05 JANUARY, 2023

As someone who is trying to work hard to meet all their professional and personal goals and build a good life for themselves, there may be times you may need short-term financial assistance. This may be either to meet a financial emergency or expedite specific milestones such as buying a car or going on your dream vacation. And if you live in one of the top cities of the country such as Mumbai, Delhi, Bengaluru, Hyderabad, Pune, or Chennai, you have quick and easy access to one of the best financing options – a personal loan.

If you are undecided on whether a personal loan is the right option for your current financing needs, here’s what you need to know about the benefits of applying for a personal loan in top cities.

1. Instant online loans

Top cities in India and in the world today work on a comprehensive digital infrastructure for convenience. Just like you order groceries, book flight tickets, manage your bank account and more online, you can also click on that personal loan apply online button to get an instant personal loan from the convenience of your home. With Kotak, you can get a loan of up to Rs 5 lakh within a few seconds through a three-step online process. You can also get a personal loan of up to Rs 40 lakh by applying online. It may take a few additional steps but will also be processed in under 48 hours.

2. Access to a higher loan amount

If you are a salaried employee living in one of the top cities in India, then chances are that you are in that group of Indians who are on the higher end of the income spectrum. This means that you will have access to a higher loan amount when you decide to apply for personal loan. And since a personal loan has no restrictions on the way you can use the funds, you can utilise one personal loan for more than one need. For instance, if you want to go on a vacation and buy a new car at the same time and are eligible for a high personal loan amount, you can simply apply for this one loan to fund both these goals.

3. Better personal loan interest rates

Coupled with higher income than average, you may also have a good credit score in place. As someone living in a metro city, credit is accessible to you easily from an earlier age whether in the form of credit cards or other loans. So, you may already have had the chance to build a good credit score. The combination of high income and a good credit score is most likely to translate to an attractive personal loan interest rate. A low personal loan interest rate would reduce your overall cost of taking a loan and make it more affordable to pay your Equated Monthly Instalments (EMIs). You can use Kotak’s personal loan EMI calculator to get an idea of what your personal loan EMIs will look like so you can financially plan accordingly.

There are some other benefits too of applying for a personal loan while living in the top cities of the country. You may already have a good banking relationship with the lender and may have better access to tools for debt management such as balance transfers and debt consolidation at a later stage. Hence, you have an edge as a personal loan applicant from a top city.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.