Personal Loan in Indore – Check Loan Eligibility and Interest Rates

Are you going through a financial rut and need some quick funds? Loan Sumo can help you get personal loan in Indore at lowest interest rates. Being the largest city in Madhya Pradesh, Indore is a leading commercial hub with an excellent education sector. Students and young professionals come here from all over the country to build successful careers. For this reason and more, this fast developing city has attracted many financial institutions, both traditional and non-traditional. That is why finding personal loans in Indore is not that hard. You may even get the best interest rates and terms if you meet the eligibility criteria.

Factors you should note before you get personal loan in Indore at lowest interest rates

Typically, personal loan refers to an unsecured line of credit that allows you to borrow a lump sum amount at once. Most banks and NBFCs provide personal loans, and these usually involve a simple application process, minimal documentation, and fast approval. With the help of a trusted lending platform such as Loan Sumo, you may even get the money as quickly as 2-3 days. With personal loans in Indore, you get flexible repayment terms. The payment will be broken down into several fixed monthly instalments. You need to keep paying the instalments on time every month until your loan is fully paid off.

If you want to get personal loan in Indore at lowest interest rates, make sure you know the following factors.

Different lenders have different criteria:

As mentioned above, personal loans are provided by a range of financial institutions. The loan products, interest rates, and repayment terms all vary from lender to lender. So, it is only natural that the eligibility criteria will also differ based on the particular loan product and the lender. If you do not qualify for a particular loan, it does not mean you won’t be eligible for another. Keep looking until you find a suitable offer.

Good credit scores improve your chances of getting quick approval:

Having a spotless credit history will always help you get personal loan in Indore at lowest interest rates. If you do not know your credit scores, you can use the free CIBIL score checkers to find the necessary information. Though most lenders prefer borrowers with high credit scores, you may be able to find some lenders who are lenient. They may even offer bad credit personal loans.

A personal loan can improve your credit scores:

If you do not have a particularly impressive credit record, you may want to improve it to make your financial life more secure. However, building good credit ratings takes time, and a personal loan can help you achieve your goal. When you repay a personal loan on time and when your lender reports it to the credit bureau, it reflects well on your credit report and increases your scores.

Top lenders that provide personal loans in Indore

Before applying to get personal loan in Indore at lowest interest rates, you should check out offers from multiple lenders. You might look at personal loan schemes from banks, NBFCs, online lenders and even some personal loan apps! Lending platforms such as Loan Sumo are also there to make the process of getting a personal loan in Indore easier for you. Here is a quick list of lenders and the personal loans they offer:

Bank/NBFC

Loan amount

Tenure

Interest rate

Processing fee

HDBFS Up to Rs. 20 lakhs 1-5 years 14.99% – 14.99% Up to 2%
TATA Capital Up to Rs. 20 lakhs 1-6 Years 10.99% – 25% Nil
Citibank Up to Rs. 30 lakhs 1-5 Years 10.99% – 16.49% Nil
InCred Rs. 50,000 – Rs. 7.5 lakhs 1-4 Years 16% – 28% 2% – 5%
Indusind Up to Rs. 25 lakhs 1-5 years 11% – 16% Nil
IDFC Bank Rs. 2 lakhs – Rs. 25 lakhs 1-5 Years 11.5% – 13.5% 1% + applicable tax
HDFC Bank Up to Rs. 40 lakhs 1-5 years 10.99% – 21.25% Up to 2.5%
Standard Chartered Bank Up to Rs. 30 lakhs 1-5 years 10.99% – 14.49% Nil
Kotak Mahindra Bank Up to Rs. 25 lakhs 1-5 years 10.99% – 18.15% Up to 2.5%
ICICI Bank Up to Rs. 20 lakhs 1-5 Years 11.00% – 18.25% From .75% + applicable taxes

Documents you need to provide to apply now for a personal loan in Indore

The application process varies from one financial institution to the other. Here at Loan Sumo, we have kept the online application process fairly simple. All you have to do is visit our site and fill out the quick application form. After you submit the same, you will receive a prompt response from us. We will then start processing your application and match you with appropriate direct lenders. The established and trusted lenders will then provide you their best personal loan offers. You can compare the options and choose the one that fits your requirement.

However, before you can get the loan options, you will have to fill out the form properly and provide the necessary documents. Here are some of the documents that we may require from you:

  • Passport-sized photographs
  • ID proof (voter ID, passport, driver’s license or Aadhaar will do)
  • Residence proof (landline bill, bank statements, or rental agreement will do)
  • Age proof (school certificate, driver’s license, passport, or PAN card will do)
  • Income proof (salary slip from the last 3 months)
  • Banking statements (bank statements from the last 6 months)

We may need some more documents depending on the lender’s requirements. So, what are you waiting for? Get in touch with us today!