Somajiguda is a recently grown commercial center located in Hyderabad. It was first a residential hub which later transformed into a new-age business center in Hyderabad. It is known for many commercial activities such as banking institutions, automobile companies, etc. Somajiguda has popular landmarks such as Raj Bhavan, The Park, and Yashoda hospital making it a main attraction.
With changing times, Somajiguda has grown tremendously in sectors such as IT, hospitals, banking, health, shopping, and entertainment. This has also given rise to the cost of living due to inflation. With constant pressure to make the ends meet, there can also be sudden financial requirements (for example: medical emergencies, wedding expenses, travel costs, and so on). In that situation, you may hesitate to ask your close friends or relatives to lend a sum of money instantly. This is where an instant personal loan comes to the rescue. You can avail of a personal loan in Hyderabad for any financial assistance such as travel expenses, medical costs, wedding expenses, etc, within 24 to 48 hours of application without submitting any collateral. In this article, let’s understand what a personal loan is.
What is a Personal Loan?
A personal loan is typically an unsecured loan that is taken when there is any financial need such as medical, wedding, travel, etc. This loan can be availed without any collateral and can be repaid with a flexible repayment tenure starting from 6 months to 5 years. You can also apply for a instant personal loan using Buddy Loan which offers instant loans for various financial requirements.
Types of Personal Loan
Personal loans can be avail for different reasons. The following are the types of personal loans listed below:
- Wedding Loans: On average, a budget wedding can cost you around INR 10 lakhs to INR 20 lakhs approximately including the venue, decorations, catering, attire, invitation cards, etc. Hence, a personal loan is availed to meet all your wedding expenses instantly.
- Home Renovation Loan: This type of personal loan can be availed to curb expenses such as home renovation, kitchen remodeling, painting, and repair.
- Medical Loan: A medical emergency is uncertain and can occur anytime. Thus, a personal loan can be availed to meet sudden medical requirements such as surgeries, accidents, chronic illness, etc.
- Travel Loan: The cost of traveling and vacation especially to your dream destination can put a financial burden on your pockets. Therefore, you can apply for a personal loan to help you meet those expenses.
- Business Loan: If you are planning to start a business or expand your existing business, then a personal loan of this type can be helpful to meet your business needs.
- Vehicle loan: This type of personal loan can be taken when you want to buy a new vehicle (new or second-hand) without any collateral.
Benefits and Features of Personal Loan in Somajiguda
Personal loan is considered more convenient compared to traditional one for the following reasons:
- No Hidden charges: There is no any prepayment or hidden charges. However, it may include processing fees and GST of 18%.
- Collateral free: You can avail of a personal loan without the need to submit any collateral.
- Instant approval: Once the verification process is complete, the loan will get approved instantly.
- Get the loan within 24 hours: Since the process is fast and done online, the loan amount is disbursed to your bank account within 24 hours of verification.
- Minimum Documentation: You have 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.
Also Read : Getting A Personal Loan In Uppal Is Now Easy
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 |
How to Manage The Payments of Your Personal Loan in Somajiguda
Though availing of a personal loan is easy, it is important to consider your financial position before applying for it. Here are a few financial factors to consider before you plan to apply for a personal loan.
- Identify your purpose for availing a personal loan: It is always important to know why you are applying for a personal loan so that you will have clear knowledge of how much loan amount you exactly need and the interest rates. This will avoid you from taking a loan amount more than what you require.
- Plan your budget: Calculate your EMI to be paid beforehand from websites available online. This will help you to compare the interest rates, tenure, etc provided by different banks thereby helping you make an informed decision.
- Repay on time: It is essential to pay your dues before the stipulated time period. You can also set a reminder to repay your dues. This will help in increasing your credit score and creditworthiness.
- Use your loan for debt consolidation: You can avail a personal loan to repay your past debts. By this way, you can repay multiple debts in a single loan with low interest rate and EMI.
- Take financial advice: If in case you are confused about taking the right personal loans, then it’s always better to take financial advice from different banks, financial institutions or NBFIs which will offer you solutions to your doubts.
Avoid These Mistakes While Availing of a Personal Loan
- Signing your loan application form without reading the “Terms and Conditions” completely: Read the “Terms and Conditions” in your loan application to avoid getting into any legal disputes for which you might have to pay a penalty.
- Not calculating your EMI for repayment: It is important to calculate your monthly EMI to be paid. This will help you compare your interest rates and repayment tenure from different lenders and choose the one with lowest interest rates.
- Submitting multiple loan applications: Avoid submitting multiple loan applications, because doing so will lead to multiple background checks for your credit score by the lender. This will ultimately increase the chance of your loan not being approved.
- Taking loan amount more than required: Availing of a personal loan more than your requirements increases the chances of not repaying your dues on time. This will impact your creditworthiness in a negative way.
- Not being clear about your purpose: Before applying for a personal loan, make sure that you know your purpose for availing one. This will help you to plan the exact loan amount you want and will ultimately avoid you from taking loans more than required.
Things To Remember When Applying For a Personal Loan in Somajiguda
- Check your credit report once regularly to keep it updated and maintain your credit score above 750 to have good creditworthiness. You can also check your credit score instantly using Buddy Score.
- Meet all the eligibility criteria for personal loans.
- Maintain the Debt-to-Income ratio less than or equal to 50% to get your loan approved.
- Submit valid documents for KYC verification such as Aadhar Card, PAN Card, and Passport.
- Calculate your EMI to be paid beforehand.
- Fill in all your personal and professional details accurately as they will be verified.
In Conclusion
In this digital era where everything is available at the tip of our fingers, a personal loan in a city like Somajiguda is considered the most convenient source of funds, especially in times of emergency. You can also get a personal instantly using Buddy Loan. It is one of the best third-party aggregators that offer personal loans online at an interest rate of 11% per annum with no collateral and flexible loan tenure starting from 6 months to 5 years.
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Frequently Asked Questions
Q. What is the maximum amount of loan amount that I can get in a personal loan?
A. The maximum loan amount you can avail yourself is up to INR 15 lakhs.
Q. How long does it take to receive my loan amount to my bank account?
A. The loan amount will be disbursed to your bank account within 24 to 48 hours once the KYC verification is completed.
Q. Can I get a personal loan without any documents?
A. Yes, you can get a personal loan without any documents. But it is mandatory to submit your Aadhar card as it is considered as your base document for KYC verification.
Q. Do I need to submit any collateral to avail a personal loan?
A. No, you do need to submit any collateral to avail a personal loan upto INR 15 lakhs.
Q. Are there any additional charges to apply for a personal loan?
A. Yes, the additional charges includes processing fees and GST.
