Hyderabad is the hub of the Information Technology sector in India. Naturally, it experiences a great influx of young IT and business professionals every year. The city is metropolitan and replete with urban set-ups like malls, hotels, etc. Therefore, the salaried professionals living in this region often apply for loans to keep up with the fast-paced nature of life. These include personal loans for a variety of needs such as purchasing a house or a car, education loans, wedding loans, etc. Here are the top five things you should know before taking a personal loan in Hyderabad.
1. Your purpose for taking the loan
A personal loan can be used to fulfil a wide range of requirements. Personal loans can be taken to finance a business venture, education requirements, a wedding, medical issue, and various other reasons. Thus, you should first and foremost keep in mind the reason behind why you want to get a personal loan.
For example, many people who are new to entrepreneurship may decide to take a personal loan instead of a business loan to finance their venture. However, unsecured business loans would be a better fit as they are created especially for the business needs of an individual.
2. Eligibility criteria
The eligibility criteria are a set of pre-fixed conditions that the borrower has to fulfil before becoming eligible to apply for the loan. They may get more specific and particular depending on the lending bank, but some of the common eligibility criteria are enlisted below.
- Age of the applicant (21 to 60 years of age but may vary)
- Monthly income (for salaried individuals)
- Work stability with current employer
- CIBIL score
- Annual income (for self-employed individuals)
- Loan amount needed
3. Interest rates
The personal loan interest rates differ across banks. They are also determined by the loan amount, your previous record of repayment, credit score, inflation, etc. Compare your options across lenders in Hyderabad to zero in on the right one. Do take into account other hidden charges and fees, apart from the interest rate.
Additional Read: How to Choose the Best Personal Loan for Needs?
4. How to get a personal loan
Firstly, you need to fulfil the aforementioned eligibility criteria and the additional specifications, if any, asked for by the bank. Further, the documents mentioned below are also required.
- Identity Proof
- Address Proof
- Income Proof (latest ITR filed)
- Age Proof
- Bank Statement of the last six months
Additional Read: Should You Apply for A Personal Loan Online or Offline?
5. Top loan providers
Hyderabad has hundreds of branches of the top financial institutions in the country which provide personal loans. But if you want to avoid long queues, reduce the time taken for loan disbursement and get instant personal loans, then Tata Capital is your best option. Our personal loan EMI Calculator lets you enter all details online and thus come up with the best personalised options. Visit our website and find a range of loan products today!