Personal loan in Kolkata

The capital of West Bengal, Kolkata is an educational, corporate, and cultural hub. The city is home to many lending institutions with branches interspersed all over. This makes it easy for Kolkata residents to apply for a personal loan. A personal loan application can be filled offline by visiting your nearest bank branch or NBFC. Or, you can fill out an online loan application.

1.  Features & Benefits of a Kolkata Personal Loan

Living in the city is expensive and financial duress can happen at any time without notice. A personal loan helps you solve your worries in a simple and efficient manner. It is the go-to credit lending option for all Kolkata residents due to the following features and benefits:

  • No Guarantee required
  • Fixed Rate of Interest
  • Choose your own Loan Tenure (Max 3 Years)
  • Simple loan repayment options
  • Loan EMI Calculator – Know your Monthly EMI before you apply
  • Freedom of use
  • Minimal documentation
  • Fast processing

2.  Documents required for a Personal Loan in Kolkata

One of the highlights of choosing a Kolkata Personal Loan is the minimal documentation required to be presented while applying for one. Here, we take a look at the necessary documents to be produced with your loan application.

Salaried Self-employed
Photo I.D proof (Passport, driving license,  voter ID and PAN card) Photo I.D proof (Passport, driving license,  voter ID and PAN card)
Proof of Residence (rental agreement, water/electricity bills not older than 3 months) Proof of Residence (rental agreement, water/electricity bills not older than 3 months)
Salary slips (last 3 months) Audited financials for the last two years
2 passport size photographs Address proof of office
Latest 3 months bank statement  (where salary income is credited) Proof of business continuity

3.  Eligibility for a Kolkata Personal Loan

Sometimes your loan application can be rejected due to the loan applicant not meeting the lenders eligibility criteria. Below, are the minimum eligibility requirements for a personal loan in Kolkata:

  1. Salaried Individuals
  • Be between the age of 21-65
  • Minimum monthly income of INR 15,000
  • Not have too many pending loan repayments
  • Have a CIBIL score of at least 750
  • Max Loan amount granted is INR 15 Lakhs
  • Interest Rates vary between 12.99% – 16.20%
  1. Self-Employed Individuals
  • Between the age of 25-65
  • INR 15-40 Lakhs Turnover
  • In current business for at least 5 years (3 for doctors)
  • Interest Rates vary between 12.99 % – 20 %

4.  Kolkata Personal Loan Interest Rates

Interest Rate 13.49% – 34%
Processing Charges & Fees 0.5% – 2.5%
Pre-payment Charges 2% – 5%
Average Loan Tenure 1-5 Years

5.  Personal Loan in Kolkata

A personal loan in Kolkata is offered by a variety of lenders (Banks and NBFC’s). The loan amount ranges from INR 50,000 – INR 40 Lakhs. The advantage of applying for a personal loan is that you do not have to put up any collateral or wait for a long period of time for loan disbursal. Top Banks such as ICICI, HDFC, Kotak, and others have effective online tools to help you check your loan eligibility and monthly EMI.

6.  Various Lenders offering a Kolkata Personal Loan

The various banks/NBFC’s offering a personal loan in Kolkata are given below:

  • Standard Chartered Bank Personal Loan
  • Dena Bank Personal Loan
  • Deutsche Bank Personal Loan
  • Tata Capital Personal Loan
  • Citibank Personal Loan
  • Andhra Bank Personal Loan
  • Canara Bank Personal Loan
  • IDBI Bank Personal Loan
  • Aditya Birla Personal Loan
  • Vijaya Bank Personal Loan
  • ICICI Bank Personal Loan
  • Axis Bank Personal Loan
  • HDFC Bank Personal Loan
  • Corporation Bank Personal Loan
  • Punjab National Bank Personal Loan
  • Bank of Maharashtra Personal Loan
  • Bank of Baroda Personal Loan
  • Fullerton India Personal Loan
  • UCO Bank Personal Loan
  • IndusInd Bank Personal Loan
  • Bank of Punjab Personal Loan
  • Indian Overseas Bank Personal Loan
  • Allahabad Bank Personal Loan
  • Howrah Gramin Bank Personal Loan
  • Khardaha Co-operative Bank Personal Loan
  • Kotak Mahindra Bank Personal Loan
  • Oriental Bank of Commerce Personal Loan
  • State Bank of India (SBI) Personal Loan
  • The Bank of Rajasthan Personal Loan
  • ING Vysya Bank Personal Loan

7.  Getting a low Interest Rate Personal Loan in Kolkata

As a personal loan does not require any assets or guarantee, banks tend to charge higher interest rates on them. Hence it is important to know the effective ways you can reduce the rate of interest on your Kolkata personal loan.

  • Good Credit Score (Around 750)
  • <=40% Debt-Income Ratio (No more than 40% of income should go toward debt payments)
  • Loan EMI Calculator – Use online tools to calculate best Interest rate amounts for you
  • Employment History – A good record with your employment can reduce your interest rates
  • Choose a shorter loan repayment tenure. Although EMI will be slightly higher, you will still save on interest rates
  • Negotiate with the loan agent – Many a time your loan agent will reduce the loan interest rate from the originally quoted rate

8.  Kolkata Personal Loan Interest Rates (2018)

Bank Interest Rates (Fixed) Processing Fee Max Loan Amount Personal Loan Tenure
ICICI Bank 10.99% – 19% 2.25% Rs.20 lakh 1-5 Years
CitiBank 10.99% – 15.99% 1% to 2.5% Rs.30 lakh 1-5 Years
Kotak Mahindra Bank 10.99% – 24% Up to 2.5% Rs.15 lakh 1-5 years
Fullerton 11.99% – 23.99% Unknown Rs.30 lakh 1-4 Years
Bank of Baroda 11.35% – 14.35% Rs.1,000 to Rs.10,000 Rs.2 lakh 4 Years
State Bank of India 11.85% – 14.70% 1% Rs.15 lakh 4 Years
Aditya Birla 14% – 26% Nil Rs.15 lakh 1-3 Years
Allahabad Bank 13.10% 1.22% Rs.50,000- Rs.7.5 lakh 1-5 Years
Yes Bank 14% Unknown Rs.15 lakh 1-5         Years

9.  Monthly Income Requirements for Kolkata Personal Loan

The minimum Income requirement criteria for a bank/NBFC to grant you a personal loan are:

  1. For Salaried Individuals – INR 15,000 – INR 50,000 (on Average)
  2. For Self-Employed Individuals – INR 1 – 2 Lakhs profit per annum

10.   FAQ’s for Kolkata Personal Loans

  1. What is the minimum CIBIL score required to avail a personal loan?

It is advised to have a CIBIL score of at least 750 before you apply for a personal loan

  1. What are the factors that determine my personal loan interest rate?

Your CIBIL score, previous loans, pending loan repayments, average monthly income, and employment history are used to determine the personal loan interest rate

  1. Will failure to pay my EMI affect my CIBIL score?

Yes. Your score will take a hit if you fail to keep up with your monthly loan repayments.

  1. Can I prepay the remaining loan amount before the end of the loan period?

Most Banks allow full or partial repayment with minimal charges

  1. What are the additional charges on a personal loan?

A processing fee of 2.0-5.0% will be charged on your personal loan

  1. Will the loan amount be disbursed in installments?

No. Your entire loan amount is disbursed once your application has been approved.