Gujarat is one of the most developed and industrialized states in India, situated on the western coast. This state contributes significantly to the overall growth of the country. The residents of Gujarat can now opt for a personal loan from a bank for additional funds.
Here are some of the features and benefits of a personal loan in Gujarat:
1. No Collateral/Security Required - With personal loans, you do not have to provide collateral such as a house or a car to qualify for a personal loan. The loan is approved only on the basis of your creditworthiness, which depends on your credit score, income, repayment history, reputation as an employer, etc.
2. Flexible End Use - Personal loans can be used for multiple purposes, such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.
3. Flexible Tenure - Personal Loans usually come with flexible tenure ranging from 12 months to 60 months.
4. Minimal Documentation - Personal loans can be applied for online and even offline with minimal documentation. The most important documents that lenders usually require from the applicant include proof of identity, proof of address and proof of income.
5. Quick Disbursal - Personal loan disbursal can sometimes happen within a few hours, once the application is approved. Turnaround times can also be as short as a few minutes if you can avail of a pre-approved loan offer.
6. Flexible Loan Amount - The personal loan amount disbursed is based on a person’s repayment history, monthly income, age, occupation, employer reputation, and other factors. Lenders offer personal loans ranging from 10,000 rupees to 40 lakhs.
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