In these unprecedented times, our plans to travel and have destination weddings have been pushed back, and new needs have emerged. Well, a personal loan could come in handy to fulfil such plans. Applying for a personal loan has now become easy with everything becoming digital and paperless. Now you could apply for a loan from any part of the country, thanks to technological advancements in the lending sector. So, if you’re in Ahmedabad and need urgent funds, read on to know how to apply for an instant personal loan in Ahmedabad.
Here are some notable features and benefits of instant cash loans in Ahmedabad:
Flexible End-use: You can use a personal loan for any financial requirement. There is no restriction on the usage of the fund.
Instant Approval: Cash loan applications get approved easily compared to other financing options like home loans and car loans. That’s primarily because you need minimal documents to apply for an instant loan. Nowadays, with just your PAN and Aadhaar in place, you could get your loan amount credited to your bank account upon approval.
No Collateral Required: Since a personal loan is an unsecured loan, there is no requirement to pledge collateral or security.
Minimal Documentation: Most lenders would ask for a few documents like residential proof, ID proof, income certificate, etc. The documents required to get a personal loan are still less compared to home loans where you have to show a bunch of [property-related documents. Thanks to lenders like Navi, you can get a personal loan with zero paperwork.
Flexible Repayment Tenure: Personal loans usually have a repayment tenure of up to 7 years. This gives you the option to choose the loan tenure at your own convenience.
Check out the various banks and NBFCs that offer personal loan in Ahmedabad:
|Banks/NBFCs||Interest Rate (p.a.)||Processing Fee|
|Navi Personal Loan||9.90% onward||Check with the lender|
|HDFC||10.50% onward||Up to 2.5%|
|Yes Bank||13.99% onward||Up to 2.5%|
|Kotak Mahindra||10.25% onward||Up to 2.5%|
|Axis Bank||12.50% onward||Check with the lender|
|IndusInd Bank||11% onward||2.5% and above|
|IDFC FIRST||12% onward||Up to 3.5%|
|Home Credit||19% onward||Up to 5%|
|Aditya Birla Capital||14% onward||Up to 2%|
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.
To avail of an instant cash personal loan in Ahmedabad, lenders usually have specific eligibility criteria and most private lenders usually prescribe the following eligibility criteria –
|Age||18 – 65 years|
|Occupation||Salaried or self-employed|
|Nationality||Indian or NRI|
|Credit score||750 or above|
Rate of Interest (P.a)
Loan Tenure (Years)
Most lenders in Ahmedabad have a list of documents that need to be submitted at the time of availing of a personal loan.
To apply for an instant loan in Ahmedabad with Navi, follow the steps mentioned below:
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, your loan amount will be ready to be disbursed in just a few minutes based on your eligibility.
Many EMI calculators are available online from which you can calculate your EMIs. Enter your loan amount, tenure and interest rate to check your EMIs.
Consider this example: Say you want to borrow a loan amount of 1 lakh for a tenure of 4 years at an interest rate of 10% p.a. The EMI you need to pay would be Rs.2536,
The yearly breakdown would be as follows:
|Year||Principal Paid||Interest Paid||Total Payment||Outstanding Loan Balance|
*Note that the table is for illustration purposes only
1. Compare Multiple Lenders: You should always check and compare multiple lenders in terms of interest rate, processing fee and other terms and conditions before signing up for a personal loan. Some lenders often roll out offers from time to time like zero processing fee, lower interest rates, pre-approved loans, etc. Keep an eye on such offers too before applying.
2. Documents Required: Once you decide on a lender, make sure you have all the necessary documents. However, with lenders like Navi, all you need is your Aadhaar and PAN number to apply for a loan.
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: Consider 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 Ahmedabad.
If you have recently relocated to Ahmedabad or have a planned expenditure there, you can apply for a personal loan from anywhere in the country and avoid spending your savings. However, as mentioned earlier, compare multiple lenders before applying.
In case you’re looking for an instant personal loan, try Navi. The entire loan application process is extremely easy and hassle-free. Just download the Navi app, enter your details, and apply. Your loan would be disbursed into your account provided you’re eligible.
Ans: Yes, since Navi offers loans up to Rs. 5 lakhs and so you can surely avail of a loan of Rs. 5 lakhs through Navi. However, the loan amount would depend on your income and other eligibility parameters since Navi uses a digital process for evaluating your loan application.
Ans: An EMI calculator is an online tool that calculates the EMI payable for the loan. The calculator calculates the EMI based on the loan amount, repayment tenure, and loan interest rate.
Ans: Yes, a personal loan would affect your credit score. If you repay your personal loan on time, you can improve your credit utilization and repayment schedule. This helps to improve your overall credit score. However, if you default on the repayment of the loan, your credit score would suffer negatively. Moreover, if you make too many loan applications or enquiries in a short time or if you have multiple personal loans in your name, your credit score would also be affected.
Ans: If you have maintained a good credit score, you can easily avail of a personal loan at favourable interest rates from financial lenders like Navi.
Ans: You need to check with the lender of your choice. Enter your details on the lender’s website/app to check if your eligibility and the maximum amount you can avail of as a personal loan.
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
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.
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