All About Personal Loan Visakhapatnam
What is a Personal Loan Visakhapatnam?
A personal loan is the easiest way to overcome your financial crisis. Personal Loan is an unsecured loan that needs no documents of any collateral but all you need to do is just submit your personal documents to the bank.It is a life saver.
As the name suggests, a Personal Loan Visakhapatnam may be opted by an individual due to an urgent requirement of cash, for example, any medical issue, education purpose or wedding or to fulfill any of your other personal needs.
Benefits of Personal Loan Visakhapatnam
- Easy Disbursal: There is an easy disbursal involved in the process of Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.
- No guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.
- Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.
- Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form.
Eligibility for Personal Loan Visakhapatnam
- CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.
- Salary: The bank decides your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.
- Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.
- Age: The age of the person applying for a personal loan must be between 21 to 60 years.
Documents Required for Personal Loan Visakhapatnam
- Identity proof (Aadhar card/driving license)
- Salary slips of last three months
- Latest six months bank statements
- PAN Card is must
- Residence Proof (Owned/Rented/Company provided)
- Two Passport sized photographs
*NOTE: In case of rented apartments, rent agreement will be attached.
- All financials are considered (company documents as well as ITR files)
- PAN Card
- Aadhar Card
- Residence Proof
- Two passport sized photographs
Frequently Asked Questions
1. Who can apply for a Personal Loan?
People those who need instant amount of money for any personal use may opt for this option.
2. What is the tenure of personal loan?
Personal loan is given for a minimum time span of one year to a maximum time span of five years. There is no extension of a personal loan; you have to repay the amount to the bank within that time slot only.
3. Are there any other charges involved in a Personal Loan?
Yes, there are 2 charges that are included in the process of personal loan. They are mentioned below:
Pre-closure Charges:Whenever you want to close a running loan before its closing time period, then banks charge an extra % of interest rate known as pre-closure charges on your loan amount. Different banks have different pre-closure charges.
Processing Fee:For every bank that processes your personal loan, there is a little amount of money that they charge from you. This is known as Processing Fee.
4. If my CIBIL score is not maintained then can I get a rejection for the loan?
Banks consider CIBIL Score the most when it comes to a personal loan. So, try not to skip any of your bank payments or any credit card payments as that will reflect in the decrease of your CIBIL. Most of the rejections that happen are based on your CIBIL Score.
Personal Loan Interest Rates: 2020 Updated
|Bank||Interest Rates||Processing Fees|
|HDFC Bank||10.99% to 18%||2% to 2.5%|
|ICICI Bank||13.99% to 18%||2%|
|Fullerton India||17.25% to 32%||2% to 3%|
|Bajaj Finserv||13.99% to 16.75%||2% to 3%|
|Axis Bank||15.50% to 24%||1.5% to 2%|
|Standard Chartered Bank||15.75% to 22%||2% to 3%|
|Kotak Mahindra Bank||13.75% to 19%||2%|
|Andhra Bank||13.50% to 22%||0.5% to 1.5%|
|Bank of Baroda||13.50% to 19%||2%|
|Vijaya Bank||13.75% to 22%||1.5% to 2%|
|Corporation Bank||14.50% to 20%||1.5% to 3%|
|Allahabad Bank||13.70% to 20%||1.5% to 2%|
Visakhapatnam is a port city and an industrial center in the state of Andhra Pradesh, on the Bay of Bengal. It is known for many famous beaches.
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Table of Contents
- 1 All About Personal Loan Visakhapatnam
- 1.1 What is a Personal Loan Visakhapatnam?
- 1.2 Benefits of Personal Loan Visakhapatnam
- 1.3 Eligibility for Personal Loan Visakhapatnam
- 1.4 Documents Required for Personal Loan Visakhapatnam
- 1.5 Frequently Asked Questions
- 1.6 Personal Loan Interest Rates: 2020 Updated
- 1.7 Personal Loan in Major City
- 1.8 Personal Loan in Major Bank