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|
|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%|
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.
From the point of view of financial institutions, Vizag has become a very attractive destination in recent years, because of the increase in disposable income being earned by both salaried and self-employed people. Vizag is also known as Visakhapatnam, but it enjoys several other monikers like Jewel of East Coast, City of Destiny, and even Goa of East Coast.
Because the city of Vizag is among the top 10 biggest centres of the Indian economy, therefore most banks and financial institutions are willing to offer attractive interest rates for personal loan applicants of all types – employees in corporates with either low salaries or low credit scores.
Because of the number of small and informal industries in Vizag related to steel or fisheries, there are many applicants who get their salary by cash in Vizag, and even they can apply for personal loans.
|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|
|S.no||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%|
When you tie up with One Finance, the complete process will be taken care of by our representative. We will first help you sift through the 33 or so banks which offer personal loans in Vizag. Once you have shortlisted a few, we will help you with the documentation, and also resolve queries that the bank may have. The documentation will also be taken care of by us. Using the services of One Finance gives you access to all the banks and financial institutions
There are many things you can do if you want to negotiate a better interest rate for your personal loan in Vizag. You can make timely repayments on your other loans and credit card dues to improve your credit rating. You can rope in a coapplicant for your personal loan. You can compare all 33 banks / financial institutions who offer personal loans in Vizag and see which ones offer the best interest rates.
As long as the loan has not been disbursed to the applicant’s account, the application can be cancelled. But after that, the foreclosure charges would apply.