Personal loan in Pune
Located 150 km from the bustling city of Mumbai, Pune is a quaint, relaxed city. A hub for educational institutions and dynamic cuisine, the city has seen a recent boom in the number of migrants owing to the IT expansion.
Banks and NBFC’s are in abundance in Pune and provide effective personal loan solutions to all its residents.
1. Features & Benefits of a Pune Personal Loan
Applying for a personal loan in Pune is the best credit lending option out there. Let’s take a look at the reasons as to why:
- No collateral or guarantor need to be provided
- Repay loan amount at a fixed rate of interest
- Choose the loan repayment tenure per your convenience (Max 5 years)
- Repay the loan in easy installments
- Use the Loan EMI calculator tool to know your monthly installment before applying
- You are free to use the loan amount for any purpose
- Complete disbursal of loan amount at once
- Minimal documentation
- Quick processing
2. Documents required for a Personal Loan in Pune
|Photo I.D Proof (Passport, driving license, voter ID and PAN card)||Photo I.D Proof(Passport, driving license, voter ID and PAN card)|
|Residence Proof (rental agreement, water/electricity bills not older than 3 months)||Residence Proof (rental agreement, water/electricity bills not older than 3 months)|
|Salary slips of the last 3 months||Audited financials for the last two years|
|Latest 3 months bank statement (of salary account)||Office address proof|
|Proof of business continuity|
3. Eligibility for a Pune Personal Loan
Whether you’re a salaried or a self-employed individual in Pune, you will have to meet the minimum eligibility criteria set by banks and NBFC’s to get your application processed successfully. Here are the general criteria for a personal loan in Pune:
- Salaried Individuals
- Age Range: 21-65
- Monthly Income >= INR 15,000
- No pending debt/EMI’s
- Credit rating of at least 750
- Self-Employed Individuals
- Age Range: 25-65
- INR 15-40 Lakhs Turnover
- INR 1-2 Lakhs profit
- In current business for at least 5 years (3 for doctors)
4. Pune Personal Loan Interest Rates
|Interest Rate||12.99% – 20%|
|Processing Charges & Fees||0.5% – 2.5%|
|Pre-payment Charges||2% – 5%|
|Average Loan Tenure||1-5 Years|
5. Personal Loan in Pune
A financial emergency can strike you at any moment. It could be medical bills, wedding expenses, educational expenditure, or anything else. A personal loan gives you the perfect contingency plan. It can be used for any purpose and does not require you to put up any assets as a guarantee.
The rates of interest offered on a personal loan in Pune are much lesser than a credit card loan. Personal loan amounts in Pune can vary from INR 50,000 – INR 20 lakhs. These depend on a host of factors which we will discuss below.
6. Various Lenders offering a Pune Personal Loan
The various banks/NBFC’s offering a personal loan in Pune are given below:
- Standard Chartered 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
- Kotak Mahindra Bank Personal Loan
- Oriental Bank of Commerce Personal Loan
- State Bank of India (SBI) Personal Loan
- ING Vysya Bank Personal Loan
- Dena Bank Personal Loan
7. Getting a low-Interest Rate Personal Loan in Pune
The essential thing to keep in mind before applying for a personal loan is that its interest rates are much higher when compared with home/auto loans. This is because a personal loan is unsecured. To help you get the best rate of interest on your loan in Pune, we’ve compiled a list of things that will ensure the best for you.
- Credit Score >= 750
- Make 20% of loan amount as a down payment
- Maintain <= 40% Debt-Income ratio
- Good employment records (same company for over 2-3 years)
- Choose a short loan tenure
- Use the EMI calculator to figure out the best interest rate you can get
- Negotiate with the loan executive based on your initial loan offer
8. Pune Personal Loan Interest Rates (2018)
|Bank||Interest Rates (Fixed)||Processing Fee||Max Loan Amount||Personal Loan Tenure|
|ICICI Bank||11.59% – 18.49%||2.25% (min. Rs.1149)||Rs.20 lakh||1-5 Years|
|CitiBank||10.99% – 15.99%||1% to 2.5%||Rs.30 lakh||1-5 Years|
|Kotak Mahindra Bank||11.49% – 20.15%||Up to 2%||Rs.15 lakh||1-5 years|
|Fullerton||17.25% – 37%||1.5% to 6.0%||Rs.15 Lakh||1-4 Years|
|Bank of Baroda||11.35% – 14.35%||Rs.1,000 to Rs.10,000||Rs.20,000 – Rs.2 lakh||4 Years (Max)|
|State Bank of India||12.90% – 14.90%||1%||Rs.24,000 – 15 lakh||5 Years|
|Aditya Birla||11.5% – 13.25%||Nil||Rs.30 lakh||1-5 Years|
|Allahabad Bank||13.10%||1.22%||Rs.50,000- Rs.7.5 lakh||1-5 Years|
|Yes Bank||14%||Up to 2%||Rs.20 lakh||1-5 Years|
9. Monthly Income Requirements for Pune Personal Loan
The annual income of the applicant plays a key role in determining eligibility and final loan amount for an applicant. Here are the minimum salary requirements for a personal loan in Pune:
- For Salaried Individuals – INR 7,5000 – INR 50,000 (on Average)
- For Self-Employed Individuals – INR 1 – 2 Lakhs profit per annum
10. FAQ’s for Pune Personal Loans
- 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
- 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
- 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.
- Can I prepay the remaining loan amount before the end of the loan period?
Most Banks allow full or partial repayment with minimal charges
- What are the additional charges on a personal loan?
A processing fee of 2.0-5.0% will be charged on your personal loan
- Will the loan amount be disbursed in installments?
No. Your entire loan amount is disbursed once your application has been approved.