Mahatma Gandhi Town Hall, Ranchi, India

Personal Loan in Ranchi

Ranchi, the capital of Jharkhand is a centre for some major manufacturing industries. Besides agriculture, production of silk, cotton and bulky machineries are common industrial operations carried out in Ranchi. The city has a strong commercial base with headquarters of heavy engineering, coal development and steel companies. Undoubtedly, there are a good number of employment opportunities in Ranchi. However, with the ongoing Covid-19 phase residents of Ranchi also suffered a financial set back like many other cities of India.

In order to support this jobless situation and increasing financial crisis, many financial institutions have come forward with easy to acquire personal loans in Ranchi. A personal loan is a multipurpose loan that borrowers in Ranchi can very well apply to gain immediate finance. This timely personal loan can be used to manage emergency situations or accomplish life goals. Emergency finance can be applied to clear medical bills or support a surgery whereas personal loans can be used for educational fees, home renovation, wedding, business upgrade etc. Hence, based on your current financial needs, reach out to a reliable lender/financial firm to acquire a personal loan at best interest rates in Ranchi.

Personal Loan Interest Rates in Ranchi

The lender usually charges a high interest rate on personal loans to ensure their money is safe against potential risks. Salaried and self-employed individuals holding a high credit score can avail an affordable interest rate. The interest rate on personal loan in Ranchi starts from 10.40%. and goes higher up to 22%. The percentage of interest varies from lender to lender and the current market norms. Use the EMI calculator to get clarity on the percentage of interest and tenure applied to the personal loan amount. Accordingly, decide a suitable EMI that is easy to repay monthly.

Feature and Benefits of Personal Loan in Ranchi

As most of the activities have shifted online, so has the personal loan application process. Borrowers wanting immediate access to funds can switch to instant personal loan apps or websites instead of physically visiting the branch and applying for a loan. Below are some benefits of requesting for personal loan online:

Instant Availability

Loans are approved in the shortest span of time, within 24 hours to 48 hours of a working day.

Affordable Interest Rate

Interest rate on a loan may vary depending upon the type of loan, credit score, tenure and other financial factors. If the credit score is good the rate of interest will be low.

Tax Benefits

Most of the tax deductions are on interest and not on the principal amount.

Financial Stability

Personal loans are approved quickly on time. This provides financial stability and saves borrowers from sinking in financial risks and delays.

Collateral Free

Personal loans do not require any security or a guarantor for approval. This keeps your assets safe.

How to Apply For Personal Loan in Ranchi

The apprehension of going to the bank and waiting for the loan amount to be sanctioned within days has been replaced by online instant personal loan apps. Go with the flow shown in the chosen instant loan app and avail quick personal loan:
  • 1. Download an authentic personal loan app from Google Play Store
  • 2. Register/Login with your email id or mobile number
  • 3. Locate the loan application form and fill the mandatory fields
  • 4. Select the required loan amount, tenure and EMI via the EMI calculator
  • 5. Upload soft copies of KYC documents and income proofs
  • 6. Wait for verification of loan application and documents
  • 7. Once approved, disbursal is done in 24 hours

Documents Required and Eligibility Criteria

It becomes essential that you should fall under the eligibility criteria while taking a personal loan in Ranchi. The financial institutions make eligibility criteria mandatory for the simple reason that they do not want to bear any risk of delayed payment or any kind of frauds. Consider the below before applying for a personal loan online

  • 1 Age criteria: Applicant should be between 21-58 years
  • 2Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
  • 3Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
  • The online hassle-free documentation reduces the stress of physical loan application. Submission of mandatory documents for an instant loan requires
  • 4Aadhar card is the first document when applying for instant personal loan
  • 5 In the absence of Aadhar card, you can provide your Pan card/ driving license
  • 6 Other important documents include your professional and financial details inclusive of salary slips and income statements
  • 7 Your account should be in any of the accepted banks as suggested by the financial institution


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