Being a residential neighborhood in west Delhi, India, Rajouri Garden is gentry. Both the Main Market and Nehru Market are the essential areas of the market. The population mainly includes Punjabi, who have migrated to Delhi.
Rajouri Garden is also home to many western-style indoor shopping malls. Different kinds of malls are next to the Rajouri Garden. The area stands around TDI paragon Mall, Shoppers Stop, etc. The name “Rajouri” is inspired by a district of Jammu in the state of Jammu and Kashmir. The neighborhood of Delhi is famous for its delicious food and commercialized culture. It also acts as effective connectivity for all over Delhi by road and metro.
Hence, following this atmosphere, Rajouri Garden can be your next wedding, travel, and shopping destination. If you anticipate an economic crisis while planning for a wedding or facing a health emergency, or plan on going on a trip to have a break from the monotonous life. If you have any such dreams or a sudden financial crisis that you want to fulfill, you can opt for a personal loan. This article will further discuss why you should take a personal loan and the benefits of availing of a personal loan in Rajouri Garden, Delhi.
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Also Read: Get a Personal Loan In Delhi
Key Reasons To Avail Personal Loan In Rajouri Garden?
This “why” might arise in your mind about personal loans. A personal loan is an unsecured loan mainly borrowed when you urgently need financial coverage. However, there are specific reasons why you should consider taking a personal loan when in such urgent need. The reasons are as follows –
Zero Security:
If you fulfill the eligibility criteria, you can immediately get a personal loan without providing any collateral or security.
Quick Processing:
You can borrow a personal loan without any collateral, and the time required for processing is significantly less. Once you have fulfilled all the procedures to apply for the loan successfully, the loan will be sanctioned at the earliest compared to any other.
Less Paperwork:
If you apply for a loan online, the paperwork gets even more minimal. However, they can ask for essential documentation.
Digital Process:
The entire loan application process is online, reducing the need for physical interaction, which takes a lot of time. Buddy loan is one of the best online aggregators to provide you with loans under a digital process. It provides loans at just 11% per annum, making it very convenient for the customers.
Flexible Tenures:
One of the essential reasons you should go for a personal loan is its convenient repayment terms and conditions, and personal loans provide the most flexible repayment tenures.
The Most Prevalent Reasons To Take A Personal Loan Are In Rajouri Garden
Moving out or Refurbishing – Are you planning to move into a new place? Then can opt for a personal loan as moving into a post place or any new place can be expensive.
Paying Off Previous Debt
The faster you pay your older loans, the more eligible you can avail yourself of a new loan. Therefore, if you take personal loans to clear your debts quickly, it affects your credit score positively, leaving a better prospect of getting a new loan.
Wedding Preparation
You can take a personal loan to fulfill your dream wedding plans. Wedding arrangements are very financially exhausting, especially if it’s arranged vastly. Then that is the time when a personal loan can arrive as your comrade and help to manage such financial chaos.
Medical Urgency
Medical emergencies can arrive suddenly without any notice, and sometimes personal borrowing loans serve as the only need of the moment.
Vacation expenses
Travel to your favorite destination that has been on your wishlist for a long time. If you have second thoughts about it due to monetary issues, availing a personal loan can reduce that worry.
Are You Eligible You Eligible To Get A Personal Loan In Rajouri Garden?
Before borrowing a personal loan, you should have a comprehensive idea of your eligibility. As a customer, you have to fulfill specific criteria to avail the benefits of a personal loan. Are you eligible for a personal loan? Well, now you can check by following the chart below.
Eligibility Criteria
| Age – The age should be 18 to 65 years. However, it can differ from bank to bank. |
| INCOME – It should be a minimum of 12000 monthly |
| Minimum job experience – 1 to 2 months of experience |
| Your credit score should be more than or equivalent to 750 |
| It would help if you worked in a recognized organisation. |
| Employment status – Employed or Self employed |
Documents Required for a Salaried Employee
| Identity proof – PAN card/ Adhaar Card/ Driving License,Passport. |
| Address proof – Aadhar Card/ Water bill/ Passport |
| Income proof – Salary slip for one month and Bank statement for the past three months |
| Work Experience – Min 1 year |
For a Self-Employed Individual
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Points You Should Remember While Applying For A Personal Loan In Rajouri Garden
Documentation :- You should keep the documents mentioned above ready to apply for a loan in Rajouri garden. If you are in good stead with the lender and have been a loyal customer of the bank, you can skip the process. However, you should atleast carry these essential documents. For KYC verification, identity proof (aadhar card, DL, passport, voter id) and address proof (aadhar card, Electricity Bill, Water Bill, Passport).
Credit Score
Lenders are bound to check your credit score before approving your loan application. Therefore, it is very significant for you to have a good credit score. Under any circumstances, if you happen to have a low or weak credit score, you can still take a personal loan. However, you might be asked for a higher interest rate or lower loan amount.
Additional Charges
The bank may ask for additional charges like processing fees, prepayment, etc. It would help if you had a clear picture of your actual expenditure. The additional charges vary from one lender to another.
EMI
It would help if you calculated your EMI and should have a better plan of your prepayment budget. Keeping track of EMI assists you in having a clear picture of your expenditure.
Interest Rates
Before applying for a personal loan, you should have made a comparative analysis of the interest rates other lenders are providing you. And eventually, select the right ones for you.
Also Read: Get a Low-Interest Personal Loan in Hauz Khas, Delhi
Summing Up
Financial crises can arrive at any minute without any notice. And on the other hand, you might not be prepared for the same, and your savings might fall short. Therefore that can be the correct time to go for a personal loan.
To fulfill your dreams or fall under any monetary crisis in a posh locality like Rajouri Garden is very likely. Hence, availing personal loan in Rajouri Garden can become your last-minute comrade.
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