Kochi is widely referred to as the commercial capital of Kerala. Kochi is home to Cochin Stock Exchange, the only stock exchange in Kerala. Federal Bank, the fourth-largest Private-sector bank in India is located in Aluva which is a suburb of Kochi. Being a major online trading centre in the country, SEBI has opened its local office in Kochi.
Kochi is recognized as one of the seventeen major industrial cities of India by World Bank, Doing Business Group. However, in the 2009 rankings of ease to start and operate a business, among the 17 Indian cities selected, Kochi was rated as the second most difficult city to start business and was ranked 16th, above Kolkata.
The IT and ITES related industries are growing up in Kochi. Availability of cheap bandwidth through undersea cables and lower operational costs compared to other major cities in India, has been to its advantage. Various technology and industrial campuses including the government promoted InfoPark, Cochin Special Economic Zone and KINFRA Export Promotion Industrial Park operate in the outskirts of the city.
All of this growth in the region has led to an increase in the need for a personal loan. We are here to help you in obtaining a personal loan
What is a personal loan?
Personal loan is a type of unsecured credit which is provided by financial institutions to its consumers. Unlike car loan or property loan personal loan is a multipurpose loan and can be used for various different objectives such as paying back debt, vacation or to meet wedding expenses etc.
Interest on personal loans –
The interest on personal loan ranges anywhere from 10% to 50%. It is highly variable as it depends upon the credit score of the consumer if the consumer has a credit score of more than 750, he’s likely to get a lower interest rate and the processing time of the loan is expected to be faster for him. Personal loan can be availed to an amount up to 5 Lack rupees and can be repayable up to a period of 60 months
FEATURES AND BENEFITS OF PERSONAL LOAN IN KOCHI:
High Loan Amount :
Financial institutions in Kochi, provide personal loans in the range of Rs 50,000 to Rs 5,00,000, whether you are a salaried or self-employed individual.
Attractive Interest Rate :
Personal loans in Kochi are offered at affordable interest rates, which can be easily handled by salaried as well as self-employed individuals.
Collateral Free :
Availing a personal loan in Kochi comes with no strings attached as it requires no collateral as security, thereby increasing the chances of faster approval.
Flexible Repayment Tenure :
Since the repayment period can range from 12 months to 60 months , a personal loan provider in Kochi, borrowers get to enjoy great flexibility and can plan their EMIs based on their current living expenses.
Instant Approval :
Personal loans in Kochi are collateral-free, and hence, require very few documents. Financial institutions offer instant loan approval on personal loans if an applicant meets the eligibility criteria and submits valid documents.
Eligibility Criteria for Personal Loan in Kochi:
- A personal loan in Kochi can be availed by meeting the eligibility criteria mentioned below.
- An Indian citizen who is at least 21 years of age and not more than 58 years.
- A professional who gets a salary must be employed at a company for at least 6 months.
- A self-employed professional should be running his business for a minimum of 2 years.
An applicant must have a monthly income of Rs 15000 or more to avail a personal loan in Kochi.
Documents Required for Personal Loan in Kochi:
- A completely filled personal loan application form along with a PAN copy should be uploaded online.
- A passport size photograph with the recommended KYC documents such as identity proof, residential proof, income proof must be furnished by both salaried and self-employed applicants to be eligible for a personal loan in Kochi.
Bank statements of the previous 6 months must be submitted as income proof by both salaried and self-employed applicants.
Conclusion
In the end we can say that personal loans are one of the most flexible loans that can be availed by a consumer. Banks provide this facility so that consumer can use this money responsibly. At the end of the day this is also a loan which needs to be repaid back with interest hence it is advisable to only apply for a personal loan when required or in a need of emergency. Also, if there is a specific loan available for the specific purpose of the consumer the consumer should not avail a personal loan
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