How To Get A Personal Loan In Lucknow?



Personal Loan in Lucknow

Lucknow is a city known for its extreme culture; thus, it has become the cultural capital of India. “Lucknow” is derived from Lucknow’s Old Hindi name “Lakhnauti”. Lucknow has seen tremendous economic growth in the past years, especially in the manufacturing sector. It has been famous for its leather, art and culture. Around 3.5 crore people visit Lucknow for historical and cultural reasons every year. Lucknow is the preferred destination for IT companies for various reasons. One of the most important reasons is the availability of highly educated and talented people.

Lucknow is the capital and the largest city in Uttar Pradesh. This place has witnessed tremendous economic growth in manufacturing, IT, etc. The city has been able to sustain its position as the primary business destination in North India. However, there are a lot of challenges that need to be overcome to create a conducive business environment.

Are you looking for a personal loan as you require some urgent cash and you are living in Lucknow? If your answer is yes, you have landed on the right platform. This blog will guide you to find the best loan for you.

Since formal banking institutions generally require several documents before they sanction a loan, you can approach an online lending platform that provides quick personal loans in Lucknow without many hassles, such as collateral requirements, stringent credit checks and long processing time.

But before going deeper, let’s have a deeper view of why you should consider taking a personal loan and when is the right time to apply for one.

Why Should You Consider Taking Personal Loan In Lucknow?

Personal Loan

Personal loans are gaining more popularity and have become a boon to people who need instant financial assistance for any given situation. Since these are unsecured, you need not pledge any collateral to get one. Banks and NBFIs offer these loans for various monetary requirements such as relocating to another place, wedding expenses, medical emergencies, home renovation, etc. When applying for a personal loan, lenders check your credit score and monthly income before approving your loan. Therefore, if you want to know about your credit status, you can narrow your credit score and get the credit report using Buddy Score instantly.

Here are the advantages of applying for a personal loan:

  • All-purpose loan: You can utilize a personal loan for any reason, for medical emergencies, home renovation, wedding plans, business expansion, moving to another place, etc.
  • No collateral: You can get a personal loan without any collateral as it is an unsecured loan.
  • Quick processing: The verification process is fast as you need not submit your asset, which takes a lot of time for background verification.
  • Minimum paperwork: With just minimum documents for KYC verification and income proof, you can get your loan sanctioned instantly.
  • Digital process: With a completely digital strategy, it is not required to have any physical interaction with lenders during the loan application process.
  • Flexible tenure: The repayment period ranges from 6 months to 60 months. And you have the freedom to choose your tenure period according to your loan budget.

Also Read: Apply Instant Personal Loans: A Game-Changer For The Future

Reasons to Apply For A Personal Loan in Lucknow

There is no limit to using your loan. And here are a few situations where you can opt for a personal loan in Lucknow:

Debt Consolidation: You can use a personal loan to improve your credit score by repaying all your outstanding debts. Doing this will eventually increase your credibility and your repayment history.

Home renovation: You can apply for a small personal loan if you are planning to upgrade or renovate your home to increase the economic value of your house. Doing this will prevent you from using all your savings.

Moving Costs:  If you are planning to move to another place in Lucknow, you can use a small personal loan to cover moving costs, such as hiring movers and packers, buying new furniture, transportation of your vehicle, etc.

Medical Emergency: Medical emergencies occur without forewarning, be it accidents, surgeries, or chronic treatments. In such situations, the best option is to get personal loan to cover all your medical expenses within 24 to 48 hours.

New appliances: You can purchase your dream smartphone or TV in a single payment without spending your savings using a personal loan.

Wedding expenses: A simple wedding can cost around INR 10 lakhs to 15 lakhs which usually includes a selection of venue, arranging catering services, interior decoration, wedding attire, etc. In such cases, you can take a personal loan to meet wedding expenses hassle-free.

Travel costs: If you are planning to travel to your dream destination or want to go on a luxury vacation, getting a personal loan is the best option to make your dreams come true.

Eligibility Criteria

Sl.No. Particulars Description
1 Nationality Indian
2 Age 21 to 60
3 Employment Status Employed or Self-Employed
4 Minimum Income INR 20,000 per month
5 Work Experience Min 1 year completed
6 Credit Score Above 750

Documents required

For Salaried Employee:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving Licence, Passport
2 Proof of Address Electricity Bill, Water Bill, Passport
3 Proof of Income Salaried: Bank statement for the past six months
4 Work experience Employment Certificate for a minimum of 1-year experience

For Self-Employed:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving Licence, Passport
2 Proof of Address Aadhar Card, Electricity Bill, Water Bill, Passport
3 Proof of Income       Bank statement for the past three months

Salary Slips of three months

Income Tax Returns for the last three years

Balance Sheet and Profit & Loss Statements for the last three years audited by a CA.

Check This Before Applying For A Personal Loan In Lucknow

Check this before applying personal loan

  • Eligibility criteria: The eligibility criteria vary from bank to bank. It includes minimum age, nationality, monthly income, etc. And if you fail to qualify for the mentioned criteria, your loan application might get rejected. Therefore, before you apply for Personal loan, check if you meet the eligibility criteria mentioned.
  • Valid Documents: Submit your documents, such as Aadhar Card, PAN Card, bank statements, etc., for KYC and income verification. If you miss any documents, your loan application may get rejected.
  • Credit Score: Lenders first check your credit score to determine your repayment ability. So, it would help if you had a score above 750 to get your loan instantly approved. You can even get your loan at a low-interest rate if you have a high credit rating. Hence, you can use Buddy Score and reach your full credit report to know your credit score showing your creditworthiness.
  • Monthly Income: The lenders expect you to have a stable income to check if you can repay the loan on time. As a result, you must be either salaried or self-employed with a monthly payment of at least ₹21,000 to qualify for this loan.
  • Debt-to-Income Ratio: A Debt-to-Income ratio (DTI) is the percentage of your current monthly income to your debts. It shows the ability of the borrower to manage payments of the new obligations. So, lenders want you to have a DTI of less than or equal to 50% to get your loan approved.
  • Calculate the EMI: Calculate the EMI you must pay monthly beforehand and choose your repayment tenure accordingly.
  • Other charges: Lending institutions usually include additional costs like processing fees, prepayment, and late payment charges. Therefore, speak to your lenders about the extra expenses you must pay before applying for the loan.
  • Interest Rates: Before applying for this loan, research the interest rates offered by other lenders in the market and ensure you get the loan at low-interest rates.

Quick Steps To Apply for a Personal Loan Online In Lucknow

With a digital process, you don’t have to leave your home to apply for a personal loan. Here are the steps to apply for one online in Lucknow.

  1. First, visit the official website of the lending institution where you wish to apply for a loan.
  2. Next, check if you qualify for the eligibility criteria mentioned by the banks and prepare the required documents.
  3. Select the loan amount you require and the repayment tenure period accordingly.
  4. Apply for the loan and fill the form with personal and professional details, such as
    1. Employment Type
    2. Email Address
    3. Company type
    4. Your industry type
    5. Current Company Name
    6. Enter Company address
    7. Year of employment
    8. Monthly in-hand salary
    9. Mode of Salary
    10. PAN Card details
    11. Full Name (as per PAN card)
    12. Current Residence Pin code
    13. Mobile Number
  5. Then, submit all the required documents for KYC verification, such as your Aadhar card, PAN card, passport, voter ID, bank statements, Income Tax Returns, etc.
  6. Then, submit the application form after providing the documents.
  7. The KYC verification process will take place for a few hours.
  8. Finally, once the verification is over, your loan amount will be disbursed within 24 to 48 hours into your bank account.

Also Read: Salaried And Still Worried About Instant Funds? A Personal Loan Is Here To Save Your Day!

Summing Up

I hope this article has given you insight on applying for a personal loan in Lucknow when you have any financial crisis. Moreover, personal loans are a convenient source of cash as it is easily accessible online. So if you are looking for personal loans at low-interest rates, you can apply using Buddy Loan. It is one of the largest loan aggregators, which helps you get loans from top lenders in a secure way. Lastly, check your credit score using Buddy Score frequently and keep track of your credit health.