Jaipur, the capital city of Rajasthan, also well known as the “pink city of India,” is a hub for tourism businesses. This is because it serves as India’s most popular gateway to various tourist destinations. In addition, it houses numerous small, regional, and even oversized businesses. However, launching and expanding a firm requires additional capital and cash on hand. You can find several lenders providing urgent cash loans in Jaipur. The personal loan amount can be used for both business and non-business purposes. This article talks about other essential details about personal loans in Jaipur.
Eligibility Criteria for Personal Loans in Jaipur:
Almost every banking and non-banking institution in Jaipur grants personal loans only after checking if the applicant meets their eligibility criteria. Therefore, before applying for a personal loan in Jaipur, you should be aware of the general eligibility criteria of different lenders.
- The applicant should be a citizen of India.
- The applicant’s age should be at least 21 years, and the maximum age shouldn’t be more than 65 years.
- The applicant should earn a steady income every month. The minimum monthly income of the applicant should fall between Rs 25,000 and Rs. 30,000.
- The applicant should have work experience for specified months or years.
- The CIBIL score of the applicant should be 750 or higher.
- The applicant needs to have a bank account with the lending institution.
Documents Required for Personal Loan in Jaipur:
Apart from eligibility criteria, lending institutions in Jaipur also verify the applicant’s identity. Before sanctioning the application for an instant personal loan in Jaipur, banks might ask for some documents from the applicant. These documents are needed by lenders to cross-check the eligibility, identity, credit score, financial worthiness, and background of the applicant.
The following listed are the documents required by the personal loan lending institutions in Jaipur:
- Photo identity proof like your PAN card, Voter ID, Aadhaar card, Driving License, or Passport
- Signature proof like your PAN card, Passport, Signature Verification from the Bank
- Address Proof like your Bank Statement, Passport, Voter ID, or Utility Bill
- Date of Birth proof like your PAN card, Birth Certificate, or Passport
- Contact proof like your postpaid mobile bill or postpaid landline bill of last month
- Last three to six months’ bank statements
- Proof of income like your last year’s personal income tax return or income declaration if you are a salaried person
If you are self-employed, then you will need to submit these listed documents:
- Office ownership proof like your electricity bills or property documents
- Income proof like your income tax returns, balance sheet, auditors, report, profit, and loss account for the last one or two years
- Proof of the existence of your business, like your tax registration certificate or company registration certificate
- Bank statements or current and saving account copies for last year
Different Charges for Personal Loans in Jaipur:
Before you research personal loan lenders, you should be aware of the personal loan interest rates and other charges in Jaipur. Although these charges vary from lender to lender, this is the general range:
- Interest rates on personal loans range from 9.6% to 36%
- Processing fees can be charged up to 6% of the loan amount
- Some lenders might also charge pre-closure fees- ranging from 2% to 5%
- The personal loan tenure ranges from 1 year to 7 years
Researching the Banking Institutions in Jaipur:
Now that you are aware of the eligibility criteria, documents required, and different charges for personal loans in Jaipur, it’s time to research at least four to five loan providers in Jaipur. Choosing the right banking or lending institution plays a significant role in getting the best personal loan. When looking for different lenders, consider comparing them based on different factors, such as interest rates, loan repayment tenure, terms and conditions, EMIs, and more.
Utilizing Personal Loans in Jaipur:
One of the significant benefits of getting a personal loan in Jaipur is that you are not mandated to inform your lender where you are going to use the borrowed amount. You are allowed to use the personal loan amount however you wish. The personal loan amount can be used for the following:
- Medical expenses
- Financing a wedding
- Funding a vacation
- Investing in your company
- Home renovation, repair, or improvement
- Buying a durable consumer product
- Debt consolidation
- Buying an automobile
- Financing the education of your child
Stepwise Personal Loan Application Procedure:
After selecting the lending institution in Jaipur, next, you need to apply for a personal loan. Here listed are the steps that can almost every bank requires you to follow whenever you apply for a personal loan in Jaipur:
Step:1 Visit the official website of the selected banking institution.
Step:2 Register yourself and then browse for the ‘personal loan application option.
Step:3 Fill out the personal loan application form for personal and employment information like your name, age, address, e-mail ID, employment, qualification, phone number, and more. Make sure that all details you fill in are genuine.
Step:4 Upload and submit the documents your banking institution requested for.
Step:5 The submitted personal loan application and documents will be verified by your lender before sanctioning the loan.
Step:6 After verifying your documents, the personal loan application will be approved by the bank. You will be asked for the required loan amount, loan repayment tenure, and EMIs. Usually, the loan amount is disbursed within a day or two in your saving account.
With the capital city of Rajasthan- Jaipur offering lucrative opportunities for regional or small businesses to grow, several people here need funds. However, they are looking for an urgent cash loan in Jaipur with the freedom to use the loan amount. Personal loans offer required funds instantly, with the flexibility of utilizing loan amounts to fund any personal expenses. Make sure to prepare well before applying for a personal loan. Know the eligibility criteria, documents required, interest rates, processing charges, and also procedures to apply for personal loans in Jaipur.