To apply for a personal loan in Bhopal with RING, the applicant must be at least 21 years old. This policy is in line with our commitment to responsible lending, ensuring that applicants have the financial maturity to manage their loans effectively.
Let Your Aspirations Soar Higher!
Unlock Your Dreams with a Personal Loan in Bhopal!
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Personal Loan in Bhopal
At RING, we believe in empowering the youth and ambitious individuals of Bhopal with tailored personal loans. Our personal loan in Bhopal allows you to access credit up to ₹5 lakhs with an easy and paperless application process. Forget long queues and endless paperwork; with RING, you can complete your KYC in under 5 minutes and unlock a world of opportunities!
Benefits of Personal Loan in Bhopal
Quick Approval: Get instant credit activation without the hassle of paperwork!
Zero Collateral: Borrow without the need for any security or collateral.
Flexible Repayment: Choose a repayment plan that suits your budget, with terms from 3 to 24 months.
Exciting Rewards: Enjoy cashback and rewards every time you transact with RING.
Features of Personal Loan in Bhopal
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for a Personal Loan in Bhopal with us.
Follow these simple steps to get started:
1
2
3
4
5
1
Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan in Bhopal EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan in Bhopal
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Rahul S.
Bhopal
I was on the lookout for funds to expand my small business, and that’s when I discovered RING. The entire loan process was incredibly straightforward! I applied for ₹2 lakhs, and within minutes, my loan was approved. The funds were in my account just as quickly, allowing me to purchase new inventory and boost my operations. RING has truly been a game-changer for me. Highly recommend it for anyone needing quick financial assistance!
Neha M.
Bhopal
After facing some unexpected expenses, I felt overwhelmed and didn’t know how I would manage. RING offered me a quick solution with a personal loan that I could easily repay. The customer service team was amazing; they guided me through every step with patience and care. I felt supported throughout the entire process. I can't thank RING enough for providing a hassle-free experience when I needed it the most!
Amit P.
Bhopal
I always dreamed of a grand wedding but was unsure how to finance it. When I came across RING, I was impressed by how easy it was to apply for a personal loan. I secured the funds I needed without any stress. The repayment plan was flexible, allowing me to enjoy my big day without financial worries. RING made my dream wedding possible!
Pooja R.
Bhopal
I had always thought I needed collateral to secure a loan, but RING changed my perspective. I applied for a personal loan when my car broke down unexpectedly. The application was paperless, and the approval was swift. I was able to fix my car and get back on the road without any hassle. I appreciate RING’s innovative approach to lending!
Vikram T.
Bhopal
After researching different loan providers in Bhopal, I found RING to be the most competitive regarding interest rates. I took out a personal loan to pay off some high-interest credit card debt. Their flexible repayment options made it easy to manage my finances. I’m very satisfied with my experience and would recommend RING to anyone looking for a reliable loan provider!
Sneha K.
Bhopal
RING truly values its customers. I was worried about the collection process and how I would be treated. However, RING’s customer care was exceptional. They followed all RBI guidelines and treated me with respect. Their empathetic approach made a stressful situation much easier to handle. I’m grateful for their commitment to customer care, and I will definitely use RING again in the future!
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What is the minimum age limit to apply for a personal loan in Bhopal?
What is the maximum personal loan repayment tenure at RING?
The maximum repayment tenure for a personal loan with RING is 24 months. This flexibility allows you to choose a repayment plan that aligns with your financial situation, whether you prefer shorter terms for quicker repayment or longer terms for lower monthly EMIs.
Are the interest rates competitive for personal loans in Bhopal?
Absolutely! RING offers competitive interest rates with an APR ranging from 18% to 36% per annum. Our transparent pricing means you can budget effectively without hidden costs. We aim to provide you with the best possible terms, making your borrowing experience as affordable as possible.
How can I apply for a personal loan in Bhopal with RING?
Applying for a personal loan in Bhopal is quick and simple! Just download the RING app or visit our website. Complete the online application form with your basic details, upload the required documents (PAN and Aadhaar), and submit. You’ll receive an instant decision and, upon approval, funds will be disbursed directly to your account!
More Questions
