New Delhi, as the capital of India, is one of the highest consumers of business as well as household financing in the country. Naturally, the requirement for financing options like personal loan in Delhi is one of the highest as well. These advances are easy to avail and come with several attractive features that work in the borrower’s favour, helping him/her manage loan repayment with ease.
For instance, you can choose to prepay your personal loan in the city at any time before a tenure ends to save on the total interest liability. Such facilities are, however, available with the best lending institutions only, including some of the best NBFCs in the market. Applying for a personal loan in New Delhi is a hassle-free process too. Here’s a quick guide to help you with your application process.
Online Application for a Personal Loan in Delhi
As you can apply for a personal loan in the city both online and offline, here are the steps first elaborating how you can do so digitally.
- Choose a suitable lender offering the best loan features and facilities.
- Visit their official website and navigate to the ‘Personal Loan’ option,
- On the page, click on the ‘Apply Now’ option, which will take you to the online application form.
- Once the form is accessible, fill it with the necessary details related to your personal information, occupation, and finances.
- In the next step, fill in the necessary segments with the loan amount you seek to avail and a suitable tenure for repayment accordingly.
- In the next step, if the lender requires you to submit necessary documents online, you can upload required soft copies to complete paperwork. In case it doesn’t require paperwork in this step, you can complete it later.
- After having checked all the provided personal details for accuracy, you can submit your application form.
As for documentation, some financial institutions provide a doorstep collection facility for paperwork completion so you do not need to step out of your home for any stage of loan processing.
Steps for Offline Personal Loan Application
The offline application process for personal loan in Delhi, or anywhere else for that matter, requires you to visit your nearest lender branch. Here are the steps involved.
Step 1: Visit the nearest branch of your selected lender.
Step 2: Access the application form for personal loan there with the designated representative.
Step 3: Fill it up with all the required details accurately.
Step 4: Complete a profile discussion with your assigned representative.
Step 5: Complete the application process by submitting the necessary documents along with your application form.
Once you have completed your application with accuracy, and based on your eligibility profile, you should receive approval for the advance shortly. In the case of online loan applications, the approval timing is further reduced to only a few minutes, thus allowing you quick access to the necessary financing.
It is thus suggested that if possible, you should prefer applying for your personal loan online instead of offline. It is a simple procedure and requires you to hold the necessary information only for completion.
Eligibility Criteria to Apply for a Personal Loan
Be it New Delhi or any other city, the personal loan eligibility requirements are more or less standardized, with only a few exceptions to one’s income profile. Check out the standard eligibility requirements you would expect to meet when applying for a personal loan.
- You must hold a credit score of not less than 700.
- You should be either a self-employed professional/non-professional or a salaried individual working with a private/public company or an MNC.
- Your monthly income should not be less than the required minimum threshold as specified by your lender.
- If salaried, you must hold a total work experience of at least 1 year, and work for at least 6 months with the current employer.
- In case you are a self-employed individual, a minimum business vintage of 3 years is required in total, with the business currently running and generating a decent revenue.
- Individuals must also be residing citizens of India with a stability of at least 1 year.
Once you have met all the eligibility requirements as well as those specified as per your occupation, you can apply for a personal loan in Delhi and expect easy approval. Make sure to check your credit score in advance before applying and work on it if needed to improve chances of approval.