Thinking of taking a break from your busy schedule to celebrate the upcoming Krishna Janmashtami? But the expenses associated with it have left you stumped? Well, you’re not alone. Many people find themselves in the same boat every year during this time. If you, too, are looking for ways to manage the expenses and enjoy this festival with your family, consider getting a personal loan in Mathura. A personal loan could be your best bet at this point. With a personal loan, you can access funds ranging from Rs.10000 – 1500000 depending on your creditworthiness and other factors like age, income, etc.
The city of temples, Mathura, has been chosen as one of the heritage cities by the Government of India. As the birthplace of Krishna, Mathura, a city in Uttar Pradesh, is widely known as Brij Bhoomi. Every year, People celebrate Krishna Janmashtami grandly in Mathura. So, this year if you are planning to enjoy the birthday of Krishna with your family, choose a personal loan to waive your financial worries and have a memorable time with your family. For more information, log in to Buddy Loan, the best loan aggregator, and get better assistance.
Personal Loan In Mathura
In 2022, You can notice a rapid incline in the need for a personal loan during festival times. As the personal loan procedure is quick and easy, people began to choose a personal loan for their festival expenses. Especially during Krishna Janmashtami, not only Mathura, the whole world will celebrate it with all its pomp and splendor. So with an extra fund, you can achieve all your worldly needs and goals.
Personal loans are unsecured loans that you can get instantly approved for a loan once you meet a particular lender’s eligibility criteria. You can apply for the loan online or offline with minimum documentation. You don’t need to provide any collateral as a guarantee for your loan and, will immediately get the disbursal to your account within 24 – 48 hours after the lenders’ approval.
Benefits Of Getting A Personal Loan In Mathura
- You don’t need to submit any collateral as a guarantee for your loan approval.
- The minimum documents you need are PAN, Aadhar, bank statements for self-employed individuals, and pay slips for salaried people.
- You can get a quick loan approval once the lenders find you eligible. You will get the approval immediately after the KYC verification.
- There is no restriction on the use of a personal loan. You can use it for anything except illegal activities.
- You can get approval for a loan of Rs.10,000 to 15 lakhs and choose a tenure over six months to 5 years to repay the amount through EMIs.
- The lender will disburse the amount directly into your account within 24 – 48 hours after the approval.
- Mostly, you will get an interest rate starting from 11.99%. And with a good credit history, you can get a low-interest rate on your loan.
- Information you share while applying for a loan will be safeguarded and kept confidential from others.
Check These Before Applying For A Loan
Personal loans will help to manage your financial shortages during a festival. So a quick loan can help you to cope with the situation. Check these things before applying for a loan and speed up your loan application process.
Apply Loan Online
You can apply online using a mobile application or the official website of a particular lender or bank, which is the fastest and most secure way. Firstly, you should provide all the information and upload all the required documents. Lenders will approve your application after the verification process. The main advantage of applying online is you get updated through emails or messages regarding your loan. After the KYC, you will get faster loan approval, and the bank will disburse the amount to your account within 24 – 48 hours. You have to check with your bank before applying for a loan so that you can utilize any current offers, like pre-approved and pre-qualified loans. You can apply for an instant online personal loan via Buddy Loan, where you get interest rates from 11.99%.
Maintain a Good Credit Score
A credit score is a three-digit number provided by credit bureaus in India that helps lenders to know your creditworthiness. Banks or lenders can measure your credit behavior and repayment capacity using your credit score. Usually, a credit score above 700 is considered as good. You will get speedy loan approval with a good score and will regard as a low-risk profile by the lender. You are more likely to make fewer defaults in your payments and get better interest rates and lower processing fees. So, a good credit score matters a lot. You can follow the practice of paying your dues and EMIs on time. Either set up a reminder or enable an auto-pay option in your registered bank account for your payments. But to avoid any bounces, you should maintain a sufficient balance in your bank account.
Know your credit score
Checking your credit score before applying for a loan will ensure you about any defaults in your credit. Sometimes, it happens that you might have missed any EMIs or dues. Any problem in your credit report will directly impact your score, and it might result in the rejection of the loan. So check your credit score frequently to avoid trouble while applying for a loan.
Maintain a good bank balance
Maintaining a considerable balance in your account will show your repayment capacity to the lenders. A higher balance will benefit you in quickly getting a pre-approved and pre-qualified loan and an instant disbursal of the loan. However, be cautious and read the documents thoroughly before proceeding with the application. Do re-check and ensure the terms and conditions and the various charges you must pay. Most importantly, you have to check the lender’s reliability to save yourself from fraud.
Also Read: How Does Credit Score Help Get Lower Interest Rates
Apply with one lender
When you need extra funds immediately, you may opt to apply for a loan with multiple banks and NBFCs as if you will get quick approval from anyone among them. But this method will not be appropriate as every loan application has to undergo a hard inquiry, where lenders will check your creditworthiness. Thus, when multiple hard inquiries over each application occur, it will negatively affect your credit score. Moreover, a lower credit score is risky for your loan approval.
Keep all the documents ready
Check if you have all the documents needed for your loan application according to a specific bank or NBFC. Though you need only fewer documents, re-checking is better to avoid any delays. You can save time if you keep every paper ready.
Provide accurate information
Always provide correct information to the lender whenever you apply for a loan, which will help you get a speedy loan to meet your needs. For example, you must also give every detail of your second income to avoid confusion in the time ahead. Likewise, you must provide a rental agreement and permanent address proof if you live in a rented house.
Apply for what you can afford to pay
Consider your debt-to-income ratio before applying for a loan. The ratio gives a clear image of your monthly EMIs and income. And applying for a higher loan than your repayment capacity will end in a financial struggle. If lenders provide any instability in your debt-to-income ratio, your loan application will get rejected immediately. So you should maintain your debt-to-income balance to less than 30%. It means you are not supposed to use most of your monthly salary to pay EMIs.
Eligibility For A Personal Loan In Mathura
With the factors mentioned below, you can know your eligibility for getting a quick loan in Mathura. These factors may differ from one to another.
- Indian citizen.
- Age between 21 to 60 years.
- One year of employment in the current working company.
- Monthly income of above Rs.18,000.
- For self-employed, two to three years of completion in the business is a must.
- A credit score of above 700.
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Required Documents For A Personal Loan In Mathura
Check out the documents needed for applying for a personal loan.
For salaried individuals -:
- Identity and Age proof.
- Duly filled application with a photograph.
- Address proof – Voter ID, landline bill, utility bills(gas/water/electricity)
- Last three months’ bank statements.
- The previous three months’ salary slips.
- Last three years’ Income tax returns.
For self-employed individuals -:
- Identity and Age proof
- Duly filled application with a photograph.
- PAN card.
- Address proof – Voter ID, landline bill, utility bills(gas/electricity/water)
- Last three months’ bank statements.
- The previous three months’ salary slips.
- Previous three years Income tax returns with computations.
- Last three years Audited Balance Sheet and Profit & Loss statements.
Conclusion
Obtaining a personal loan in Mathura is a straightforward process requiring a good credit score, debt repayment history, and lender approval. This option provides funds not accessible elsewhere, with banks and NBFCs offering competitive terms. Consider repayment capacity, loan duration, and loan type for approval. Enjoy Krishna Janmashtami by securing a personal loan to celebrate joyfully.
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