How to Get an Instant Personal Loan For Emergencies in Agra?

How to Get an Instant Personal Loan For Emergencies in Agra?

Housing the Tal Mahal, Agra is the 4th most populated city of Uttar Pradesh. The city of Fatehpur Sikri, Agra Fort, and Jamā Masjid has an economy that primarily earns through tourism.

A large concentration of populace in the city is employed in this industry. Although low in population, the need for a personal loan in Agra is somewhat high. Numerous financial institutions and NBFCs operating in the city sanction these loans to borrowers and help them cater to emergencies.

Whether personal or business, these loans are helpful for several emergency situations. The competitive rate of interest also makes personal loans affordable. You only have to comply with a few terms and conditions to get a personal loan approved.

Some of these include:

  1. Make sure you have a good credit score

A minimum CIBIL score of 750 is necessary to opt for personal loan in agra. You may also avail a lower rate of interest with a high credit score.

Be advised that some NBFCs may sanction you a personal loan even if you hold a low CIBIL score. In such cases, you need to have a high income, apply jointly, ask for a low amount, etc.

  1. Keep all the documents close

The mandatory documents required to apply for an instant personal loan are:

  • KYC documents – Voter ID, Passport, PAN, Driving License, Aadhaar, etc.
  • Bank account statements of the last 3 months.

Along with the above, salaried applicants have to provide their salary slips of the last 2 months and employee ID card. Self-employed customers have to submit their last year’s turnover audited by a CA and income tax returns of the previous year.

  1. Apply for the right loan amount

The maximum ceiling for a personal loan is Rs. 25 Lakh. The amount you can avail depends on various factors like your income and monthly obligation. Lenders might reject your application for an emergency loan online if they think the amount is too high based on your eligibility. And, such denials can lower your credit score.

You can use a personal loan eligibility calculator to determine the loan amount you can avail. Note that the amount increases when your existing obligations decrease and vice versa. Clearing your credit card debts and foreclosing any existing loan is an ideal way to lower your debt to income ratio.

Some lenders might check your Fixed Obligation to Income Ratio (FOIR) or debt-to-income ratio before sanctioning your loan. Make sure this ratio is not more than 50%.

  1. Check whether you fall within the eligibility criteria

NBFCs like Bajaj Finserv only need you to be within the ages of 22 and 55 years and either employed (public/private company or MNC) or self-employed to avail a personal loan in Agra.

Bajaj Finserv also brings you pre-approved offers that make the process of availing loans uncomplicated and helps you save time. Pre-approved offers are available not only with personal loans but also with business loans, secured loans like home loans, and an array of other financial products. You can check your pre-approved offer by providing only your name and phone number.

Following only these points can help you secure a personal loan for an emergency without any hassle.

Also, consider the following points before applying:

1.  Check the rate of interest and charges

Comparing the rate of interest from different lenders is essential. Make sure you are getting the right interest rates along with all the features you need.

You must also check the applicable charges on a personal loan in Agra. Financial institutions charge processing fees, penal interest, secure fee, bounce charges, and several other fees.

2. Consider foreclosure and part-prepayment charges

Foreclosing enables you to pay off the entire loan before the tenor ends and save on interest. Part-prepayment facility lets you prepay a significant portion of the outstanding amount and lower either the EMIs or the tenor. You need to pay a flat charge along with applicable taxes to avail both these facilities. Check these charges applicable before opting for a lender.

3. Choose the tenor correctly

The tenor determines your loan EMIs and total payable interest. A longer tenor makes the EMIs affordable while increasing the total cost of loan and vice versa.

Consider all the factors mentioned above when availing a loan in Agra. You can also apply for a low salary personal loan without any hassle post checking your eligibility.