Personal loans in Hyderabad

Hyderabad is not only known for the world famous Hyderabadi Biriyani, but also for its eclectic old city charm. The monuments of the old city perfectly complement the technological revolution that is underway in the city.

Obtaining a personal loan in Hyderabad is hassle free and quick. Banks and NBFC’s have branches all over the city, where you can go and apply for a personal loan. In addition, you can also fill out an online loan application form on their website.

1.  Features & Benefits of a Hyderabad Personal Loan

A personal loan in Hyderabad is not only easily available but also has many features & benefits that make it the go to credit lending option for residents of the city. Here, we take a look at the top features and benefits of a Hyderabad Personal Loan:

  • 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 Hyderabad

One of the highlights of choosing a Hyderabad 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 Hyderabad Personal Loan

Before you can apply for a personal loan in Hyderabad, you will need to meet the following eligibility criteria:

  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.  Hyderabad Personal Loan Interest Rates

Interest Rate 15.70% – 16.20%
Processing Charges & Fees 1% (INR 1000 minimum)
Pre-payment Charges Nil
Average Loan Tenure 1-3 Years

5.  Personal Loans in Hyderabad

A personal loan in Hyderabad 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 Hyderabad Personal Loan

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

  • Tata Capital Personal Loan
  • Kotak Mahindra Bank Personal Loan
  • Fullerton India Personal Loan
  • Oriental Bank of Commerce Personal Loan
  • Citibank Personal Loan
  • Andhra Bank Personal Loan
  • IDBI Bank Personal Loan
  • Indian Overseas Bank Personal Loan
  • State Bank of India (SBI) Personal Loan
  • Aditya Birla Personal Loan
  • ICICI Bank Personal Loan
  • Axis Bank Personal Loan
  • Bank of Maharashtra Personal Loan
  • HDFC Bank Personal Loan

7.  Getting a low Interest Rate Personal Loan in Hyderabad

Although a personal loan has many advantages, its lack of collateral means lenders charge higher rates of interest than a normal home/auto loan. Hence, to make sure you are charged the least Interest rate, we’ve come up with a list of top factors that can help you with a personal loan in Hyderabad.

  • Good CIBIL/Credit Score (Around 750)
  • Good 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
  • Good employment records translate to better Interest rates
  • Short loan repayment tenure
  • Negotiate with the loan agent – Many a time your loan agent will reduce the loan interest rate from the originally quoted rate

8.  Hyderabad 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
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 Hyderabad Personal Loan

Every Bank/NBFC looks at your monthly income as a benchmark to assess your personal loan amount as well as eligibility. In order to ensure your personal loan application goes through, your salary needs to be within the required range.

  1. For Salaried Individuals – INR 7,5000 – INR 50,000 (on Average)
  2. For Self-Employed Individuals – INR 1 – 2 Lakhs profit per annum

10.              FAQ’s for Hyderabad 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.