Personal Loan in Kottayam

Personal Loan in Kottayam

Kottayam is one of the most beautiful places by the coast in southwest Kerala. With nearly 1.3 Lakh people living there, it is a given that many would require money to fulfil their financial requirements. A Personal Loan can help with financial requirements. Let us have a look at how to get the best Personal Loan in Kottayam.

Features and Benefits of Personal Loan in Kottayam

There are several features and benefits when it comes to a Personal Loan in Kottayam. Let us have a look at each of them in detail.

• Fast Disbursement

Once the application and required documents are submitted, you can get an instant Personal Loan in Kottayam.

• Online Access

With the help of the online customer portal, you can access your loan account at any given time.

• Minimal Documentation

The amount of documentation required to complete the loan application is minimal.

Documents Required for Personal Loan in Kottayam

To complete the Personal Loan application process, the following documents will be required.

 

• Residence Proof such as Aadhar Card, Driving License, Utility Bills, etc.

• Identity Proof such as Passport, Aadhar Card, PAN Card, etc.

• Employment Proof such as Form 16, ITR, etc.

• Income Proof such as Salary slips, Bank Statements, etc.

Eligibility for Personal Loan in Kottayam

To be eligible for a Personal Loan in Kottayam, you need to have the following eligibility criteria.

1.Citizenship

You must be a citizen of India to get an instant loan in Kottayam.

2. Age

To avail of a Personal Loan, your minimum age should be 21, and your maximum age should be 63.

3. Employment

You should be a salaried individual to be eligible for a Personal Loan in Kottayam.

Personal Loan Interest Rates in Kottayam

The Personal Loan interest rates in Kottayam depend on various factors such as:

1. Income

A stable income is preferred by banks. Having a higher income can fetch you a lower rate of interest.

2. Relationship with the Financial Institution

The relationship you have with the bank is crucial as it can determine the rate of interest offered on your Personal Loan.

3. History of Repayment

Having a good repayment history can avail you of a lower rate of interest on your Personal Loan.

4. Credit Score

A credit score above 750 is considered good and can help get lower interest rates.

 

You can also calculate the total interest by the following formula where ‘r’ represents interest rate, ‘P’ represents the principal amount, and ‘n’ represents tenure in months.

 

Total Payable Interest = (P*n*r)/100

How to Apply for a Personal Loan in Kottayam?

The process of applying is simple and can be done in 3 steps.

 

• Step 1: Start by filling in your personal and professional details like complete name, date of birth, mobile number, salary details, etc.
• Step 2:If you are eligible, you will find a list of offers. Select the tenure and the required loan amount as per your tenure.
• Step 3:The approval happens within 3 minutes and the amount is disbursed almost immediately.

In a Nutshell

Availing of a Personal Loan through Bajaj Markets can be beneficial as it offers an easy loan application process. With a rapid disbursal process, getting a loan is no more a difficulty.