As the name suggests, a personal loan means a specific sum of money borrowed from a bank or NBFC, for personal use. This borrowed money is typically not used for professional or business needs. Personal loans are offered by banks and NBFCs for shorter terms compared to larger and long tenured loans like home loan. The tenure for personal loan ranges from 1 year to 5 years. When taking a personal loan, the borrower is not required to disclose the reason behind taking the loan. The loan is generally taken to pay one time or short term immediate financial expenses. People take a personal loan to fulfill immediate or emergency financial needs. Also one does not need to give any collateral or security against the loan amount when it comes to personal loan.
Banks and NBFCs offer personal loan on a very specific eligibility criteria. These include an applicant's level of income, employment history, credit score and scope for repayment. Banks and NBFCs charge 11.29% to 35%* interest rate on personal loans as per their policy and the borrower profile.
Many times your savings can't cover your specific emergency financial needs. The emergency can be anything like home or vehicle repair, to pay unexpected medical bills, for wedding, travel, credit card outstanding balance transfer etc. These needs fall into the personal category rather than business or any other professional category. As per 2017, Delhi hosts nearly 19 million people. The capital of the nation is growing faster in every field. People from Delhi love to live a lavish lifestyle. To live with such a grace, grand life people do need to borrow funds. To fulfill the everyday needs of Delhiiets, be it big or small, a smart personal loan is the perfect way to get financed.
There are many reasons behind the popularity of taking personal loans in Delhi. We have listed some of them below.
Almost all banks and NBFCs offer personal loans in Delhi with variety of interest rates.
As personal loans are a type of unsecured loan, they need very minimum documentation.
After applying and submitting all the required documents for a personal loan, you can get the approval as quick as within 24 to 48 hours.
You can use the funds from personal loan to pay off your other ongoing debts.
You do not need to disclose the purpose behind taking a personal loan. You can use the funds as per your needs for multiple purposes.
Personal loan is a type of unsecured loan. So you do not have to provide any collateral or mortgage to get one.
Banks and NBFCs offer personal loan ranging from Rs. 1 lakh to Rs. 20 lakh as per the profile and requirement of the borrower.
The tenure to pay bank the personal loan ranges from 1 year to 5 years and you can repay the loan by using EMI facility offered by banks and NBFCs.
The interest rate for personal loan starts from 10.85%*. Banks and NBFCs decide interest rate as per their policies and the profile of the borrower.
Banks and NBFCs have very specific eligibility criteria while approving any personal loan in Delhi. The criteria changes as per the profession of the loan borrower. Each bank and NBFC have different criteria to approve a personal loan but we have given a generic list of the same:
Minimum Loan Amount Approved
Maximum Loan Amount Approved
21 years to 60 years
Rs. 15,000 (Rs. 20,000 in metros)
23 years to 60 years
self employed borrowers - Rs. 24,00,000 (differs for professionals and non-professionals)
Rs. 75,000 to Rs. 3,00,000
Rs. 15,00,000 to 20,00,000
Passport, Driving License, Voters ID or PAN Card
Passport or utility bills
Salary slips for last 3 months, 6 months bank statements
Passport, Driving License, Voters ID or PAN Card
Last 6 months
Last 2 years ITR, Balance sheet, Profit and Loss for last 3 years certified by CA
Ruloans is one of India's leading distributors. Ruloans holds a team of finance and loan experts to help you with your personal loan related needs. Ruloans gives you multiple options from a list of banks and NBFCs to choose from. By using Ruloans' latest online personal loan application procedure you can easily avail a loan. With a motto of 'we help you borrow right' Ruloans pledges to help you in every financial need. Ruloans is one of the best loan providers in Delhi.
To ease the process of loan application, Ruloans have come up with a brand new online procedure to apply for a personal loan in Delhi. We have developed an easy to use, user friendly, efficient and smooth process for our consumers to get a personal loan. By using this procedure you can easily upload your documents online to avoid lengthy paper work. Using our highly proficient Loan Calculator you can determine your tenure and loan amount to be paid and interest rate.
Applying for a personal loan in Delhi with us will open many gates of benefits and perks for you. We are always on our toes to give you the benefit of our expertise. You can easily avail the best offers and deals from our partner banks and NBFCs.
Ruloans offers a singular platform for our consumers to compare interest rates, offers and services on our online portal. By using this service, you can choose the right Bank or NBFC for your loan as per your budget.
The managerial team at Ruloans helps you borrow right by offering their expert opinion. They will help you on every step of your loan procedure without charging any fees.
Ruloans strongly believes in privacy and transparency. To protect the documents you will upload via our online portal, we have developed a strong security system. You can trust us with your documents.
Applying for a personal loan on Ruloans involves few easy steps:
Step 1: Go to the 'Personal Loan in Delhi' page on our website and click on 'Apply Now' box.
Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.
Yes, banks do charge a processing fee of 2-3% on the loan amount. But you can negotiate with the bank to reduce the fee.
Personal loans can be prepaid in parts or fully at any point of time. Some banks charge a prepayment penalty while some don't. Very few banks allow the part-prepayment. Thus read all the loan documents carefully before signing.
Yes, you can club your spouse's income in order to boost your eligibility to get a personal loan.
It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
For your loan-related queries, you can call our representative on 1800 2667576 or mail us at email@example.com