Gurugram Personal Loan : An Overview
Banks and other financial institutions extend personal loans in Gurugram to assist with an individual's financial obligations. While the tall corporate glass buildings take care of the professional needs of the people in Gurugram, their personal financial needs can be looked after by lending institutions spread across the city. Banks offer collateral-free personal loans to salaried as well as self-employed individuals. With convenient applications from your home, getting personal loan finance in Gurugram has never been easier.
Instant personal loans in Gurugram can finance that 4 BHK high-rise apartment in the city's posh residency, the new car parked elegantly behind the showroom glass, or land you in that foreign city whose posters have been up your wall with your loved ones. Any personal need for which you may be unable to gather sufficient funds can be financed using personal loans.
Key Features of Personal Loans in Gurugram
Personal loan finance in Gurugram is a readily available and customer-centered credit facility. Some features that set it apart from other loans are listed below.
High Loan Amounts
Up to ₹50 lakhs can be raised using personal loans for up to 8 years. Personal loans can, therefore, efficiently take care of any urgent and unforeseen expenses of the applicant.
Zero Collateral
Personal loans are unsecured loans offered not against any security deposit but against an applicant's credibility and financial consistency. Hence, for a loan seeker, a personal loan involves little to no risk.
No Usage Restrictions
Lenders do not restrict the end-usage of the loan amount. Personal loans are also called Multi-Purpose loans since they can be used to meet every financial obligation an individual may have.
Easy Application
Personal loans offer wide accessibility by covering salaried and self-employed individuals across organizations and sectors. Moreover, the Internet and mobile banking facilities can offer easy personal loans in Gurugram.
Repayments
Personal loans can be easily settled using EMIs, post-dated cheques and mobile apps within comfortable loan tenures. Lenders also allow applicants to make prepayments or foreclose loan accounts. However, certain prepayment/foreclosure charges may be applied by the bank.
Higher Interest Rates
Personal loan interest rates in Gurugram are higher. These loans are unsecured in nature and hence, pose greater risks for the bank. Therefore, banks and other lenders secure themselves against such high risks by levying slightly higher interest rates.
Digital Loan Management
Some banks and lenders offer facilities specifically designed to digitally manage one's personal loan. This helps save a significant amount of time and effort for the loan seeker.
What are the Eligibility Criteria for a Personal Loan in Gurugram?
Personal loan finance in Gurugram is subject to certain basic minimum requirements. Once applicants fulfil the criteria below, they can easily apply for a personal loan.
- Applicants must be between 21-60 years old.
- Offered to salaried and self-employed individuals.
- Minimum salary of ₹10,000 per month.
- Previous work experience and current stable employment.
- Indian citizenship.
- A credit score of 750 or higher.
Interest Rate and Charges in Gurugram for Personal Loan
A lending institution may apply all or some of the following charges on personal loan applications.
- Interest Charges: Personal loan interest rates in Gurugram are a source of income for lenders. Bank rates can vary from 99%-35% on personal loans. The interest payments are made along with the principal amount through EMIs via the loan repayment process.
- Processing Fee: Banks can charge a processing fee of 1%-3% of the loan amount. Banks levy processing charges to recover the administrative costs incurred in the loan approval process.
- GST: An 18% GST is charged by banks and other lenders for extending financial services such as prepayment, loan processing and account foreclosure. Interest is not customer service. Hence, no GST applies to it.
- Prepayment Charges: Banks incur a loss on interest incomes when a borrowed amount is settled before maturity. Hence, they recover their costs through prepayment charges. Usually, prepayment charges are applied when the entire loan amount is paid off, but these policies are subject to changes.
- Default Penalties: Delays in loan repayments invite penalties from the bank. In case of missing a scheduled instalment or not paying up the full amount, a bank may levy penal charges.
- Stamp Duty Charges: Banks must comply with the State's Stamp Act to make a loan agreement legally valid. A 0.1% stamp charge is applied on loan amounts less than ten lakh rupees and 0.2% for every ten thousand after that.
- Cheque Bounce Charges: The bank may levy additional charges if a repayment instalment is missed owing to cheque bounces. The cheque bounce charge ranges from ₹500-600 per bounce.
- Duplicate statement charges: Banks charge additional fees for issuing duplicate statements of the repayment schedule, pending balance and other requirements.
- Verification charges: Any expense incurred by the bank on verifying an applicant's credit history and the information submitted by them is recovered in the form of verification charges.
What are the Documents Required for Getting a Personal Loan in Gurugram?
An applicant will need the following documents to apply for a personal loan.
- Duly filled loan application
- PAN card
- Address proof: Driving license/ Utility bills/ Voter ID/ Aadhar card
- Income proof: Bank statements/salary slips
- Employment proof: Offer letter/Employee ID
- Identity proof: Aadhar card/Voter ID/ Driving license
- Co-application (in required cases)
- Passport size photographs
Top Lenders Offering Personal Loans in Gurugram
Banks and Non-Banking Financial Institutions (NBFCs) offer personal finance in Gurugram. A comparative guide is provided below to help you choose the best lender.
Top Bank Offerings
The following banks offer easy personal loans in Gurugram.
| Bank | Amount (in ₹) | Tenure | Interest Rates (per annum) | Processing Fee |
| HDFC Bank | Up to 40 lakhs | Up to 5 years | 10.5%-21% | 2.5% |
| Axis Bank | Up to 40 lakhs | Up to 5 years | 10.49% | 2% |
| State Bank of India | Up to 30 lakhs | Up to 6 years | 11.05% | 1.50%- 3% |
| Kotak Mahindra Bank | 50,000-40 lakhs | Up to 6 years | 10.99% | Up to 3% |
| Yes Bank | Up to 40 lakhs | Up to 6 years | 10.99%-20% | Up to 2% |
Top NBFC Offerings
Personal loans via NBFCs in Gurugram can be obtained from the following companies.
| Lender | Amount (in ₹) | Tenure | Interest Rates (per annum) | Processing Fee |
| KreditBee | 5,000-4 lakhs | Up to 2 years | As per T&Cs | As per T&Cs |
| L&T Finance | 50,000-7 lakhs | Up to 4 years | 12% onwards | 2%+GST |
| Poonawala Fincorp | Up to 30 lakhs | Up to 5 years | 9.99% | 2% |
| TATA Capital | Up to 35 lakhs | Up to 6 years | 10.99% | 3% |
| Bajaj Finance | Up to 40 lakhs | Up to 8 years | 11%-35% | 3.93% |
Application Process and Approval Timeline in Gurugram
Gone are the days when loan approvals were a hassle. Today, the cheapest personal loans in Gurugram can be instantly accessed with just a click of a button.
Online Applications
Instant personal loans in Gurugram can be obtained using a bank's Internet and mobile banking services. Online applications simplify documentation through digital KYC facilities and offer instant loan approvals. Follow these simple steps to apply for a personal loan online.
- Log onto the lender's official website/sign in the lender's mobile application.
- Under the Loans/Borrowings category, find 'Personal Loan' and click on Apply now.
- Enter the details like mobile number, PAN number, loan amount, employment type, account number and OTP.
- Choose the suitable loan amount, interest rate and loan duration.
- Apply after digitally uploading the documents.
Once the application is submitted, the lender will contact the applicant to take the application process further.
Pre-Approved Personal Loans
Pre-approved loans are quickly approved personal loans extended by lenders to their existing customers. Since the borrower's details are already in the bank's online database, the documentation process takes less time, and loans are quickly approved. After checking if a bank offers pre-approved loans, a pre-approved loan application can be submitted offline and online.
Offline Applications
The old-school branch visit method is still available to apply for personal loans. It has become even more smooth and consumer-friendly with well-versed bank agents available at customer service. One can easily apply for personal loan finance in Gurugram using the bank representative's guidance and carrying the required documents. Once the loan application is filled and submitted, the bank will initiate the further process of approval.
Tips for Choosing the Right Personal Loan in Gurugram
The following tips and suggestions can help a loan seeker obtain some of the cheapest personal loans in Gurugram.
- Credit Rating: Your credit score is vital to your loan approval. Maintaining a good credit score and lowering the debt-to-income ratio before applying for a personal loan can go a long way.
- Compare and Choose: Prospective borrowers can compare the different personal loan offerings free of cost over the lender's website. It can help choose the most suitable option that fits one's needs.
- Verify Your Eligibility: A prospective borrower may use online Eligibility Calculators before approaching a bank to gauge how much loan can be extended to them and on what terms.
- Document Management: Document inconsistencies delay most personal loan applications. An applicant should keep the documents handy and provide up-to-date information while applying for a personal loan.
- Apply at Fewer Places: Banks become hesitant upon noticing that an applicant has applied to many lenders. Hence, loan seekers are advised to apply only to select suitable lenders.
- Repayment terms: A home loan seeker must go through their loan repayment terms before signing the loan agreement. A loan seeker can easily decide an amount within their repayment capacities using online EMI calculators.
- Check for Hidden Costs: Banks and other lenders sometimes impose additional charges without informing the borrower. A borrower must enquire about all the charges demanded by the lender to maintain transparency between the parties.
- Co-obligation: Co-obligation provides additional credibility to applicants who do not fully meet the bank's requirements. It is a very specific demand which is not needed in every case. Hence, one must confirm with one's bank whether a co-obligant is required while applying for a personal loan.
Conclusion
Life in Gurugram is fast-paced, occupied, and always running. Personal loans in Gurugram can offer quick and instant financial aid of up to ₹50 lakhs to people with no time to spare. With the lending institutions' simple eligibility criteria, convenient application processes and customer-centred services, one can sit back and relax. Using the right guidance, a loan seeker can make wise and well-informed decisions while looking for personal loan finance in Gurugram.
FAQs
A personal loan application usually gets approved within 1-5 working days. However, in the case of some lenders, digital applications may get approved within a few minutes of the loan application.
Lenders generally do not extend loans to candidates with poor credit ratings. If they do, higher interest rates and fees are charged on the loan. Loan seekers with bad credit scores must try to gain a lender’s trust and establish credibility.
Yes, prepayment and foreclosure options are a common feature of personal loans. However, applicable prepayment/foreclosure charges must be checked before making advance repayments.
Apart from levying late payment penalties, lenders can take legal action against a personal loan defaulter. The inability to repay a loan negatively affects a candidate’s credit ratings and makes it difficult to obtain loans in future.
Yes, multiple loan applications can be made, but they often cause more harm than good. Candidates with multiple loan applications with different lenders invite suspicion and delays in loan approval. Hence, it is advised that after thorough research, one must apply for a personal loan from a few suitable lenders.
Yes, personal loans can be extended to self-employed and freelancing individuals, provided they fulfil the eligibility criteria and establish their repayment potential.
Yes, personal loans can be transferred from one lender to another. A personal loan can be easily transferred after applying for a loan transfer at one’s existing bank and collecting a NOC. Also, new interest rates and net savings are key factors before transferring the loan.
Once the loan is fully repaid, banks usually close a loan account independently. However, one must not forget to obtain a No Objection/ No Dues Certificate from the bank upon the closure of the loan account.