Personal Loan in New Delhi

Documentation Required

• Photo ID and age proof
• Signed application form with photograph
• Residence proof
• Last 6 months bank statement
• Documentation for salaried applicants:
  • Last 3 months salary - slips
  • Form 16 or Income Tax Returns
• 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 in New Delhi

For those looking for an extra boost, financially speaking, either to renovate their house, pay for emergency medical bills, buy a gadget that they desire or fund a holiday, there is the option of personal loans. Top banks and NBFCs (Non-Banking Financial Company) across the country offer personal loans that are unsecured - meaning that there is no requirement for collateral. Customers wishing to avail personal loans can start by visiting the financial portal - BankBazaar. On the BankBazaar website, customers can compare the interest rates offered by its partner banks and decide on a loan from a particular bank that suits their current financial situation.

Personal Loan Interest Rates in New Delhi

How do I get a Personal Loan with the Lowest Interest Rate in New Delhi?

A lot of customers fail to do their research when availing a loan and leave it to their banks to make the decisions and bring forward the estimations. The problem with this approach is that getting the best interest rate for the loan becomes almost far-fetched. Looking into all aspects of a personal loan before availing it is absolutely necessary. If you wish to avail a loan at the lowest interest, here are a few key areas you will have to look into:

Credit score - Making sure that your credit score is above par will result in you availing a loan at a fairly good interest rate. The better your CIBIL score the lower the interest rate added to the loan and vice versa.

Down payment - Making a down payment upward of 20% of the loan amount will result in you availing a loan at a better interest rate. The bigger the down payment, the better the interest rate.

Debt-to-income ratio - Always ensure that your EMIs, credit bills and so on, do not cross 40% of your annual or monthly income. Having a good debt-to-income ratio will boost your chances of availing a loan with a good interest rate.

Loan shop - Financial portals such as BankBazaar are of great help when loan shopping. On the BankBazaar website, individuals can compare loan interest rates offered by its partner banks and can narrow down on a loan with the best interest rate relative to the tenure - one that suits their budget.

Your employment and experience - This is one factor banks and NBFCs take into consideration when approving or rejecting a loan application. If you've had a stable income and work for a reputed company, it's likely that you could very well negotiate on a decent interest rate.

Make sure that you negotiate - Negotiating the interest rate on your loan is absolutely necessary. Most people just go ahead with the numbers set by banks and NBFCs, but making a negotiation will help you in the long run.

Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorted tenure will result in you having a much less interest rate.

Salary Requirements to Avail Personal Loans in New Delhi

Every bank and NBFC have a certain salary requirement which customers have to meet to get a loan approval. Apart from looking at factors such as interest rate, processing fees, prepayment and so, make sure your cross check with the bank's minimum salary requirement for a particular loan. As already mentioned, the salary requirement varies from bank to bank.

For salaried individuals - Depending on which bank you are availing the loan from, generally the minimum salary requirement ranges roughly between Rs.7,500 and Rs.50,000.

Self Employed individuals - Self-employed individuals should provide proof of income of the last two financial years. Generally, the income requirement to avail a loan is between Rs.1 lakh and Rs.2 lakh (profit).

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score