How to Get An Instant Personal Loan In Delhi

Personal Finance

Personal loans are unsecured that loans that could help you meet any urgent financial requirement. Both salaried and self-employed individuals could apply for a personal loan. However, lenders evaluate a customer’s profile thoroughly based on several parameters like credit score, income, etc., before approving a loan application or disbursing the amount. This blog aims to provide all the details you should know before getting an instant personal loan in Delhi.

Features and Benefits of Personal Loan In Delhi

Here you can check out the features of an instant cash loan in Delhi and its associated benefits:

Instant Approval

With many financial institutions in the market, it has become easy to get a personal loan upon meeting the eligibility criteria. With just your PAN and Aadhaar in place, your loan amount could get credited to your bank account in just a few minutes upon approval.

No Collateral

With a good credit score, you could get a personal loan at competitive interest rates without any collateral. Certain lenders like Navi offer personal loans with no collateral or guarantor.

Flexibility

Personal loan repayment tenures could go up to 7 years. So, you have the flexibility to choose the loan tenure based on your repayment capacity every month. But note that the lesser your tenure is, your EMI could be higher, but over time you will be paying lesser towards the interest.

Simple process

With digitisation in the lending sector, the whole process of applying for a loan has become quite simple and paperless. For instance, with Navi you can check your eligibility and get your loan disbursed with just your PAN and Aadhaar.

EMI Calculator

Many online EMI calculators will show the net EMI amount payable every month. You can easily change the loan amount and the tenure to assess the best affordable EMI rate as per your disposable income.

Also Read: How To Apply For Instant ₹15,000 Personal Loan?

Interest Rates for Personal Loan in Delhi

The table below shows the interest rates various financial institutions offer for instant personal loans in Delhi:

Important: This table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time.

Eligibility Criteria for Personal Loan in Delhi

Usually, you need to fulfil some eligibility criteria for availing of private cash loans in Delhi from a lender. Certain parameters such as your age, occupation, salary among others determine if are eligible to take a personal loan. The table below has all the necessary parameters that you need to fulfill to avail of a loan in Delhi.

Also read: 11 Guaranteed Ways to Improve Your Cibil or Credit Score

Documents Required to Apply for Instant Personal Loans in Delhi

Most private financiers in Delhi have a list of documents that need to be submitted.

1. Identity proof (Aadhaar, PAN, Passport, etc)
2. Income proof or Bank account statements
3. Age proof (Aadhaar, Driving Licence, etc)
4. Address proof (Aadhaar, Ration card, voter’s ID, etc)
5. Recent coloured photograph

Along with the aforementioned documents,

A Salaried Individual would need

1. Salary slip for the last 3 months
2. Form 16

A Self-Employed would need

1. Balance sheet and profit & loss account, previous two years’ income computation
2. IT Returns for the last 2 years
3. Business Proof (Registration Certificate, Licence, GST)
4. Income Tax Challans or Form 26AS

However, if you apply online for an instant cash personal loan from a lender like Navi, all you need to do is submit your Aadhaar card and PAN Card which serve as identity, age and address proof for a personal loan from private finance in Delhi. With 100% paperless and zero hassles, the loan amount, upon approval, your loan amount will be credited to your bank account. You can get instant cash loans in Delhi without income proof with Navi.

Also Read: How To Apply For A Personal Loan On Low Salary?

How to Apply for a Personal Loan in Delhi with Navi

Follow the steps below to apply for an instant personal loan with Navi:

Step 1: Download the Navi app from Google PlayStore or App Store

Step 2: Enter your mobile number to get OTP

Step 3: Fill in your basic details – Name, DOB, PAN, Employment Type, Profession and Total Monthly Income

Step 4: Check loan offer

Step 5: Select loan amount and tenure

Step 6: Link your bank account

Upon verification, the loan amount will be disbursed in just a few minutes based on your eligibility.

How to Calculate Personal Loan EMI in Delhi

You can calculate your EMIs on any EMI calculators available online. Enter your loan amount, tenure and interest rate to check your monthly EMI options.

Consider this example: Say you want to borrow a loan amount of 1 lakh for a tenure of 5 years at an interest rate of 10% p.a.

The EMI, after calculations, you need to pay would be Rs.2,125, and your yearly breakdown would be as follows:

*Note that the table is for illustration purposes only

Things to Remember before Taking a Personal Loan in Delhi

1. Going with the right lender: Before applying for a personal loan, it is necessary to have all the background information about the lenders and their eligibility parameters. Compare interest rates and other terms and conditions before applying.

2. Necessary Documents: Once you decide on a lender, make sure you have all the necessary documents that they would need. The documents a salaried individual would need to submit will be different from a person who is self-employed. However, with lenders like Navi, all you need is your Aadhaar card and your PAN number and you are partly set.

3. Interest Rates: It is advisable to go with a lender who will offer your personal loans with attractive interest rates. For that, a good credit score (750+) is preferred as that could get you the loan amount at preferential interest rates.

4. Other Fees & Charges: A personal loan could come with other fees and charges such as processing fees, foreclosure charges, and more. Make sure to check all these before applying for a personal loan in Delhi.

Final Word

Getting a personal loan could be a good option in times of financial emergency. However, ensure that you have sufficient balance in your account every month to pay off your EMIs.

So, if you are looking for a personal loan in Delhi with minimal paperwork, download the Navi app, check your eligibility and get loans up to Rs.20 lakh at competitive rates.

FAQs on Personal Loans in Delhi

Before you go…

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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.