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Rajasthan is popularly known for its glorious past and great palaces. Rajasthan, therefore, presents a vibrant traditions-rich culture and history with cities like Jaipur, Udaipur, Jodhpur, and Ajmer.

Rajasthan's economy is mainly based on tourism, handicrafts, textiles, and mining, though agriculture still generates a very large portion of income in the rural areas of the state.

Rajasthani personal loans provide the flexibility to support a range of needs including business endeavours, education, weddings and medical care. Both urban and rural residents of the state benefit from low interest rates, quick approvals and a range of repayment options.

Features & Benefits of Personal Loan In Rajasthan
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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 Rajasthan.
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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 Rajasthan works?

Rajasthan is one of the culturally and agriculturally rich states. People in Rajasthan have been involved in multiple activities in life. But when life does not go as planned it is appropriate to opt for the financial aid like Personal  Loan. 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 Rajasthan 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 Rajasthan works?
Eligibility Criteria for Personal Loan In Rajasthan
Eligibility Criteria for Personal Loan In Rajasthan are mentioned below:
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Age: The age of the applicant should be between 23 years-65 years.
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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 Rajasthan

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

01
Income

Borrowers In Rajasthan 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 Rajasthan 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 Rajasthan, 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 Rajasthan 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 Rajasthan, you must clear all your defaults. A lender In Rajasthan 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 Rajasthan

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 Rajasthan

Lenders require the following documents from their Personal Loan In Rajasthan 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 Rajasthan
My Mudra has designed a quick and hassle-free Personal Loan In Rajasthan application process. You can follow the below-listed steps to apply for a In Rajasthan in India with My Mudra:
01
Apply for the Personal Loan In Rajasthan online on the My Mudra portal.
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Our executive shall call you for the documentation and shall guide you through the process of the loan.
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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 Rajasthan

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 Rajasthan 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 Rajasthan 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 Rajasthan?

There are many reasons to choose My Mudra when you need a personal loan In Rajasthan:

  • Digital Availability: You can access our online portal while applying for an instant personal loan In Rajasthan.
  • 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 Rajasthan

Q1. Can I get a personal loan in Rajasthan if I am a woman?

Ans- Yes, women in Bihar are eligible for personal loans just like men.

Q2. Can I get a personal loan in Rajasthan if I work in another state?

Ans- Yes, you can apply for a personal loan in Rajasthan even if you are employed in another state. You will need to provide proof of employment, income, and a stable address in Rajasthan to meet the lender’s eligibility criteria.

Q3. Are personal loans available in smaller cities of Rajasthan like Udaipur, Jodhpur, or Kota?

Ans-Yes, personal loans are available in smaller cities of Rajasthan like Udaipur, Jodhpur, Kota, and others.

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