How often in life are we faced with situations where a need for instant cash arises out of nowhere? In times of an emergency, while we are already overburdened with worries, the hassle of borrowing a loan shouldn’t add up to the list. While borrowing is still one of the simpler tasks, what is much more worrisome is the repayment of loans, the fear of the collateral being seized, or the high-interest rates. If you are also facing the dilemma of borrowing money from lenders or seeking help from family or friends, here is an alternative that might suit your requirement- a personal loan. By the end of this article, you will have crystal-clear clarity about personal loans in Kolkata, how to apply for a personal loan, the documents, and eligibility, and much more.
A personal loan is an unsecured debt that can be borrowed without collateral. If you are in a dilemma about borrowing a loan due to the interest rates and repayment tenures, a personal loan is surely the option for you as these are offered at very affordable interest rates for shorter repayment tenors. The eligibility criteria are simplistic and the paperwork required is minimal. Unlike secured debt, this loan can be used for a variety of purposes and your lender need not know the reason for borrowing the amount.
Financial emergencies can hit anyone at any time. But in bigger cities, such situations can be more frequent compared to other places. The only relief is the availability of more options of borrowing available in these places. If you live in the capital city of West Bengal, Kolkata, and are considering borrowing a personal loan in Kolkata, you are at the right place. In this article, you can read about instant personal loans in Kolkata, personal loan providers in Kolkata, and personal loans for CIBIL defaulters in Kolkata.
Table of Contents
- What is Loaney?
- How to apply for a personal loan in Kolkata?
- Personal Loan: Pros and Cons
- Benefits of Loaney Personal Loan in Kolkata
- Things to keep in mind
What is Loaney?
How easy would it be if a personal loan could be applied for with just a few clicks, sitting in the comfort of your home? Would it not be amazing, if the loan gets approved within a few minutes by just submitting a few easily available documents? Well, if this is your idea of applying for a loan– with utmost comfort and not much paperwork, Loaney is the best option for you!
Loaney is an online platform where you can apply for and get instant personal loans hassle-free. You can use Loaney’s convenient methods to get your personal loans approved. There is no need to submit collateral on Loaney and the platform doesn’t ask for a guarantor. The information regarding the clients is always kept confidential by the platform.
Loaney is a complete digital platform for filling out the application forms to get instant personal loans online. The platform offers personal loans to its clients for minimum documentation and minimum interest rates on loans. The client must go through a simple registration process and get their loan approval immediately. Loaney offers a hassle-free and easy application process that can be completed from home.
Loaney allows its clients to apply for a personal loan up to Rs. 15,000.
How to apply for a personal loan in Kolkata
Digitization has led to borrowing loans and banking being offered online. Online platforms provide hassle-free solutions to customers while sitting at home. This has proved beneficial, especially during the current times when a pandemic is threatening the lives of all. Borrowing a personal loan from an online platform can be a great option for those looking for personal loan providers in Kolkata.
A personal loan in Kolkata can be applied online or offline. You can trust Loaney to get an instant personal loan in Kolkata. The following easy steps will help you apply for a personal loan, sitting at home with a few clicks.
- The first step is to fill out an application form. The application form would contain a list of essential details such as your name, date of birth, personal mobile number, and some more relevant information to apply for the loan.
- After filling out the application form, the site will review your details and check your application’s personal loan eligibility criteria. The details in your forms are reviewed immediately, and the procedure is taken further to be approved.
- The last step is lending the money. Once your loan is approved, Loaney will send the money to you within a span of a few minutes.
Personal Loan: Pros and Cons
Just like any other type of loan, a personal loan has its share of pros and cons. The pros will include the benefits of borrowing a personal loan, and the minimum eligibility criteria while the cons will talk about the scenario where you might not be able to avail of a personal loan or under what circumstances a personal loan may not be approved. In this section, you can find the reasons and benefits of choosing a personal loan, the eligibility criteria, and how to avail of a personal loan if you do not meet any points on the eligibility criteria list.
Benefits of Getting a personal loan
In the last few years, many people have started turning to personal loans instead of common home loans, car loans, or borrowing from family and friends as well. This type of loan gives an individual a free hand in times of need and emergencies as it provides access to instant cash, without any limitations on how to use the borrowed money. Personal loans help when people don’t have sufficient funds in their savings, they choose this alternative to tide over financially tough times. Some of the benefits of a personal loan over any other types of loan include the following:
- No need of submitting a collateral
- Instant cash
- Affordable interest rates
- Shorter repayment tenors
- Minimum documents and paperwork is required
- Simple eligibility criteria.
Eligibility Criteria to get a personal loan
- The first and most important criteria that the lenders look out for is the applicant’s monthly income. The loan amount that gets sanctioned in the applicant’s favor is based on the monthly income they make. In normal procedures, the minimum monthly income of a person has to be somewhere around 25,000 INR to 30,000 INR.
- The next eligibility criteria are the CIBIL score. When applying for a loan, it is extremely important to keep a vigil upon your expenditure patterns. One must spend only 30% of their monthly income to maintain a good CIBIL score. Payments that are done in time also add up to the good points.
Having a good CIBIL score ensures the lender that the client is willing to repay the loan well in time. This lets the loan pass in no time.
However, being a CIBIL defaulter does not mean that you will not get a loan. You might have to face some challenges to get a personal loan of the desired amount. Further in this article, you will get to know how to apply for a personal loan for a CIBIL defaulter in Kolkata.
- A person who is above the age of 18 is eligible to apply for a personal loan in India. The details filled by the applicant in the application form for the personal loan must be accurate and genuine.
- The eligibility to apply for an instant personal loan is also dependent on the source of income of the applicant. Certified and approved sources of income from verified organisations are the only acceptable proof of income to apply for a personal loan.
How to apply for a personal loan in Kolkata with Low CIBIL scores.
A CIBIL Score of 750 or above is required for an applicant to get an instant personal loan. A high score like this one ensures hassle-free loan approval. The CIBIL score is determined by looking into your credit card history. The vital points that the lenders usually take note of are:
- Timely payments of bills
- Timely payments of instalments of loans
- Maintenance of the regular payment period.
If you have a low CIBIL score or you have been on the CIBIL defaulter list, you might face some challenges in getting an instant personal loan online. The loan you might have applied for may not be approved right away. However, having low CIBIL scores does not mean that you cannot have a personal loan approved for you. There are certain ways through which you can improve your CIBIL scores. To get a personal loan for CIBIL defaulters in Kolkata here are some things you need to take care of:
- Borrow the amount wisely
- Payment timings should be in check
- Do not exceed your credit card limit
- Close a defaulted account
- Opt for loans backed by a guarantor.
Benefits of Loaney Personal Loan in Kolkata
A lot of your questions must have been answered by now and you also can probably see how online alternatives are far better than lining up at banks. It is now for you to understand how Loaney as a platform is better and beneficial to its clients who are looking for a hassle-free personal loan application process. The reasons to choose Loaney include:
- Loaney provides the fastest instant personal loans at low interest rates.
- The information of the client is confidential. Once you trust Loaney, they will not let you down.
- A proper schedule of payment along with the interest rate per month is pre-generated. This avoids confusion regarding the payment.
- Loaney would never ask for the reasons you’re applying for loans.
- Good customer support is a vital part of running any organization. Hence, Loaney ensures that their clients are always under the guidance of top-notch customer support.
- The system is built in such a way that procedures are easy, fast and efficient. The work is done fast, and the registration is hassle-free.
- Registration and all related work are done online.
- All legal protocols are followed with all authenticity.
- Clients do not have to stand in a long queue and can apply for a loan from the comfort of their home instead.
- Loaney is trustworthy, and there are no hidden protocols or charges that come with using their services. Everything they do is transparent.
- The best feature about Loaney is that the platforms offer small loans.
- The client must give the website their correct information as the personal loan eligibility improves and their chances to get an instant loan for Rs. 20,000 increases.
Things to know
By now, you have most probably made up your mind and are clear about major information about personal loans. Before you apply for a personal loan, you must also be aware of the documentation requirement.
The following documents are required to apply for and get a personal loan in Kolkata:
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport
- Address Proof- Utility bill/Passport/Aadhar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement.
The only documents you require while applying for a personal loan on Loaney include:
- Pan Card
- The mobile number linked with Aadhar Card
- A picture of the applicant
- Bank account with internet banking.
For your convenience we have answered a few common questions:
What is the lowest interest rate on a personal loan in Kolkata?
The lowest interest rate in Kolkata is approximately 10.45%. Loaney offers affordable, low-interest rates compared to these along with a minimal processing fee for the entire seamless online procedure of getting a personal loan online.
How long does it take to get a personal loan in Kolkata?
With Loaney, you can get your personal loans approved within 10-15 minutes of application.
What is the minimum income requirement to get a personal loan in Kolkata?
The minimum required income to get a personal loan in Kolkata is 25,000 INR to 30,000 INR per month from an approved and certified source.