The city of Ahmedabad in Gujarat is a bustling place with many industries, businesses, tourist attractions and institutions. It is one of the major cities in India with a very dense population of working-class people residing here due to the presence of many industries and businesses. With such a thickly inhabited population of salaried and self-employed people, there is bound to be a need for an urgent cash loan in Ahmedabad. Due to this, all major banks, finance companies and money-lending organizations have their presence in the city.
Uses of Personal Loans Available in Ahmedabad
People of Ahmedabad work in various capacities, ranging from business people, tourist guides, industrialists, factory workers, and employees of firms to self-employed professionals. Whatever might be your work, everyone requires the help of a loan to take care of urgent or general needs at some point in life. Therefore, you can avail of a personal loan in Ahmedabad to take care of your different needs, which may be for the following reasons:
- Personal loan for business expansion plans.
- Personal loan for taking care of education expenses.
- Personal loan for marriage purposes.
- Personal loan for travel planning.
- Personal loan for medical emergencies.
- Personal loan for renovating or refurbishing your home.
General Ranges of Personal Loan Features in Ahmedabad
Here are some features of personal loans and their ranges available in Ahmedabad:
- The interest rate of personal loans ranges from 9.45% to 15.65%.
- The EMI duration for personal loans ranges from 1 year to 7 years.
- The processing fees charged for personal loans range from 2.5% to 4%.
- Some personal loan providers in Ahmedabad may charge a pre-closure charge ranging from 2% to 5%.
Eligibility Criteria to Qualify for Personal Loans in Ahmedabad
The qualification criteria for personal loans in the city of Ahmedabad are as follows:
- The minimum credit bureau score required for personal loans is 750.
- The minimum starting age requirement to apply for a personal loan is 21 years.
- The maximum age limit required to apply for a personal loan is 65 to 70 years depending on the loan provider.
- The minimum income required to apply for a personal loan ranges from INR 15000 to INR 25000 per month, depending on the loan provider.
- The minimum work experience required to apply for an instant personal loan in Ahmedabad by a salaried or self-employed person is one year.
Documentation Needed to Apply for a Personal Loan in Ahmedabad
The documents for applying for a personal loan in the city of Ahmedabad are as follows:
- Proof of Identities such as driving license, passport, PAN card, voter ID or others.
- Proof of Domicile/Address such as ration card, aadhaar card, utility bills or others.
- Proof of Income for salaried employees such as bank statements of salary account and salary slips.
- Proof of Income for self-employed persons, such as past six months’ bank statements of current or savings accounts and income tax returns for the last three years.
- Proof of business or profession, such as registration certificates, necessary licenses, qualification certificates or others.
Tips to Keep in Mind Before Applying for a Personal Loan in Ahmedabad
Before you apply for an instant loan in Ahmedabad, keep in mind the following things:
1) Do Your Research:
For you to know the different offers available in the market, it is essential to research before applying for any personal loan. There is immense competition among finance companies in Ahmedabad, which will benefit you if you study the personal loan market first. You can get excellent terms and low-interest rates from a particular loan provider in the city only if you pay attention and do your due diligence before applying for a personal loan.
2) Check Your Scores with the Credit Bureaus:
Please take out your credit report from the credit bureaus and check it out. Ensure that your scores are correct and that there are no discrepancies in your report. If you find any mistakes in your credit report, please bring it to the attention of the authorities and ask them to rectify the error. Also, if you have a low credit score, ensure corrective action and get your score above 750 so that you receive the best offers from the loan providers in Ahmedabad.
3) Remember to Check All the Charges & Fees:
Don’t ignore the extra charges you will have to pay for the personal loan. The low-interest rate you get on the loan is important to consider; however, the extra processing fee or additional charges you pay may make it costlier to borrow the money from that lender. Therefore, compare and check these additional charges before you apply for a personal loan in the city of Ahmedabad.
4) Ensure You Get the Required EMI Tenure:
Take stock of your financial position and ensure that you have sufficient income to pay the monthly instalment of the personal loan. It is as crucial as getting the right loan amount or a low-interest rate when you are getting the time required to repay the loan. Only when you get ample time to pay the EMIs of the personal loan will you be able to avoid paying any late payment charges, which can adversely affect your credit ratings.
5) Get the Entire Required Documents Ready:
Every personal loan has a documentation process that you will have to follow. Know the exact documents that you have to produce to the loan provider before applying and get all of them ready. This way, the financial institution from whom you want to take the loan can process it quickly.
Now, you know everything that you have to do in the situation that you require an urgent cash loan in Ahmedabad. The process of applying in this city is very similar to anywhere else in the country, and you should follow the tips to ensure that you get a personal loan without any hassles. Understand the eligibility criteria, the documentation requirement and the situations where you can use a personal loan to get the most out of such loans.