4 Commonly Asked Questions When Applying For An Instant Personal Loan In Pune

Planning to take a loan in Pune? Looking for the best personal loans available in Pune for your needs? Well, there might be a lot of questions running in your mind, but just relax! This article is an attempt to answer all the frequently asked questions by Punekars when they are planning to apply for an instant personal loan in Pune.

Whether you are planning to buy a gadget, getting your home repaired, paying for medical emergencies or planning to upgrade your skills, an instant personal loan will help you fulfil your goals. However, it is advisable to do some groundwork before finalizing with a lender. So, let us check out some of the commonly asked questions.

1. How do I get an instant personal loan in Pune?

There are many lenders like banks, NBFC’s (Non-Banking Financial Companies), or credit unions, which are offering instant personal loans. You can apply for one either by visiting the official website of your lender or by downloading their application on your smartphone.

Most of the personal loans available in Pune are unsecured and do not request you to pledge your assets to avail one. Before proceeding ahead to apply for a loan, kindly check:

• Your loan requirement
• Your loan eligibility
• Calculate your monthly instalments and
• Approach the lender based on your requirements

2. Where can I get a personal loan with an affordable interest rate in Pune?

The interest rate for an instant personal loan in Pune varies from one lender to another. It can be as low as 10.99% to more than 20%. But, the factors that help determine the interest rate are:

• Credit score - Make sure you have an ideal credit score of 750+ to qualify for a loan with lower interest rates.
• Income - If your income is high, the risk will be lower for your lender and you will be approved with a better interest rate. If your income is low, the risk will be higher for your lender and you will be approved with a high-interest rate.
• Employer brand - If you are working with a reputed organization, then there are high chances of approving you with a loan at low-interest rates.
• Nature of employment - Lenders approve a loan with different interest rates based on whether you are a salaried individual or a self-employed individual.

3. How long does it take to disburse the loan amount, once approved with an instant personal loan in Pune?

Some lenders such as banks take a week or even more to disburse the loan amount. But with NBFCs, you can get the loan amount credited in your account just within a few hours. This again depends on the lender you have chosen.

4. How to get an instant personal loan in Pune with a low credit score?

The ideal credit score preferred by most of the lenders is 750+, as it helps you qualify for a loan with lower interest rates. But if you have a low credit score i.e., below 750, you may get approved for a loan with a slightly higher interest rate.

Not all lenders in Pune approve you with an instant personal loan if you have a bad credit score, but there are few lenders like FlexSalary, which approves you a loan even if your credit score is low.

Bottom line

Being the second major ‘IT hub of India’, top ‘Automobile & manufacturing hub of India’ and with several well-known educational institutions in Pune, this city is a major destination to all the people aspiring big in their career. Due to this huge growth in the city, many salaried professionals are unable to balance their finances even for basic necessities and hence end up applying for a personal loan.

So if you want to apply for a loan, choose one of the top lenders like FlexSalary who can approve you with the same-day personal loans. Get instant access to credit anytime and anywhere with FlexSalary, as they provide loans throughout India and you can repay in flexible payments.

I am a free lance writer an mostly write on loans related topics