Tax Benefits
Most of the tax deductions are on interest and not on the principal amount.
Personal Loan in Ranchi
Loan up to ₹5 Lakh
Minimum Salary Required ₹15K
Instant Approval in 10 minutes
Personal Loan EMI Calculator
Get a Personal Loan in Ranchi Up to 5 Lakh
Ranchi, the capital of Jharkhand, is one of the fastest-growing cities in eastern India. It has experienced positive growth in industries such as mining, IT, and education, offering a variety of job and business opportunities. With this growing development, the need for instant and unsecured financial assistance is also increasing.
Hero FinCorp offers personal loans in Ranchi of up to Rs 5 Lakh for salaried and self-employed borrowers with a minimum monthly income of Rs 15,000. Our interest rates are competitive and our repayment tenures are flexible. Our USP is that you can receive approval in 10 minutes of applying online.
Feature and Benefits of Personal Loan in Ranchi
As most of the activities have shifted online, so has the Personal Loan application process. Borrowers wanting immediate access to funds can switch to instant personal loan apps or websites instead of physically visiting the branch and applying for a loan. Below are some benefits of requesting for Personal Loan online:
Financial Stability
Personal loans are approved quickly on time. This provides financial stability and saves borrowers from sinking in financial risks and delays.
Collateral Free
Personal loans do not require any security or a guarantor for approval. This keeps your assets safe.
Instant Availability
Loans are approved in the shortest span of time, within 24 hours to 48 hours of a working day.
Affordable Interest Rate
Interest rate on a loan may vary depending upon the type of loan, credit score, tenure and other financial factors. If the credit score is good the rate of interest will be low.
Eligibility Criteria for Instant Personal Loans in Ranchi
Before applying for a Personal Loan in Ranchi, ensure you meet the eligibility criteria, including your age, monthly income, work experience, and citizenship. At Hero FinCorp, the personal loan eligibility criteria are simple and easy to fulfil.
| Criteria | Requirement |
|---|---|
| Age | Applicants should be between 21 and 58 years. |
| Citizenship | You should be a citizen of India. |
| Work Experience | Six months for salaried individuals and 2 years for self-employed individuals. |
| Monthly Income | You should have a minimum income of Rs 15,000 monthly. |
List of Documents Required to Apply for a Personal Loan in Ranchi
Documentation requirements vary slightly for salaried and self-employed applicants. So, being prepared with the necessary personal oan documents can help ensure a smooth and hassle-free application process. Here’s a list of the commonly required documents.
Documents Required For Salaried Employee
Proof of Photo Identity
Driving License, Passport, PAN Card, Aadhaar Card
Mandatory Documents
Loan Application Form, Passport Size Photo
Proof of Income
6 Months’ Salary Slips & Bank Statements, Form 16
Job Continuity Proof
Appointment Letter from Current Employer
Proof of Residence
Driving License, Passport, Aadhaar Card, Utility Bill
Additional Documents (Self-Employed Only)
N/A
Documents Required For Self Employed
Proof Of Photo Identity
Driving License, Passport, PAN Card, Aadhaar Card
Mandatory Documents
Loan Application Form, Passport Size Photo
Proof of Income
Last 6 Months Bank Statements, ITR for Last 2 Years
Job Continuity Proof
N/A
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Additional Documents (Self-Employed Only)
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Interest Rate and Charges for Personal Loan in Ranchi
It’s important to know the loan costs before applying for an instant Personal Loan in Ranchi. At Hero FinCorp, personal loan interest rates are competitive, and other charges are nominal. Here are the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply For a Personal Loan in Ranchi?
You can apply for a personal loan in Ranchi with Hero FinCorp online. Here is the stepwise process:
- 1
Visit the Hero FinCorp website or install the personal loan app
- 2
Go to the personal loan page and click ‘apply now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
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Frequently Asked Questions (FAQs)
You should be a citizen of India between 21 to 58 years with a minimum monthly income of Rs 15,000 to apply for a Personal Loan in Ranchi.
To get a Personal Loan in Ranchi from Hero FinCorp, you should have your KYC details and proof of income.
At Hero FinCorp, the interest on a Personal Loan in Ranchi is 19% p.a, followed by a minimum processing fee.
Processing of Personal Loan in Ranchi is quick with simple documentation. It depends on the verification process of the application form and documents. Once approved, the loan amount gets disbursed quickly.
Individuals with a minimum monthly income of Rs 15,000 can apply for a Personal Loan with Hero FinCorp in Ranchi.
A good credit score of 750 or above, a low DTI (debt-to-income) ratio of 40% or less, and meeting the lender eligibility criteria can help you get a Personal Loan in Ranchi.
Just fill out an application form with your KYC (Know Your Customer) details and submit it with your proof of income online or at your nearest Hero FinCorp branch office.
Certainly, you can confidently apply for a Personal Loan in Ranchi, provided you have a good credit score, a low debt-to-income ratio and meet the minimum income requirements of the loan provider.
You can get the loan for any planned or unplanned expenses without collateral with approval in 10 minutes when you apply online with Hero FinCorp.
You can find the best Personal Loan offers online. For example: you can get a loan of up to Rs 5 Lakh at an attractive rate and flexible tenures with Hero FinCorp.
You can get a Personal Loan approval in less than 10 minutes when you apply on the Hero FinCorp app.
You can get a Personal Loan in Ranchi of up to Rs 5,00,000 from Hero FinCorp without collateral.
You should look for low interest rates, flexible loan tenure, no collateral requirement, and lender’s reliability to get a Personal Loan in Ranchi.
Prepayment charges may vary from lender to lender. At Hero FinCorp, there is no penalty on prepayment – terms & conditions apply.