Personal Loan in Hyderabad

Having an idea of the EMI payment needed to repay the personal loan in Hyderabad helps you in planning in a better way. Calculating personal loan in Hyderabad is a matter of only a few clicks with a personal loan calculator. It is a digital tool that you can use to estimate the EMI for personal loan in Hyderabad.The personal loan calculator is readily and easily available online. 

The personal loan eligibility calculator/criteria require you to enter the loan amount you want to borrow, the interest rate of your bank, and your preferred repayment tenure. You can tweak the details as many times as you want to attain different results and choose the best suitable repayment tenure for yourself. 

Most of the banks and financial institutions offer a personal loan calculator on their website so you can easily access them. With this personal loan EMI calculator tool, you no longer need to visit different banks repeatedly; rather you can compare plans on your own and in no time.

Also, here is the formula that you can use to calculate the EMI of your personal loan in Hyderabad:

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

N is the loan repayment tenure (in months)

Eligibility Criteria for Personal Loan in Hyderabad

While eligibility criteria are different for every lender, some of the general eligibility conditions that you will need to fulfil for most personal loans are as under

• You must be an Indian citizen

• You must have a regular source of income. You can be either a salaried employee of a company or a self-employed individual

  1. Salaried Employees: You need to have a monthly salary of a minimum ₹15,000 to avail of a personal loan

  2. Self-Employed: You need to have an annual income of minimum ₹2 Lakhs to avail of a Hyderabad personal loan

• You must be a legal adult- at least 18 years of age. Some lenders have a higher (lower) age limit- 21 years or 25 years. There is also an upper age limit to be eligible for a personal loan which is usually between 58 and 65 years.

Documentation Required to Apply for a Personal Loan in Hyderabad

You will need to furnish the following documents while applying for a personal loan:

• Identity Proof: Voter ID Card, Aadhaar Card, PAN Card, passport etc.

• Address Proof: Aadhaar Card, driving licence, Voter Card, passport, utility bills, rent agreement, etc.

• Proof of Income: Latest salary slips (usually last three months’ salary slips are required) or income return certificate or latest Form 16.

How to Get a Personal Loan at Lowest Interest Rates in Hyderabad?

By following a few simple tips, you may make way for some of the lowest interest rates for a personal loan in Hyderabad These are:

• Maintaining a Good CIBIL Score

The CIBIL or credit score is a quick indicator of your past loan repayment records. Generally, a CIBIL score above 750 is considered a good one and most banks/ financial institutions expect you to have a CIBIL score above 700-750. It indicates that you have paid back your loans and financial debts on time and so, the loan provider considers you an applicant with low risk.

• Debt-to-Income Ratio 

The standard debt-to-income ratio that most banks and financial institutions prefer is below 40%. This means if your overall financial debt is less than 40% of your total income, you have a higher chance of enjoying a lower interest rate as well. Less debt burden leads to better rates. 

• Do Not Rush 

When you plan to borrow a personal loan in Hyderabad, you need not hurry. Take your time and compare several plans available. For this, you may also use a personal loan calculator and enter personal loan details of various banks to analyse the EMI that you will have to pay, the repayment tenure that suits you, etc. Only after a detailed comparison should you settle down with the most suitable personal loan in Hyderabad.

• Check the Lender’s Credibility 

Like a bank checks the credibility of the individual seeking loan, the loan seeker should also check the credibility of the bank. You may check the past records of the bank and other criteria to be sure about the claims and offerings of the bank.

• Do Not Skip 

When you decide which personal loan in Hyderabad you are willing to borrow, the bank prepares the formality papers for you. Before you sign the paper and confirm the loan agreement, it is essential that you read the fine print minutely no matter how much time it takes. It is important to understand all the terms and conditions before signing the papers.

How to Apply for a Personal Loan in Hyderabad

Applying for a personal loan in Hyderabad is an easy and hassle-free process. All you need to do is follow the steps mentioned below:

• Step 1: Visit the Personal Loans page on Bajaj Markets..

• Step 2: Click on “Apply Now”. A new page will open with a form in which you need to fill in a few details.

• Step 3: Enter some basic details like your income, type of employment, and contact number.

• Step 4: Compare the loan offers from the various partner lenders and pick the one that suits you the best.

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

Take a look at the table given below to make an easy comparison of the loan repayment rate of interest: