Planning to take a personal loan in Delhi? Figuring out the best personal loan in Delhi for your needs? You may have quite a lot of questions about personal loans in your mind. This article is an attempt to answer the most common questions Delhiites ask when they are looking for a personal loan in Delhi.
Whether you want to buy a new phone, a car or just want to go ahead with your home renovation plan, a personal loan may help you achieve your goals. However, when you shop around for a personal loan, as with all loans, it is important to do some groundwork before you sign up.
Find below the answers to 5 most common questions Delhiites want to know about personal loans in Delhi.
1. How do I get a personal loan in Delhi?
In Delhi, many banks, financial institutions, NBFCs, fintech startups like MoneyTap offer personal loans. Depending upon your choice of a loan provider, you can either apply online or visit the branch.
Personal loans are unsecured loans which are given to you without collateral. The loan amount can range from ₹ 10,000 up to ₹ 50,00,000.
You can get a personal loan in Delhi through these 4 steps:
- Determine your personal loan requirement – why and how much you need.
- Check your personal loan eligibility – you can check online or visit the bank.
- Calculate your monthly instalments – find out how much you’ll need to pay every month for the loan amount you are planning to borrow.
Use MoneyTap’s EMI calculator to find out the EMI you’ll be paying for your loan. You can modify the interest rate, loan amount and repayment tenure to figure out the best EMI amount you can comfortably pay every month.
- Approach your choice of lender – apply for a personal loan in Delhi either online or by visiting the bank.
With MoneyTap, you can apply by downloading the app and submitting your personal details. You get the approval status almost immediately.
If you are looking for an instant loan in Delhi, MoneyTap is the best option for convenient, easy and quick loan process.
2. What is the interest rate of getting personal loan in Delhi and where can I get a personal loan with affordable interest in Delhi?
The interest rate varies from bank to bank. It can be as low as 10.99% to as high as 20% or more. Each lending institution – be it a traditional bank, NBFC or a fintech lending platform – have different factors that decide their interest rates for personal loans in Delhi.
Here are some factors that determines the interest rate:
- Your Credit Score – Make sure you have a high credit score to get a quick loan in Delhi. It is advisable to have a credit/CIBIL score of 750 or above.
- Your Income – Higher the income, lower the risk to the bank, thus better interest rate. Lower the income, higher the risk to the bank, thus higher interest rate.
- Employer Brand – If working for a reputed employer brand, banks and lending institutions are likely to offer you a low-Interest rate.
- Nature of Employment – Banks may provide a different interest rate based on whether you are salaried or self-employed.
- Age – If you are nearing the age limit banks set up for personal loan eligibility, you are likely to get a higher interest rate on your personal loan in Delhi.
- Relationship with the Loan Provider – If you have a good banking relationship with the bank or the financial institutions, you are likely to be offered a low-interest rate.
MoneyTap provides personal loan in Delhi with affordable interest rates. You can enjoy a rate of as low as 1.08% per month.
3. How much credit score is required for personal loan in Delhi?
For personal loan in Delhi, anything above 750 is considered a good credit score. If your score is below 750, you may not be approved and if approved you may be offered a personal loan at a very high-interest rate.
4. Where can I get a personal loan within 2 days in Delhi?
Traditional banks generally take a lot of time to process a personal loan application. If you want an urgent cash loan in Delhi, best is to apply for a personal loan online. The time taken for online loan processing is much lesser and you are more likely to get a fast cash loan in Delhi within 2 days.
There are fintech startups like MoneyTap which can offer fast cash loan in Delhi. The loan amount ranges from ₹ 35,000 to ₹ 5 Lakh.
To apply for MoneyTap’s fast cash loan in Delhi, download the app, fill in your details and submit your loan application. You’ll get to know your approval status almost immediately. Once the final approval is done, you’ll get the approved loan amount credited to you much sooner than you expect.
5. How can a self-employed person get a personal loan in Delhi?
There are various options to get a personal loan in Delhi for self-employed. Banks, financial institutions, NBFCs, fintech lending platforms, etc.
MoneyTap offers a personal loan in Delhi for self-employed at best interest rates. Some of the advantages of MoneyTap’s personal loan in Delhi are:
- Online application for an instant personal loan
- Loan amount of up to ₹ 5 Lakh
- Attractive interest rate
- Flexible repayment tenure from 2 months to 36 months
- Hassle free documentation
- Quick loan disbursal
The above answers to the most common questions may have provided you with some clarity on personal loan in Delhi.
MoneyTap Personal Loan in Delhi
MoneyTap is available to help people in Delhi to fulfil their financial needs. All you need to do is download the app and apply for a personal loan online. The instant personal loan in Delhi is offered to you at the best interest rate, flexible tenure and comfortable EMIs.
If you have been thinking of getting a personal loan, get it from MoneyTap. Download MoneyTap today!