Personal Loan in Vijayawada

Usually banks look for a good repayment capacity while providing a personal loan. This could be judged by the bank by taking cognizance of regular income and age of the applicant. The eligible age and the monthly / annual income would also depend on the type of income that the applicant gets – from a job which provides a salary or from a business that a self-employed applicant runs.

If you are salaried, then your age should be between 23 and 58 years, whereas the eligible slab for self-employed persons is between 28 and 65 years of age. The monthly income for salaried people should be Rs. 17000 per month, and higher for people living in metro cities. Since self-employed people have a variable income every month, their turnover should be at least Rs. 40 lakhs per year, and if they are self-employed professionals like doctors or architects, then the minimum eligibility of annual turnover is Rs.15 lakhs. An important parameter for personal eligibility is the CIBIL score, and banks look at a score above 750 to be a par score for a personal loan. Depending on age and income, a personal loan could be for any amount between Rs. 75000 and Rs. 20 lakhs for salaried persons, with self-employed persons being eligible for loans up to Rs. 15 lakhs.

Providers Interest Rate Processing Fee
SBI 12.55%-17.65% 1%-3% of the loan amount + applicable Service Tax
Axis Bank 11.25%-24% 1.50%-2.00% of the loan amount + Service Tax, as applicable
ICICI Bank 11.29%-22.00% Upto 2.50% of the loan amount + Service Tax, as applicable
Tata Capital Bank 11.99% Starts at 999/-
PNB Bank 3.10%-6.10% + MCLR Upfront fees: 1.80%+ST+Edu Cess
Documentation charges
Upto Rs. 2 lac: Rs.270+ ST & Edu.Cess
Over Rs.2 lac: Rs.450+ST & Edu.Cess
For Defence Personnel: Only Upfront fee / No documentation charges.
Bajaj Finserv Bank 14.75% 2.25%-3% of the loan amount
Fullerton Bank 14% Upto 6.5% of the loan amount
IndusInd Bank Starting at 11.49% Upto 2.5% of the loan amount
Standard Chartered Bank Starting at 11.25% Upto 2.25% of the loan amount
Citi Bank 10.99% to 17.99% 0.50% to 3%
HDFC Bank 11.29%-20% Upto 2.5% of the loan amount, subject to a maximum of 25,000 INR and a minimum of 1,000 INR
Kotak Bank Starting at 11.29% Upto 2% + ST + Other levies
HSBC 11.99% Upto 2.5% of the disbursed loan.
Bank of Baroda 11.35% to 14.35% Rs.1,000 to Rs.10,000
Corporation Bank 12.75% to 13.75% 1.50% of the loan amount subject to a minimum of Rs.500/-
UCO Bank Personal Loan 11.35% - 11.60% 1% (min. Rs. 750)
Union Bank 14.40% 0.50% of the loan amount, Minimum of Rs. 500 plus service tax
Bank of India 12% to 14.5% Rs. 1,000 to 10,000 + S.T.
Allahabad Bank 13.10% 1.22% (min. 1228)
Canara Bank 12.75% (Floating) Rs. 1,000 to 5,000
IDBI 12.45% (3 months MCLR + 3.90%) 1% plus service tax
Bank of Maharashtra 12.75% 1.00% of the Loan Amount (Min.:Rs.1000/-)
Andhra Bank 13.05% to 14.30% Nominal
Yes Bank 11.49% upto 2%
Syndicate Bank 14.20% p.a. 0.5% with a minimum of Rs.500 + Service Tax
Vijaya Bank 12.5% to 13.5% 0.25% of the loan amount, Max Rs. 10000 plus service tax
Indian Bank 12.65% to 13.65% Rs. 508 to 0.508%
Federal Bank 17.25%-35% Upto 6.5% of the loan amount
Capital First 12% upto 1.5%
IDFC 11.50% upto 1.5%

What Is A Personal Loan?

A personal loan is a simple and effective way to tide over a requirement of funds. Unlike other loans which are provided for a specific purpose, the lender of a personal does not ask you for the purpose of the money. The loan, which is unsecured (meaning it doesn’t need any collateral), depends on your credit history and repayment capacity, and its approval or approved amount doesn’t depend on what you will use it for. The approved loan amount is credited to your bank account in total, and the repayment, which begins from the next month, is of a fixed monthly amount called EMI. The two things which would affect the EMI would be the tenure of your loan (which usually is from one to five years), and the personal loan rate of interest you are charged. Whether you are salaried or self-employed, banks have personal loan products designed for you. Students, NRIs, pensioners, and senior citizens can also apply for personal loans, and each of these segments would have different eligibility criteria.

When Would You Need A Personal Loan?

There are several situations in which you could need a personal loan. There might be an impending marriage in the family, a medical emergency could have arisen, there could be substantial college tuition fees to be paid, or you might even be planning to go on a long vacation. Instead of coughing up money for all such expenses at once, you could go for a personal loan and repay over the next several months.

What Are The Pros and Cons Of A Personal Loan?

The biggest advantage of a personal loan is that there is no security involved, which also results in the approval process being much faster. It is a much better (read cheaper) option than taking an advance on your credit card, and if used for the purpose of home renovation, it can also offer you tax deductions for the interest repayment. On the flip side, the personal loan is unsecured and hence carries a much higher rate of interest than car or home loans.

What Are The Things To Consider While Selecting A Personal Loan?

The documentation required for a personal loan is not too detailed, and the approval process too takes a few days only. What you should rather spend time on is in comparing the various rates of interest, the amount you are eligible for, and the other charges that will be levied at the time of application or prepayment (foreclosing the loan earlier than its tenure).

How Can One Finance Help You?

What you need is an experienced and unbiased advisor who can help you with the correct selection of lender and also help with the actual application process when you are not sure how to apply for a personal loan. We will fulfil that role for you end to end, using our deep relationships with all major banks, which gives us visibility to the best personal loan offers. We will help you decide which bank is best for personal loan, we will collect your documents and submit them online or in person, and we will also follow up with the bank. In short, we would be a complete loan consultant to you till the amount is disbursed into your account.

On the banks of the river Krishna lies the quaint city of Vijayawada. It was historically referred to as Bezwada. It is a city which has a very high density of population. This city in the Krishna district of Andhra Pradesh is the commercial centre of the state. The pillars which contribute to the economy of the city are construction, entertainment, education, hospitality, transport etc. Not only commercially, but Vijayawada is also very important politically, socially and even agriculturally. Because of these reasons, most financial institutions and banks have their presence in Vijayawada.

One of the most popular financial products in Vijayawada is the unsecured personal loan, which is offered by almost all banks who operate from this city. These personal loans can be availed by both salaried and self-employed people. The interest rates for these personal loans would depend on the tenure of the loan and the financial record of the applicant. Many corporates have set up their operations in Vijayawada, and their employees do apply for the personal loans as per their eligibility. Many banks also have specific personal loan products for employees with low salaries.

Although a minimum credit score is important for an unsecured loan like personal loan, yet many banks do have personal loan products for applicants with low credit scores. Normally banks ask for last three month’s salary slips to assess the loan eligibility amount, but even if an applicant receives his salary by cash, the financial statements of the primary bank accounts are used by the bank for assessment.

Personal Loan Eligibility

Criteria Salaried Self Employed
Age 21 - 60 years 25 - 65 years
Salary/Turnover 15,000/month Rs. 15 lac Turnover
Job Experience/ Business Sability 2 Years At least 5 years for individual and 3 years for doctors
Experience in current organisation At least 6 months -
Years in current residence 1 Year 1 Year
Loan amount Rs 50,000 - 15,00,000 Rs 50,000 - 15,00,000

Personal Loan Documents Required

For Salaried

  • KYC documents: Identity Proof: Aadhar card / Passport / Voter ID / Driving License/ PAN Card
  • Address Proof: Rent Agreement / Utility Bill (not more than 3 months old) / Passport / Aadhar Card.
  • 3 months bank statement of salary credit.
  • Salary slips for last 3 months.
  • 2 Passport size photographs.

For Self Employed

  • KYC Documents: : Proof of Identity; Address proof; DOB proof.
  • Address Proof: Rent and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Income proof: Audited financials for the last two years.
  • Bank statements: Latest 6 months
  • Office address proof:
    • Proof of residence or office ownership.
    • Proof of continuity of business.

List of Banks and Interest Rates Bank Name Interest rates
1 Axis Bank Personal loan 15.5%-24%
2 Bajaj Finance Personal Loan 12.99% onwards
3 Citi Bank Personal loan 10.99% to 16.49%
4 Fullerton India Personal loan 12.49% to 33%
5 HDFC Bank Personal loan 10.99% to 21.25%
6 ICICI Bank Personal loan 11.49% to 18.25%
7 India Infoline Finance Ltd 13.49% to 19.99%
8 Kotak Mahindra Personal Loan 10.99 to 17.99%
9 Standard Chartered Bank Personal loan 10.99% to 14.49%
10 State Bank of India Personal loan 11.75% -14.75%
11 Tata Capital Personal loan 11.50% to 17.25%
12 Yes Bank Personal loan 10.75% - 20.00%

Why One Finance

You can find a trusted partner in One Finance when you plan to apply for a personal loan in Vijayawada. We will help you navigate through all the terms and conditions of various banks and shortlist the banks whose personal loan offerings best suit your requirements. Once that is done, we will help you with the application process and also answer bank queries on your behalf.

Frequently Asked Questions

Will commercial property be accepted as collateral for a personal loan in Vijayawada?

A personal is an unsecured loan by nature. Therefore no security needs to be provided to the lender. They will lend money to the applicant according to the repayment history and the credit rating.

Will my location affect my loan application?

Within particular cities, if there are certain localities which have had a history of poor repayments for a particular bank, then the bank can limit loans to applicants of the particular locality.




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22 Mar 18