Hyderabad is a major economic hub of India. The city is the capital of Telangana, as well as the former capital of Andhra Pradesh. Hyderabad has achieved impressive growth in automobile parts manufacturing, textiles and apparel, poultry farming and pharmaceuticals industries. It is known as the fifth most productive city in India.
With a cosmopolitan culture, the city has a congenial and hospitable environment for growth and development of startups as well as established businesses. The city has emerged as a big information technology [IT] centre of the country and with this, the personal finance sector is also taking a more tech-driven route. The financial services market witnessed phenomenal growth because of the predominantly young population availing personal loans in Hyderabad.
Purpose of the loan
Personal loans in Hyderabad can be used for the following reasons:-
- Medical emergencies and Healthcare expenses
- Financing Home Renovation
- Debt Consolidation
- Purchase of gadgets
- Buying home appliances
- Funding Higher Education
- Wedding expenses
- Travel expenses and many more.
Personal loans are an unsecured form of credit, where you are not required to submit any asset or property to get the loan. The loan amount can be used for financing any expense. Let’s have a look at the commonly asked questions when applying for a loan to help you get a loan with ease.
- How can I apply for an instant personal loan in Hyderabad?
To successfully apply for a loan in Hyderabad, you need to research and look at all the options available for a personal loan. Many banks and lending institutions offer attractive interest rates on loans, ensuring that you opt for a lender that meets your financial requirements.
The following are the steps to apply for a loan.
Step 1: Visit the website of one of the online loan marketplaces to check and compare loans offered in the market.
Step 2: Start by filling in your personal, financial, and employment details.
Step 3: Select the loan amount required and the loan tenure
Step 4: Submit the basic required documents to the representative of the bank, who will get in touch with you.
Step 5: The loan amount will get credited in your bank account within 24 hours.
- What is the eligibility criteria for taking a personal loan in Hyderabad?
When applying for a Personal Loan in Hyderabad, it is absolutely necessary to make sure you fit in the eligibility criteria set by the lender.
Eligibility Criteria
- The applicant needs to be between the ages of 21 to 60 years
- Should have a monthly income of minimum Rs. 15,000
- The applicant needs to be an Indian Citizen to be eligible
Personal loan Eligibility is calculated based upon your monthly income, current EMIs, and the type of organization you are currently working for, and your working experience. You can take the help of a Loan Eligibility Calculator that calculates your loan EMIs, you are eligible for at various interest rates and the loan tenure best suited for you.
- How to get a personal loan with a low-interest rate in Hyderabad?
The below-mentioned steps will help get you a low-interest rate on your loan:
- Ensure you have an excellent credit score.
- Keep a low credit utilization ratio.
- Maintain lower debt to income ratio
- Do not apply for loans with multiple lenders at the same time.
- Get a loan from a bank/NBFC with which you already have a relationship, such as a savings account or a fixed deposit.
- What is the best option to take a collateral-free personal loan in Hyderabad?
With the help of a personal loan, you can take care of all your financial needs with ease. Apply for a collateral-free loan at Finserv MARKETS and get the convenience of a line of credit. You can enjoy additional benefits such as online account access, pre-approved offers, and a flexible loan tenor.
Bajaj Finserv’s Personal Loan has a quick and easy loan application process with minimal paperwork required. Your loan gets approved within minutes and the loan amount gets disbursed in your bank account within 24 hours. All you have to do is get the Finserv MARKETS app online and get access to instant personal loan and enjoy all the benefits it has to offer.