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.
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.
Once the application and required documents are submitted, you can get an instant Personal Loan in Kottayam.
With the help of the online customer portal, you can access your loan account at any given time.
The amount of documentation required to complete the loan application is minimal.
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.
To be eligible for a Personal Loan in Kottayam, you need to have the following eligibility criteria.
You must be a citizen of India to get an instant loan in Kottayam.
To avail of a Personal Loan, your minimum age should be 21, and your maximum age should be 63.
You should be a salaried individual to be eligible for a Personal Loan in Kottayam.
The Personal Loan interest rates in Kottayam depend on various factors such as:
A stable income is preferred by banks. Having a higher income can fetch you a lower rate of interest.
The relationship you have with the bank is crucial as it can determine the rate of interest offered on your Personal Loan.
Having a good repayment history can avail you of a lower rate of interest on your Personal Loan.
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
The process of applying is simple and can be done in 3 steps.
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.