Delhi is an expensive metropolitan city. Even being able to manage a moderate life comes at a relatively higher cost than most of the other cities. It is no wonder that many people in Delhi opt for a loan of one type or another. And it is always a smart decision to get a loan and pay low monthly dues than to spend months and years to accumulate a particular sum for a particular expense.
However, there are multiple loan providers in Delhi offering different types of loans to be used. Hence, it is important to know what type of loan you should get for yourself and from whom.
Major Loan Providers
Two of the most common loan providers are banks and NBFCs.
An age-old institution covering various financial activities that a person or a company undertakes in their day-to-day life. Since banks are the most well-known place to get loans, most people prefer them over other loan providers. However, the catch is that banks cover up for multiple financial areas, and therefore it is not common to expect that they are going to provide you with the best deals as far as getting a loan is concerned.
Non-Banking Financial Companies are those financial institutions that excel in providing loans to borrowers. The major reason for them being a better loan provider over banks is that they have been specifically set up for these purposes i.e. of providing loans at the best rates to companies and individuals. Hence, their primary task is to get you loans at affordable rates.
Types of Loans You Can Avail In Delhi
You can expect basically two types of loans in Delhi: secured and unsecured loans.
Secured loans are those loans where you have to put some collateral in place of the loan amount. Banks usually provide secured loans. Loans like gold loans or vehicle loans are some of the examples of secured loans.
Unsecured loans refer to those types of loans where you do not need collateral to get a loan. NBFCs are preferred to get unsecured loans. Personal loans are one of the most common examples of unsecured loans. You can get personal loans in Delhi quite easily with some of the best lenders offering you excellent facilities. One such option to go for is the Navi loan.
Which Loan Options To Go For?
The common misconception among people is that banks are the best option available to get loans. However, when it comes to getting personal loans in Delhi, the banks that offer such services set high demands from the borrowers. The eligibility criteria they set up excludes a good chunk of borrowers. These include high monthly income and credit score.
On the other hand, if you are looking to get personal loans in Delhi, NBFCs are a great option to go for. They provide flexible payment tenures and that too at moderate monthly income and credit score.
Eligibility Criteria For Getting Personal Loans In Delhi
The eligibility criteria to get personal loans in Delhi are quite flexible. They are as follows:
You can get a personal loan in Delhi with minimum age criteria of 18 while the maximum being 65 years. However, this criterion differs from one lender to another and you can expect the stipulated minimum age to be anywhere around 21 years to 25 years.
You have to have employment to get a personal loan. This employment can either refer to being salaried personnel or a self-employed individual.
Credit Score Criterion
Credit score refers to the creditworthiness of a borrower. If you are applying for personal loans in Delhi you ought to have a minimum credit score of 650.
Based on your convenience, you can decide for yourself which loan option would be most suitable for you in Delhi.