Personal Loans are given by most major banks and financial institutions to individuals without asking for the requirement or need in Visakhapatnam. They are unsecured loans given from Rs. 50,000 to Rs. 40,00,000 which means that you need not mortgage anything or show an asset. Some reasons for availing a Personal Loan in Visakhapatnam include medical needs, travel, home renovation, wedding, good purchases and so on. Other reasons for which a loan can be availed is to get a top-up loan, balance transfer or debt consolidation.
If you need a Personal Loan in Visakhapatnam, you must have a good credit history and adequate salary to get your personal loan sanctioned with a Bank or an NBFC in Visakhapatnam. Other factors like years of employment, company you work for etc will determine the most important factors like amount, tenure and rate of interest. Some of the banks in Visakhapatnam give you the flexibility to pre-close the loan without any additional charges. Most banks have a pre-closure charge in the 4%-5% range.
You can finance your personal pursuits in Visakhapatnam like travel, wedding/marriage, renovation, purchase, medical, balance transfer and debt consolidation through low interest personal loans. Business needs like operations and growth can also be funded through unsecured business loans aggregated on this site. Unsecured loans are advanced to individuals and business entities where no security, guarantor or collateral is required for approval. Most banks and NBFCs will look at factors like your salary or income, CIBIL Score which is a credit score, company your work for or business vintage and current debts among other factors before advancing a loan. If these factors meet their criteria then it is possible to get the lowest interest rate for personal loan in Visakhapatnam. As a loan seeker you need to look at factors like amount, tenure and rate of interest before deciding on the best personal loan in Visakhapatnam. Another important factor to take note of is the ability to pre-pay a loan and the charges on it before you decide to take a loan.
There are further deals and offer available for doctor loans in Visakhapatnam or loans for professionals if you are a CA, CS or Architect in the city. Banks and NBFCs extend easier terms if you are a professional with an existing practice or consultancy. As a woman entrepreneur in Visakhapatnam, you can also avail of special discounts on interest rate from various banks based in your city. The amounts normally extended under the personal loan category range from Rs. 50,000 to Rs. 45 lakh approximately by various financial institutions. Your loan requests are made easier to check on this site with tools like the EMI calculator, CIBIL estimator and Eligibility calculator which help you in various stages of your application process. You can also check interest rates and get instant approval online if your eligibility exactly matches the criteria of an institution.
Visakhapatnam is the largest city in the state of Andhra Pradesh located on the shores of the Bay of Bengal sea. It is also known as Vizag or Waltair and is commonly known as the Jewel of the East Coast or Goa of the East. It is the financial capital of Andhra Pradesh with important ports that serve as bases for commercial shipping and the country’s navy. Vishakapatnam is an important city not just in the state but also for the whole country due to its strategic nature and natural harbour. The city used to be a major hub for Buddhism in earlier times which monuments around it indicating to the influence exerted by it. Its port and critical nature have spurred the economy for ages with other sectors and industries like IT, Fishing, Pharma etc coming up in a major way. There are many special economic zones set up in the city to encourage industry and exports. Education is another important sector which is a major part of Visakhapatnam. The city is home to Andhra University as also colleges like Andhra Medical College, National Institute of Oceanography, Indian Maritime University, IIM, BITS among many others. Tourist spots in and near the city include the Yarada Beach area, Borra Caves, Simhachalam Temple, Araku Valley, Rishikonda Beach, Dolphin’s Beach, Bojjana Konda among others.
Apart from banks and NBFCs it is also possible to get a personal loan or business loan through the peer to peer or P2P route in Visakhapatnam. This allows you to connect with individual lenders, private financers and private lenders from the city and across India. Based on eligibility factors and other criteria like a social score, these private lenders might agree to fund the full or part of your requirement. It might in some cases be possible to get a loan with a bad CIBIL Score if your other factors are ideal. Applying for personal loan online helps you get in touch with multiple banks, NBFCs and private lenders which might not be possible with personal loan agents in Visakhapatnam. If your eligibility matches with the criteria set by these institutions and lenders then it will be possible to get lowest interest rate for personal loan in Visakhapatnam. Getting a business loan from individuals can also happen through the P2P method if your credentials are appropriate. To access the best personal loan in Visakhapatnam from banks, NBFCs or private lenders, apply online by filling in our forms with your details or call us on our numbers right now.
Eligibility Criteria for Personal Loan in Visakhapatnam
Age of the applicant should be between 21-60 Years
Salaried individual with minimum income of Rs 15,000. Salary bracket would depend on the city you live in and the company you work for. Eg. If you are in a Metro, the salary requirement will be higher than non-metro and if you are working in a top MNC, the salary requirement would be lesser than one working with a new company.
Should be staying in the city for at least 1 Year
Total work experience should be at least 2 Years
Basic documentation such as KYC, latest bank statements etc are required
Be informed of the different ways your Personal Loan Rate of Interest in Visakhapatnam is calculated so that you take the right decision when it comes to choosing your loan at the lowest interest rates. Apply below to get started and to know the offers that are available on your Personal Loan in Jan 2019
Find out your customized interest rate for a Personal Loan in Visakhapatnam?