Nehru Place is one of the largest IT hubs located in southern Delhi. It is a prominent commercial area having headquarters of various IT firms, such as Connaught Place, Bhikaji Cama Place and Rajendra Place. The famous Lotus Temple of the Baha’i Faith is close to this place. This place is a centre for many businesses such as banks, multinational corporations, restaurants, etc. The prominent part of this locality is the Nehru Place Market, a hub for digital printing and photocopy services.
Being an eminent IT hub, this place can be highly competitive and expensive if you plan to start your own business. So, if you are planning to start or grow your business, taking a personal loan is the best option. You can use a personal loan for various reasons like medical expenses, travel or vacation costs, home renovation, wedding expenses, etc. Since it is an unsecured loan, you need not submit any collateral when applying for this loan. Therefore, you can quickly get personal loans using Buddy Loan at comparatively low-interest rates.
Read this article further to understand how you can get your loan instantly approved in simple steps.
Purpose of Applying for a Personal Loan in Nehru Place
You can get this loan for various reasons, namely:
- Consolidation of Debts: You can use this loan to repay your past debts at a low-interest rate.
- Renovating your home: If you plan to paint, remodel or renovate your home, a small personal loan is the best option.
- Moving Cost: You can take a small personal loan to handle expenses related to arranging movers and packers, purchasing new furniture, etc.
- Medical Emergency: Medical emergencies come without any forewarning, and they can be challenging to handle when you don’t have sufficient funds for treatment. Therefore, you can use this loan to meet those expenses.
- Buying electronic gadgets: You can apply a personal loan to purchase your favourite TV, washing machine or dishwasher instead of postponing it due to lack of funds.
- Wedding plans: In India, a budget wedding can cost around INR 10 to 20 lakhs. Therefore, you can use this loan to plan your wedding and cover the expenses such as selecting a venue, catering services, interior decoration, etc.
- Vacation plans: Are you planning to travel to your dream destination? Then personal loans are the right choice to make that dream come true instantly.
Also Read: Getting A Personal Loan In Delhi To Meet Your Medical Expenses Was Simpler.
Eligibility Criteria for Personal Loan in Nehru Place
| 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 Personal Loan in Nehru Place
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 monthsSalary 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. |
Tips To Get Your Personal Loan Instantly Approved in Nehru Place
When you need funds, your savings may not be sufficient to cover the expenses. In such situations, you can apply for a personal loan instantly. Whether medical expenses, wedding plans, business needs, etc., this loan is always handy and accessible, making it a convenient source of funds. Here,
Eligibility Criteria
First, check if you qualify all the required eligibility criteria such as minimum age, nationality, income, credit score, etc. Once you meet the requirements, your loan application will instantly proceed to the following document verification stage.
Valid Documents
The next step is to submit all the required documents with relevant information, such as Aadhar Card, PAN Card, bank statements, etc., for KYC verification. Also, you must note that the lender will reject your loan application if there is any mismatch in your documents and the information.
Credit Score
Lenders check your credit score to determine your credit behaviour before lending you a loan. If you have a score of above 750, you can get instant loan approval with low-interest rates. However, you must check your credit score frequently using Buddy Score to keep track of your credit utilization. Therefore, having a high credit rating will make you a credible and low-risk borrower.
Monthly Income
Before approving your loan application, lenders want to ensure you can repay your loan amount without defaulting. As a result, they expect you to have a stable job with a minimum income of INR 20,000 per month to qualify for a personal loan.
Debt-to-Income Ratio
Debt-to-Income ratio (DTI) is the percentage of monthly income to monthly debts. To get your loan approved, lenders expect you to maintain a DTI of less than or equal to 50%, as it shows that you can manage your current and past debts well.
Also Read: Get a Low-Interest Personal Loan in Hauz Khas, Delhi
In Conclusion
Commercial and business hubs like Nehru Place have high scope and future for growing entrepreneurs. To start your business or grow your existing one, you can apply for a personal loan instantly. Moreover, you can use this loan for various reasons like medical expenses, wedding plans, business needs, etc. Therefore, if you want to get your loan approved instantly, you can use Buddy Loan and get your loan within a few hours from top lenders. Also, keep track of your credit behaviour by frequently checking your credit score using Buddy Score.
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