Personal Loans in Gurgaon

Interest Rate and Charges in Gurgaon for Personal Loan

A lending institution may apply all or some of the following charges on personal loan applications.

• Interest Charges: Personal loan interest rates in Gurgaon are a source of income for lenders. Bank rates can vary from 99%-35% on personal loans. The interest payments are made along with the principal amount through EMIs via the loan repayment process.

• Processing Fee: Banks can charge a processing fee of 1%-3% of the loan amount. Banks levy processing charges to recover the administrative costs incurred in the loan approval process.

• GST: An 18% GST is charged by banks and other lenders for extending financial services such as prepayment, loan processing and account foreclosure. Interest is not customer service. Hence, no GST applies to it.

• Prepayment Charges: Banks incur a loss on interest incomes when a borrowed amount is settled before maturity. Hence, they recover their costs through prepayment charges. Usually, prepayment charges are applied when the entire loan amount is paid off, but these policies are subject to changes.

• Default Penalties: Delays in loan repayments invite penalties from the bank. In case of missing a scheduled instalment or not paying up the full amount, a bank may levy penal charges.

• Stamp Duty Charges: Banks must comply with the State’s Stamp Act to make a loan agreement legally valid. A 0.1% stamp charge is applied on loan amounts less than ten lakh rupees and 0.2% for every ten thousand after that.

• Cheque Bounce Charges: The bank may levy additional charges if a repayment instalment is missed owing to cheque bounces. The cheque bounce charge ranges from ₹500-600 per bounce.

• Duplicate statement charges: Banks charge additional fees for issuing duplicate statements of the repayment schedule, pending balance and other requirements.

• Verification charges: Any expense incurred by the bank on verifying an applicant’s credit history and the information submitted by them is recovered in the form of verification charges.

Top Lenders Offering Personal Loans in Gurgaon

Banks and Non-Banking Financial Institutions (NBFCs) offer personal finance in Gurgaon. A comparative guide is provided below to help you choose the best lender.

Top Bank Offerings

The following banks offer easy personal loans in Gurgaon.

Bank	Amount (in ₹)	Tenure	Interest Rates (per annum)	Processing Fee
HDFC Bank	Up to 40 lakhs	Up to 5 years	10.5%-21%	2.5%
Axis Bank	Up to 40 lakhs	Up to 5 years	10.49%	2%
State Bank of India	Up to 30 lakhs	Up to 6 years	11.05%	1.50%- 3%
Kotak Mahindra Bank	50,000-40 lakhs	Up to 6 years	10.99%	Up to 3%
Yes Bank	Up to 40 lakhs	Up to 6 years	10.99%-20%	Up to 2%

Top NBFC Offerings

Personal loans via NBFCs in Gurgaon can be obtained from the following companies.

Lender	Amount (in ₹)	Tenure	Interest Rates (per annum)	Processing Fee
KreditBee	5,000-4 lakhs	Up to 2 years	As per T&Cs	As per T&Cs
L&T Finance	50,000-7 lakhs	Up to 4 years	12% onwards	2%+GST
Poonawala Fincorp	Up to 30 lakhs	Up to 5 years	9.99%	2%
TATA Capital	Up to 35 lakhs	Up to 6 years	10.99%	3%
Bajaj Finance	Up to 40 lakhs	Up to 8 years	11%-35%	3.93%

What are the Eligibility Criteria for a Personal Loan in Gurgaon?

Personal loan finance in Gurgaon is subject to certain basic minimum requirements. Once applicants fulfil the criteria below, they can easily apply for a personal loan.

• Applicants must be between 21-60 years old.
• Offered to salaried and self-employed individuals.
• Minimum salary of ₹10,000 per month.
• Previous work experience and current stable employment.
• Indian citizenship.
• A credit score of 750 or higher.

What are the Documents Required for Getting a Personal Loan in Gurgaon?

An applicant will need the following documents to apply for a personal loan.

• Duly filled loan application
• PAN card
• Address proof: Driving license/ Utility bills/ Voter ID/ Aadhar card
• Income proof: Bank statements/salary slips
• Employment proof: Offer letter/Employee ID
• Identity proof: Aadhar card/Voter ID/ Driving license
• Co-application (in required cases)
• Passport size photographs

Application Process and Approval Timeline in Gurgaon

Gone are the days when loan approvals were a hassle. Today, the cheapest personal loans in Gurgaon can be instantly accessed with just a click of a button.

Online Applications

Instant personal loans in Gurgaon can be obtained using a bank’s Internet and mobile banking services. Online applications simplify documentation through digital KYC facilities and offer instant loan approvals. Follow these simple steps to apply for a personal loan online.

• Log onto the lender’s official website/sign in the lender’s mobile application.
• Under the Loans/Borrowings category, find ‘Personal Loan’ and click on Apply now.
• Enter the details like mobile number, PAN number, loan amount, employment type, account number and OTP.
• Choose the suitable loan amount, interest rate and loan duration.
• Apply after digitally uploading the documents.

Once the application is submitted, the lender will contact the applicant to take the application process further.

Pre-Approved Personal Loans

Pre-approved loans are quickly approved personal loans extended by lenders to their existing customers. Since the borrower’s details are already in the bank’s online database, the documentation process takes less time, and loans are quickly approved. After checking if a bank offers pre-approved loans, a pre-approved loan application can be submitted offline and online.

Offline Applications

The old-school branch visit method is still available to apply for personal loans. It has become even more smooth and consumer-friendly with well-versed bank agents available at customer service. One can easily apply for personal loan finance in Gurgaon using the bank representative’s guidance and carrying the required documents. Once the loan application is filled and submitted, the bank will initiate the further process of approval.

Tips for Choosing the Right Personal Loan in Gurgaon

The following tips and suggestions can help a loan seeker obtain some of the cheapest personal loans in Gurgaon.

• Credit Rating: Your credit score is vital to your loan approval. Maintaining a good credit score and lowering the debt-to-income ratio before applying for a personal loan can go a long way.

• Compare and Choose: Prospective borrowers can compare the different personal loan offerings free of cost over the lender’s website. It can help choose the most suitable option that fits one’s needs.

• Verify Your Eligibility: A prospective borrower may use online Eligibility Calculators before approaching a bank to gauge how much loan can be extended to them and on what terms.

• Document Management: Document inconsistencies delay most personal loan applications. An applicant should keep the documents handy and provide up-to-date information while applying for a personal loan.

• Apply at Fewer Places: Banks become hesitant upon noticing that an applicant has applied to many lenders. Hence, loan seekers are advised to apply only to select suitable lenders.

• Repayment terms: A home loan seeker must go through their loan repayment terms before signing the loan agreement. A loan seeker can easily decide an amount within their repayment capacities using online EMI calculators.

• Check for Hidden Costs: Banks and other lenders sometimes impose additional charges without informing the borrower. A borrower must enquire about all the charges demanded by the lender to maintain transparency between the parties.

• Co-obligation: Co-obligation provides additional credibility to applicants who do not fully meet the bank’s requirements. It is a very specific demand which is not needed in every case. Hence, one must confirm with one’s bank whether a co-obligant is required while applying for a personal loan.

Conclusion

Life in Gurgaon is fast-paced, occupied, and always running. Personal loans in Gurgaon can offer quick and instant financial aid of up to ₹50 lakhs to people with no time to spare. With the lending institutions’ simple eligibility criteria, convenient application processes and customer-centred services, one can sit back and relax. Using the right guidance, a loan seeker can make wise and well-informed decisions while looking for personal loan finance in Gurgaon.