Known as the ‘Textile City’, ‘City of Diamonds’, or ‘City of Sun,’ Surat is a fast-growing urban agglomeration, housing reputed academic institutions and industries rife with employment opportunities. It is easy for you to apply for personal loan in Surat since the city accommodates some of the most trusted and renowned financial institutions and lenders in India.
Whether you need to take care of hefty medical bills, home renovation costs, urgent cash shortages, wedding expenses, or travel charges, availing personal finance can fund all your needs in Surat.
Moreover, you can also use the loan to pay off credit card bills, unpaid loans, debt consolidation, or balance transfer. Be it a personal loan in Bangalore or Surat; the good thing is that they are typically unsecured and allow you to avail loan amounts up to Rs 25 lakhs without entailing a security deposit or collateral.
Here are a few things you should keep in mind for ensuring a hassle-free loan application process in Surat.
Maintain a good CIBIL score
CIBIL score, a three-digit figure, is a brief outline of your credit history. It is a score that measures your creditworthiness and illustrates how responsibly you will repay the borrowed funds. For availing a personal loan in Surat, lenders will expect a credit score of 750 or more since it symbolises good financial fitness.
A high CIBIL score can also secure lower interest rates for you. However, maintaining a good credit history is essential. Pay off credit card bills timely, do not default on EMIs and loan payments, and review your credit utilisation ratio regularly to keep it in check.
Check loan eligibility
CIBIL score is not the only thing that affects your loan eligibility. Financial institutions in Surat also check your job stability, work experience, income, age, etc. Ensure that you check your loan eligibility before applying for personal finance. This not only increases your chances for approval but also ensures that the lender accepts your application. The rejection can lower your credit score.
Compare interest rates
Surat’s loan market is vast, and various financial institutions offer personal finance. However, to secure the best deal, you must scout the scene by comparing personal loan interest rates and calculating your EMI. A low-interest-rate will lead to pocket-friendly monthly instalments, thereby not adding to your finances.
Review documents
For availing personal finance, applicants must furnish essential documentation to establish their credentials. Before applying, ensure that you have all papers at your disposal. Basic documents include photo identity proof, income proof, salary slips, employment certificate, and address proof. For self-employed professionals, lenders will also need income documents for the past three months.
So, if you are looking for a personal loan in Surat, these tips should help you access immediate funds. Moreover, with most lenders offering online application procedures, you can even receive the loan amount directly into your bank account without leaving the comforts of your home.
