Located in the central-western part of Uttar Pradesh, Kanpur is an industrial city famous for its colonial architecture, parks, gardens, and fine-quality leather and textile products, mainly exported to Western countries. It is the prime financial and industrial center of North India and the ninth-largest urban economy in India. The city is known worldwide as the “Leather City Of The World.” Kanpur is known for its predominant textile industries as the “Manchester Of The East.” Read the article on Personal loan in Kanpur
However, living in a more populous city like Kanpur can be expensive, and you can only make small savings that will not be sufficient when any emergency strikes. In such time, you have the best option of a personal loan that provides instant funds to fulfill your sudden needs such as medical bills, education fees, weddings, travel expenses, home renovation, etc. Moreover, you can apply with Buddy Loan for an instant personal loan with quick approval. Hence, to know more about personal loans, read this article further to get a clear idea.
Guidelines To Get a Personal Loan In Kanpur
How much is your required loan amount?
Firstly, according to the purpose, you must know how much money you will need to fulfill your necessity. For example, if you want to pay for any medical emergency, you may need approximately five lakhs. You may need a higher amount if you wish to fund to launch your startup. Thus before applying for a loan, always calculate the total amount you require as a loan.
Are you eligible for the loan?
After finalizing your loan amount, now you have to check your eligibility. Eligibility factors are different from one bank to another. As per your need, you can do research on each lender and choose the one that benefits you.
What is your monthly EMI?
With the help of an online EMI calculator, you must know how much due you can pay monthly without disturbing your monthly budget. Then, you can decide the amount and tenure for your loan.
Time to meet Bank/NBFC
Once you decide your loan amount, with all the required documents, you have to approach a bank directly or apply through the online mobile application of particular lenders. You must double-check all the documents and information to avoid errors, which apply online and offline.
While applying for a loan, you must submit a copy of the required documents to the bank or NBFC. You have to upload clear documents if you are using online. After the bank verifies your details, you will get approval for your loan instantly. Later, the bank will transfer the loan amount to your account within 24 – 48 hours.
Features of Personal Loan In Kanpur
- No need for collateral -: You don’t need to provide any collateral for loan approval as it is an unsecured loan.
- Minimal documentation -: Documents such as PAN, Aadhar, last six months’ bank statements for self-employed individuals, and pay slips for salaried people are needed for applying for a personal loan.
- Quick approval -: Once the lenders find you eligible, you will get fast approval. After KYC verification, usually, the approval will occur soon.
- Multi-purpose in nature -: You can use a personal loan for any purpose. Unless you use it for any illegal activities, anything is fine.
- Flexibility in loan tenures -: You can get a loan of Rs.10,000 to 15 lakhs and choose a term from 6 months to 5 years to repay the amount through EMIs.
- Quick disbursal of the loan -: After your loan approval, the bank will directly transfer the amount into your account within 24 – 48 hours.
- Better interest rates -: You can get interest rates starting from 11.99%. If you have a good credit score, you are more likely to get personal loan instantly with a low-interest rate.
- Safety of your loan -: Whatever information you share while applying for a loan will be kept confidential.
Types of Personal Loans Available In Kanpur
Here are the different types of personal loans you can get in Kanpur.
Personal loan for a wedding -:
In India, weddings are expensive compared to other countries. So draining your savings for the wedding budget is not a good idea. Thus, a personal loan can help you to meet your expenses and allow you to enjoy your dream wedding.
Personal loan for travel -:
If you want a trip to your favorite place without disturbing your budget, you can choose a personal loan to fund it. Even though credit cards are an alternative, they come with higher interest rates than personal loans; thus, they are expensive.
Personal loan for home improvement -:
When you want to renovate your home, with an instant loan, you can implement it. A personal loan can help you remodel your kitchen, do repairs and make your home a perfect place. Eventually, it will help you to get a better ambiance to live in and increase the market value of your home.
Personal loan for a medical emergency -:
No one can predict when someone will have a health issue. But if something happens like that, then you need funds for hospital expenses. So, you can choose an instant personal loan.
Overdraft personal loan -:
You can’t say when an emergency will come. Imagine your car had an accident, and you need urgent funds for repairs. Even with insurance, you will not get 100% coverage. You will need extra cash, so opt for a personal loan. Personal loans will come in handy for paying school fees, paying a deposit for your favorite apartment, etc.
Top-up personal loan -:
Top-up loans are available from the lenders from whom you already took a loan. Here, lenders will settle the existing loan with a part of the new loan amount, and the rest will be given to you as a loan. It will ensure you only have a single EMI and one loan at a time.
Eligibility For Personal Loan In Kanpur
Banks and NBFCs provide online personal loans over specific eligibility criteria. The most common eligibility factors that lenders examine are listed below.
- What is your citizenship? Are you an Indian?.
- How old are you? Your age should be between 21 to 60.
- What is your work experience? You must have at least one year of completion in your current working company.
- How much is your monthly income? Your monthly salary should be above Rs.18,000.
- How long have you been in business? If you are self-employed, you must have run your business for over three years.
- What is your credit score? Your credit score should be above 700.
For more details Check Credit Score and Get Your Credit Report
Documents Needed For Personal Loan In Kanpur
For a salaried individual -:
- Identity Proof (Anyone) : Passport, PAN, Voters ID, Aadhar, Driving Licence.
- Address Proof (Anyone) : Passport, Aadhar, Ration Card, Utility bills, Driving Licence.
- Income Proof : Salary slip for the last three months.
Bank statements for the previous six months.
- Ownership of Residence Proof (Anyone) : Property documents, Electricity Bills, Water BIlls, Maintenance Bills.
- Investment Proof (If any) : Fixed assets, shares, fixed deposits, etc.
- Job continuity Proof (Anyone) : Employment certificate from the current company.
- Experience proof (Relieving or appointment letter from previous company). Appointment letter of current company.
- Photograph : One passport-size colour photograph
For Self-employed individuals -:
- Identity Proof : PAN, Aadhar, Driving Licence, Passport, Voters ID. (Anyone of them)
- Address Proof : Passport, Aadhar, Ration Card, Utility bills, Driving Licence. (Anyone of them)
- Income Proof : Income Tax Returns of the last two years. Balance sheets and Profit & Loss statements for the previous two years.
- Ownership of Residence proof : Property documents, Electricity Bills, Maintenance Bills, Water BIlls (Anyone of them)
- Proof of Office Address : Electricity Bills, Property documents, Maintenance Bills. (Anyone of them)
- Proof of Office ownership : Property documents, Maintenance Bills, Electricity Bills. (Anyone of them)
- Proof of Business Existence : Tax registration copy, Company registration licence, Shop establishment Proof. (Anyone of them)
- Bank statements : Statements of savings and current bank account for the last year.
- Investment Proof (If any) : Fixed deposits, Fixed assets and shares.
- Photograph : One passport-size colour photo.
For NRI Applicants -:
- Identity Proof : Copy of your Passport and Visa.
- Employment Proof : Appointment letter, Job contract, official Email Id or HR’s Email Id, and Labour card (If any).
- Income Proof : Last six months’ bank statements. Salary slips or Salary certificates.
- Photograph : Recent passport-size photo.
For Pensioners -:
- Identity Proof (Anyone) : Ration card, PAN, Voters ID, Birth certificate, School leaving certificate etc.
- Address Proof (Anyone) : Aadhaar, Ration card, utility bills.
- Income Proof : Bank Passbook, Last six months’ Bank statements, Copy of Pension payment order, Income Tax Returns.
- Photograph : One passport-size photo.
In a busy place like Kanpur, handling a financial crisis is challenging, especially when you are out of funds. Thus, a personal loan will be a bliss to cover those troubles. If you need a personal loan with better interest rates, then Buddy Loan will provide you with a loan with instant approval and speedy disbursal.
What is the maximum personal loan amount I can get?
You can get a personal loan up to INR 15 lakhs.
When will I receive the loan amount in my bank account?
After the KYC verification, you will get your loan amount within 24 to 48 hours.