A Complete Guide to Apply for Personal Loan in Kolkata

A Complete Guide to Apply for Personal Loan in Kolkata

A metropolitan city in India, Kolkata is also a flourishing economic sector in the country. As a resident, you may require funds to set up a business, celebrate important festivals, or renovate your property. Whether it is for leisure, travel or an emergency, you no longer have to dip into your savings unnecessarily or cash in your investments. If you’re putting off meeting your goals and dreams thinking of the strain the cost may put on your savings; or looking to access fast finances to meet an urgent education or healthcare need, consider the option of a personal loan.

While a personal loan is not a new introduction in the financial sphere, the increase in competition among lenders has also increased the benefits it offers, making it an extremely viable tool for you to use at your disposal. Gone are the days when you needed to be cautious of the fine print as top-tier lenders have made every process transparent, digital, and simplified. 

The upsides to taking a personal loan to cover most expenditures are that you don’t have to risk your assets and can repay the loan amount in EMIs over a tenor you choose. However, before you sign up for one, here are a few key points you need to bear in mind, especially if you’re applying for a personal loan in Kolkata.

Check various lenders for the best deal

This step in the decision-making process is essential as you need to pick a lender who suits your financial needs. Each lender in the market will have a different deal to offer you but you need to consider a loan that makes repayment easy. For example, if you apply for an instant personal loan in Kolkata from Bajaj Finserv, you enjoy benefits such as easy online application 24-hour loan disbursal, flexible repayment tenors up to 60 months, and the flexi facility. This facility allows you to borrow multiple times from your sanction and only pay interest on the amount you actually withdraw. 

Be sure about why you need it and how you will use it

A healthy practise before you apply for and utilise a loan is to know the exact reason for it. This will help you attend to your needs better and also plan repayment. While there are many uses you can address with a personal loan, instant approval and simple eligibility criteria makes it a viable choice during a cash crunch. These unsecured loans don’t require you to provide collateral and have no spending constraints. From purchasing a last-minute air ticket to funding your move to a new city, these loans give you spending flexibility. These loans also serve in consolidating credit cards or other debts. 

Meet personal loan eligibility criteria

Given that personal loans are collateral-free, the requirements to avail one are fairly straightforward. To avail of a personal loan in Kolkata, you would need to be between 23 and 55 years of age, salaried and a citizen of India. Furthermore, the minimum salary requirement for Kolkata is Rs.30,000 per month. Be mindful of these specifications, as failing to meet any would make you ineligible. 

Check your CIBIL score

Getting a good deal for this unsecured loan hinges on your CIBIL score. If you already have multiple loans and outstanding credit card debts, you will attract a higher interest rate and also run the risk of outright rejection as your CIBIL score will be low. Generally, a score of 750 and above will result in a nominal interest rate with affordable personal loan EMIs.

Following all of the above pointers will ensure that you get the best deal in the market that can give you a lot more financial breathing room. Applying for a Personal Loan in Kolkata from Bajaj Finserv is a great way to enjoy benefits such as a loan amount up to Rs. 25 lakh and a competitive rate of interest. To speed up the personal loan application process, simply check your pre-approved offer and gain access to exclusive deals.

Ayushi Gaur

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