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Deekshabhoomi, Nagpur, Maharashtra, India

Personal Loan in Nagpur

Nagpur is one of the fastest growing metropolises in India and ranks as the third largest city in Maharashtra. The city holds a strong commercial base and is also known for small businesses. Many individuals and businesses in Nagpur rely upon personal loans for immediate finance. Also, the literacy rate being high, borrowers in Nagpur apply for personal loans online through instant loan apps and websites.

The online mode of loan application is easy and fast as compared to the physical method of visiting the branch. It is advisable to switch to online lending platforms in Nagpur to get a benefit of lower interest rates. The security level in instant loan apps is higher as all the personal information submitted remains confidential.

Simply Cash is entirely a borrower’s app that helps you to acquire a personal loan at the convenience of your home. Download Simply Cash from Google Play store, select your location as Nagpur and follow the stepwise procedure to avail the loan in 24 hours.

Personal Loan Interest Rates in Nagpur

As the interest rate may vary from lender to lender, the lowest interest rate on a personal loan in Nagpur starts from 10.40% per annum, followed by a minimal processing fee. Personal loan interest rate in Nagpur may differ as per the financial companies’ norms and regulations. Moreover, the borrower’s credit history plays a significant role to get an affordable interest rate in Nagpur. Over a period of time, you can improve the credit score with systematic planning and management of loan accounts.

Feature and Benefits of Personal Loan in Nagpur

Personal loan acts as a fuel in the commercial scenario that sustains business in times of unexpected financial demand. Here are related features and benefits of acquiring personal loan in Nagpur:

Low Interest Rate

Personal loan in Nagpur offers attractive rate of interest to make loan taking an easier process. A low interest rate is levied for both salaried and self-employed individuals based on their credit history.

Collateral Free

Personal loan is an unsecured loan that requires no submission of security or collateral against the loan. This reduces the time taken for loan approval.

Flexible Repayment

With digital loan apps on the rise, personal loan repayment modules have become automated and where EMIs get deducted automatically. The online loan calculator gives a perception to plan your EMIs and repayment tenure using the online loan app.

Easy Documentation

Personal loan involves paperless documentation if the application is done through an online personal loan app. No physical documents are required unlike the traditional personal loan process

Customized Loan Amount

Keeping loan amount, tenure and interest rate as the base factors, borrowers can plan EMIs in advance as per the budgetary requirement. When it comes to loans, getting clarity on the EMI amount gives a sense of relief.

How to Apply For Personal Loan in Nagpur

As most of the work is done through online platforms, individuals prefer applying for personal loan online.
  • 1. If you are new to online loan apps, launch the personal loan app on your smartphone through Google Play Store
  • 2. Register and login by entering your mobile number or email Id for verification (OTP)
  • 3. Check your loan eligibility through loan EMI calculator
  • 4. Fill in the form with Aadhaar card number linked to your mobile number/PAN card/ Driving License
  • 5. Scan your photograph for ID proof and other documents as required by the financial companies
  • 6. Fill in other personal details like your (Profession, Company address, and Work experience)
  • 7. Upload all the required documents or schedule an executive for pickup of application from home or office
  • 8. Application and other documents will be verified immediately, once verified personal loan will be approved instantly
  • 9. After the application is approved, the loan amount will be transferred immediately into your registered bank account.

Documents Required and Eligibility Criteria

Accurate documents and eligibility criteria of the borrowers plays a major role in fast processing of personal loan. In the absence of any required documents or if the eligibility criteria do not match the required standards, your application for personal loan can be rejected or delayed.
So, to avoid delayed loan disbursement or rejection have a glance at the below mentioned minimal required documents:

  • 1 Required documents that may include- Identity Proof (Aadhar card/ Passport / Driving License)
  • 2 Address Proof- ration card/Passport/ Electricity bill/Telephone bill/
  • 3 Income Proof-Bank account statement, 6 months’ salary slip, Income tax return (last 3 months)
  • 4 You should be a resident of India
  • 5 You should be either salaried or self-employed individual
  • 6 Your minimum monthly income should meet the criteria fixed by the lender
  • 7 You should be between 21-58 years of age
  • 8 Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different standards.
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