7 Common Questions People Ask When Looking for a Personal Loan in Indore
Are you planning to take a personal loan in Indore? You may have a few questions that many people in Indore may also have.
This article gives answers to the most common questions people in Indore ask about a personal loan.
1. How do I apply for a quick personal loan in Indore?
If you want a quick personal loan, applying online is the best way to go about it.
Before applying for a personal loan online, make sure you check the best personal loan interest rate offers from different banks, financial institutions and fintech companies. Next, check the eligibility criteria of the personal loan lender of your choice.
Once that’s done, follow the online personal loan application process as follows:
Step 1: Visit the online lender’s website.
Step 2: Fill up the personal loan application form.
Step 3: Upload your necessary documents for eKYC.
Step 4. Submit the application form.
After submitting the form, you will almost instantly get to know whether or not your loan application is approved. Once the final approval is done you should get the loan amount in your account in a couple of days.
2. Where can I get help for getting a car loan in Indore?
You can get a car loan in Indore from banks, NBFCs, financial institutions and fintech companies.
Here’s what you could do to get a car in Indore:
- Check out for different car loan offers from different lenders and also from the bank you have an account with. Also, check whether the dealership from where you are planning to buy the car in Indore has any tie ups with any banks.
- Before you apply for car loan in Indore, keep in mind these few things:
- Tenure of the loan
- Interest rate
- Documentation process
- EMI amount
- Car loan approval time
- Pre-payment policy
After reviewing the above aspects of a car loan, choose the best possible car loan option.
3. Where can a person get a business loan in Indore?
There are quite a number of lenders who offer business loan in Indore provided you meet their eligibility criteria.
Business Loan Eligibility
The process and the paperwork required for a business loan is different and stringent too.
- Your age must be in the range of 21 to 65.
- You should be in the business for at least 2 to 3 years.
- Your partner can be a co-applicant of the business loan.
- Your business has to be established and in operations for more than a year.
- Your business should not be in any blacklist.
- Your business location should not be in a location that’s marked negative.
- You should have a good credit score.
The rules governing business loans are stringent. If your requirement is a small amount that can meet your urgent finance needs, you can take a personal loan for businessman instead.
4. I want to apply for a business loan in Indore city. Will I need to attach any collateral?
Traditional banks need collateral to sanction your business loan in Indore. However, there are other options that offer collateral-free business loans.
- Government backed schemes like Mudra Yogana can offer business loans without collateral
- New-age fintech companies like MoneyTap leverage technology to address finance concerns of business owners and the speed at which loans are approved. Through online application and minimal documentation, these new-age lenders and lending platforms make collateral-free finance available to you in the form of line of credit and personal loans.
5. Can I take a personal loan for a Europe tour? My hometown is Indore.
Yes. You can take a personal loan to travel the world. The flexibility of a personal loan allows you to use it for any purpose you need.
You can borrow to travel and repay the amount borrowed in monthly EMIs spread across a loan tenure which can be anything between 2 months to 5 years.
6. What are the procedures to get a business loan in Indore?
Before you apply for a business loan in Indore, follow this procedure:
- Ask yourself, why do I need the loan? Do you need a safety cushion? Start your business? Manage business expenses? Grow your business?
- Decide which loan is right for you. If you are planning to start a business, it may be difficult to get a business loan. You may choose from the other options available to you such as personal loans, credit cards, line of credit, crowdfunding, borrowing from family and friends, angel and VC investors.
- Choose your lender. Banks, NBFCs, online lenders, online lending platforms, etc. Review the loan offers of each lender and then decide.
- Check the eligibility criteria to find out if you qualify for a loan. Do you have a good credit score? How long have you in business? Do you make enough money? Can you repay the loan comfortably?
- Gather all the documents required. Depending on the lender you may need to submit the documents. Usually for a business loan, the following documents may be required:
- Identity Proof such as PAN Card, Aadhar Card, Voter Id, etc.
- Residential Proof
- Passport size photograph
- Cash Flow Statements
- Income Sheet
- Bank Statements for the last 12 months
- Tax Returns and proof of the statement’s owner’s equity
- Legal documents and licenses
- Collateral documentation
7. Where do I get a loan in Indore? I am a student. I have no CIBIL score?
Just like any other loan application, CIBIL score is considered while reviewing loan applications.
If you do not have a CIBIL score, you can consider using the good credit of your parents/guardians. You can use a guarantor who could be either of your parents or a guardian with a good credit score. The banks will assess the guarantor’s creditworthiness and sanction your loan.