4 Things to Keep in Mind While Taking a Personal Loan in Bhubaneswar

Bhubaneswar is a steadily developing city as far as cultural, economic and educational aspects are concerned. The city is gaining an exceptional position in the IT sector and the export industry. Orissa’s capital has been a favourite investment pool for all considering the prospective development opportunities. However, meeting professional and personal financial goals requires considerable funding that would come with no-end usage restrictions. A personal loan in Bhubaneswar is the best go-to option under such circumstances.

Reputed lenders take into consideration various aspects that need substantial coverage while sanctioning such advances. They offer personal loans of adequate amount at competitive interest rates to meet the diversified financial needs of borrowers. The beneficial features of such unsecured loans help borrowers meet their personal financial requirements like funding for medical emergencies, travel, home renovation, wedding, or debt consolidation.

However, considering that availing a financial aid is a crucial decision, it is ideally essential to consider a few factors while taking a personalloan in Bhubaneswar. Read on to find out more.

1. Benefits

Taking into account the various benefits of these unsecured loans, numerous NBFCs offer such credits. However, borrowers need to compare the features of such credits available in the market and settle upon the one that provides them with the maximum benefits.
Leading financial institutions like Bajaj Finserv provides Personal Loan that comes with easy-to-meet eligibility criteria and multiple borrower-friendly features. Some such features are as follows:
  • High loan amount of up to Rs. 25 Lakh.
  • Instant approval on the personal loan application.
  • No end-usage restrictions on the loan amount and hence it can be used to fund multiple expenses.
  • Access to the loan account online.
  • Quick disbursal of the loan amount with 24 hours of the document verification.
They also bring you pre-approved offers on multiple financial products that include both secured credits like home loan, loan against property, and unsecured credits like personal loan, business loan, etc. These offers ease the application process to avail financing and also save your time. You can take a look at your pre-approved offers by providing a few details like name and phone number.

2. Application Process

Borrowers need to go for the lender who provides them with a hassle-free application process to avail such financial aids. The personalloan process steps for application includes sending over a representative who would collect your documents and help you avail the credit. Reputed lenders mandate only some basic documents keeping in mind the convenience of the borrowers.

3. EMIs

Even before you apply for an online personal loan, it is essential to make sure that you borrow as per your repayment capability. Look into your existing debts and decide upon the EMI amount you can afford. Opt for lenders who provide flexible tenors and attractive rates of interest. An affordable EMI ensures that you make timely repayments, boost your credit score and prevent any unnecessary stress on your monthly budget.
Calculate your monthly repayments with the help of a loan calculator accurately before applying. All that you need to do is provide a few necessary information like loan tenor, rate of interest and loan value to check the EMI amount. Choose the lender offering a low interest personal loan to keep EMIs under your budget.

4. Eligibility Criteria

An unsecured personal loan requires no collateral and comes with easy-to-meet eligibility criteria which include –
  • Borrowers must be a citizen of India.
  • Between 23 to 55 years of age.
  • A salaried individual employed with a public or private company, or in an MNC.
  • The required minimum salary of the prospective borrower depends on the city he/she resides in and varies from lender to lender.
While you are looking to avail a personal loan in Bhubaneswar, do approach reputed lenders who are transparent about their personal loan processing fees and rate of interest, and you need not worry about any hidden charges. Also check out other related charges like EMI bounce charges, processing fees, penal interest, secure fee, and document/statement charges before applying.
Rate author