Located in East Delhi, Mayur Vihar is an exclusive residential area. It is one of the posh areas in Delhi, surrounded by Anand Vihar in the North, Noida in the south, and the Yamuna river in the West. Mayur Vihar was built over three phases, with well-developed residential apartments and housing co-operative society buildings. As the name says, It has been a dwelling (vihar) of peacocks (mayur). Still, there is a close sanctuary for the conservation of peacocks. This locality connects to many schools, colleges, hospitals, temples, parks, markets, malls, banks, and ATMs. If you want to get a personal loan in Mayur Vihar, read the complete article

As it is one of the best places in Delhi to live in, people may require extra funds to meet their daily expenses. Because of high inflation, they may face a financial crunch. In such situations, a quick personal loan is the best solution and is easily available with flexible repayment options. Buddy Loan is there to solve your trouble if you need a personal loan in Mayur Vihar for an unexpected situation. You will get an instant personal loan with low interest and only need minimum documents.

Also Read: Getting A Personal Loan In Delhi To Meet Your Medical Expenses Was Simpler.

How can you get a personal loan quickly?

Personal loans are unsecured loans that don’t need any guarantee for repayment. You can use it for weddings, starting a business, medical emergencies, travelling, etc. You can avail a loan from an authorised financial organisation, like a bank or an online lender. Along with the loan processing fee, you must repay the money with an interest rate in EMIs. Moreover, as long as you took a loan for a legal and responsible purpose, you can use the amount for what you want. The bank will approve your loan purely based on your credit history.

You can choose an instant personal loan with a low-interest rate during an emergency. Buddy Loan is an application that helps you get a personal loan instantly with a good interest rate and a better tenure.

Benefits and Features of Personal Loan

• No collateral needed -: Unlike secured loans, you don’t need to submit your assets for loan approval.
• Minimum documents are required -: During this digitised period, only minimum documents are needed, such as PAN, Aadhar, last six months’ bank statements for self-employed individuals, and pay slips for salaried people.
• Quick approval -: You can get the approval quickly once the lenders find you eligible. After KYC verification, the approval will happen immediately.
• Multi-purpose in nature -: You can use a personal loan for anything except illegal activities.
• Flexible loan tenures -: You can take a loan of Rs.10,000 to 15 lakhs and can repay the amount through EMIs over a tenure of 6 months to 5 years.
• Quick disbursal of the loan -: Once your loan is approved, the amount will be disbursed directly into your account within 24 – 48 hours.
• Better interest rates -: You will be getting interest rates starting from 11.99%. If you have a good credit history, you can get personal loan instantly with a low-interest rate.
• Safety of your loan -: Information you share will be confidential from any third party.

Types of personal loans

Here are the different types of personal loans.

• Personal loan for a wedding -: In India, weddings are costly compared to other countries. Draining your savings for the wedding budget is not an appropriate method. A personal loan can cover your expenses and allow you to enjoy your dream wedding.
• Personal loan for travel -: If you plan a vacation to your favourite vacation spot and want to pay without troubling our budget, you can choose a personal loan. Even credit cards are an alternative, but it comes with high-interest rates compared to personal loans.
• Personal loan for home improvement -: When you want a renovation for your home, an instant loan can be helpful. A personal loan can assist you even in remodelling your kitchen to make your home a perfect place. Eventually, it will help you have a better atmosphere to live in and increase your home’s market value.
• Personal loan for a medical emergency -: No one can say when someone will have a health issue. But when something happens like that, and you need funds for hospital expenses, you can opt for an instant personal loan.
• Overdraft personal loan -: You can’t predict when an emergency will occur. Your car had an accident, and you need urgent funds for repairs. Even Though insurance will be there, it will not provide 100% cover. You will need extra cash to opt for a personal loan. Or for paying school fees, paying a deposit for your favourite apartment, etc., personal loans will come in handy.
• Top-up personal loan -: You get top-up loans from the lenders from whom you already took a loan. Here, lenders will use a part of the amount to settle the existing loan, and the rest you will get as a loan. It ensures you have only one loan at a time and a single EMI.
• Personal loan for consumer durables -: This special loan category can be used to purchase electronic gadgets and household appliances. It will come with a No Cost EMI and the amount of product can be paid monthly.

Eligibility for a personal loan

Most banks and NBFCs provide personal loans with certain eligibility criteria. However, for different institutions, it may vary. The below are the eligibility criteria for approval for personal loans.

1. You must be an Indian citizen.
2. Your age should be between 21 to 60 years.
3. You should have at least one year of employment in your current working company.
4. Your monthly income should be above Rs.18,000.
5. If you are a self-employed, you should have been in your business for two to three years.
6. Your credit score must be above 700.

Don’t know our credit score yet? Check it on Buddy Score. 

Documents needed for a personal loan

The common documents needed for applying personal loan online are listed below.

For salaried individuals -:

1. Identity and Age proof.
2. Duly filled application with a photograph.
3. Address proof – Voter ID, landline bill, utility bills(water/gas/electricity)
4. Last three months’ bank statements.
5. The last three months’ salary slips.
6. Last three years’ Income tax returns.

For self-employed individuals -:

1. Identity and Age proof
2. Duly filled application with a photograph.
3. PAN card.
4. Address proof – Voter ID, landline bill, utility bills(water/gas/electricity)
5. Last three months’ bank statements.
6. The last three months’ salary slips.
7. Last three years Income tax returns with computations.
8. Last three years Audited Balance Sheet and Profit & Loss statements.

Personal Loan EMI Calculator

EMI is a vital factor when you apply for a personal loan. Before applying for a loan, you should check the EMI amount for the loan to match your monthly budget. Here an online personal loan EMI calculator can help you. Through an EMI calculator, you will get to know -:

1. How much EMI do you have to pay monthly?
2. How much total interest you will pay.
3. The total amount of the loan, i.e., is a combination of principal and interest.

Factors that Affect your Interest Rates

Taking a personal loan is a big commitment, which requires immense dedication so that you can pay it back in time without missing any dues. When maintained properly, a personal loan is an answer for most of your financial troubles. Certain factors affect the interest rates for your loan.

• Credit Score -: It is a vital factor that lenders consider when approving a loan for you. It also decides the interest rates you get. A credit score reflects your overall financial transactions, including your loans, monthly payments, credit behaviour, and past credit history. A higher credit score above 700 will magnify your credibility to the lenders. Eventually, you will get a low-interest rate also.
• Income -: Your income is a basic element that determines the interest rates you get. Generally, a responsible person with a high income has a greater repayment capacity than people with a low income. Usually, they will get a low-interest rate on their loans.
• Employer’s status -: if you are an employee of a well-known, reputed organisation, the lenders will ideally consider you will make regular on-time payments. Thus lenders may provide much more flexible lending policies for you.
• Debt-to-income ratio -: Even if you have a high salary, and if you are using most of it for prior debts, then there will be trouble with interest rates. Debt-to-income ratio is the ratio of all debts divided by total income.
• Relationship with the lender -: If you are a long-time customer of a bank with a good credit history, you will be considered trustworthy by the lender. So you have a greater chance of getting low-interest benefits than a new customer.
• History of defaults -: Similar to credit score, If you have any defaults in your credit history, you will be charged with high-interest rates or might get rejected for the loan. Lenders prefer people with no defaults in their credit over the past 12 months.

Also Read: Get Your Personal Loan Instantly Approved In Nehru Place, Delhi

Summing Up

Choosing a personal loan is a smart decision when you have financial issues. But before applying for a personal loan in Mayur Vihar, always check if you submit the required documents and papers. Go through the rules and regulations very carefully to avoid any confusion in the future.

FAQs

• What is a Personal Loan, and how does it work?

A personal loan is an unsecured loan that you can get easily without any collateral.

• What is the minimum salary required for obtaining a Personal Loan?

The minimum salary for non-metro cities is Rs.15,000 and Rs.20,000 for metro cities.

• Is it possible to pay off the Personal Loan early?

Early payments are possible with the prepayment option. You have to pay a prepayment penalty, which varies from one lender to another.

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