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Northeastern India Assam region is a heaven of verdant tea gardens, a vibrant culture, stunning scenery and natural beauty. It also contains the Brahmaputra River and Kaziranga National Park.

Due to balanced growth in state industries and agricultural sectors rural areas are also doing well and Guwahati the largest city is a significant industrial and cultural hub. Personal loans are necessary in Assam for several needs including weddings, business start-ups, medical emergencies and education.

Because banks and NBFCs are easily accessible, city dwellers benefit from simple application procedures, reasonable interest rates and adjustable repayment terms.

Features & Benefits of Personal Loan in Assam
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Competitive Interest Rates At Mudra, you get affordable, competitive interest rates as well as a repayment procedure that is much more flexible.
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Minimal Paperwork PAN card, Aadhar card, and bank statements are some of the papers through which one can apply for a Personal Loan in Assam.
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Quick Disbursal One significant advantage of a personal loan is its fast disbursal of the amount borrowed. The sum of the loan is added to the account within a time not exceeding 24 hours.
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No Collateral Is Required You don't have to provide some strong assets as collateral to apply for personal loans. This is relatively easy for the one who has no strong assets.

How Personal Loan In Assam Works?

Assam is known for Assam tea and Assam silk. The state where people are involved in multiple activities and farming. It is obvious that at times financial crunch enters life, choosing the Personal is the best idea. A personal Loan is a type of unsecured loan offered by multiple banks and NBFCs to people facing financial difficulties in their life. It can be used for various purposes like weddings, holidays, medical emergencies, and many more personal reasons.

The interest rate for a personal loan varies as per the eligibility criteria of a person. A person who is willing to opt for a Personal Loan in Assam should have a CIBIL Score of more than 700. Personal Loan borrowers should have stable income proof and must have KYC Documents.

How Personal Loan In Assam Works?
Eligibility Criteria for Personal Loan in Assam
Eligibility Criteria for Personal Loan in Assam are mentioned below:
01
Age: The age of the applicant should be between 23 years-65 years.
02
Employment: The applicant should be a salaried employee or a self-employed individual.
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CIBIL Score: The applicant should have a CIBIL or credit score of 750 or higher.
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Monthly Salary: The monthly salary of the applicant must start from Rs 22,000, depending on the city of residence.
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Factors Affecting Personal Loan Interest in Assam

When applying for a personal loan in Assam, several factors influence the interest rate a borrower may receive. Local lenders often consider the following:

01
Income

Borrowers in Assam who are earning a high amount shall be charged lower interest on personal loans. This can be understood by the fact that there are many banks and financial institutions that offer these facilities in those regions; for example, HDFC Bank and ICICI Bank structure their interest rates differently to attract people with stable, high-income jobs (and this is often reflected in areas with a higher cost of living). Lenders consider applicants with low income as more risky and charge them more money in interest. The interest rate for a personal loan from a local bank varies from 10 to 18% by income.

02
Repayment History

Borrowers in Assam with a good repayment history can get loans approved easily. Lenders consider borrowers at lower risk when they are paying their installments on time. Borrowers with poor repayment histories can be at risk. They can be charged a higher interest rate on the loan amount.

03
Credit Score

For residents in Assam, a good credit score generally 750 and above is an indicator that an individual is creditworthy. It shows the financial discipline of the borrower. If an individual has a lower credit score in Assam then he might have to pay a higher interest rate.

04
Defaults

If you are missing your repayments, then it is not a good sign. If you are planning to apply for a loan in Assam, you must clear all your defaults. A lender in Assam will see you as a more risky borrower if you have more defaults. Borrowers with more defaults have to pay higher interest on the approved loans and there might not be any favorable terms on the loan.

What Affects Personal Loan EMI in Assam

An Equated Monthly Installment (EMI) is a fixed amount that needs to be paid every month for a particular time.

Three major factors that affect personal loan EMIs are mentioned below:

  • Principal Amount of Loan: When the principal amount is high it affects the EMIs. The higher principal amount results in higher EMIs.
  • Rate of Interest: The EMIs of personal loans are affected by increments in interest rates.
  • Tenure: If the tenure of the loan is longer then the EMIs are shorter but the borrower has to pay higher interest on the loan amount.
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Documents required for a Personal Loan in Assam

Lenders require the following documents from their Personal Loan in Assam applicants as a proof to establish their identity, place of residence, income and repayment capacity.

  • ID Proof (Aadhar card/PAN card/Passport/Voter ID)
  • Address Proof (Electricity bill/Telephone bill/Gas bill/Aadhar card/PAN card/Passport/Voter ID)
  • Bank account statement for last 3 months
  • Latest salary slips
  • Employment proofs
  • Latest ITR or Form 16
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How To Apply For A Personal Loan in Assam
My Mudra has designed a quick and hassle-free Personal Loan in Assam application process. You can follow the below-listed steps to apply for a in Assam in India with My Mudra:
01
Apply for the Personal Loan in Assam online on the My Mudra portal.
02
Our executive shall call you for the documentation and shall guide you through the process of the loan.
03
Get the documentation done online and track the status of your loan on the My Mudra portal.
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The approval and disbursement status of your loan can be checked online.
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Enjoy quick disbursal of the loan from My Mudra.
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Which banks to prefer for in Assam

Bank Rate Of Interest
HDFC Bank 10.65%
IndusInd Bank 10.49%
ICICI Bank 10.95%
Kotak Mahindra Bank 10.75%
Axis Bank 10.75%
Personal Loan in Assam EMI Calculator

An Equated Monthly Instalment (EMI) calculator is a digital metre which shows the calculation of your monthly EMIs, a simple online tool that makes EMI calculation very easy and fast.

To get the results from the Personal Loan in Assam EMI calculator, you just have to provide three basic information related to the loan that has to be availed: loan amount, repayment tenure (in years), and rate of interest. After providing the details press Enter button and you will know your EMI calculation instantly.

This EMI calculation process will help you plan your budget so that before the due date you can pay your EMIs on time.

Break up of total payment
Loan Amount
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Rate of Interest
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Tenure (In Months)
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Total Payable Amount:
Monthly EMI:

Why choose My Mudra for Personal Loans in Assam?

There are many reasons to choose My Mudra when you need a personal loan in Assam:

  • Digital Availability: You can access our online portal while applying for an instant personal loan in Assam.
  • Easy Application Process: You can apply for a loan online from the comfort of your home. Just visit our website, fill in the application, and submit your documents.
  • Quick Approval: Once you submit your documents, our team will verify them, and you’ll get your loan approval within 24 hours.
  • Minimal Documentation: You don’t need a lot of paperwork to get a personal loan from My Mudra.
  • No Hidden Charges: There are no hidden charges or fees. Everything is explained to you upfront.
  • Flexible Repayment: The repayment of personal loans is flexible. You can either repay the whole amount or choose installments.
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Frequently Asked Questions (FAQs) About Personal Loans Personal Loan in Assam

Q1. How much loan can I get in Assam?

Ans- The loan amount can range from ₹50,000 to ₹25 lakhs or more. My Mudra offers a higher loan amount for customers with strong credit histories.

Q2. How do I repay my personal loan in Assam?

Ans- Repayments are made through Equated Monthly Installments (EMIs). You can make payments via post-dated cheques, online banking, or automatic deductions from your salary or bank account.

Q3. Can I take a personal loan if I have an existing loan?

Ans- Yes, you can apply for a personal loan even if you have an existing loan, but your eligibility for a new loan will depend on your current repayment obligations, income, and credit score. 

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