It shouldn’t be difficult to get a personal loan in Hyderabad because the city is home to a large number of private and public sectors banks, fintech startups and other financial institutions. You have a lot of options for applying for a personal loan and these options may confuse you. So, if you are determined to find the best personal loan in Hyderabad, do your research first.
Personal loans are excellent solutions to your urgent financial needs; they are easier to get and do not require any collateral. They are popular for their flexibility of use and also their lower EMIs and more manageable rates of interest.
Personal loans in Hyderabad are usually taken for:
- Medical emergencies and healthcare expenses
- Home repairs
- Meeting debt obligations
- Purchase of gadgets
- Buying home appliances
- Child’s education
- Wedding expenses
- Travel expenses and many more.
5 Commonly Asked Questions About Personal Loan in Hyderabad
How can I apply for an urgent personal loan in Hyderabad?
First, find the lender you want to work with. You can either apply online or visit the branch. If your need is urgent, applying for a personal loan online makes more sense as it is a faster and a convenient process.
Note: Check your personal loan eligibility and shop for the best interest rates before applying for a personal loan.
Eligibility criteria of most banks:
- Age between 21 to 60 years
- Monthly income of minimum ₹ 15,000
- An Indian Citizen
Here’s the list of documents required by most lenders:
- Filled application form
- Age proof
- Income proof
- Address proof
- Identity proof
- Passport size photograph
- Business continuity proof, if self-employed
What is the best option to take a collateral-free business loan in Hyderabad?
Getting a collateral-free business loan in Hyderabad through traditional banks is possible, but difficult. Because the banks’ rules for lending capital for small businesses are stringent. And if you are in the first year of your company, it is almost impossible to get a loan from the traditional banks. Traditional lenders need to see the cash flow in your business to assess the ability to repay the loan. So, startups are usually disqualified from taking finance.
So, if you are a startup with no hope of getting finance from traditional banks, all is not lost. You can still get the capital you need from other sources such as online lenders, fintech lending platforms like MoneyTap that offer products including personal loans for business, personal line of credit, etc., which are collateral-free business loans in Hyderabad designed to provide quick finance to meet your business needs.
MoneyTap offers a collateral-free personal loan in the form of a line of credit, which can be used for any purpose you want. All you have to do is download the MoneyTap app and apply for a loan at a competitive interest rate, flexible tenure and repayment option.
MoneyTap’s personal loan for self-employed in Hyderabad is at the best interest rates. Some of the advantages of MoneyTap are:
- Quick online application and instant approval
- Hassle-free documentation
- Quick loan disbursal
- Loan amount of up to ₹ 5 Lakh
- Competitive interest rate
- Flexible repayment tenure from 2 months to 36 months
What is the eligibility criteria for taking a business loan in Hyderabad?
The eligibility criteria for taking a business loan in Hyderabad varies from bank to bank. Following are the common ones:
- Age – between 24 to 65 years.
- A stable business record showing proof of running the business for a minimum of 3 years.
- Current and previous financial records of the company to assess your repayment capacity.
The bank considers the following factors while considering your business loan application:
- The type of business
- Your turnover
- Your cash flow
Can I get a personal loan in Hyderabad if I’m getting salary in cash?
Yes. You can get a personal loan in Hyderabad if your monthly salary is given to you in cash. Salary slips are one of the basic documents your lender will ask you to provide to assess your repayment capability. But, in the absence of a salary slip, you can provide other documents that are proof to your income. Some of the alternatives to salary slips are as follows:
- Offer Letter
- Income Tax Returns
- Official Letter from the Employer
- Bank Statements
How do I get a personal loan with a low interest in Hyderabad?
There’s no single lender in Hyderabad or anywhere else that provides the personal loans with low-interest rates for everyone. But certain types of lenders or lending platforms offer comparatively a lower interest rate than others.
Online lending platforms like MoneyTap provides personal loans in Hyderabad at a lower interest rate compared to most traditional banks. The reason? They don’t have the overhead costs that can come with brick-and-mortar branches. This benefit they pass on to the customers in the form of a lower interest rate.
Tips for Getting the Best Possible Interest Rate on a Personal Loan in Hyderabad
If you’re interested in taking out a personal loan in Hyderabad, you may want to avoid taking the first offer that comes your way. Instead, consider these three tips before you sign on the dotted line.
- Check your credit score – Higher the credit score, better are your chances of getting a lower interest rate.
- Pay down your existing debts – Your debt-to-income ratio needs to be low as it is a direct indicator of your repayment capacity.
- Shop around – Since each lender has different criteria for determining the interest rate, it’s worth checking interest rates of other lenders to check which lenders offer you the best loan terms.
The answers to the questions above may have cleared quite a few doubts you may have had about personal loans in Hyderabad.
MoneyTap Personal Loan in Hyderabad
For people in Hyderabad, MoneyTap can help you meet your financial needs. MoneyTap’s instant personal loan in Hyderabad is available at competitive interest rates, flexible loan tenure and affordable EMIs.
Looking for a personal loan in Hyderabad? Get it from MoneyTap. Download the app today!