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A need for external financial assistance can arise anytime. Personal Loans in Gurugram cater to an individual's financial needs and aspirations. The collateral-free loans can be used at one's convenience without putting any financial burden. From eligibility criteria to the application process, find all the answers to your personal loan queries in this detailed piece.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A lending institution may apply all or some of the following charges on personal loan applications.
An applicant will need the following documents to apply for a personal loan.
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.
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% |
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% |
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.
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.
Once the application is submitted, the lender will contact the applicant to take the application process further.
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.
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.
The following tips and suggestions can help a loan seeker obtain some of the cheapest personal loans in Gurugram.
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.
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.