Pune is called the ‘Oxford of the East’ as it has the treasure of great institutes and learning in these institutes has educational expenses. You can meet these expenses by taking a personal loan and our advisors will assist you in getting the cheapest personal loan in Pune.
Pune is a city having the chivalrous history and was once the nucleus of power of the Maratha Empire. Today it is known as the cultural capital of Maharashtra. And as being a cultural capital, there are many cultural festivals celebrated in Pune. A personal loan can help you in celebrating these fests by meeting your festival expenses.
Pune never fails to update consistently, today it has lots of IT companies and is performing efficiently in manufacturing, automobile, Infrastructure, and research sectors. And hence as you become a salaried employee in these sectors, then doors for you will open wide to apply for a personal loan to meet your medical expenses.
Hence, If you want to live a perfect life in Pune, then there will be some unavoidable expenses to meet. So to cover these expenses you can take a personal loan. There are tremendous numbers of banks who will offer instant personal loans in Pune but with different interest rates. So it might become quite difficult for you to choose the right one. But you don’t have to worry about that because we the LoansXpert are experienced loan advisors who will guide you in selecting the appropriate personal loan.
How to Get a Personal Loan in Pune?
Getting an instant personal loan in Pune is not a complicated process and the offers are available at competitive rates because of the availability of a large number of creditors. You can get loan starting from 25,000 Rs to 25 lakhs for a tenure of 12 months to 60 months.
Mostly, Banks consider the below factors while deciding the rate of interest for your personal loan.
- Your credit score (Read How to improve & maintain your credit score)
- Income
- Payment track record
- Work experience
- The company you are working with
- Work experience
- The company you are working with
- Your age
- Homeownership
- Past financial track record
Generally, a good credit history will be significant in providing you with the discounted cheapest personal loan in Pune.
If you are looking for a better offer on your personal loan or if you want a personal loan in Pune urgently then you can contact us for any assistance or inquiry. Our personal loan advisors will assist you in selecting a lender having a low-interest rate.
Benefits of Personal Loan
Personal loans are easy to apply and faster to get, following are the benefits of Personal Loan for you.
Healthy Interest Rates
The interest rate on a personal loan is low as compared to the interest rates on credit cards.
No Collateral Required
As personal loans are unsecured loans, they do not require any collateral security in any form. So these are very much useful for you if you can’t or don’t want to raise any assets as collateral.
Diversified Usage
Many personal loan providers in Pune offers loans for a variety of usage like the following.
- Home renovation expenses
- A holiday abroad
- Buying luxury items
- Clearing off your debt
- Paying credit card bills
- Meeting medical expenses
- Covering wedding expenses
- To cover educational expenses
- Buying gadgets and any unforeseen expenses.
No Need to have multiple credit card accounts
Multiple credit card accounts are difficult to manage than a single personal loan account because they have different spending limits, payment due dates, interest rates, and issuer policies.
Flexibility to use
There is no restriction on the usage of funds by you because you are free to use the loan in whatever way you want to use it. For example, if you are applying for an auto loan, then you are restricted to use the fund to only buy the vehicle and nothing else.
Besides the above advantages, a personal loan will also help you in improving credit score ratings.
Documents required for Personal Loan in Pune
Getting a personal loan in Pune without documents is a myth because it is mandatory for you to submit the required documents. Following are the documents that you must submit to get an instant personal loan in Pune.
| Document Type | For a salaried employee | For a self-employed person |
|---|---|---|
| Shop Act License | NA | Required (Mandatory) |
| ITR | NA | Required (Mandatory) |
| Salary Slips | Required | NA |
| Government Approved ID | Required | Required |
| Employment Certificate | Required | NA |
| Bank Statement | Required | Required |
| Address Proof | Required | Required |
Government Approved Identity Proof (any one of these)
- Aadhaar
- Voting card
- Passport
- Driving license
- Pan Card
Address Proof (any one of these)
- Ration card
- Electricity bill, not more than 3 months old
- Passport
Bank Statement
Last 3 months of the bank statement
Employment certificate
Certificate from the firm where you are currently working.
Salary Slips
Last 3 months of salary slips
Bank Statement
Last 6 months of the bank statement
If you still have doubts regarding the documents required for getting an instant personal loan then you can contact us. Our personal loan advisors will surely clear your doubts.
Eligibility criteria for Personal loan
Following are the eligibility criteria of various personal loan providers in Pune concerning demography, loan amount, loan interest, loan tenure, Loan Processing Charges, Prepayment/ Foreclosure Charges for getting a quick personal loan in Pune for a salaried employee, and self-employed person.
| Eligibility criteria | For a salaried employee | For a self-employed person |
|---|---|---|
| Age | The age range of 21-60 years. | The age range of 21-60 years. |
| Prepayment/ Foreclosure Charges | Nil-5% | Nil-5% |
| Minimum Loan Amount | Rs 75,000. | INR 300,000. |
| Maximum Loan Amount | Rs 15 Lacs. | INR 20 Lacs. |
| Rate of Interest | 12.99% to 15.50% | 12.99% to 20% |
| Loan Tenure | 12 to 72 months. | 12 to 48 months. |
| Loan Processing Charges | 1.5% to 2.5% | 1.5% to 2.5% |
| Income | The person’s minimum income should be Rs 20000. |
Personal Loan Interest rates by well-known banks in Pune 2019
There are many personal loan providers in Pune which offer different interest rates. Our team of personal loan advisors have filtered out interest rates of some of the best personal loan providing banks in Pune. Following is the list of ten banks in Pune.
| Bank Name | Interest Rate |
|---|---|
| HDFC Bank | 11.25% to 21.50% |
| Tata Capital | 11.75% to 18% |
| Citibank | 10.99% to 17.99% |
| SBI | 12.75% to 14.75% |
| ICICI Bank | 11.25% to 22.00% |
| Kotak Mahindra | 11.25% to 19.99% |
| Bank of Maharashtra | 12.70% |
| Dena Bank | 13% to 14% |
| Union Bank | 14.4% |
| Yes Bank | 20% to 22% |
How to avail the lowest rate of interest on personal loans in Pune?
There were days when you were required to contact multiple lenders to get the information regarding interest rates, tenures, and processing fees. But now you don’t have to worry to contact those different loan providers in Pune because our team of personal loan advisors at LoansXpert will help you in selecting the best lenders offering the lowest rate of interest on personal loans. Apply for an instant personal loan now.
General FAQs Personal Loan
How is the Personal Loan disbursed?
There are two ways of Personal Loans getting disbursed:
By getting an account payee cheque or a draft equal to the loan amount.
Electronically getting the Money deposited automatically into your savings accounts.
Is it possible for me and my spouse to apply for a personal loan jointly?
Yes, you and members of your family like your spouse or parents can easily apply for a personal loan in Pune together. Due to co-borrower, you will be able to avail for a larger loan amount. However, it is necessary that you and your co-applicant have a good credit history.
Can I get a personal loan in Pune if I am having a salary between the range of 10000 to 15000?
You can get a personal loan in Pune for the salary of 15000. However, it will be very difficult to get a personal loan if you are having a salary of 10000 or below. But if you are having a good credit score then you might get a personal loan if you are having a salary of 12000. But, there are very few banks who provide loans between the range of 10000 to 15000.
Personal Loan interest rates are fixed or floating?
In terms of fixed-rate personal loan, your monthly EMI is fixed. And in the case of floating rate personal loan, your EMI amount will keep on decreasing because of the reducing balance method of calculating interest payout. Banks follow the MCLR rules for the applicability of the interest rates. Floating interest rates may be changed either on a half-yearly or yearly basis.
How to repay the Personal Loan?
The loan amount can be paid by EMIs via post-dated cheques in favour of the bank or by Electronic Clearing Services System.
What is the difference between Part payment, Pre-payment, Are there any charges related to this?
Part Payment: It is a payment which is made before the loan amounts become due. The Part Payment amount is less than the entire loan principal amount.
Pre-Payment: It is the part payment of the interest amount in advance before the principal amount’s due date. The amount may or may not be equal to the total due amount. The charges generally range from 2% to 5% of the outstanding loan amount. There might be a possibility that the banks will not allow pre-payment/Pre-closure of the personal loan before a specified number of EMI payments have been done.
What is Pre-closure?
Pre-closure: It is paying off the loan in advance before the loan tenure ends. And the charges range from 2% to 5% of the loan amount.
