Know about Personal Loan in Pune

About Personal Loan in Pune

Pune is said to be the cultural capital of Maharashtra and has historically been a significant hub in the state, which is continued even today, owing to a large number of industries, out of which the automotive sector being the most prominent. The city is also called as the ‘Oxford of the East’ due to several well-known educational institutions marking their presence in the city. The education has become more expensive with popular research institutes of information technology, education, management, and training institutions attracting students from India and overseas. Several educational institutions even have student-exchange programs with colleges abroad. Thus, IT and education are the dominant sectors that attract a large population of young professionals to the city.

Personal Loan in Pune

Personal loans are an easy gateway to fulfil your dreams and responsibilities if you do not possess the required finances in your bank account. There are several banks and financial institutions those offer hassle free loans for its customers and assists them in performing all their duties, whether it is for children's education or wedding in a family or medical emergencies.

So, for those residing in Pune can avail a personal loan from any of the top banks and NBFCs operating in the city. A personal loan can be availed by individuals to clear debts, fund an extravagant holiday, and pay for medical emergencies and so on. Before choosing a loan, it is imperative to loan shop to find one that suits your financial situation - taking into consideration the interest rate, the EMIs, debt-to-ratio and so on.

Personal loans can help you get money when you need it on simple and straightforward terms, but there are different types of personal loans and, depending on your lender, terms and fees can vary wildly.

Unsecured loans are a common type of personal loan. These loans are typically granted on the basis of your credit history and/or your income—that's it. You don't have to turn over any collateral or sign over your car title. You just apply for the money and you get money if approved. Normally, the maximum amount you can borrow with an unsecured personal loan is smaller than other loan types because there is nothing to secure the loan.

Personal loan amount can be utilized against a majority of purposes such as:

• Pursuing higher educational degree in India or abroad
• Making wedding arrangements
• Marriage in the family
• Dream vacation
• Festival expenses
• Furnishing or renovation of house
• Medical emergencies
• Debt consolidation
• To pay outstanding credit card bills
• Purchase of consumer durable goods
• Purchase of high end consumer goods
• Purchasing of high end lifestyle products.

Rate of interest

Many financial institutions offer loans at high-interest rates stating that they do not require any collateral against the loan amount. However, one can avail personal loans at competitive and reasonable rate of interest without any providing any collateral security associated with the loan by comparing and opting for the right one. You can get a loan to meet your aspirations at your own convenience.

Eligibility criteria:

• Minimum age of an applicant must be 21 years at the time of loan application and should not be more than 60 years at the time of loan maturity
• An applicant must have minimum net income of Rs.15000 per month
• He or she must be a resident of India
• He or she should have a good CIBIL score
• He or she should be working with the current employer for at least last 1 year.

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