Hyderabad, the city that is a charming blend of modernity and historical architecture, is well-known due to its burgeoning IT industry. Also known as Cyberbad due to its affiliation with all thing’s tech, the city is home to many global companies like Amazon, Oracle, Microsoft, and Google. With sprawling parks, shiny new pubs, and swanky restaurants, Hyderabad is a dazzling city that attracts a swarm of people to its midst. It’s an economic hub, with scores of opportunities to build a comfortable life.
At times, to keep up with the fast-paced city life, people may require little financial assistance. To manage finances or even upgrade their lifestyle, citizens can apply for loans in Hyderabad from Poonawalla Fincorp. Poonawalla Fincorp, a leading NBFC and loan company in Hyderabad, offers a variety of loan options right from online Personal Loans, Business Loans to Loan Against Property and Medical Equipment Loans.
A Personal Loan can help you to achieve your wishes or even specific financial goals. You can utilize a Personal Loan to plan your dream wedding, start a small business, debt consolidation, or even holiday abroad. There is no restriction to its usage. Further, you can apply for an online Personal Loan which requires minimal documentation and has the scope for instant approval and disbursal.
Before you apply for a Personal Loan, you must ensure that you fulfil all the necessary eligibility requirements. Lenders evaluate your Personal Loan eligibility based on various factors including income, age, credit score, etc. Given below are some of the conditions required to avail of a Personal Loan-
Now that you have understood the eligibility requirements for applying for a Personal Loan in Hyderabad, let us understand the important aspects you need to keep in mind while availing of a Personal Loan.
1. Processing fee- This fee encompasses the administrative charges that are tied to processing a loan. Finance companies and banks charge fees in the range of 1-2%, plus related taxes that are required to be paid.
2. Prepayment charges- Some lenders and NBFCs charge borrowers when they pay off their loan before it is tenure. Many times, such penalties cost as much as the interest. Borrowers tend to pre-pay their loans to save on interest costs. However, heavy pre-payment charges defeat the purpose, and they end up saving a negligible amount if any. Therefore, you must opt for a lender or NBFC that offers the lowest pre-payment penalty. If applying for a Personal Loan from Poonawalla Fincorp, you don’t have to worry about the pre-payment penalty at all. There are zero prepayment or foreclosure charges applicable.
3. Late Payment Fee- If you are unable to service your loan promptly, your loan will attract a late payment fee. If you are unable to pay the instalments themselves, a late payment fee just adds to the burden. Therefore, before opting for a Personal Loan from a lender, you should make sure you are aware of the late payment fee charged on the loan. Try to select a lender who charges a reasonable rate.
Living in Hyderabad can be very exciting. There are so many interesting choices and opportunities all around. You may want to partake in a lot of social activities, enjoy the various delights, upskill, and beautify your home. A Personal Loan can be very helpful in building the life that you desire.
Why do individuals, firms and businesses choose to borrow money from lenders? This is all because we need the money for all the situations.
A personal loan comes in handy in times of requirement and fund crunch. The quick approval process, higher loan amount, and varied end-use makes it an ideal choice for many customers.
For emergencies that require immediate access to funds, most individuals tend to liquidate their savings.
As per capita income increased in India, people started spending more on cars. If you are planning to take a loan to buy a new car, then you need to approach the lending market for a suitable car loan.