Manikonda is a suburb in Hyderabad, Telangana. With the recent boom in the IT sector, it has now transformed into a commercial and residential hub. Many software professionals working in Gachibowli prefer buying a flat or land in Manikonda. This area has achieved rapid growth in infrastructure, entertainment, shopping centers, etc. The main attraction for tourists is Khajaguda Historic Rock Formation, Golkonda, Qutb Shahi Tombs, etc. In a commercial hub like Manikonda, the rapid growth in technology increases the cost of living. Education expenses, medical bills, and wedding costs can burden your pockets, especially when you are in sudden need of money. Therefore, you can avail of a personal loan in Hyderabad instantly to aid your sudden financial needs without submitting any collateral. Before going further, let’s understand what a Personal Loan in Manikonda is and when is the right time to avail it.
What is a Personal Loan?
Personal loans are unsecured loans to fulfill sudden financial needs such as medical emergencies, wedding costs, vacation plans, etc. To avail this loan, you don’t have to provide any collateral. This type of loan is also convenient because of minimal paperwork and quick verification. You can also apply for a instant personal loan using buddy loan. It is one of the best third-party aggregator platforms that offer instant loans online for different categories.
When Is The Right Time To Avail of a Personal Loan in Manikonda?
You can use a personal loan for many reasons. But have you ever thought about when the right time to avail of a personal loan is? Let’s understand different situations when you can use a personal loan.
Medical Emergency
When there is a medical emergency, you will need instant cash. However, asking your relatives at that moment can be difficult as the amount will be high. In this situation, you can take a personal loan for your medical emergencies instantly without any collateral.
Home Renovation
During an auspicious occasion, it is common for people to renovate their homes. However, painting, remodeling, and renovating can be quite expensive. Therefore, you can take advantage of a personal loan to curb these expenses.
Repayment of Debts
If you have any unpaid debts, you can take a personal loan to repay all your existing debts. You can clear your past credits with a single loan at lower interest rates.
Improve Credit Score
Here is a simple trick to improve your credit score using a personal loan. Take a personal loan and pay the dues on or before the scheduled due date. This way, you can increase your creditworthiness and borrow a more significant loan amount in the future.
Wedding Expenses
A basic wedding can cost you around INR 10 lakhs to INR 20 lakhs. These expenses include venue, decorations, catering, invitation cards, and wedding attire. Therefore, to handle these expenses, you can take a personal loan instantly.
Vacation
Travelling is a stress buster for many people. And going on a luxury vacation can be a dream come true. However, it comes with a cost. Travel expenses, the cost of hotel rooms, and food expenses are pretty expensive. Therefore, if you plan to go on a vacation, you can avail of a personal loan to make your dream a reality.
Also Read : Get A Personal Loan In Gachibowli For Your Business Needs
Eligibility Criteria For Personal Loan In Manikonda
| 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 Manikonda
For Salaried Employee:
| 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 |
| 4 | Employment Certificate | 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 License, Passport |
| 2 | Proof of Address | Aadhar Card, Electricity Bill, Water Bill, Passport |
| 3 | Proof of Income | Bank statement for the past 3 months Salary Slips of 3 months Income Tax Returns for the last 3 years Balance Sheet and Profit & Loss Statements for the last 3 years audited by a CA. |
Benefits & Features of Personal Loans
Personal loans are considered more convenient compared to traditional ones for the following reasons:
- No Hidden charges: There are no prepayment or hidden charges. However, it may include processing fees and GST.
- Collateral free: You can get a personal loan without submitting any collateral.
- Instant approval: After your KYC verification, the loan will get approved instantly.
- Get the loan within 24 hours: The loan amount will get disbursed to your bank account within 24 to 48 hours of verification.
- Minimum Documentation: It is mandatory to submit documents to verify your KYC, such as your Aadhar card, PAN card, bank statement, etc.
- Flexible tenure for loan: The repayment tenure for your loan amount is flexible starting from 6 months to 5 years.
Factors Affecting Manikonda Personal Loan Rates
The following are the factors that impact the interest rates of a personal loan.
Credit Score
Lenders consider credit score the most critical factor before approving your loan. It shows a person’s capability to repay the loan on time. A credit score of above 750 indicates good credit history. Applicants with high credit scores can get personal loans at comparatively lower interest rates. If you want to check your credit score, you can do so by using Buddy Score instantly.
Monthly Income
Lenders usually check if you have a constant flow of income before approving your loan, which will help them know the risk they bear while lending you money. Therefore, you are eligible to avail of a personal loan if you have a minimum monthly income of INR 20,000/-.
Type of Employment And Organization
If you are working in an MNC/ Government/ any other reputed private organization, you will get a loan at low-interest rates. Salaried employees are offered loans at different interest rates compared to self-employed professionals.
Relationship With The Lender
Maintaining a good relationship with your lender can help you get a personal loan at comparatively lower interest rates. The lender will instantly approve your loan as they already know your financial history.
Mistakes in Getting a Personal Loan in Manikonda
Not Reading the “Terms and Conditions” Entirely Before Signing The Loan Application Form
Read the “Terms and Conditions” in your loan application to avoid getting into any legal disputes for which you might have to pay the penalty.
Not Calculating Your EMI For Repayment Beforehand
Calculate your monthly EMI as it will help you compare your interest rates and repayment tenure from different lenders and choose the one with the lowest interest rates.
Submitting Multiple Loan Applications
The lender checks your background every time you submit a loan application. Hence, avoid submitting numerous loan applications because this will reduce your credit score.
Taking a Loan Amount More Than Required
You may fail to repay your dues on time when you take a loan amount more than what is needed. As a result, this will negatively impact your creditworthiness.
Not Being Clear About Your Purpose
Before applying for a personal loan, make sure that you know your purpose for availing one. It will help you plan the exact loan amount you want and ultimately prevent you from taking loans more than required.
In Conclusion
In a commercial hub like Manikonda, a personal loan can be convenient, but you should take a loan only when required. You must know the purpose for which you are getting a personal loan. Accordingly, you can also avail of a personal loan using Buddy Loan. It is one of the best third-party aggregators that offer instant loans online for different categories to meet the sudden financial requirements of the borrowers.
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Frequently Asked Questions
Q. What is the minimum credit score to get a personal loan?
A. The minimum credit score should be above 750 to get a personal loan.
Q. Can a student avail of a personal loan?
A. No, students are not eligible for availing of a personal loan. The lenders usually check if you have a constant flow of income every month to repay your debt.
Q. Is it possible to get a personal loan without a salary slip?
A. Yes, getting a personal loan without a salary slip is possible. But you must submit your bank statement for the past three months, IT Returns, and employee certificate as proof of income to get your loan sanctioned.
Q. What is the maximum loan amount that I can borrow for a personal loan?
A. You can borrow from Rs.10,000/- to maximum of Rs.15,00,000/- depending on your requirement. This range will vary in different banks.
