, the Maharashtrian city famous for its oranges also serves as the winter capital of the state. It has also been constantly nominated as one of the best cities in India to live in. It has a population of 25 lakhs.
You can easily apply for a personal loan in Nagpur for any of your own purposes, such as wedding arrangements, education plans, house renovation, purchase of consumer durable goods, purchase of two-wheelers, or any other cause. Several lenders in the city provide personal loans with low interest rates. You can choose any of them after thoroughly researching each loan provider's loan offerings.
The various documents that are required to apply for a personal loan in Nagpur are given below:
Nagpur Personal Loan Details
|Interest Rate (Monthly reducing balance)||10.99% to 24% p.a.|
|Processing Fees||Up to 2.5% of the loan amount|
|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 Nagpur include:
When looking for a personal loan with low interest rates, there are a few factors to keep in mind. Choose a lender that can provide you with loan terms that are tailored to your specific circumstances. Before applying for the loan, make sure you have a good credit score (at least 750/900), as this is the most important aspect in deciding the interest rate you'll pay. Your personal loan interest rate will almost certainly be greater if your credit score is low.
Also, before you apply for a loan, evaluate your needs and just take out the amount you require. If you do not estimate your needs, you may end up taking out a loan for a larger amount than you require, and you will be compelled to pay interest on the larger loan amount. If you obtain a loan for a lower amount than you require, you may be forced to take out a second loan, for which you will be charged interest.
Most importantly, you must weigh the pros and cons of several personal loan possibilities before deciding on one. You should definitely look into the interest rates for each loan option before deciding which one best meets your needs and tastes. Comparing and contrasting interest rates for loans is best done online. It's completely free, and you can do it from anywhere. This phase will assist you in having a smooth borrowing process during your stay because it will allow you to make an error-free decision.
If you know that your employer has a loan or other financial product partnership with a bank or non-banking financial company (NBFC), you should definitely approach this lender. If you choose this lender, you could be able to get exceptional interest rates on your personal loan. Additionally, you may be eligible for additional discounts and benefits!
Several banks offer personal loans to residents of Nagpur. These include many leading public and private sector banks and also non-banking financial corporations as well. Here are the interest rates offered by the top 10 banks offering personal loans in Nagpur.
|Bank||Personal Loan Interest Rate|
|Citibank||9.99% to 14.99% (fixed)|
|Standard Chartered||11.49% onwards|
|HDFC Bank||10.50% onwards|
|IndusInd Bank||10.49% onwards|
|Kotak Mahindra||10.25% onwards|
|Bank of Maharashtra||9.45% to 12.80%|
|Bank of India||10.35% to 12.35%|
|Canara Bank||12.05% (floating)|
|Central Bank||9.85% to 10.05%|
|Indian Overseas Bank||10.80%|
|Yes Bank||10% onwards|
|Union Bank||9.30% onwards|
|UCO Bank||10.05% onwards|
|Tamilnad Mercantile Bank||14.05%|
|State Bank of India||10.60% to 13.10% (fixed)|
When it comes to personal loans, the requirements, though overall the same, may differ in bits or parts, from lender to lender. Banks will have a minimum salary requirement for different categories of borrowers like salaried applicants or self-employed applicants.
The maximum limit provided under a personal loan will differ from bank to bank. The maximum limit ranges from Rs.5 lakh to Rs.30 lakhs.
The processing fee charged on a personal loan will differ from bank to bank. However, banks usually charge loan processing fee between the ranges of 0.5% to 2.5% of the total loan amount.
Personal loans are usually available for a tenure that ranges between 1 year to 5 years. Again, like processing fee and minimum income requirement, the loan tenure can also differ from lender to lender.
No, personal loans are unsecured loans which do not require the borrower to give any security or pledge assets to apply for the loan. However, the requirement of a guarantor may differ from lender to lender. Some banks may require you to present a guarantor in order to apply for the loan.
Pre-payment or part payment may not be always allowed on personal loans. Ask your bank about the same before applying for the loan.
If a housewife has a co-applicant with a reliable income and a high CIBIL score, then even without a source of income she is eligible for personal loans.
Several banks in Nagpur might offer you interest rate breaks if you seek for a personal loan. You need to figure out which bank offers this service.
If you don't repay your personal loan EMI on time, your credit score will suffer, making it harder for you to get a loan in the future.
If you don't make your payments on time, the lender could sue you. The court will then issue an order requiring you to make a complete repayment of the debt or face further penalties like asset confiscation or wage garnishment. In the event that payments are not made on time, the lender may send debt collectors after you and file a credit report about the debt.
If a borrower experiences loss of income, banks often hesitate before approving EMI application. Most banks offer EMI exemption for 3-6 months. After recovery, you can continue to make loan installments.
Even if you are unemployed, you can apply for a personal loan in Nagpur if you have a co-applicant who is employed and has a credit score high enough to help you acquire a loan.
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