Personal Loan Nellore

Personal Loan at 10.99%*

Apply & Get Instant Approval

What is Personal Loan?

A personal loan is an unsecured loan which helps you to meet your current financial crises. You don’t need to pledge any security or collateral while applying for a personal loan and the financial institution provides you with the flexibility to use the funds as per your need. Apply Online for the Personal Loan in Nellore via magicloans.in and get instant approval.

Read more about Personal Loan

What is the Eligibility Criteria for taking Personal Loan in Nellore?

Both Self-employed and Salaried applicants can avail a personal loan, but the criterion is different for both applicants.

For Salaried:

  • Firstly, the borrower should be an Indian citizen.
  • Secondly, the applicant’s age should be at least 21 years.
  • Next, the applicant’s age should not be above 60 years.
  • After that, the borrower should be working in a company from the last three months.
  • Lastly, minimum salary of the customer should be Rs 20,000 per month.
  • Also, the person needs to have a minimum CIBIL Score of 700.

For Self-Employed:

  • Firstly, the borrower should be an Indian citizen.
  • Secondly, the applicant’s age should be at least 25 years.
  • Next, the applicant’s age should not be above 65 years.
  • After that, the person should be carrying his/her business for at least three years.
  • Next, the customer should be filing his/her Income Tax Returns at least for three years with a minimum amount of Rs. 2.5 lakhs.
  • Also, the person needs to have a minimum CIBIL Score of 700.

To know more about: Personal Loan Eligibility

What are the Interest Rates offered on Personal Loan in Nellore?

It depends on a lot of things which includes the income of the person, and the category of the company, the amount of loan needed etc. Regularly, the usual rate of interest in the personal loan is 10.75% per annum. Though, it can change with respect to time and in concern with different credit scores of the applicants.

  • The candidate has an option to choose the time period of the loan.
  • It can range from 6 months to 5 years, as per the borrower’s convenience.
  • If the applier wants to close the loan before the completion of the time period of his loan, then there is an option available to him of pre-closure.
  • For pre-closure feature, the charges are around 0-2% depending on bank to bank and region to region.

What are the Documents Required for Taking Personal Loan in Nellore?

The documentation procedure for availing this loan is hassle-free and very easy to understand. Since a personal loan is a very insecure loan; therefore, the bank or other lenders need to assure themselves by checking all the documents of the applicant of the loan.

  • Initially, two colored passport size photographs are a must.
  • Further, one income proof is also needed which includes – salary slips and bank statement of last 6 months for salaried person.
  • Likewise, one proof of identity is needed, which includes – Aadhar Card/ Passport/ Driving License/ Voter Card/PAN Card.
  • Moreover, one residence proof is a must which includes – Aadhar Card/ Voter Card/ / Passport PAN Card / Ration Card/ Utility bills of last three months in the name of the applicant / Rental Agreement.
  • Most importantly, for a self-employed individual, income proof is ITR of the last 3 years, and it should be at least of Rs.2.5 lacks.

How can you Repay the Loan Amount?

There are basically 3 methods of returning money:

  • EMI (Equated Monthly Installments) – In this you need to pay a fixed amount of money every month.
  • Term Loan – This is most suitable for small businesses. The loan is provided for a specified period of time, usually at a fixed rate of interest.
  • OD (Over Draft) – Under this, you pay interest only for the amount that you have credited, and once you debit that amount, then you do not have to pay any interest on it.

How you can Apply Online for Personal Loan in Nellore?

Now, you have all the information related to personal loan and want to apply for the loan then visit www.magicloans.in

  1. First of all, fill the online application form with the required fields.
  2. After that, you will get a call from loan experts within 5 minutes.
  3. The expert will explain to you the procedure, which is very simple and easy.

Pre-closure Charges

It may be possible that you want to close your loan before the completion of the tenure of the loan and for those lenders provide a feature called pre-closure. In pre-closure, there are some nominal penalty charges. Generally 0-2% that applicant have to pay.

What is the maximum Tenure of Personal Loan?

There is no restriction, and you can choose the tenure of the loan from 6 months to 2 years according to your convenience.

About Nellore

Nellore is a place situated on the banks of the Penna River, which is settled in Nellore district in the state of Andhra Pradesh, India. The total population of this area is 499,576. The average literacy rate here is 83.59% with male literacy rate as 87.53% and female literacy rate as 79.52%. The Pin Code of this region is 524001.


Major Banks Giving Personal Loans

Allahabad Bank Personal Loan HSBC Bank Personal Loan
Andhra Bank Personal Loan ICICI Bank Personal Loan
Axis Bank Personal Loan IDBI Bank Personal Loan
Bajaj Finserv Personal Loan IDFC First Personal Loan
Bank of Baroda Personal Loan Indian Bank Personal Loan
Bank of India Personal Loan IndusInd Bank Personal Loan
Bank of Maharashtra Personal Loan Kotak Mahindra Bank Personal Loan
Canara Bank Personal Loan Muthoot Finance Personal Loan
Central Bank Personal Loan Punjab National Bank Personal Loan
Manappuram Personal Loan RBL Bank Personal Loan
Corporation Bank Personal Loan Standard Chartered Bank Personal Loan
Federal Bank Personal Loan State Bank of India Personal Loan
Fullerton India Personal Loan Syndicate Bank Personal Loan
HDFC Bank Personal Loan TATA Capital Personal Loan
Yes Bank Personal Loan UCO Bank Personal Loan


Personal Loan in Major Cities

Personal Loan Ahmedabad Personal Loan Indore
Personal Loan Bangalore Personal Loan Jaipur
Personal Loan Bhubaneswar Personal Loan Kolkata
Personal Loan Chandigarh Personal Loan Lucknow
Personal Loan Chennai Personal Loan Ludhiana
Personal Loan Cochin Personal Loan Mohali
Personal Loan Coimbatore Personal Loan Mumbai
Personal Loan Delhi Personal Loan Nagpur
Personal Loan Faridabad Personal Loan Navi Mumbai
Personal Loan Gurgaon Personal Loan Nellore
Personal Loan Ghaziabad Personal Loan Noida
Personal Loan Hyderabad Personal Loan Panchkula
Personal Loan Surat Personal Loan Patna
Personal Loan Vijayawada Personal Loan Pune
Personal Loan Vizag Personal Loan Rajahmundry