Personal Loan in Delhi

Personal Loan

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What Is A Personal Loan?

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.

Why Should You Take A Personal Loan in Delhi?

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.

What are the Features & Benefits of a Personal Loan in Delhi?

There are many reasons behind the popularity of taking personal loans in Delhi. We have listed some of them below.

They have easy availability:

Almost all banks and NBFCs offer personal loans in Delhi with variety of interest rates.

They need minimum documentation:

As personal loans are a type of unsecured loan, they need very minimum documentation.

You get expeditious loan approval:

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 consolidate your debts:

You can use the funds from personal loan to pay off your other ongoing debts.

You can take multipurpose loan:

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.

No need for any collateral:

Personal loan is a type of unsecured loan. So you do not have to provide any collateral or mortgage to get one.

Offers adjustable loan amount:

Banks and NBFCs offer personal loan ranging from Rs. 1 lakh to Rs. 20 lakh as per the profile and requirement of the borrower.

You are rewarded with flexible payback option:

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.

Varied interest rate:

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.

What are the Eligibility Criteria to avail a Personal Loan Delhi?

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

Loan Tenure

Salaried Borrowers

21 years to 60 years

Rs. 15,000 (Rs. 20,000 in metros)

Rs. 75,000

Rs. 15,00,000

12-72 months

Self-Employed Borrowers

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

12-48 months

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

What are the Documents Required to avail a Personal Loan?


Identity Proof

Address Proof

Bank Statement

Additional Documents

Salaried Borrowers

Passport, Driving License, Voters ID or PAN Card

Passport or utility bills

Salary slips for last 3 months, 6 months bank statements

Self-Employed Borrowers

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

*The list of documents differs from bank to bank. The above given list is generic, not specific.

Why Choose Ruloans To Apply For Personal Loans in Delhi?

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.

Hassle free process:

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.

Benefits of applying with us:

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.

Compare your loan options:

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.

Free expert guidance and advice:

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.

Privacy policy:

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.

How to Apply For a Personal Loan in Delhi on Ruloans?

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.

Frequently Ask Questions

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