Personal loans have gained a lot of popularity in recent years. This is due to the numerous benefits of this type of loan. Most importantly, a personal loan can be applied for and availed of quickly. So this type of loan is beneficial for those looking for extra funds in case of an emergency. If you are looking for a quick personal loan in Kochi(cochin), this article will help you find the right loan provider and apply for a personal loan.
What Is Loaney?
Borrowing a loan in times of a financial emergency is a very common practice. Although different banks and financial institutions offer various types of loans for different interest rates and varying repayment periods, many people are still very skeptical about borrowing a loan. This is because most loans are offered for larger amounts, and the borrower will have to repay this amount along with the interest rate. Also, most moneylenders and banks take longer to approve the loan application and disburse the amount applied for. If you are looking for small cash loans instantly, you must consider online loan providers like Loaney.
Loaney is your one-stop solution for personal loans online. This platform offers personal loans to its clients for low-interest rates and short repayment tenures. You can apply for a loan on Loaney without submitting collateral and without much paperwork. The platform does not require a guarantor while you apply for a personal loan. Loaney offers a small loan of up to Rs. 15,000 to its clients that can be repaid using a pre-generated plan from the platform within two months. You can easily avail of a personal loan in Kochi online by following a few easy steps. Loaney ensures a hassle-free loan application and approval procedure for its users. The entire procedure of borrowing a loan from this platform takes only a few minutes. In less than an hour, you can get the amount that you have applied for.
Personal Loan In Kochi – An Overview
Kochi is a city in Kerala, which is known as the Queen of the Arabian Sea. Kochi was previously known as Cochin. This city is a major seaport of India and facilitates trade and business across the globe. Kochi is a great place for starting up new ventures and investing in businesses. This article will help you apply for a personal loan for all your financial needs in Kochi.
Procedure For Getting A Personal Loan In Kochi
Borrowing a loan from a bank, a private money lender, or a loan provider has a set of steps that has to be followed. You will have to follow these steps no matter which type of loan you choose and where you borrow from.
Step 1: Research the different loans available. Consider the amount offered, the interest rate charged, the repayment period, and any other charges applicable.
Step 2: Shortlist a few options that suit you. Then check the eligibility criteria and documents required for each of them.
Step 3: Out of these, choose the loan you qualify for and arrange the required documents for.
Step 4: Complete the application process, submit the documents and get your loan application approved.
Step 5: withdraw the funds borrowed and use them as per your requirement.
Step 6: Repay the loan along with interest within the time period specified in the loan agreement.
Before applying for the loan, it is important to make sure that you qualify for the same. You must check the eligibility criteria for the same. The basic points that you must consider before applying for an urgent cash loan in Kochi are as follows:
- You must be an Indian citizen who is 18 years old or above.
- You must possess a PAN card.
- You must have an Aadhar card. Your Aadhar card must be linked to your mobile number.
- You must have a bank account that has an active net banking facility.
- You must have a minimum monthly income ranging from Rs. 25,000 to Rs. 30,000.
- The source of your income must be certified and approved by a verified organization in India.
- You must have a strong credit history.
- You must have a good CIBIL score of 750 or above.
- You must not be on the CIBIL defaulters list.
Having a low CIBIL score does not mean that you cannot apply for a personal loan. It only means that you will not be able to avail of a loan very easily. A lot of online loan providers offer loans without a CIBIL score check. You can either apply on such platforms or work on improving your CIBIL score by making timely payments, paying all your debts, and not exceeding your credit card limit
Once you qualify for applying for a loan, you must check and arrange for the required documents. The following documents will help you apply for a personal loan easily:
- Identity Proof: PAN card, Aadhar card, driving license, voter ID card, or passport. You can submit any of these documents as proof of identity to your loan provider while applying for a loan.
- Address Proof: as proof of residence, you can submit your PAN card or Aadhar card, Electricity bills, telephone bills, or even your passport to the moneylender.
- Income Proof: as proof of income, you can arrange for your latest salary slip or your ITR.
- Bank Statement: you can easily download the bank statement of the last 3-6 months and submit the same as required.
If you wish to apply for an instant loan in Cochin on Loaney, you will only need to submit the following documents:
- Your PAN card
- Your Aadhar Card linked to the mobile number you will be registering with
- A picture of you
- The details of your bank account which has an internet banking facility.
In the next few sections, we will be looking at the interest rates charged on a personal loan, the steps to apply for a personal loan in Kochi, and the types of personal loans.
Types Of Personal Loans Available In Kochi/Cochin
Unlike most other types of loans, you do not need to have a specific reason for borrowing a personal loan. Your loan provider will also not enquire about the same. This means that you can consider a personal loan as an option no matter what you need the funds for. Personal loans offer the borrower the freedom and flexibility to use the borrowed amounts as and when required. If you are borrowing a personal loan, you can use the borrowed amount for any following purposes or other needs such as:
- Paying hospital bills or medical bills in case of an emergency that occurs.
- Clearing off any previous loans or debts that are due.
- Making payments for a big purchase.
- Paying off any dues and bills.
- Paying the tuition fees for higher education in India or abroad
- Investing in a new small business
- Purchasing new machinery for your established business or expanding your existing business
- Funding your wedding
- Funding your dream vacation
- Building a new home or redecorating your home
- Purchasing a new vehicle
The flexibility that personal loans offer makes them a suitable option for a lot of borrowers. This type of loan is also easier to repay because of the lower interest rates and shorter repayment tenures.
Fees And Charges
The interest rate that is charged on the loan amount is one of the most important factors while choosing a loan and loan provider. The interest rate charged on a loan varies depending on the type of loan, the amount borrowed, the applicant’s credit report, relations with the loan provider or bank, and the bank or financial institution’s policies. A few online loan-providing platforms also charge a processing fee, a platform fee, and a convenience fee while applying for a personal loan.
How To Apply For A Personal Loan In Kochi?
Now that we have looked at almost all the information required for applying for a personal loan in Kochi let us look at the steps that need to be followed for applying for a personal loan online. This will make you all set to apply for a personal loan in Kochi without much hassle. If you are applying for an urgent cash loan in Kochi on Loaney, you can follow these few easy steps:
- Visit the official website of Loaney.
- Start filling the application form with your basic details like name, date of birth, mobile number, and bank account details.
- Upload the documents as required by the platform.
- Submit the duly filled application form along with the documents uploaded.
- Once you have submitted the application, the platform will review and verify the form. This process takes only a few minutes. Make sure to fill in genuine details for a smoother and faster application process.
- Once your application is verified, it is approved.
- The loan amount will be disbursed to the bank account, the details of which you filled the application with.
- You can withdraw this amount at your convenience.
Applying for a personal loan in Kochi is really very simple if you choose to do so on Loaney. As we conclude this article, we hope all your queries related to a personal loan have been answered. In case you have any more doubts, you must read the following section.
1. How can I get a personal loan in Kochi?
If you are a resident of Kochi and are looking for a personal loan, you can find various loans offered by your banks or even check out the online options. The easiest way of getting a personal loan in Kochi is by applying on Loaney. The platform ensures a hassle-free loan application process and faster loan approval.
2. What is the lowest interest rate on personal loans in Kochi?
The interest rate charged on personal loans depends on various factors like the moneylender you choose, the amount you are borrowing, the relations you have with your loan provider, and the bank’s internal policies or the loan provider. The lowest interest rate on personal loans in Kochi is 10.50%