Famous for its mesmerising backwaters, beaches, and rock-solid literacy rate, Kerala makes for an excellent state to live in. However, the pristine lifestyle in God’s Own Country is not easy on the pockets, especially if you plan to pursue higher education, travel to exotic places, or make big-ticket purchases.
But worry not, as with a personal loan, you can easily realise your financial goals. Here’s how you can get a personal loan in Kerala.
Fulfil loan eligibility
Typically, lenders’ loan eligibility criterion depends on your age, income, nature of employment, work experience, and credit or CIBIL score. Moreover, a personal loan for self-employed individuals can carry different requirements than for a salaried applicant.
For instance, with Tata Capital, you can avail of personal finance in Kerala by fulfilling the following conditions:
- Your age must be between 22 and 58 years
- Your monthly income should be Rs. 15,000 or higher
- You need at least a year of work experience
Besides this, a CIBIL score of over 750 is considered excellent by the lenders. With an excellent credit rating, you can negotiate competitive loan terms with your preferred lending institution.
Additional Read: How to Apply for a Personal Loan in 5 Simple Steps?
Keep your documents handy
Once you’ve checked the lender’s personal loan eligibility, you must furnish the required documents to apply. Here’s the paperwork lenders typically request.
- ID proof – PAN card/voter ID/Aadhaar card/passport/driver’s license
- Salary slips – previous three months’ salary slips if you’re a self-employed individual
- Income statement via bank account – previous six months’ bank account statements if you’re a salaried individual
- An employment certification mentioning a year of uninterrupted employment
- Address proof – electricity bill/ration card/passport/utility bill/voter’s ID card
Choose your lender wisely
Lastly, a crucial step when applying for a loan is selecting a suitable lender. Hence, you must scout the market and compare what loan terms lenders offer, including interest rates, loan charges, eligibility criteria, the application process, tenures, etc.
Plan your repayment
Before approaching a lender, it is prudent to use a personal loan EMI calculatorto get a complete breakdown of the potential monthly instalments. By entering your loan amount, tenure, and interest rate, you can determine the amount you need to shell out monthly to timely repay the loan.
Besides, by figuring out your future EMIs, you can manage your budget around instalments payable and spend accordingly. This way, you can choose a loan tenure you are comfortable with.
Additional Read: Factors affecting personal loan interest rates
To sum it up
As you can see, getting personal finance in Kerala is simple. Now, it’s time to choose a lender. If you’re looking for extended loan tenures, attractive personal loan interest rates, and flexible repayment plans, turn to Tata Capital.
Be it a medical emergency, big-ticket purchase, travel requirement, wedding, or any other reason, get collateral-free funding of up to Rs. 25 lakhs with us. Plus, our easy-to-fulfil eligibility terms and customisable EMI options ensure hassle-free borrowing and repayment experiences.