Personal Loan in Trivandrum

Trivandrum, widely known as Thiruvananthapuram, is regarded as one of the best cities in Kerala in terms of housing and transport facilities in the country. The primary factors contributing to Kerala’s economy are rubber plantations, information technology, tourism, tea production, etc. Moreover, the city is one of the major IT hubs in the country, with Trivandrum’s contribution of 80% to Kerala’s software export.

Since the economy of Trivandrum has created significant job opportunities, the popularity of personal loans in Trivandrum has also become popular among the residents. Read ahead to know about such financing options in Trivandrum.

Personal Loan in Trivandrum Details

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

Features & Benefits of Personal Loan in Trivandrum

Acquiring a personal loan is handy during financial emergencies as it is one of the most convenient loans to obtain, involving minimal documentation and flexible eligibility. Moreover, there is no end-use restriction on the funds, thereby making it an all-purpose loan. Nonetheless, whatever might be the requirement, you must be aware of your monthly obligations. It will enable you to plan your finances seamlessly.

If you are seeking a personal loan in Trivandrum, you must understand what benefits it can offer you.

• Flexible Tenure: If your loan repayment tenure is flexible, then you can focus more on meeting varied professional and personal requirements with the sanctioned funds. Various reputed lenders provide the flexibility of tenure as per your requirements.

• No Collateral Required: Since personal loans are unsecured variants, borrowers do not have to pledge any high-value asset as collateral to secure the funds. However, based on the income and credit repayment ability of the borrower, the amount is sanctioned. Therefore, borrowers can apply for a personal loan in Trivandrum without submitting any collateral.

• Minimal Documentation Required: Applying for loans can be an extensive process with various document verification and processing involved. However, on the Bajaj Markets platform, you can secure credit by submitting a few documents.

• Faster Approval: When you get a personal loan in Trivandrum from the Bajaj Markets platform, you do not have to wait around for a prolonged period to get the loan approved. All the processes are done online, and the loan amount is approved in minimum time.

• Prompt Disbursal and no Hidden Charges: After your loan gets approved, you do not have to wait for weeks for loan disbursal. Instead, your account gets credited within a few days. Moreover, lenders in Trivandrum ensure reliable financing through a convenient online application where the overall process remains transparent and involves no hidden charges.

Personal Loans Offered by Various Lenders in Trivandrum

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

When selecting an instant personal loan in Trivandrum, it is vital to get a clear understanding of monthly EMI payments. These payment amounts have a great impact on your monthly budget since they cover the amount that needs to be paid towards repayment. Having knowledge about EMI amounts helps in planning monthly budgets effectively by adjusting your expenses accordingly. Banking and financial institution websites offer a personal loan EMI calculator. This tool is useful in calculating EMI amounts based on loan amounts, interest rates and loan tenure.  

These calculators are available to use free of cost. You could compare EMI amounts and the personal loan interest rates offered by various lenders without any hassle. Note that the way to calculate the EMI amount manually is as follows:

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

‘P’ represents the principal amount.

‘R’ represents the monthly interest rate.

‘N’ represents the monthly instalments.

A great way to manage your finances and avoid financial stress is by managing your money better and by repaying your loans on time. 

Eligibility Criteria for Personal Loan in Trivandrum

Applying for a personal loan in Trivandrum is convenient if you opt for lenders on Bajaj Markets. However, to secure any credit, you must meet the following eligibility parameters:

• Age: To apply for a personal loan in Trivandrum, your minimum age limit should be between 25-58 years.

• Working status: You should be salaried, working in a reputed MNC, public/private organisation.

• Nationality: You must be an Indian resident.

• Income: Your minimum salary must be between ₹25,000 - ₹35,000 (depending on the location of the residence)

• Credit score: Your credit repayment history must show a credit favourable score.

Depending on the documents you submit, your eligibility will be evaluated, and the loan amount will be sanctioned accordingly, along with exclusive offers. If you meet all the aforementioned eligibility parameters, your desired loan amount will be credited to your account within a few days.

1. For Self-employed Individuals:

• Age: The applicant must be at least 21 years old. They must not be more than 65 years of age. 

• Citizenship: They must be an Indian citizen or a Non-resident Indians (NRI).

• Stability: They must have a minimum business stability of three years.

• Minimum income: They must have a minimum annual income of ₹2 Lakhs. 

• Credit Score: The applicant must hold a good credit score, preferably of at least 750 or more. 

• Profitability: Their businesses should have been profitable for the last 2 years. 

• CIBIL Score: They must have a good score without any default on existing loans and credit card pending payments.  

Documentation Required to Apply for a Personal Loan in Trivandrum

• Proof of Identity: These may include documents that prove government-issued identity— Aadhaar, passport, voter card, driver’s licence and PAN card. 

• Proof of Address: Utility billing or rental agreement (along with Aadhaar, passport, voter card, driver’s licence and PAN card)

• Proof of Income: These documents include salary slips, bank statements, income tax returns, Form 16 or audited financial statements (for self-employed individuals). 

• Proof of Identity: These may include documents that prove government-issued identity— Aadhaar, passport, voter card, driver’s licence and PAN card. 

• Proof of Address: Utility billing or rental agreement (along with Aadhaar, passport, voter card, driver’s licence and PAN card)

• Proof of Income and employment: These documents include salary slips, bank statements, income tax returns, Form 16 or audited financial statements (for self-employed individuals). This also includes the appointment letter and experience certificate. 

• Form: Filled out and Signed and filled personal loan application form provided by the lender.

How to get a personal loan with the lowest interest rate in Trivandrum?

• Work on existing debt: To ensure you are receiving a favourable interest rate on a personal loan, you must not have a large part of your income tied to loan repayments. Similarly, having outstanding credit card bills may lower your chances. To improve the odds, reduce your liabilities by paying off as much of your outstanding loans and credit card debts as possible.

• Credit Score: Ensure you check your credit report and fix any errors. Having a good credit score is a vital component of securing the right personal loan. Often, it is people with low scores that are unable to secure loans. If you happen to have a good credit history, there is a chance that certain banks will offer you a pre-approved deal. These deals usually come with lower interest rates. You can see if you are entitled to these deals by viewing the “offers” section on your banking app or by contacting the bank directly.

• Check out the Market: Before you apply for a personal loan you must do your research on the market. This would entail finding out which banks offer the lowest interest rates in Trivandrum. On Bajaj Markets, you can compare rates before making your final selection. 

• Selecting a lender: After identifying the lender with the lowest interest rates, you must compare their features, fees and conditions. Lenders also have certain requirements that you may need to fulfil to secure the loan. These include criteria based on age, income, and employment alike. Ensuring that you have selected the right lender and that you meet their requirements boosts your chances of getting your hands on the loan you wish to secure. 

• Additional fees: Sometimes, you may be required to pay additional fees such as processing fees or late payment fees. Keep your eyes out for these since they are costs in addition to interest rates. 

How to Apply for a Personal Loan in Trivandrum

Head to Bajaj Markets to apply for a personal loan, hassle-free. Here are some steps to follow:

• Head to the ‘Personal Loans’ page on the Bajaj Markets website. 

• Then, click on the ‘ Apply Now’ option. You will be redirected to a page with a form. Fill in your details. 

• Enter the basic details asked by the prompts. These include income and employment information details. 

• Finally, compare loan offers from various partner lenders. Select the one that fits your requirements best. 

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

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