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7 Common Questions People Ask When Looking for a Personal Loan in Ahmedabad
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7 Common Questions People Ask When Looking for a Personal Loan in Ahmedabad

Personal loans are excellent for covering your urgent financial needs. These loans are unsecured and are popular for its flexibility of use. 

Are you looking for a personal loan in Ahmedabad? This article answers questions most people in Ahmedabad have about personal loans. 

1. Where do I get a loan for my business in Ahmedabad?

You can get a loan for your business from any traditional banks, online lenders or lending platforms and NBFCs in Ahmedabad. There are also some government-backed schemes which can offer you a loan for your business. 

Although traditional banks are an option for getting a business loan, if you are new to the business and have no business credit history to show, you are unlikely to get a business loan from them. 

But that’s not the end of your business journey. There are new-age lenders and lending platforms that can help you get a loan for your business. MoneyTap is an online lending platform that can provide the finance you need for your business. 

2. What is the online procedure for taking a business loan in Ahmedabad?

The online business loan procedure is straightforward and easy. Ensure that before applying for a business loan online in Ahmedabad, check for various loan offers from various lenders and compare the interest rate to select the loan offer that’s best for you. Also, check your eligibility criteria for the loan.  

Follow these steps to apply for a business loan online: 

  1. Visit the online lender’s website.
  2. Fill up the loan application form.
  3. Upload documents for eKYC and other relevant documents. 
  4. Submit the form. 

Once the form is submitted, your credit assessment will be done. And you’ll get a revert almost instantly or within a few days. 

3. Do banks and NBFCs offer personal loans in Ahmedabad?

Yes. Banks and NBFCs offer personal loans in Ahmedabad. You can get a loan from them provided you meet their eligibility criteria and submit the relevant documents.  Check MoneyTap’s eligibility criteria and required documents for a personal loan here

4. Which bank offers the best interest rate on personal loan in Ahmedabad?

Ahmedabad is home to most major banks and NBFCs. So, you have a wide range of choices in personal loan offers. Research to compare interest rates. Don’t focus entirely on the interest rate; consider the other important factors like loan tenure, repayments options and prepayment fees before taking the final call. 

Check the interest rates offered by various banks here.

5. Why is taking a personal loan easy in Ahmedabad as compared to other loans?

Taking a personal loan is easy not only in Ahmedabad but also in other cities of India. Personal loans are unsecured loans and can be processed with minimal documentation. Some of the documents, banks and other personal loan lenders ask for are as follows: 

  • Income proof
  • Employment proof
  • ID Proof
  • Residential proof
  • Photograph

The personal loan online is even simpler. With the evolution of fintech companies, the loan application process is convenient, the approval is instant, and disbursal is quicker too. 

6. Which bank provides the lowest rate of interest for small business loans in Ahmedabad?

You could try public sector banks like the SBI bank, Allahabad Bank, Central Bank, etc. But their eligibility criteria are stringent. You need to have a good business credit score, established business and strong collateral to get a business loan approved. 

If you are not meeting the traditional business loan criteria, you can try NBFCs like Bajaj Finserv or online lending platforms like MoneyTap. You’ll get these loans at competitive interest rates. Furthermore, the approval process is exceptionally faster than most traditional banks.

Some government startup funding schemes can also help you get a business loan at a low-interest rate. 

Pro tip: The interest rate should not be the only factor you take into account while comparing different loan offers. Consider the secondary and tertiary charges, such as prepayment fees, processing fees, etc. A loan offered with the lowest interest rate may prove to be an expensive offer owing to its additional charges applied to the loan amount. So, make a wise decision. 

7. What are a few benefits of getting a personal loan for travel in Ahmedabad?

There are quite a few benefits of getting a personal loan for travel in Ahmedabad. Some of them are:

  • You can go anywhere in the world without dipping into your savings.
  • Travel loans are unsecured personal loans so no need to provide guarantor or collateral.
  • You get to travel with a low-interest loan.
  • The loan process is online, quick and convenient.
  • You can use the travel loan for booking air tickets, hotel stay or any other travel expenditure. 
  • You can repay the travel loan in affordable EMIs.
  • The repayment tenure is flexible ranging from 2 months to 5 years.
  • The travel loan is given to you with minimal documentation.

MoneyTap’s travel loan has additional benefits. The unsecured loan for travel is given to you in the form of a personal line of credit. You can use as much as you want from the approved credit line. Moreover, you pay interest only on the amount withdrawn and not on the credit line approved. The flexible credit line comes handy when you come across emergencies while travelling. 

MoneyTap Personal Loan in Ahmedabad

Looking for an instant online personal loan in Ahmedabad? Get quick cash loan approval of up to ₹ 5 Lakh. Download MoneyTap now!

Shiv Nanda

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

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