Meerut is one of the primary and oldest cities in Uttar Pradesh. As one of the largest producers of sports goods, Meerut is also known as the “Sports City Of India.” It is the largest producer of musical instruments in India and also an education hub in western Uttar Pradesh. The city is known for its essential traditional and modern industries and rich agriculture.
In a metropolitan city like Meerut, it will be challenging for you to arrange extra funds during an emergency. Here, you can utilize a personal loan with quick approval. The benefits of taking a personal loan in Meerut are many. You can use the money for unplanned expenses like wedding costs, home renovation, tuition fees, or medical emergencies. It is also beneficial if you want to start a business venture and need initial capital to invest in it. A personal loan is also advantageous if you want to buy anything expensive but cannot do so with just cash in hand at that time.
A personal loan is a type of loan mainly taken by people who want money for personal reasons. Various lenders are offering these loans with different terms and conditions. Depending on your eligibility and willingness to repay the loan, you can choose any lender that suits you best. Moreover, you can log in to the Buddy Loan app and apply for a personal loan, and they will provide you with an instant loan with better interest rates.
Also Read: Cover Your Expenses With A Personal Loan In the Financial Capital of Uttar Pradesh, Kanpur
Features and Benefits of Personal Loans In Meerut
- For applying for a personal loan, you don’t need to provide any assets as a guarantee.
- You only need minimum documents such as PAN, Aadhar, last six months’ bank statements for self-employed individuals, and pay slips for salaried people.
- After checking your eligibility and KYC verification, lenders will provide you with a loan with quick approval.
- You can use a personal loan for any purpose except illegal activities.
- You are allowed to take a loan of Rs.10,000 to 15 lakhs and can get flexible loan tenures to repay the amount through EMIs over a term of 6 months to 5 years.
- Once lenders approve your loan, they will transfer the amount directly into your account within 24 – 48 hours.
- A good credit score gives you a higher chance of getting better interest rates. If your credit history is considerably clean without defaults, you will quickly get a low-interest rate.
- Most importantly, the information you share with the lenders for loan approval will be kept confidential from any fraud.
Types of Personal Loan in Meerut
Check out the below ways where you can use your personal loan to meet your planned or unplanned expenditure easily.
Personal Loan For A Wedding
An average simple wedding in India itself is pretty expensive. Picking a venue, invitation card, wedding attires, decorations, and other works comes with a long list of expenses. So to cover all these necessities, you can’t drain your savings. But with a personal loan, you can manage these expenditures very well.
Personal Loan For Travel
Currently, the fuel rates have increased immensely; thus, you need more money if you plan to travel to your favorite place to enjoy a vacation or a trip. You have to go along with a tight budget if you don’t have enough funds to implement the journey. Here, you can utilize the benefit of a personal loan and go for a budget-friendly vacation.
Personal Loan For Home Improvement
Home is where you get a peaceful ambiance and privacy for yourself to have a good time. So it is essential to maintain your home to bring good vibes for you and increase your home’s market value too. Hence, with a personal loan, you can get your home repaired or renovated, and eventually, it will rejuvenate your inner peace too.
Personal Loan For A Medical Emergency
Health is a vital factor for you to have a good life. So it’s mandatory to invest in your health to recover; if you are not well. Medical issues come without forewarning; when it strikes, you can stabilize yourself with a personal loan. Remember, only good health will give you a better opportunity to attain a promising future.
Overdraft Personal Loan
All are unknown about when an emergency will come. Imagine, one day, your car had an accident and needs urgent funds to repair it. Even with insurance, you will not get a 100% claim and might still need extra cash. Likewise, you can opt for a personal loan to pay school fees or provide a deposit for your favorite apartment.
Top-Up Personal Loan
You can get a top-up loan even when you are already running on a loan. You can apply with the same lender with whom you already have a current loan. They will provide you with a new loan but will use a part of the loan to settle your existing one, and then the rest of the amount will be provided as a loan. Like this, you can be assured about having only one loan and one EMI at a time.
Personal Loan For Consumer Durables
This unique personal loan is mainly used to purchase electronic gadgets and household appliances. You will have no interest to pay on this loan, and lenders will split the product amount to pay it off monthly.
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
| Sl. No. | Particulars | Documents Required |
| 1 | Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport |
| 2 | Proof of Address | Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Salaried: Bank statement for the past 6 months Self-Employed: Bank statement for the past 3 months |
| 4 | Work experience | Employment Certificate for a minimum of 1-year experience |
Personal Loan In Meerut Things to Remember
Usually, personal loans are used during an emergency. You must utilize it wisely because it requires immense dedication to pay off on time. Indeed, it is a savior when life throws sour lemons at you. Hence, checking certain things before proceeding with a loan is a must.
Analyze the loan amount carefully -:
You should conduct a mandatory analysis of how much loan amount you need precisely to fulfill your needs. Then only apply for it. Thus, you can avoid the tensions of extra EMIs in the future.
Check the partner -:
Checking the lender’s reliability is a must. You can ensure the details with an RBI official website and cross-check if it is registered or not. If you are applying online, check the details of NBFC with the RBI website.
Repayment tenure -:
Firstly, check how much EMI you have to pay monthly for a particular tenure using an EMI calculator. Then, according to your monthly budget and Income, proceed with what is best for you.
Check for hidden charges -:
Other than the processing fee and GST, you don’t need to pay any charges. If you are asked for any, re-check the lender’s reliability again to confirm.
Looking for prepayment options is a must -:
You can pay off your loan earlier than your tenure. Even though you choose a longer term, you still have the option of prepayment to pay off your loan. But before applying it, you have to check if there are any extra charges you need to pay for this prepayment.
Read the documents thoroughly -:
You must have read the document entirely before proceeding with the application because lenders will not disclose specific details fees before the loan approval. So, check the documents once to clear the doubts.
Check before transferring documents -:
Before sharing your documents with a lender, you must have checked the lender’s identity. You have to proceed with the loan only after a proper KYC verification to avoid any identity theft.
Monthly Income-:
How much Income you get a month determines your approval of a loan and the interest rates you get. A person with a high income generally has greater repayment capacity than those with a low income. Indeed, they will get a low-interest loan quickly.
Credit Score:-
A credit score displays your financial transactions, including your loans, monthly payments, credit behavior, and past credit history. It is a vital factor that lenders evaluate before approving your loan. With a higher credit score above 700, you can highlight your credibility to the lenders. Eventually, you will be eligible for getting a low-interest rate also. But, a low score reflects your poor credit history, which might give a rejection of your loan approval.
Pay off previous loans and debts-:
Before applying for a new loan, you should have paid off your previous loans, overdue credit card bills, and monthly EMIs. These on-time payments will exhibit your credibility and influence the lenders.
Employer’s status-:
By being an employee of a well-known, reputed organization, you are more responsible for making on-time payments. Thus, you will have higher opportunities for getting more flexible lending policies.
Debt-to-income ratio-:
You must try to maintain your debt-to-income ratio smartly to avoid troubles in the future. Lenders will check on how much you earn, and how much EMI you pay are crucial factors.
Relationship with the lender-:
With a long-time relationship with a bank, you are more likely to be a trustworthy person to the lender. So you have a greater chance of getting low-interest benefits and quick procedures for a loan.
History of defaults-:
You are not supposed to miss any payments because one missed payment will stay as a default in the record for a long time and will affect your credit score and credit history. If you have one default, you have a higher chance of a loan rejection or getting a higher interest rate.
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End Note
Now that there are several personal loan lenders in Meerut, you can decide which one to apply for a loan. Once you have gathered all the required documents, look at the application form and decide. After filling out the application form, it’s essential to check that it has not been filled incorrectly, as this might result in your loan application being rejected. You will get better assistance with Buddy Loan, the best loan aggregator, and apply for a loan with more benefits.
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