Sustaining a comfortable life in the City of Nawabs can be a little expensive at times. Lucknow, despite being classified as an “A” level city according to the Sixth Central Pay Commission, the cost of living is more or less equal to that of major Indian metropolitan cities. Therefore, a resident of Lucknow has equal chances to face financial shortfalls like that of a Delhi resident or a Mumbai resident. Hence, having a financial backup is highly essential to cover the shortfalls whenever they occur. Having said that, a Personal Loan is a convincing alternative to use as the ‘financial backup’ aforementioned. Now, Personal Loan in Lucknow can be a bit different compared to other cities, therefore you have to evaluate all your options using the below-mentioned criterion's:
1. The flexibility of usage: The sunny side of Personal Loan is, they can be used for any reason at all. Yet, some banks impose restrictions on the usage of borrowed capital, even if the purpose is genuine. Therefore, choose a scheme/financial institution that allows you to use the Personal Loan for the purpose you need it.
2. Faster approval: If you are opting for Personal Loan schemes offered by Banks in Lucknow, you have a good opportunity to test your patience. But if you don’t want to do that, apply at NBFCs and get your Personal Loan application faster. Furthermore, NBFCs like Bajaj Finserv offer instant Personal Loan approval for existing customers.
Also Read: What is the process of getting a personal loan sanctioned in Lucknow?
3. Income tax rebate: Existing Personal Loan subscribers in Lucknow are eligible to claim income tax rebate under certain specific conditions: the borrowed capital was or is going to be used for home purchase, renovation and repair work; and for financing higher education. The rebate can be claimed under section 80C.
Bottom line: Being a resident of Lucknow you can opt for Bajaj Finserv Personal Loan scheme and avail a higher amount along with flexible repayment plan and online account management facility.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.