Personal Loans in Surat

Being the world’s largest diamond manufacturing hub, Surat is often referred to as the “Diamond City of India”. Over the years, the city has swiftly progressed into being a fast-paced metropolis and boasts of a large number of financial institutions and nationalised commercial banks. If you are looking for simple and quick financing options in Surat, a personal loan could be the ideal choice for you. Whatever your financial requirements may be, a personal loan in Surat can help fulfil your needs conveniently.

Banks and NBFCs are capitalising on the rapid financial growth of Surat and expanding their businesses by giving out personal loans at competitive interest rates. What’s more, urgent cash loans in Surat do not require any security or collateral. You just need to fulfil the personal loan eligibility criteria and submit the application. Also, the approval process involves minimal documentation and less processing time. Therefore, if you are in urgent need of funds, you can always apply for a personal loan finance in Surat from the platform of Bajaj Markets.

Personal Loans in Surat Details

Features & Benefits of Personal Loans in Surat

There are numerous benefits of availing a personal loan to finance your lifestyle needs or in urgent need of funds in case of an emergency. Given below are some of the features and benefits of availing a personal loan in Surat: 

• Minimal Documentation: Many banks and NBFCs are willing to grant personal loans with minimal documentation if you have a healthy credit profile and a good relationship with them.

• Quick Disbursement: On successful approval of your loan application, most lenders would disburse the loan amount to your bank account within 24 hours.

• Flexible Tenure: Most lenders allow you to repay your personal loan comfortably over a tenure of 12 to 60 months.

• No Hidden Charges: There are no hidden charges involved if you apply for a personal loan from the Bajaj Markets portal.

• Swift Approval: All you need to do is fill in an online application form and upload the relevant documents. Your urgent cash loan in Surat loan application will be approved instantly and the amount shall be disbursed within 24 hours of approval.

Personal Loans Offered by Various Lenders in Surat

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

It is crucial for you to have a precise understanding of the monthly EMI payment while opting for an instant personal loan in Surat. The EMI amount has a significant impact on your monthly budget, as it represents the amount that must be paid towards the loan repayment. It enables you to plan your monthly budget more effectively and adjust expenses accordingly. For this you can take the help of an online personal loan EMI calculator. These calculators allow you to calculate the EMI amount based on the loan amount, interest rate, and loan tenure.

Personal loan EMI calculators can be easily found on bank and financial institution websites. They are free to use and you can use them as many times as you want. You can also compare the EMI amount and interest rate offered by different lenders by using personal loan EMI calculators. Using a personal loan EMI calculator is simple and straightforward. You just need to input the loan amount, interest rate, and loan tenure, and the calculator will automatically calculate the EMI amount.

You can also calculate a personal loan EMI amount manually, using the formula given below. It will provide you with the monthly payment, interest rate and loan amount over the repayment period.

Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In the formula: The letter P represents the principal amount. R represents the monthly interest rate. N represents the monthly instalments.

Eligibility for a Personal Loan in Surat

To be eligible for an urgent cash loan in Surat, you must meet certain criteria set by the lender. Although the eligibility requirements may vary from lender to lender, some of the general conditions that most lenders look for include:

1. For Salaried Individuals:

• Age: You must be at least 21 years old while applying, and a maximum of 65 years of age at the end of the tenure.

• Citizenship: You must be an Indian citizen.

• Income: The minimum age criteria varies between lenders. However, you must have a regular source of income which is at least ₹15,000 per month. 

• Employment: Most lenders require that you must have a stable job to ensure a stable source of income.

2. For Self-Employed Individuals

• Age: You must be at least 21 years old while applying, and a maximum of 65 years of age at the end of the tenure.

• Citizenship: You must be an Indian citizen.

• Credit Score: You must have a good credit score of 750 or above to show creditworthiness.

• Income: You must have a stable income from your business.

Documentation Required to Apply for an Personal Loan in Surat

When applying for a personal loan in Surat, you will need to provide the following documents:

• Proof of Identity: This may include a Voter ID Card, Aadhaar Card, PAN Card, passport, etc.

• Proof of address: It includes an Aadhaar Card, driving licence, Voter Card, passport, utility bill, rent agreement, etc.

• Proof of income: This may include the latest three months of salary slips, an income return certificate, or the latest Form 16.

How to Get a Personal Loan with Some of the Lowest Interest Rates in Surat?

The best way to handle a sudden need for funds is by obtaining a personal loan finance in Surat with some of the lowest interest rates. To increase your chances of securing lower rates, consider the following steps.

• Reduce Existing Debt:

When a significant portion of your income is being used to repay loans, it becomes less likely that you will receive a favourable personal loan interest rate on a new personal loan. Additionally, outstanding credit card bills can also hinder your chances of securing a favourable personal loan deal. To improve your chances, try to reduce your overall liabilities by paying off some loans and settling credit card debts before taking out a new personal loan.

• Good Credit Score:

If you have a credit score of 750 or higher, you are more likely to receive lower interest rates on your personal loan. This indicates responsible credit behaviour and strong financial credibility. To keep a good credit score, be sure to pay your debts and bills on time. This shows lenders that you are a trustworthy borrower and improves your chances of getting a good deal on instant cash loans in Surat.

• Pre-Approved Deals:

Some financial institutions, including banks, offer pre-approved deals to their existing customers with good credit history. These deals often come with lower interest rates on personal loans. You can check for these offers by reviewing the "offers" section of your online banking account or by contacting the bank directly.

• Match Lender's Criteria:

The easiest way to to get the lowest interest rates on your personal loan is by meeting the lender's requirements. These requirements can include factors such as your income, job status, credit score, current financial situation, age, and more. If you meet the lender's criteria, you will have a better chance of securing a personal loan with a low interest rate. It may also be helpful to look for lenders who have more flexible eligibility requirements.

• Research and Compare:

Doing your research and analysing the market will greatly benefit you in finding the best interest rate for your urgent cash loan in Surat. A small difference in interest rates can result in lower monthly payments and significant savings. You can easily compare rates from different lenders online, including visiting financial marketplaces. This simplifies the process and helps you find the best deal from top lenders.

• Professional Credentials:

Drawing a high salary often leads to more favourable personal loan deals, including lower interest rates. Lenders view individuals with high earnings as stable candidates. Additionally, working for a reputable company can increase your chances of getting the best interest rates on personal loans, as a strong reputation suggests stability in employment and a strong creditworthiness.

How to Apply for Personal Loan in Surat

Applying for a personal loan in Surat via Bajaj Markets 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 the Bajaj Markets website.

• 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 Surat

Consider the following comparison chart of top personal loan providers in Surat, including both banks and NBFCs, to find the best option with some of the lowest interest rate.

Disclaimer: The figures mentioned in the above table are subject to constant change. Please check with the lender of your choice before applying. Please note that the above-mentioned banks/NBFCs have not partnered with Bajaj Markets