Banks/NBFCs in Indore offer personal loans @ 10.25% p.a. onwards, for loan amounts of up to Rs 40 lakh and tenures of up to 5 years. Public Sector Banks (PSU Banks) may provide personal loans at lower interest rates and for tenures longer than that offered by Private Sector Banks. Pre-approved instant personal loans are also offered to select customers.
Personal Loan Features
- Personal loan interest rates in Indore usually start from 10.25% p.a. onwards
- Loan tenure usually ranges up to 5 years; may be up to 7 years for some lenders
- Loan Amount- Up to Rs 40 lakh
- Processing Fees- Up to 4%
- No end usage restriction, other than speculation
- Pre-approved instant personal loans to select customers
- No collateral security
Income Requirements
Minimum Monthly Salary: Rs 15,000; can be more for some banks/NBFCs
Eligibility for Personal Loan in Indore
- Nationality: Indian
- Age: At least 21 years
- Credit Score of 750 and above can escalate the likelihood of availing personal loan and at lower interest rates
- Salaried employees, self-employed professionals, self-employed non-professionals, employees of State/Central/Local government and public and private sector employees are eligible
Documents Required for Personal Loan in Indore
- Application form with photographs attached
- Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
- Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
- Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills/gas connection bills
- Form 16/ITR for last 3 years
- Bank account statement for past 6 months
- Salary slips for last 3 months