An instant personal loan is a borrowed sum of money that you can use to meet urgent financial needs. If you are looking for a personal loan in Hyderabad, you can choose between various options such as Banks, Non-Banking Financial Companies (NBFCs), online lending platforms, etc. If you are considering applying for a personal loan in Hyderabad, read through some of these important FAQs.
7 Frequently Asked Questions While Applying for Personal Loan in Hyderabad
• Where and how do I apply for an urgent personal loan in Hyderabad?
You can apply for a personal loan in Hyderabad either through an offline medium or an online medium. Before applying for a loan, you need to check your credit score, check your eligibility with each lender, and find out the interest rates they are offering.
For an online application, visit the website of the bank, NBFC or online lender, fill the application form, upload the required documents and wait for the approval. Once approved, the loan amount will be disbursed, either as a cheque or a draft or a direct credit into your bank account almost immediately or within a couple of days.
For an offline personal loan application, you have to physically visit the bank, give hard copies of the required documents and wait for the confirmation, which can take a few days, few weeks or even months.
• What is the best way to apply for a personal loan in Hyderabad?
The best way to apply for an instant personal loan in Hyderabad is online. There are a number of banks and other financial institutions that offer personal loans online provide you meed their eligibility criteria. Most banks have these eligibility criteria:
• Monthly income of minimum ₹ 15,000 to ₹ 25,000
• Age between 21 to 60 years
• An Indian Citizen
• Which banks/NBFCs in Hyderabad pay less interest on a business loan or personal loan?
The best interest rate will depend on your credit score. Higher the credit score, the better are your chances of getting a lower interest rate. Before you apply for a loan, ensure that you compare the interest rates offered by different lenders.
Innovations in the Fintech industry have made it possible for people to get a personal loan at affordable rates. Consider taking a loan from online lending platforms like MoneyTap, Dhani, IndiaLends, PaySense, KreditBee, MoneyView, and Upwards.
• Do banks and NBFCs offer business loans in Hyderabad?
Yes, almost all banks and NBFCs offer business loans in Hyderabad. Apart from your credit score, the chances of loan approval depend upon a few other factors that are associated with your business. These may include annual turnover, age of the business, cashflow, profits and track record.
• 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 you get your salary in cash. Make sure you have the following documents so that the lenders can gauge your creditworthiness:
• Income tax returns
• Offer letter
• ID and address proof
• Bank statements
• An official letter from the employer
• I currently have a credit score of 793 and reside in Hyderabad. What options can I choose to take a personal loan considering my credit score?
With a credit score of 793, you are considered as an attractive borrower. A credit score of 750 and above is considered a very good score and you can apply for a personal loan with any bank, NBFC and online lenders.
With a score that good, you stand a chance of getting a personal loan at a low-interest rate. You can either go the traditional route, apply online or choose any of the personal loan apps. Ensure that you compare the offers of different lenders to help choose the right lender.
• Can I grow my business with personal loan money in Hyderabad?
Yes. You can apply for personal loan for self-employed and invest the money to grow your business. You can use the loan amount to hire new people, pay salaries, get better infrastructure, manage the cash flow, add more products or expand into new geographical regions. #KhabarLive
(About Author: Shiv Nanda is a financial analyst who currently lives in Bangalore and works with MoneyTap, India’s first app-based credit-line. Shiv has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected])