How To Get An Instant Personal Loan in Indore: Check Features And Interest Rates

Personal Finance

Indore, a popular city in India, is the largest city in Madhya Pradesh. A tourist hotspot, Indore is best known for its rich history and culinary delights. So, if you’re planning to visit Indore or you are in Indore or you are a resident of Indore and in need of urgent cash, this blog is tailored for you. Read on to know how to get an instant personal loan in Indore.

Features and Benefits of Personal Loan in Indore

Here are some of the features and benefits of availing of a personal loan in Indore:

Collateral-free Loans

Personal loans are unsecured loans which means you don’t have to pledge collateral. Lenders sanction your loan based on your repayment capacity and eligibility parameters.

Flexible repayment tenure

Personal loans usually come with flexible repayment tenures of up to 7 years. You have the flexibility to choose the repayment tenure based on your convenience.

Instant Disbursal

Compared to other financing options like home loans, personal loan eligibility criteria are not too stringent. So, once you meet the eligibility parameters, your loan could get disbursed almost instantly.

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

Instant Personal Loan in Indore Interest Rates (2022)

Refer to the table below to check instant personal loan interest rates in Indore:

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 Instant Cash Loan in Indore

Here’s the list of eligibility criteria to get an instant personal loan in Indore:

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

Documents Required for Personal Loan in Indore

You could need the following documents to get an instant cash loan in indore:

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, with Navi Personal Loan, you would need only your PAN and Aadhaar to get your loan approved and that too in a 100% paperless manner.

Also Read: Advantages Of Personal Loans

How to Apply for a Personal Loan in Indore 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 Indore

You can calculate your EMIs via an online personal loan EMI calculator. All you need to do is enter the 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 Indore

1. Compare lenders: Compare different lenders in terms of interest rates, quality of service, loan tenure, etc. Go with the lender that suits your requirement.

2. Check your credit score: Make sure to check your credit score before applying. A low credit score, let’s say below 600, could lead to personal loan rejection.

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 an instant cash loan in Indore.

Final Word

If you are in urgent need of funds, getting a personal loan could be an option you can explore. However, make sure to go through the fine print of the lender thoroughly before signing up. Read between the lines and see if there are any hidden charges involved.

In case you’re looking for an instant loan, try Navi. You could get instant personal loans up to Rs.20 lakh in a 100% paperless manner with Navi and enjoy instant disbursal provided you’re eligible. Download the Navi app today!

FAQs on Personal Loan in Indore

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.