Personal Loan in Delhi

If you are a resident of Delhi and require emergency funds, you can always opt for a personal loan. This is where Bajaj Markets comes to your rescue. The best part about taking a personal loan from the platform of Bajaj Markets is that through our partners you can get it at interest rates starting as low as 10.49% per annum. 

On top of that, you can repay this loan over a tenure of 5 years. What’s more? You need minimal documentation to apply for a personal loan. Read on to know more about getting personal loans in Delhi.

Personal Loan in Delhi Details

 

**Disclaimer: The figures in the table above are subject to constant change. Please check with the lender of your choice before applying.

Features & Benefits of Personal Loan in Delhi

Some of the features and benefits of personal loans in Delhi that you should know about are -

• Quick Application Process/Instant Approval: Given that the personal loan application through Bajaj Markets is completely online, you will spend very little time doing so. On top of that, the personal loan application process requires you to submit very few documents to prove your eligibility. Once your loan is approved, your personal loan money will be credited into your account within a few days.

• No Restrictions on Use: You can use the personal loan money however you want. You can either fund your dream vacation, buy your significant other an expensive gift, or even pay those medical bills you never saw coming.

• High Funding: You can get as much as ₹50 Lakhs as a personal loan in Delhi. However, you must remember that the maximum amount you can get will depend on your credit profile.

• Flexible Repayment Options: You can choose to repay your personal loan money over the course of one year, or you can take up to five years to do so. Such repayment tenure options are made available to you so that your monthly personal loan EMI outflow does not disturb your budget. However, you must remember that the maximum loan repayment tenure available to you will depend on your personal loan eligibility.

• Competitive Interest Rate: From the platform of Bajaj Markets, you can get a personal loan starting at just 10.49% per annum. However, you must remember that the personal loan interest rate available to you will depend on factors such as your CIBIL score, monthly income, age, and nature of employment.

• Collateral-Free: If you meet the laid-out personal loan eligibility criteria, there is absolutely no need for you to submit any kind of security to get a personal loan in Delhi. However, if you want to go for a higher amount through a personal loan, you can always consider taking a Loan Against Property (LAP).

• Pre-Approved Loans - In case, you have a good track record of payments and zero defaulter history, you can get the benefit of pre-approved loans from your bank. Under the pre-approved loan feature, you just have to fill in an application form, submit documents, and the fund will be disbursed into your bank account.

Personal Loans Offered by Various Lenders in Delhi

You simply need to enter the loan amount, loan tenure, and interest rate in the personal loan EMI calculator on your device. The EMI calculator will immediately display the value of the EMI amount. EMIs are calculated by banks and other financial organisations in Delhi using the following formula: 

EMI =  [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI is Equated Monthly Instalment,

P is the principal amount,

R is the monthly rate of interest, and

N is the loan repayment tenure (in months).

 

Eligibility Criteria for Personal Loan in Delhi

The eligibility criteria that you must satisfy to get a personal loan in Delhi are -

• Age: You must be at least 21 years of age.

• Nationality: You must be a resident Indian.

• CIBIL Score: You must have a good CIBIL score.

• Employment: You must be an employee of a public/private company or MNC of repute or a government organisation. Alternatively, you can be a self-employed professional or a non-professional.

Documentation Required to Apply for a Personal Loan in Delhi

The documents that you will need to submit to get a personal loan in Delhi are:

• Duly filled application form

• ID Proof: PAN card/Aadhaar card/Voter’s ID/passport/driving licence

• Address Proof: Voter’s ID/Aadhaar card/passport/driving licence/ration card/gas connection bills/electricity bills

• Age Proof: Birth certificate/PAN card/Aadhaar card/Voter’s ID

• Income Proof: If you are a self-employed person, you must provide Income Tax Returns of the past 3 years. If you are a salaried person, you must share your salary slips of the past 3 months along with your Form 16.

• Bank account statements going back at least 6 months

How to Get a Personal Loan at an Economical Interest Rate in Delhi?

Here are some tips that will assist you in obtaining economical interest rates from the personal loan providers in Delhi-

• Income Stability - If you have a consistent and fixed source of income, it will be easier for you to get urgent cash loans in Delhi at budget-friendly rates. A consistent income is a good sign and will increase the lender's confidence in your application.

• Healthy Credit Score -  A high credit score, typically 650 or more, reveals a person's creditworthiness. You can easily get a significant loan amount at an economical interest rate if your credit score is high.

• Goodwill - Lending organisations will typically favour you if you have a strong track record and no history of default, which will make it simpler for you to obtain a personal loan at a fair interest rate.

• Holiday Season: Banks and other financial institutions in Delhi offer interest rate reductions on unsecured loans throughout the holiday season as part of a promotional and marketing plan.

How to Apply for a Personal Loan in Delhi

To apply for a personal loan in Delhi, follow the steps mentioned below:

• Step 1: Enter your personal, financial, and employment details in the online application form on  Bajaj Markets

• Step 2: Select the loan amount required and the loan tenure.

• Step 3: Upload the documents.

• Step 4: After your documents are verified, you will receive the amount in your bank account within 24 hours.

Comparison of Personal Loan Interest Rates of Top Banks/NBFCs in Delhi