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:
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.
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.
Instant Personal Loan in Indore Interest Rates (2022)
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:
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:
Outstanding Loan Balance
*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.
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
Q1. I have some gold jewellery. Can I get a loan through Navi by pledging my jewellery?
Ans: Navi does not need any collateral security to sanction the loan. So, you don’t have to pledge your jewellery to get a loan from Navi. The loan would be issued simply by applying for it if you meet the eligibility parameters.
Q2. Can I change the EMI calculated on the calculator?
Ans: Yes, the EMI can be changed if you change the loan amount and/or the repayment tenure. If you reduce the loan amount the EMI would reduce and vice-versa. Similarly, if you increase the repayment tenure the EMI would reduce and vice-versa. By changing the EMI, therefore, you can find the most affordable amount.
Q3. Do I need to pay the personal loan interest every month?
Ans: Yes, the interest on the outstanding amount of the loan is payable every month. This interest forms a part of the EMI.
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.
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