How To Apply For Instant Cash Personal Loans In Ahmedabad?

Personal Finance

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.

Features and Benefits of 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: Personal 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.

Interest Rates for Personal Loan in Ahmedabad

Check out the various banks and NBFCs that offer personal loan in Ahmedabad:

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 for an Instant Cash Personal Loan in Ahmedabad

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 –

Documents Required for a Personal Loan in Ahmedabad

Most lenders in Ahmedabad have a list of documents that need to be submitted at the time of availing of a personal loan.

For Salaried

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
6. Salary slip for the last 3 months
7. Form 16

For Self-employed

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

Also Read: Apply For Personal Loans From NBFCs

How to Apply for a Personal Loan in Ahmedabad with Navi

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.

How to Calculate Personal Loan EMI in Ahmedabad

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:

*Note that the table is for illustration purposes only

Things to Remember before Taking a Personal Loan in Ahmedabad

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.

Final Word

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.

FAQs on Instant Personal Loan in Ahmedabad

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.