Pune is one of the most vibrant and fast-growing cities in India. Just as vibrant the culture of Pune is, so are its lenders. People living in Pune often depend on personal loans to fund their aspirations and dreams.
Here are the top-5 tips you need to consider before applying for a personal loan in Pune
- Instant Personal Loan of up to INR 25 Lakh
Reputed lenders like Fullerton offer loan amounts of up to INR 25 lakh for salaried and business persons availing personal loans in Pune. You may use the loan amount for anything you want. While some borrowers buy a motor vehicle with personal loan funds, others apply for it when they need money for catering to an emergency. Moreover, the funds you get are collateral-free funds, which means you do not have to mortgage your asset to avail the loan.
Regarding personal loan eligibility, lenders would prefer your age to be in the range of 21 and 60. Moreover, you must have a stable source of income. Additionally, there is a minimum income threshold level for salaried and business persons willing to apply for a personal loan in Pune.
- The Higher the Loan Term, the Lower the EMI
Lenders offering personal loans in Pune provide you with a loan repayment term between 12 months and 60 months. While a loan term of 2 years and below is treated as a short-term loan, long-term loan refers to loans whose repayment term exceeds two years.
If you opt for a long-term loan, your EMIs would be substantially lower than a short-term loan. However, if you can afford to pay a little extra every month to get the debt-free status earlier, you may choose a short-term loan. You may also check a personal loan EMI calculator to get an accurate estimate of the EMI and interest cost.
- Submit Required Documents Online
Once you are okay with the personal loan interest rate and EMI, and the lender is happy with your eligibility, it is time to submit the essential documents required for loan approval. Generally, a lender like Fullerton requires no more than seven documents from you.
To get a personal loan approved in Pune, you need to submit the following documents:
- Age proof
- Identity proof
- Age proof
- Income proof (salary slips or income statement)
- Bank account statement
- Income Tax returns or Form-16
- Select the Interest Option
When you inquire about a personal loan in Pune, the lender would ask you about your preferred interest type. You may choose the fixed rate of interest if you feel that the interest rates are projected to rise further. Generally, the fixed rate of interest is slightly higher than the floating rate. However, by opting for the fixed interest option, you can stay assured that your monthly liability will be the same as long as you repay the loan.
In a decreasing interest rate regime, it is wise to select the floating rate option. By opting for the floating rate, you can take advantage of every fall in interest rates and save money. However, any increase in the rate can burn a hole in your pocket.
- Double Check Loan Charges
Usually, personal loans in Pune are ‘no-frills’ loans. But there are instances when borrowers complain that they are being overcharged. Reputed Indian lenders like Fullerton always put up the fees’ list on their website. Before you apply for the loan, you must check the fees and charges.
Generally, lenders impose a prepayment penalty if you want to close your loan account early by prepaying in full. However, some lenders waive off the charge for loyal customers. It would be better if you inquire about the loan term and charges well before applying for the loan.
Applying for a personal loan in Pune online is faster and often more reliable than visiting a brick and mortar lender. Lenders like Fullerton offer special discounts for borrowers opting for the online mode of a loan application. Additionally, you can get an instant loan approval without moving an inch from your chair or bed.
Hence, if you are looking at easy personal loan eligibility and quick approval in Pune, consider trusting a reputed lender with pan-India presence and a proven track record of servicing clients.