Personal Loan Interest Rates Offered by Top Banks/NBFCs in Indore
Interest rates for personal loans offered usually start from 10.49% p.a. However, some PSU banks usually offer personal loans at lower interest rates.
Comparison Table of Personal Loan Interest Rates
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.75% onwards||Apply Now|
|Axis Bank||10.49% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
Note: Rates as of 29th March 2023
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan Features
- Loan tenures usually range up to 5 years; might go up to 7 years for some banks/NBFCs
- Personal loans can go up to Rs 40 lakh. However, some lenders may also disburse bigger loan amounts based on the repayment capacity of the loan applicant
- The processing fees might be charged up to 2.5%
- Some lenders also offer pre-approved instant personal loans to select customers
- Personal Loan applicants are not required to submit any collateral or security to the banks/NBFCs
- The loan proceeds can be used for any personal purpose, except for speculation.
Eligibility Criteria for Applicants availing Personal Loan in Indore
- Minimum monthly income required for salaried applicants is usually Rs 15,000. However, some lenders might set higher monthly income criteria for personal loan applicants.
- Salaried applicants employed with public sector organizations usually have higher chances of loan approval followed by individuals employed with top private sector companies and MNCs. Self-employed professionals/non-professionals can also avail personal loans depending upon their credit profile, business vintage/work experience, etc.
- The minimum age criteria set by the lenders is usually around 21 years at the time of loan application and 70 years at the time of loan maturity
- Personal loans are usually offered to Indian residents
- Applicants having credit scores of 750 and above usually have higher chances of availing personal loans at lower interest rates. However, some lenders also offer personal loans to applicants having lower credit scores, but at higher interest rates.
Check Your Free Credit Score to know personal loan eligibility Check Now
Documents Required for Personal Loan Application in Indore
- Identity Proof such as PAN Card/ Voter ID/ Driving License/Adhaar Card/ Passport
- Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills /gas connection bills
- Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
- Past 3 months’ salary slips
- Past 6 months’ bank account statement
- ITR for past 3 years
- Form 16 for past 3 years