Delhi, the capital of India, has a thriving economy, making it an expensive city to live in. While its per capita income has increased by 11.11% from 2017-18 to 2018-19, the living costs have increased in tandem. For instance, fuel costs alone have risen by 6% in the capital this year. As a result, meeting big-ticket expenses and emergencies with your salary and savings alone may not be possible. To be better equipped to handle major spends without compromise, avail a cost-effective personal loan in Delhi.
Today, lenders in Delhi offer a range of feature-packed personal loans. While this puts many options on the table, it also makes picking the right one more demanding. Therefore, it is prudent that you compare personal loan offerings in detail beforehand so as to bag the best deal. Here are 5 important features to compare as you apply for a personal loan in Delhi.
The Maximum Sanction Obtainable
Depending on the purpose you need the funds for, you may require a low or high sanction. For instance, while a modest sanction will suffice for an international trip, you may need a much larger one to finance a wedding. That said, it is best to look for a lender that offers a high-value sanction without collateral, that is enough to fund your purpose entirely. With access to ample finances, you will not have to dip into your savings owing to shortage of funds.
Start by estimating how much you need and then apply with a lender that is willing to offer the same. To access a high-value personal loan in Delhi of up to Rs.25 lakh, apply with Bajaj Finserv, one of India’s leading NBFCs. You can use the personal loan eligibility calculator to find the sanction you can access based on your income and expenses.
The Interest Rate and Other Applicable Charges
Due to the unsecured nature of the loan, lenders charge high personal loan interest rates in order to minimise risks in case of defaults. However, the higher the interest rate, the higher your EMIs will be too. This may prove to be a burden to your monthly budget, especially due to the high cost of living in the capital city. To keep your monthly payments pocket-friendly, compare the personal loan interest rates offered by various lenders. One way to do this is to evaluate your EMIs as forecasted by an EMI calculator.
Apart from the interest rate, find out about other associated charges before signing up. These may take the form of processing fees, EMI bounce fees, penal interest, and prepayment and part-prepayment charges. Finally, opt for a loan that involves minimal charges to ensure that the cost of borrowing remains within budget.
The Repayment Terms and Facilities
Repaying a personal loan on time is important as defaults bring down penal interest charges and hurt your credit score as well. Having a flexible repayment term at your disposal allows you to repay conveniently, as per your current financial make-up. Further, you can also avail the flexi loan, which allows you to borrow as you go and make part-prepayments whenever you have excess cash at no extra charges. Further, it also gives you the option to pay interest only-EMIs. Doing so reduces your EMIs by up to 45%.
The Application Process
Once you are happy with the sanction, charges and repayment terms, check your preferred lender’s application process to ensure that you can qualify for the personal loan without any hassles. Lenders generally list out personal loan eligibility criteria that you must meet and documentation that you must produce at the time of application. These help them gauge your credibility and repayment abilities and are integral to the application process.
Since failure to check all boxes here may lead to disqualification, its best that you pick a lender whose criteria match your financial profile.
For instance, Bajaj Finserv has simple personal loan eligibility terms. They are as follows.
- You should be a resident Indian aged from 23 to 55 years
- You should be earning a salary form an MNC, public or private organisation
- Your salary should meet the minimum prescribed limit for your city of residence
Next, take a look at the personal loan document list that you need to submit when applying for a Bajaj Finserv Personal Loan in Delhi.
- KYC documents
- Employee ID card
- Latest 2 months’ salary slips
- Latest 3 months’ bank statements of your salary account
The Approval and Disbursal Time
Once you meet the personal loan eligibility terms and submit the application form with the supporting documents, the lender goes on to verify your background. If satisfied, the lender approves your personal loan and disburses the funds according to the stipulated timeline. So, look for lenders that offer quick approval and fast disbursal in order to access funds in time and meet your purpose without delay. With Bajaj Finserv, you can enjoy approval within minutes and get money in your bank account within 24 hours. This way, you will be better equipped in times of emergency.
To qualify for this loan via a tailor-made offer that hastens approval and thereby disbursal too, check your pre-approved personal loan offer from Bajaj Finserv. All you have to do is submit simple details like your name and contact number to gain instant approval.