The need for some extra cash can arise at any time for anyone. It could be an emergency or a gap between the funds you have and funds you need for a specific activity or even a cash crunch at month-end. This article has in-depth information on instant personal loans in Coimbatore for our readers. We will be sharing all the required information about personal loan in Coimbatore and how to apply for the same.
What Is Loaney?
The world now moves faster than ever thanks to the advancement in technology. Everyone wishes for more speed and faster services. In such a situation, even money lending and loan borrowing services are expected to be faster for the client’s convenience. Online loan-providing platforms play a significant role in offering a faster service. These are beneficial for people who are always in a hurry and suitable for emergencies where the borrower might need some extra cash. There are multiple online platforms present these days that offer personal loans. Therefore, it is essential that you choose a reliable platform that provides a hassle-free loan borrowing experience.
A trustworthy platform for people in Coimbatore for online personal loans is Loaney. If you are looking for a personal loan of a small amount, you can apply for the same on Loaney which offers a loan of up to Rs. 15,000. The platform offers personal loans with low-interest rates and short repayment periods. The applicant need not pledge collateral or submit much paperwork for a personal loan on Loaney. You also will not need to present a guarantor on Loaney. The entire procedure is seamless, and the loan is approved within an hour. With only a few easy-to-arrange documents, you can complete your loan application and get the amount required. Loaney ensures 100% client confidentiality and offers pre-generated plans for easy repayment of the loan.
Personal Loan In Coimbatore – An Overview
Coimbatore is the second-largest city in Tamil Nadu, which makes it an important city in the state. Coimbatore is rich in cultural heritage and attracts tourists from across the country. It makes Coimbatore a suitable city for economic activity. In this article, we will be looking at personal loans in Coimbatore, the pre-requisites for applying for the same, and much more.
Procedure For Getting A Personal Loan In Coimbatore
You need to consider a few factors before choosing a loan provider and the loan you wish to borrow. If you are planning to borrow a personal loan in Coimbatore, you must take note of the following:
- Before applying for a loan, you must consider various loan providers, banks, moneylenders, and different loan amounts. You must carefully read through their terms and conditions to find out the interest rate charged, the repayment period, and any extra fees if any.
- You must shortlist a few options that offer an amount that suits your requirement and interest that you can quickly pay back.
- You must then check the eligibility criteria of the shortlisted loans. You must always make sure that you qualify for the loan that you are applying for. It is essential because, in case you are not eligible, your loan application can be rejected, which negatively impacts your credit report and CIBIL score.
- Once you are sure that you are qualified for the loa of your choice, check the documents required and check if you can easily arrange those documents.
- After collecting all the required documents, you can easily apply for a personal loan in Coimbatore.
The eligibility criteria and paperwork required vary from one financial institution to another. That is why it is essential to check the eligibility criteria and document requirements before you finally apply for a loan.
This section will look at the general eligibility criteria and document requirements for applying for a personal loan.
The eligibility criteria for applying for a personal loan in Coimbatore are:
- The person applying for the loan must be an Indian citizen who is 18 years old or above.
- The person must have a PAN card.
- The person must have an Aadhar card that is linked to their mobile number.
- The person must have a bank account that has an internet banking facility.
- The person must have a minimum income in the range of Rs. 25,000 and Rs. 30,000 per month.
- Their source of income must be certified by a verified organization in the country.
- The person applying for the loan must have a strong credit history and a high CIBIL score. A CIBIL score of 750 or above is mandatory to avail of a personal loan quickly.
- The person must not be a CIBIL defaulter.
CIBIL score is one of the most important factors considered by the moneylender or loan provider. It ensures that the borrower is capable of and willing to repay the loan amount and interest within the stipulated time frame. However, having a low CIBIL score does not mean that you cannot avail of a personal loan. If you are looking for a personal loan for a low CIBIL score in Coimbatore, you might have to face a few difficulties, or you can apply for the same on Loaney, which does not do a background check of the CIBIL score.
The documents you will need for applying for a personal loan in Coimbatore are as follows:
- You will need Identity Proof. That could be your Aadhar card, PAN card, Voter ID card, Passport, or even driving license.
- Next, you will have to submit your Address Proof. For this, you can present your electricity, telephone, or water bills, your Aadhar card, passport, PAN card, or Voter ID card.
- You will also be required to present your Income Proof. That could be your latest salary slip or your ITR.
- Last you will be required to submit your bank statement from the last 3 to 6 months.
If you are looking for a paperless personal loan in Coimbatore, then Loaney must be your go-to option. You will only need to upload the following while applying for a personal loan on Loaney:
- Your PAN card
- Your Aadhar Card is linked to the mobile number you will be registering with
- A picture of you
- The account details of your bank, which has an internet banking facility.
Types Of Personal Loans Available In Coimbatore
Personal loans can be used for a variety of purposes. You are not answerable to your lender about the reason for your borrowing. It is one of the significant benefits of choosing a personal loan over other types of loans. The amount that you borrow as a personal loan can be used for the following purposes:
- Paying off a hospital bill or a medical bill in case of an emergency that occurs.
- Clearing off your previous loans or debts that are due.
- Paying for a big purchase.
- Paying off your dues and bills.
- Paying the tuition for higher education in India or abroad
- Investing in your own small business
- Buying new machinery for your established business or expanding your existing business
- Paying for your wedding
- Funding a vacation or even paying for a world tour.
- Building your dream home or redesigning your old house
- Purchasing a new car or bike
Fees And Charges
The interest rate is one of the most important features related to a loan. Most people choose their loan depending on the interest rate charged on the amount being borrowed. The interest rate charged on your loan can depend on various factors like the internal policies of the financial institution, your relations with your moneylender or loan provider, the amount you are borrowing, your CIBIL score and credit report, and the type of loan. While choosing a loan, always make sure that you will pay back the amount along with the interest rate charged.
Along with the interest rate, a few online platforms also charge a processing fee, a platform fee, and a convenience fee. It will be dependent on the platform that you choose for borrowing the loan.
How To Apply For A Personal Loan In Coimbatore
Once you are sure that you are qualified for borrowing a loan, you have arranged for the documents required, and have checked the interest rates and repayment tenures, it is time for you to apply for the loan. The loan application can be a straightforward job if you choose the right platform. In this section, we will share the easy steps of applying for a loan on Loaney.
To apply for a personal loan in Coimbatore on Loaney, you need to follow these few steps:
- Step 1: Visit Loaney’s official website.
- Step 2: Fill in the application form for a personal loan with the information asked for. You will be required to add your details here, along with the bank account number.
- Step 3: Upload the documents mentioned on the site in the formats mentioned.
- Step 4: Submit the completed application along with the uploaded documents.
- Step 5: Loaney will then review and verify your application. This process must take only a few minutes. Make sure to provide genuine details for a faster procedure.
- Step 6: Post verification, the platform will approve your application.
- Step 7: The amount borrowed will be disbursed to the bank account provided by you in Step 1.
You can then withdraw this amount and use the funds as and when you need them.
Let us look at a few common questions about this loan, which we have answered for your convenience.
1. How to get a personal loan easily in Coimbatore?
Applying on Loaney is one of the fastest and most convenient ways of getting a personal loan for a low CIBIL score in Coimbatore.
2. What is the lowest interest rate for a personal loan in Coimbatore?
The lowest interest rate for a personal loan in Coimbatore is 10.50%
3. Is it possible to get a paperless personal loan in Coimbatore?
If you are looking for a paperless personal loan in Coimbatore, you must apply on Loaney. You will only have to upload scanned copies of your PAN card and Aadhar card for the same.