Over 31% Indians live in cities and this percentage is likely to grow further owing to the employment and educational opportunities that urban Indian destinations have to offer. Pune is one such city that attracts young population due to its booming local economy. The city also boasts of a high quality of life, which in turn translates into a high cost of living.
According to recent data, housing itself is a major expense. Add to this other monthly expenses like transportation, food, children’s education, healthcare, and recreation, and you can see how costs can escalate quickly. In such situations, catering to major planned or unplanned expenses becomes difficult as your savings are stretched thin. However, you can plug shortages effectively by opting for a personal loan in Pune.
Before you do so, take a look at how you can get a personal loan in Pune easily.
Compare Lenders and Their Offerings to Secure the Best Deal
Researching your options before applying will help you find the loan that offers excellent customer service, great features and a high sanction too. For instance, Bajaj Finserv offers a Personal Loan in Pune of up to Rs.25 lakh at competitive personal loan interest rates. This not only gives you enough funds to meet your needs but also reduces your overall cost of credit.
Maintain a Good Credit Score to Get a Loan on Favourable Terms
As this is an unsecured loan, one of the main criteria that lenders look into is your credit score. Having a good score of 750 and above indicates that you are a low-risk applicant and can manage borrowed funds well. As the lender is assured of your ability to repay the loan on time, it offers you good terms with regards to loan sanction, interest rate and tenor. So, keep your credit score high in order to get a personal loan in Pune on favourable terms.
Look For Flexible Repayment Facilities
Another key aspect is choosing a lender that offers flexible repayment terms. For instance, Bajaj Finserv not only offers flexible tenors ranging from 12 to 60 months, but also lets you avail the loan on a Flexi facility. This makes borrowing and repaying a personal loan in Pune even easier. Here you can borrow on the go and pay interest only on the utilised amount. This way you can save significantly on interest. Further, you can choose to pay interest-only EMIs throughout the tenor and repay the principal only once the tenor ends.
Evaluate Affordability and Apply For a Loan Amount Accordingly
Repaying a loan on time helps you avoid penalties and also boosts your credit score. However, the ease with which you can repay a loan depends on the loan amount, tenor, and the applicable interest rate. For starters, applying for an amount that you can afford to repay will help you stay within your budget. Further, choosing the right tenor will make EMIs easy to pay while keeping interest outflow to a minimum.
To determine the right tenor and loan amount, use an online EMI calculator. The Bajaj Personal Loan calculator is an easy-to-use tool that lets you ascertain the loan’s affordability in just a few steps. Once you arrive at the right EMI, you can tweak the tenor and principal amount, if need be.
Meet The Eligibility Criteria and Documentation Requirements
Finally, check the personal loan eligibility criteria and documents required by your preferred lender in order to get quick approval. For instance, lenders may have a minimum income criterion that helps them gauge your repayment ability. So, if you earn a low salary, a personal loan may be difficult to avail. Nevertheless, you can still secure a personal loan by disclosing additional income or by applying with a co-applicant with a good income and credit score.
As a thumb rule, look for lenders like Bajaj Finserv as their Personal Loan in Pune comes with simple eligibility criteria and minimal paperwork. Here are 3 eligibility criteria you must abide by.
- You should be an Indian resident aged between 23 and 55 years
- You should be a salaried employee at an MNC, public or private organisation
- You must earn the minimum salary as stipulated for your city of residence
Alternatively, if you also want to know how much you can borrow, use the eligibility calculator.
Next, take a look at the documents that you must submit when you choose Bajaj Finserv.
- KYC documents
- Employee ID card
- Past 2 months’ salary slips
- Past 3 months’ salary account bank statements
Once you meet the eligibility criteria and submit the right documents, Bajaj Finserv approves your loan and disburses funds within 24 hours. These features make this an instant personal loan, allowing you to access finance easily.
Keeping these points in mind will help you secure the right Personal Loan in Pune without any hassle. Before applying, also remember to check your pre-approved personal loan offer by submitting basic details such as your name and contact number. Applying via a customised loan deal is the simplest and quickest way to access the amount you need.