In Nagpur, personal loans are generally offered @ 10.25% p.a. onwards, for loan amounts of up to Rs 40 lakh and tenures of up to 5 years. Some lenders offer pre-approved instant personal loans to select customers. Public Sector Banks may offer personal loans at lower interest rates and for longer tenures.
Personal Loan Features
- Interest rates generally start from 10.25% p.a. onwards
- Loan tenure is usually up to 5 years (up to 7 years for some lenders)
- Loan Amount- Up to Rs 40 lakh
- Processing Fees- Up to 4%
- Some lenders offer instant loan disbursal of personal loans
- Only select customers are offered pre-approved personal loans
- No end usage restriction, other than speculation
- No collateral security
Income Requirements
Minimum Salary: Rs 15,000 p.m. or more
Eligibility for Personal Loan in Nagpur
- The applicant should be an Indian resident.
- A personal loan applicant should be 21 years old at the time of loan application and 70 years old when the loan matures.
- Personal loans can be offered to salaried employees, self-employed professionals, self-employed non-professionals, employees of State/Central/Local government and public and private sector employees.
- Credit Score: 750 and above for better chances of availing personal loan and at lower interest rates
Documents Required for Personal Loan in Nagpur
- Application form duly filled with photographs attached
- Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
- Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills/gas connection bills
- Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
- Form 16/ITR for last 3 years
- Salary slips for last 3 months
- Bank account statement for past 6 months