Located in the Indian state of Uttar Pradesh, the city has history dating back to the Indus Valley Civilisation. Meerut is situated 70 kms form Delhi on the northeast side. It is around 450 Kms away from the state capital of Uttar Pradesh. Meerut is the largest producer of sports goods and the largest producer of musical instruments in India. The city is educational hub for the western part of Uttar Pradesh. If you need personal loan at competitive rates in Meerut, you have to bargain hard. The interest rate on personal loan varies from one lender to another and depends on many factors such as the credibility and the debt repaying ability of the borrower.
About personal loan
As hinted by the name, this is a loan given for the personal use of the borrower. He or she is free to use it wherever the borrower wants to, be it for buying furniture, renovating house, holidaying, child’s education, marriage etc. The borrower doesn’t have to disclose the purpose upfront to the lender.
- The tenure of the loan ranges between 12 months to 60 months
- The borrower also has the flexibility to choose the repayment option. One can chose any of the three repayment option-ECS, autodebit and post dated cheques.
- Few lenders also provide the part debt repayment option.
- Few lenders also provide the facility to provide online approval. This is generally an in principle approval.
- The collateral and guarantor requirement is not there in case of personal loan.
- The tax benefit is also there if you take the personal loan for home renovation purpose. If you can prove it with valid documents, you will get tax deduction under section 24B for the interest part.
- The Documentation process is very fast compared to other secured loans such as home loan and car loan.
- The rate of interest is lower than interest rate on credit card debt.