The Delhi metropolitan region is the second most populous city in the world and India’s largest city. It is also the wealthiest city in India after Mumbai. As Delhi is also the national capital of our country, it is not an easy job to live and manage all your expenses there. It is the major economic hub for all salaried and self employed individuals having a lot of employment opportunities. Delhi is an expensive city and many of the expenses can exhaust your entire savings. Here is when a personal loan Delhi comes to rescue and you can avail the same without any collaterals and hassles.
What are the factors needed to get a Personal loan in Delhi NCR?
- Good credit score – You need a considerable credit score to avail a personal loan in Delhi. The CIBIL score above 750 is deemed to be a good score if you want to avail a loan without any hassles.
- Credit Utilisation Ratio – You should maintain your credit utilisation ratio and it should not be more than 30% of your available limit.
- Job Stability – A good and stable job will highly favour getting an instant personal loan. If you are working in a MNC or you are a government employee, you will also get some special offers.
- Working with known employers – If you are a part of a top organization, the chances of your loan getting approved increases and you can avail a hassle free loan.
- Existing debts – If you are having existing debts in your account already, the chances of your loan getting approved decreases as you cannot spend more than 50% of your salary in paying EMI’s and dues.
How to get a personal loan with lower interests in Delhi?
- Debt to Income ratio – You need to maintain a decent debt to income ratio and need to make sure that your EMI’s do not exceed 40% of your annual or monthly income.
- Down payment – If you make a down payment of 20% of your loan, your monthly installments will be comparatively lower.
- Financial portals – You can use third party websites and financial portals to check and compare various loans with their interest rates offered by different lenders.
- Loan Tenure – You should choose your loan tenure efficiently as selecting a shorter tenure can offer you lesser personal loan interest rates.
Documents needed to avail a Personal loan in Delhi NCR
- Proof of identity- Passport/ Voter i’d / Pan card/ Driving license
- Proof of residence- Aadhar Card
- Passport size photograph
- Signed application form with photograph
- Last 6 months bank statement
- Documents for salaried individuals – Last three months salary slip and Form 16/ Income Tax Returns
- Documents for self employed individuals – Last three years profit and loss statement with the signature and certification of CA and last three years Income Tax Returns.
Eligibility To Obtain A Personal Loan in Delhi
- The applicant should be between the ages of 22 and 58.
- The individual’s monthly income should be at least INR 15000 – INR 30000 depending upon your lender’s terms and conditions.
- The applicant must have worked in the same position for the previous six months.
- The applicant must have a minimum of one year of work experience.
- A good CIBIL score, usually above 750, is also required to obtain a personal loan in Delhi.
Special offers on Personal loans in Delhi
- For IT sector employees of Delhi, special personal loans with lower interest rates are offered.
- For state and central government employees of Delhi, banks provide special schemes on personal loans.
- For employees working in top MNC’s like Accenture, Wipro, TCS, Google, there are special personal loans with lowest interest rates.
Benefits for Govt employees in Delhi while taking Personal loans
- Minimal Documentation
- Choose tenure according to your comfort and repayment capacity.
- No monitoring by banks on the end use of your loan amount.
Benefits for employees of IT industry while taking Personal loans
- You can get an instant personal loan with the amount credited between 48 to 72 hours.
- You can choose your EMI and tenure according to your comfort.
- You can get a hassle free loan.
Personal Loan Interest Rates in Delhi
Some of the personal loan interest rates offered by different banks are –
| Banks | Interest Rates offered |
| State Bank Of India | 9.60% |
| HDFC bank | 10.25% |
| Axis Bank | 10.25% |
| Bajaj Finserv | 12.99% |
The Bottom Line
You can take a personal loan in Delhi easily if you have the required set of documents and you are eligible. It is about the research you do in comparing different loans offered by different lenders and choosing the best personal loan interest rate for you.
Read Also: WHAT IS A PERSONAL LOAN & HOW DOES IT WORK?
