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Personal Loan is an unsecured Loan granted to an individual. Personal Loan can be utilized for various financial needs such as wedding expenses, clearing debts, medical bills, home renovation and others. Minimal documentation and faster processing make personal stand top in a loan and it is best-preferred financing option. Compared to other loans personal loan to have a shorter repayment tenure ranging from 1-5 years. The APR(Annual Percentage Rate) varies depending on the individual applicant's profile and may range from 11.29% to 35%. Processing Charge will vary from 1-3%.
In case of swapping Post Dated Cheques or change in payment mode then the additional charges are applicable. Also, depending on various banks, lenders and prepayment options may lead to applicable charges to vary.
The banks in India has grouped Companies into listed companies and non-listed ones. The companies are grouped based on Company Profile and Standards. The Companies are divided into certain categories such as Super A, Cat A, Cat B, Cat C, Cat D, they are also called as Diamond, Platinum, Gold, Silver etc. The Bank considers these employees from different categories are creditworthy for availing the personal loans and provides the lower rate of interest and Maximum benefits of the Banks than compared to non-listed companies. The companies which are not popular or not recognized falls under the Non-listed companies. The employees under the category of Super A / Cat A companies are considered as 'Top Leads' by the banks and Provide special offers and benefits are high when compared to the other categories companies like Cat B / Cat C / Cat D. Top Cities to avail Personal Loan instantly are: Bangalore, Chennai, Coimbatore, Delhi, Kolkata, Mumbai and Pune.
HDFC Bank Personal Loan: Lower Interest rate @ 10.99% - Minimum Net Salary of Rs. 20,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2.5% - Flexible Tenure - Easy Repayment options
ICICI Bank Personal Loan: Lower Interest rate @ 10.99% - Minimum Net Salary of Rs. 20,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2.5% - Flexible Tenure - Easy Repayment options
Citibank Personal Loan: Lower Interest rate @ 12.99% - Minimum Net Salary of Rs. 30,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2% - Flexible Tenure - Easy Repayment options
Axis Bank Personal Loan: Lower Interest rate @ 15.50% - Minimum Net Salary of Rs. 15,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2% - Flexible Tenure - Easy Repayment options
Standard Chartered Bank Personal Loan: Lower Interest rate @ 10.99% - Minimum Net Salary of Rs. 22,000 - Loan Disbursal in 48 Hours - Simple Documentation - Zero Preprocessing Charges - Flexible Tenure - Easy Repayment options
Tata Capital Personal Loan: Lower Interest rate @ 11.49% - Minimum Net Salary of Rs. 20,000 - Loan Avail upto 20 lakhs - Simple Documentation - 0% Preprocessing Charges - Flexible Tenure - Easy Repayment options
Kotak Mahindra Bank Personal Loan: Lower Interest rate @ 11.50% - Minimum Net Salary of Rs. 25,000 - Loan Disbursal in 48 Hours - Processing charges of 2.5% - Minimum Preprocessing Charges of 2.5% - Tenure of 60 Months - Easy Repayment options
IndusInd Bank Personal Loan: Lower Interest rate @ 13.50% - Minimum Net Salary of Rs. 25,000 - Simple Documentation - Minimum Preprocessing Charges of 2.5% - Flexible Tenure - Loan Avail up to 20 lakh - Easy Repayment options
Bajaj Finserv Personal Loan: Lower Interest rate @ 11.99% - Minimum Net Salary of Rs. 40,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2.25% - Part Payment Option - Flexible Tenure
Capital First Personal Loan: Lower Interest rate @ 12% - Minimum Net Salary of Rs. 50,000 - Loan Avail up to 10 lakhs - Simple Documentation - Minimum Preprocessing Charges of 2% - Flexible Tenure
HDB Personal Loan: Lower Interest rate @ 13.99% - Minimum Net Salary of Rs. 20,000 - Loan Disbursal in 48 Hours - Simple Documentation - Minimum Preprocessing Charges of 2% - Flexible Tenure - Easy Repayment options
EMI Calculator is used in identifying the Equated Monthly Instalment to be paid back to the bank for taking personal loans. EMI is calculated based on Principal Amount, Rate of Interest and Repayment time or Tenure. EMI's helps in easily clearing the Personal Loan amount without having confusions in repayment options.
Basic Eligibility for a salaried person to take Personal Loan:
The Time taken by any of the banks to approve the personal loan application and Disburse the money to the Borrower account is called Turn Around Time. The Banks prioritize the borrowers according to bank rules in disbursing the money granted for Personal Loan. Turn Around Time may vary from one borrower to other. The minimum Turn Around Time will be 1 day and may reach 5 days too on working days. The Top Banks like HDFC Bank and ICICI Banks will have maximum 2 days Turn Around Time. Turn Around Time may vary from Bank to Bank.
Balance Transfer is one of the special options to reduce the burden on the borrowers who are paying high-interest rate on taking Personal Loan. Balance Transfer is a helpful option when a customer wants to choose another bank which is offering the Personal Loan at a Lower rate of interest when compared to present Bank. The Banks usually don't change the interest rates for personal loans in the midway of the loan period, they remain constant till the loan is cleared but choosing balance transfer option may help borrowers in reducing their rate of interest on personal Loans by changing their Banks which is providing the lower rate of interest. Once Balance Transfer is Successful, then the borrower will stick on to the new bank's norms and regulations.
Availing Personal Loan in Bangalore is so easy because it holds all top bank networks to help the people in Bangalore. If you are one among the Bangalore resident then choosing personal loan will be much easier with less documentation and high benefits. All Bangaloreans whose salary is more than Rs. 20,000 can avail a loan in no time without any collateral or any deposits. The rate of interest is less to avail a personal loan in Bangalore from top banks like HDFC Bank, ICICI Bank and much more. Bangalore is the top city in India to have highest banking sectors, therefore, taking the personal loan in Bangalore is easy by applying through loanbeku in just a minutes.
Popular Banks in Bangalore offering Personal Loan:
Chennai is the on growing city for setting platforms for banking sectors. There are popular banks like HDFC Bank, Tata Capital, Bajaj Finserv and Standard Chartered Banks to provide the personal loan in Chennai for people who stay in Chennai. The salary criteria will vary for borrowing the personal loan in metro and non-metro cities. the people from Metro cities will get a personal loan if their salary is minimum 20,000 with all correct documentation.
Popular Banks in Chennai offering Personal Loan:
Delhi being the capital city of India has the highest banking network to bridge all over the India. Delhi is one of the metro city. The residents of Delhi earning the gross salary of minimum Rs. 15,000 can avail the personal loan in Delhi from popular banks in Delhi at lower interest rates. Personal loans can be utilized to match different needs like house furnishing, wedding, jewelry purchase etc. There are few popular banks like Standard Chartered Bank, Tata Capital, Oriental Bank of Commerce etc. Personal loans can be taken with less documentation and without any security or collaterals to the banks.
Popular Banks in Delhi offering Personal loan:
|HDFC Bank Personal Loan||10.99% to 20.00%|
|ICICI Bank Personal Loan||10.99% to 22.00%|
|Citibank Personal Loan||10.99% to 16.49%|
|Bajaj Finserv Personal Loan||11.99% to 15.50%|
|Axis Bank Personal Loan||11.25% to 24.00%|
|Tata Capital Personal Loan||11.99% to 18.00%|
|IndusInd Bank Personal Loan||11.99% to 23.00%|
|Kotak Mahindra Bank Personal Loan||11.50% to 24.00%|
|Standard Chartered Bank Personal Loan||11.49% to 20.00%|
|Capital First Personal Loan||12.00% to 18.00%|
|HDB Personal Loan||13.99% to 16.99%|
1. What is a Personal loan?
A Personal loan is an emergency financial help where one can make benefit from the bank for personal needs. It will be very useful to people who are really in need of money. choose the bank which provides a personal loan at lower rate of interest and less turn around time. A personal loan is an unsecured loan so, Bank will not ask any collateral or guarantor for your loan.
2. How to Take a Personal loan?
A personal loan is offered by banks and financial institutions. Different Banks offers personal loan at varying interest rates and other special offers for the borrowers.
People don't have to walk-in to banks for taking the personal loan. just visit loanbeku.com and fill the simple form to take your personal loan in a minute from best banks at lower interest rate.
3. Who can Take a personal loan?
People who can earn a minimum of Rs. 15,000 as a salary or monthly income of Rs. 20,000 are eligible for taking personal loan easily with less documentation in less time.
4. What is Tenure in Personal Loan?
Tenure is the time given to the borrower to clear the personal loan amount taken from the bank. the minimum tenure starts from 12 months and may extend to 60 months according to different banks.
5. What is the Minimum Credit score needed to apply for a Personal loan?
A Credit score is a 3 digit number that represents your credit history. the credit score is given by institute called CIBIL. the CIBIL checks for your credit history to check your financial history and your previous loans if taken. Credit score more than 750 is considered good for taking the personal loan. Visit loanbeku.com to check your CIBIL score for free.
6. What are the documents required for taking the personal loan?
Address proof, Income proof(submit your salary slip), Identity proof.
7. What is the Processing fees for Personal Loan?
The processing fee is the normal fees collected from almost all the banks for Paperwork and other expenses for providing the personal loan. usually, the processing fees start from 1% and may reach up to 2.5% of loan amount depending on Financial Institutions
8. How to calculate the EMI for my personal loan?
EMI's are calculated based on Personal loan amount, Rate of Interest and Tenure. Calculate the EMI's for your personal loan in loanbeku.com
9. How to get the lower interest personal loans?
Loanbeku.com will help people in getting personal loans at lower interest rates with less documentation and faster loan disbursal to your account.
10. What is Preclosure of Personal Loan?
Preclosure is the loan option given to people from respective banks to clear the loan amount in a single stake to the bank before completion of tenure period. The preclosure option is available only in few banks where Charges are deducted for choosing preclosure.
11. What is Part payment in Personal Loan?
Part payment is the option used to clear certain EMI's of the personal loan at once. Making payments part by part by paying certain EMI'S at once to reduce the interest rate as well as to finish the loan before actual tenure time. Few banks deduct charges for choosing Part payment option and this option will be applicable only after paying certain EMI's.
12. How is Personal loan disbursed to the bank account?
Once the Personal Loan application is approved by the bank then the loan amount will be disbursed to the customer account. Get approval on Personal loan online in 2 mins from loanbeku.com
13. What is Personal Loan Balance Transfer?
Balance Transfer helps the borrowers from shifting their loan amount from present bank to new banks for various reasons. usually, balance transfers are used to avail lower interest rates offered by new banks compared to present banks. The borrower can shift their personal loan amount to other banks and once the banks are changed then the customer will come under the new norms according to the new bank that was changed.
14. How to pay EMI's for the Personal loan?
The payment option called Electronic Clearing Services(ECS) will deduct the EMI's from the borrowers account automatically. Banks Advice customers to maintain sufficient balance in the account to avoid Bounced EMI's.
15. Which Bank is good for taking a Personal loan?
There are few popular banks like HDFC Bank, ICICI Bank, Citibank to offer the personal loan at lower rate of interest for their borrowers. Visit loanbeku.com to apply for the Personal loan in best top 10 banks to get lower interest rates and exciting offers.