A Personal Loan is availed to fulfill any financial needs that you have. Since there is no security required to avail of a Personal Loan, they are also known as unsecured loan. These loans are usually availed by people who’re looking to generate easy and quick capital with affordable interest rates and minimal documentation. You can use Personal Loans for medical emergencies, household use, family expenditures, and other personal purposes. However, to avail this loan you need to have a squeaky-clean credit history, and should also have the ability to payback the amount. Repayments is generally made in the form of EMIs with a fixed tenure.
There has been a significant rise in Personal Loan applications among people living in Indian metro cities. This article will cover India’s 4 biggest metro cities, namely, Delhi, Mumbai, Kolkata, and Bangalore.
Applying for a Personal Loan in Delhi
Delhi being the national capital is one of the costliest cities in India. Even after salary hikes, working professionals find it hard to deal with the rising inflation. In such a scenario, taking a Personal Loan can be quite handy.
For instance, right now the real estate industry is going through a tough phase throughout India. To come out of this, several builders are offering attractive schemes to bring in more buyers. The builders ask the customers to pay 20% amount as a down payment, and require the remaining amount to be paid after the completion of the project. In such a scenario, most of the people opt for a Personal Loan instead of a home loan. Personal Loan in Delhi come with a payback tenure of 4-5 years, and have a limit of upto 30 lakhs.
Interest rates - 11.5%-26%
Repayment period - Upto 7 years
Lowest EMI - Rs. 2199.26 per month
CIBIL score - Minimum 750
Applying for a Personal Loan in Mumbai
Mumbai, the financial capital of India, is also the wealthiest city in India, and ranks among the top globally for the same. It generates about 6% of India’s total GDP, and is a well-known commercial centre worldwide. Needless to say, the standard of living in Mumbai is much higher as compared to tier-2 and tier-3 cities of India. For Mumbaikars, home appliances such as air conditioners, microwave ovens, and fast internet are not means of luxury, but a necessity. Although, the per
capita income of Mumbai is much higher than the rest of India, people still find affordability a major concern here. And, to cater to this, banks and NBFCs offer easy Personal Loans to working professionals in Mumbai.
Usually, people opt for Personal Loans to meet the financial expenditures of marriage, medical emergency, or house renovation. This is because availing a Personal Loan provides them with lump sum cash, with easy interest rates. Similarly, many people these days plan a vacation abroad, and take Personal Loans for it. These trips are quite expensive otherwise, but with Personal Loans available at easy EMI’s, this whole process has been a breath of fresh air for globe trotters.
Interest rates - 11.49%-26%
Repayment period - Upto 7 years
Lowest EMI - Rs. 2199 per month
Minimum income - Rs. 15,000 per month
Minimum loan - Rs. 50,000
CIBIL score - Minimum 750
Applying for a Personal Loan in Kolkata
Kolkata is the main commercial hub of east and North-east India. The people of Kolkata are not behind their other metro counterparts, when it comes to living life in style. People in this city live quite a comfortable life, and draw enough salary per month to meet their needs. But many young working class people find it difficult to manage their finances in the constantly developing city.
Interest rates - 11.5%-26%
Repayment period - Upto 7 years
Lowest EMI - Rs. 2199.26 per month
CIBIL score - Minimum 750
Eligibility for applying for a Personal Loan in Kolkata depends upon your credit score, employer, work experience, monthly income, and availability of the essential documents.
Applying for a Personal Loan in Bangalore
Bangalore is known as the ‘Silicon valley of India’, because of the large presence of IT/ITES companies here. It’s the fifth largest city in India, with the third highest population. With the influx of large MNC’s, Bangalore has generated millions of employment opportunities for outsiders. Because of this, the property rates have skyrocketed here, so have the rentals.
Even though Bangalore can boast of a high per capita income, living here is very expensive. For instance, there are some people who’ve taken loan in the past at a high interest rate, which burns a hole in their pocket. In a city like Bangalore, this can be financially painful. To ease this situation, one can go for a Personal Loan to repay this high interest rate burden.
Interest rates - 11.5%-26%
Repayment period - Upto 7 years
Lowest EMI - Rs. 2199.26 per month
CIBIL score - Minimum 750
Choosing to go for Personal Loans in India may relatively be a new phenomena, but, it is a good and easy way to supplement your income. It helps people get out of a financial rigmarole. Since living in a metro in India can be financially burdensome, Personal Loans can help you out of a sticky situation whenever you need
It’s advisable to seek professional help before opting for a Personal Loan. Financial analysts with their extensive expertise in this field will suggest finding a Personal Loan that suits your financial conditions the best. Also, to find out about your Personal Loan eligibility, you can use an online calculator and see how much you can afford and how much you should borrow.
