Short Term Personal Loan In Ahmedabad

Ahmedabad is a well-known city of India carrying its tradition since the 15th century. It is situated in the state of Gujarat and is the largest and most populous city of the state. The ancient “Manchester of India” has emerged as one of the biggest business hubs of west India. It is not only the heart of the textile industry but many others like IT and education. Many people shift to this amazing city for various reasons like business, job placement, and of course education. So, if you are staying in this amazing city and need a Short Term Personal Loan In Ahmedabad then you must know the following basics.

Eligibility Criteria for a personal loan

• You must be a resident Indian citizen.

• You must be aged between 21 years to 60 years.

• You must be either a salaried or, a self-employed individual.

Documents required for a personal loan

• Government recognised address proofcard.

• Government recognised identity proof

• PAN Card

• Recent passport-sized photographs

• The last 3 month’s bank statement

In case you are a salaried professional,

• The minimum eligible salary is 20K per month.

• 1 year of work experience with proof of at least 6 months completed under your current employer is required.

• The last 2 month’s salary slips.

In case you are a businessman or, self-employed individual

• The annual turnover is required.

• The audited copies of yearly balance sheets and annual profit statements after-tax are required.

Fees and rate of interests applicable for a personal loan

• The rate of interest for a personal loan in Ahmedabad varies from 9.6% to 36% per annum depending on the lender and your eligibility criteria.

• A processing fee of 1.5%-3% of the total loan amount is applicable.

• Bank charges 2%-5% pre-payment or, loan foreclosure charge depending on the remaining principal amount.

• You need to pay at least 3 to 6 EMIs before you apply for a loan foreclosure.

Hope this helps you to get a smooth Short Term Personal Loan In Ahmedabad .

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