A personal loan can sometimes be obtained through a bank that is not the best place to apply. Usually, banks have high credit requirements and income requirements. You can see that most of them have a minimum credit score of 660. However, a few require a minimum CIBIL score for a personal loan of 600.
Applying for a 5 lakh loan from an NBFC online is the fastest and simplest way to get the loan. Personal loans are available to people with stable incomes and good credit scores. Ever wondered how much personal loan can I get? Keep reading to find out.
Various financial institutions offer loans in India, but banks generally require lengthy documentation and complex procedures. In addition to hassle-free loan application procedures, NBFCs are known for their minimal documentation requirements.
Currently, all lenders offer online applications due to the fast turnaround, easy accessibility, and user-friendly process. The process is convenient, and you can complete it at home. Some NBFCs approve 5 lakh loans within 5 minutes and disburse them in 72 hours. In this manner, a loan can be applied for quickly and repaid through EMIs.
A personal loan EMI or interest rate calculator can assist you in calculating your EMI on a personal loan of 5 lakhs long before applying for one. You will have an EMI of about Rs. 24,000 (approximately) if you apply for a 5 lakh loan for 24 months at a 14% interest rate.
A pre-approved loan from the bank
It does not happen instantly. You will be able to provide most of the required documents if you have been a customer of that particular bank for some time. You can also opt for an EMI. BUT what is the catch? You must qualify for such a loan. You must ensure that your total EMIs (from all sources) does not exceed 60% of your gross income. To increase your chances of qualifying for a loan, you should look into secured loans (i.e., loans secured with collateral). So all the different options available (gold, property) are included in this category. If you are forced to get a regular loan, it takes time, and you won't meet one of the requirements.
Overdraft account
Although this is not a straightforward option, it can still be arranged according to your needs. You have opened a 5 lakh loan or credit line OD account with the bank. As soon as you withdraw an amount, your interest is adjusted. Regular payments are something the bank would love so that you could get an agreement with them.
Credit cards
It is possible to withdraw the cash withdrawal limit if you have at least 5 lakhs and then start paying it regularly. We all know that high-interest rates make this a costly option.
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