Avail an instant personal loan in Hyderabad with Roopya. Get personal loan up to Rs. 25 lakhs at the lowest interest rate.
Hyderabad, or as its fondly called ‘city of pearls’, is the most substantial contributor to the GDP in Telangana. Moreover, Hyderabad is experiencing a massive economic boom and is touted to be amongst the top 10 productive metropolitan cities in India. Its population has crossed the 10 billion mark. These overwhelming numbers indicate the massive aspirations of this city.
To add to this, the current job market also raises one’s ambitions. But, finding a dream job in Hyderabad can take some time. And maintaining savings while doing so can be difficult. And in the middle of this, if one encounters an emergency. The entire situation can cause a high amount of stress.
This stress can be solved by taking a personal loan.
How to get a personal loan in Hyderabad?
Glad that you asked. We, at Roopya offer an instant personal loan in Hyderabad in just 1 hour. Just fill up our application form & get instant personal loan approval.
Click here: Personal Loan Application Form
What is a Personal Loan?
A personal loan is an unsecured loan used for meeting any personal financial need. There is no need for any collateral or security for it. Also, the paperwork required is minimal. Personal loans in Hyderabad is easily available. It is repaid depending on the terms and conditions agreed with the bank.
Personal loans can be used for meeting unexpected expenses as well. It can cover all the expenses for your wedding, further education, home renovation, utility bills, etc. It can also function as a car loan, a travel loan, a medical loan, a home loan, a business loan, a four-wheeler loan, etc. Roopya in Hyderabad offers a personal loan of up to 25 lakhs.
You can apply for it in three ways:
- Online: Log on to Roopya’s website. Click on the eligibility tool, enter your information and click on apply now. You will also be asked to upload your documents. So, with a few clicks, you can apply for a personal loan.
- Whatsapp Chat: With the advance in technology, WhatsApp has made it easy to apply for personal loans. All you have to do is log on to the website and click on the hovering WhatsApp icon.
- Visiting the Branch: You can always visit the branch and apply for a personal loan in person. The staff at the branch offer assistance with it.
Features of Personal Loan in Hyderabad
Various financial institutions offer instant personal loans. Personal loan providers also offer personal loans online, so no need of visiting the branch. The personal loan interest rates, loan tenure and loan amount differ with every financial institution.
These are the important features of Personal loans:
Minimal documentation is required when applying for a personal loan and it can be submitted online. However, if you do decide to visit the branch, banks offer assistance with the documentation process.
Simple eligibility criteria:
The personal loan eligibility criteria are uncomplicated, making the personal loan within the reach of salaried professionals. The eligibility criteria are described in detail later.
No hidden costs:
Personal loan interest rates are low. There are no hidden costs or charges, except the charges agreed with the money lenders. In some cases, banks charge a processing fee, so it is best to read the terms and conditions carefully. In Hyderabad, the personal loan interest rates start at 10.99%.
Get Personal loan online in Hyderabad:
It is relatively easy to apply for a personal loan online compared to a home loan. All you need to do is fill in the personal loan application form and submit the required documents. So you don’t need to wait in long queues and can apply at your convenience.
Quick Loan Disbursal:
With the application process being completely online, the credit managers can view the application quickly. This has made the is Personal loan disbursal quick with the approval being possible in a week.
7 Types of Personal Loan in Hyderabad
The following are the different types of Personal loans offered by financial institutions:
- Personal loans specific for COVID: COVID-19 has impacted everyone’s finances. This loan helps with the medical bills and expenditures of up to 5 lakhs.
- Loans for marriage: This loan helps you have your dream wedding without compromising on anything. The loan offered up to 40 lakhs for this.
- Travel loan: COVID-19 has doubled the ticket fare. This loan helps you cover for your travel expenses.
- Emergency loan: This loan is for unforeseen circumstances when you have a need for sudden finance. For example medical bills, education etc. The loan offered is up to 40 lakhs for this.
- Loan for home renovation: This loan can help you renovate your home without delaying the repairs any further. This type of loan is approved the quickest and is transferred to your bank account within a few hours.
- Loan for students: This loan helps students pursue their dream education by covering for their accommodation costs, tuition fees, bench fees etc.
- Loan for teachers, government officials, women, salaried professionals: Personal loans help teachers, government officials, women and salaried professionals manage their finances in a better way.
Eligibility Criteria for Personal Loan in Hyderabad
The simple eligibility criteria for Personal Loans make it easy for salaried professionals to fulfill their aspirations of a new home, car, higher education etc.
The eligibility criteria are as follows:
- Nationality: The person applying for the personal loan should be of Indian Nationality. This requirement is the same across all financial institutions providing personal loans.
- Income: The income requirements vary for different financial institutions. For salaried professionals, the minimum salary per month should be between INR 8000-20000. Along with this, they should have a minimum work experience of 6 months to 1 year. The minimum income requirement in Hyderabad is lower compared to other metropolitan cities.
- Occupation: Personal loan in Hyderabad is mainly offered to salaried individuals. However, Tata capital offers personal loans to self-employed individuals as well. These individuals should have a minimum of one year of experience in their current work field.
- Age: The minimum age to apply for a personal loan is 21 years or over. The maximum age differs between financial institutions. For Tata capital, it is 58 years. For self-employed individuals, the maximum age limit is 72 years.
- CIBIL Score or Credit Score: Good credit history is an important criteria for obtaining a personal loan. The minimum CIBIL score required is 750. It is, however, easier to obtain a personal loan in Hyderabad if the credit score is above 750.
Some banks do offer personal loans to individuals with a CIBIL score, that is a credit score lower than 750. In such cases, it is necessary for the individual to meet the rest of the eligibility criteria.
Check your CIBIL Score: Click here.
Documents Required for personal loan in Hyderabad
You can apply for an instant loan online or visit the branch. In Hyderabad, the documents required are fairly basic.
These documents include:
For Proof of Identity: Basic KYC documents are required like the following:
- Aadhaar Card
- Pan Card
- Driving Licence
- Voter ID card
- Birth Certificate
For Income Proof: Income proof requirements are different across banks. Generally, for self-employed individuals, salary slips of the previous six months are required. For individuals with regular monthly income, salary slips of the previous three months are required.
Income proof documents include:
- Salary slips
- latest bank statements
- Income tax return copy
For Proof of residence: The required documents include:
- Any utility bills including water, gas, electricity, landline.
- Rent agreement
- Ration Card
Checklist for Instant Personal Loan in Hyderabad:
There are five easy steps to apply for a personal loan online:
- Check Eligibility for loan: The first step is checking eligibility for personal loans. You can also refer to the information mentioned above.
- Check credit score: A good credit score is imperative for applying for a personal loan. If you have a good credit score you can proceed to the next steps. However, some banks do offer personal loans with a low credit score, so it is important to check with the bank beforehand.
- Fill in the application: Fill in the application form correctly. Enter your personal information and KYC details.
- Submit documents: After you’ve filled in the form, you need to attach soft copies of the documents as mentioned on the website.
- Wait for verification: Now all you have to do is wait for verification to be completed.
- Quick Loan disbursal: Few hours after the verification process is completed, the approved funds will be transferred to your bank account.
Calculate your EMI for personal loan online
EMI or equated monthly installment is a very important factor for Personal Loan. Equated monthly installment decides the loan amount and loan tenure. This can be calculated using Personal Online Loan Calculator. This tool does the calculation in seconds. You can also visit the branch to calculate your EMI.
Calculate here: EMI Calculator
All you need to do is enter the data for the loan amount, loan tenure and rate of interest. The loan tenure, loan amount and rate of interest vary across banks. So it is important to check this beforehand.
- Loan amount: For most banks, the loan amount is between 50,000 to 4,000,000.
- Loan Tenure: For some banks, the loan tenure can be open-ended. Most banks, require the loan tenure to range from one to five years.
- Interest rates: For personal loans the interest rates are affordable. This can be anything from 10.99% to 36%.
The EMIs can be adjusted depending on your financial situation. If you increase the equated monthly installments, the loan tenure decreases. But, if you decrease the equated monthly installments, the loan tenure increases.
Personal Loan to repay Debt
In times of medical emergency or any crisis, we turn to our friends and family for borrowing money. In some cases, this can result in strained relationships.
Personal loans can repay debt and not strain relationships in the following ways:
- Affordable EMI: Personal loans are offered at affordable EMIs and long tenures. Thus, you can use personal loans to clear any outstanding debt. And the personal loan taken can be repaid in EMIs.
- Credit card debt: Not paying credit card bills on time results in high penalties. These penalties can accumulate and can result in a lot of debt. Personal loans offer EMI credit card loans, this can be used to repay credit card debt. Credit card charges can be paid in a single installment using personal loans. And EMIs can be used to repay personal loans.
Repayment of Personal Loan in Hyderabad
It is important to precisely understand Personal loan repayment options to decide the repayment schedule.
These are the following ways for repayment of Personal Loan:
- EMIs: You can repay your personal loan through EMIs. The amount for this is pre-decided with the bank. It is a stipulated sum of money deducted from your bank account on a specified date through the setting up of direct debit.
- Higher Interest Rates: To repay your Personal loan faster you can increase the interest rates and thus the EMI amount. However, one incurs penal interest and falls into debt if the loan is not repaid in the required timeframe. Repaying personal loans through higher interest rates is a good option for individuals who have other loans on low-interest rates. As this can help to get rid of debt earlier.
- Foreclosing: Foreclosing your personal loan is a good way of clearing debt early. Prepayment of personal loan after the lock-in period is over is called foreclosing of personal loan. If you pre-pay your Personal loan then the loan period and EMI are reduced. However, there is a penalty charge for doing this. This penalty charge is lower than the EMI and interest.
- Debt consolidation loans: If you have to pay monthly EMIs for multiple loans example car loan, medical loan, wheeler loan, home loan, travel loan etc. Along with this if you also have a personal loan, and are struggling to meet your EMIs. You can opt for a Debt consolidation loan. This loan adds all the other loans and makes it into one loan. For which, the repayment is done as a single payment every month at a fixed interest rate. This is convenient as the final interest rate is low. In turn, this helps with better management of expenses.
Below are some of the frequently asked questions about personal loans:
What do you mean by a Personal loan?
It is a type of loan used for personal purposes. For example for buying a vehicle, payment of utility bills, weddings, renovating your house, education etc. This loan requires no security and no collateral. Also, the documentation required is minimal.
Who can apply for a Personal Loan?
Anyone above the age of 21 and below the age of 60 can apply. This loan is for Indian citizens only. You can be a salaried or a self-employed individual but you have to meet the minimum income requirements. Lastly, you must have a good credit score.
How do I get my Personal Loan?
You need to check if you meet the eligibility criteria. If you do then fill in the application form either online or at the branch. Submit the required documents. After that, your application will be reviewed and the funds will be transferred to your bank account.
What can I use a Personal Loan for?
You can use the personal loan funds for any personal reason. For a wedding, holiday, buying a gadget etc.
How do I decide my EMI amount?
You can decide the EMI amount using the Personal Online tool Calculator. This tool helps you decide the EMI, loan tenure, interest based on the loan amount. This tool is available online. If you prefer you can also have a conversation with the credit managers at the branch.
How will I receive my Personal Loan funds?
After document approval, the Personal Loan amount will be deposited directly into your bank account.
How is Personal Loan repaid?
You can repay your Personal Loan through EMIs. These can be deducted through auto-monthly direct debit. This payment is deducted on a specific date every month.
Can I apply for a personal loan with my spouse as a joint applicant?
You can apply for a Personal Loan in Hyderabad singly or as a co-applicant. Only family members example parents, spouses, siblings can be co-applicants. Also, both the applying parties need to have a good credit score. Applying with a co-applicant can help you get a loan for a larger amount. But if either of the parties applying for the loan has a low credit score, then the application will be adversely affected.
Do banks offer relationship discounts?
Yes, banks offer relationship discounts for Personal Loans. These discounts are for individuals with a pre-existing account in the bank that you’re applying to. These discounts are offered in the form of lower interest rates, low or no processing fees etc.
Is there any moratorium period?
The moratorium period stands for a specific period during the loan tenure when the individual is not required to pay any EMI. It can also be a break time for the individual before he/she can resume with paying the equated monthly installment. It is also called an EMI holiday period. Earlier, no moratorium period was offered for personal loans.
But because of the pandemic, the Reserve Bank of India has allowed financial institutions to offer a moratorium period of 6 months for personal loans.
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