With the growing Indian economy and Globalization, people are relocating their base to metro cities. Various factors attract people to relocate for better services like (Infrastructure, Modes of Communication, Education, Healthcare, Job and Business opportunities, Government Offices, Shopping Malls, Entertainment and Amusement Parks). Now let's understand what Metro Cities and Non-metro cities mean before applying for a personal loan:
What is a
Personal Loan?
A personal loan is an unsecured credit that you can get when you apply for it from any bank or NBFC (Non-Banking Finance Company) or money lender without any guarantor or security. A Personal Loan has easy eligibility criteria and comes with special offers which excite borrowers to apply for Personal Loan to utilize the loan amount to meet their financial needs in crises like medical, education, marriage, renovating their house, or a foreign trip, etc. To get an instant Personal Loan, there is a simple online process that requires minimum documentation once you meet eligibility criteria.
Following
are the factors that make metro cities look different from the non-metro city:
- Housing Expenditures: Thecost of living in metro cities is very high compared to non-metro cities. You have to pay high rental and maintenance charges; for example, a 2BHK flat has Rs. 25,000/- rent in Mumbai, which reduces your entire savings. The cost of purchasing a 3BHK apartment is approx. Rs. 1 crore in Kolkata and Chennai. The rent and real estate prices are less in smaller cities like Pune, Nagpur, etc., where you can pay a rent of Rs 15,000/-.for your two-bedroom house.
- Living Cost: The living cost is always high if you are living in metro cities. Transportation and handling costs involved in transporting fresh vegetables from farms to cities make them expensive. Other necessary expenses are also high like electricity bills, internet and mobile bills, the salary of the household maid, and service charges which you have to pay for repairs and fixtures to plumbers, carpenters, painters, and electricians, which is a must for your livelihood. At times you might have to apply for instant personal loan to pay these bills if it exceeds the minimum bill amount.
- Social Expenditures: If you live in metro cities, you will socialize with others, outing, inviting friends and relatives to your home. Paying for movie tickets and even spending your income on other luxury items to maintain your social status in society. People living in metro cities prefer to travel by car because the cities are too populated with high pollution, causing environmental issues. In non-metro cities, people travel on their 2-wheeler bikes to save time and money. In addition, you will spend on your fitness by paying gym fees, buying good clothes, grooming, and make-up, etc.
- Eligibility Criteria: Salary upsurges are proportional to the cost of living; hence they are larger in metropolitan areas. After understanding the fact that there is a high living cost in metro cities, banks and lenders approve the loan request of the borrower who wishes to apply for an instant personal loan. You are at an advantage if your income is higher, you have good savings in cash, investments made in Mutual Funds and Shares, Gold, real estate, etc., as banks believe you are capable of paying your EMIs regularly. Your monthly income must be at least Rs. 15,000 in a metro area, while it must be at least Rs. 10,000 in a non-metro area to qualify for a personal loan.
Eligibility
for a Personal Loan and things to consider:
To get an online personal loan, you must be aware of the below pointer below
applying for the personal loan:
- Your Credit Information Bureau India Limited (CIBIL) score should be 700+
- Your age should be more than 21 years or less than 60 years old.
- You should have a stable job. A minimum of two years' work experience is required, with at least one year's experience with your current employer.
- You should be employed with a public sector undertaking or a private limited company to improve your eligibility to apply for Personal Loan.
- You must meet the least income criteria and low EMI-to-income or (debt-to-income) ratio to become eligible for a personal loan. You can check the personal loan eligibility calculator on your bank's website or app to know how much you can borrow the maximum.
- Use the personal loan calculator available on your bank's website or app. Choosing the right repayment tenure will keep your finances in check and make it easier for you to pay your EMI within your budget.
- Ensure you provide all the necessary documents and details while filling out the instant personal loan online application form. Once all the details are verified, your bank can easily approve your loan request. If there is any mismatch or incomplete information provided during form filling, it might impact your credit score, and there are chances your loan request may get rejected. After fulfilling all the eligibility criteria, you can negotiate for lower interest rates, maximum loan amount, and even tenure with your bank.
Conclusion:
You can easily get an instant loan anywhere, whether in metro
or non-metro cities, by applying it online from the comfort of your home
without visiting any lender or your bank, which also gets approved soon. Your
bank or lender never enquires the reason for which you require money. You can
get a personal loan if you fulfil the eligibility criteria of banks. You can
explore various schemes and options online based on your needs and which are
within your paying capacity. The process for applying for a loan online or on a
paper form filling is the same everywhere. You should choose a trusted bank or
lender if you are taking a long-term loan. Life in the metro city is fast,
busy, and expensive; to survive, you need to earn more and find an alternate
source of income to maintain a decent lifestyle compared to non-metro cities.
