Urban Money
Eligibility calculator

Eligibility calculator

Personal Loan in Coimbatore

Personal loan is a finance that funds various expenses of an individual. The instant personal loan in Coimbatore can be utilised for the purpose of a wedding, renovations, paying off medical bills, purchasing a vehicle etc. The loans are available via any bank or Non-Banking Financial Companies (NBFCs) at affordable interest rates and minimal documentation. An individual can get an easy personal loan in Coimbatore online or offline and meet their financial obligations.

Coimbatore Personal Loan : An Overview

Coimbatore, one of Tamil Nadu's major cities, has a thriving financial sector. When it comes to investing and borrowing money, the city has never been short of options, from top-tier banks and Non-Banking Financial Companies (NBFCs) to innovative start-ups. 

Personal loans in Coimbatore provide consumers with quick and easy funding for various reasons, including home improvement, travel, medical bills, wedding expenses, and so on. This easy personal loan in Coimbatore has appealing features such as competitive interest rates, flexible repayment tenure, and simple application processes. Due to the absence of collateral and the availability of online applications, obtaining a personal loan in Coimbatore has become a more appealing and convenient option to meet one’s financial needs.

Get instant L&T Finance
Personal Loans in 2 minutes

Get instant
Personal
Loans

in 2 minutes

  • Digital Process

  • Instant Approval

  • No Physical Document

Apply Now

Check Personal Loan interest rates available in Coimbatore from India's leading banks.

Left ArrowRight Arrow

HDFC Bank Personal Loan in Coimbatore starting at.

10.5% - 24%

ICICI Bank Personal Loan in Coimbatore starting at.

10.5% - 16%

Axis Bank Personal Loan in Coimbatore starting at.

10.49% - 22%

IDFC FIRST Bank Personal Loan in Coimbatore starting at.

10.49% - 36%

YES Bank Personal Loan in Coimbatore starting at.

10.99% - 20%

Kotak Bank Personal Loan in Coimbatore starting at.

10.99%

RBL Bank Personal Loan in Coimbatore starting at.

14% - 23%

Federal Bank Personal Loan in Coimbatore starting at.

10.49% - 17.99%

IndusInd Bank Personal Loan in Coimbatore starting at.

10.25% - 26%

State Bank of India Personal Loan in Coimbatore starting at.

11%

IDBI Bank Personal Loan in Coimbatore starting at.

11% - 15.5%

Punjab National Bank Personal Loan in Coimbatore starting at.

10.4% - 16.95%

karnataka bank Personal Loan in Coimbatore starting at.

12% - 17%

karur Vysya Bank Personal Loan in Coimbatore starting at.

11% - 14%

HSBC Personal Loan in Coimbatore starting at.

9.99% - 16%

Features of Personal Loan in Coimbatore Highlights

Coimbatore is home to flourishing trade and ideas. This means the residents of the city are always looking for personal loans, thus, raising its demand. This has led to each lender claiming to provide the best and cheapest personal loan in Coimbatore. A personal loan in Coimbatore typically consists of the following features.

  • The repayment term is flexible and usually ranges between 1-5 years.
  • The loan is disbursed in 2-4 working days.
  • Personal loan finance in Coimbatore can be availed both online and offline with minimal documentation.
  • Loan amounts of up to Rs. 40 lakhs can be availed.
  • There is no need to present the lender with collateral.
  • Borrowers can check their personal loan Coimbatore eligibility online.
  • The loan amount can be directed towards different needs.
  • The fees and charges of the lenders are within the reach of the borrower.
  • The personal loan interest rate in Coimbatore is quite competitive and can go as low as 10.50% pa.

IFSC Code Finder

Locate any details of Bank branch in India.

Coimbatore

Tamil Nadu

Personal Loan EMI Calculator

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Get your latest Credit Score, FREE

Get a Personal Loan In Coimbatore with Fast Disbursement

 The availability of various lenders has immensely shaped personal loan finance in Coimbatore. The procedure to get an instant personal loan in Coimbatore is simple, and the documentation required is low. The loan will be disbursed as soon as possible, usually within 2-3 business days. Banks and NBFCs also provide enticing personal loan interest rates in Coimbatore and competitive terms and conditions with quicker processing times and little documentation to attract borrowers. However, in order to receive the best and cheapest personal loan in Coimbatore, it is best to shop about and compare different loan offers.

Personal Loan Interest Rates in Coimbatore

The personal loan interest rate in Coimbatore varies depending on the lender and other factors. Personal loan interest rates in Coimbatore typically range between 10.99% and 24% pa. A few factors that influence interest rates are the borrower’s credit score, loan type, repayment capacity, and loan amount. A borrower can get low-interest loans with a good credit score and a stable source of income. Banks and the personal loan NBFC in Coimbatore will also examine the borrower's profile to determine their ability to repay the loan. It should be noted that secured personal loans have lower interest rates than unsecured personal loans.

Top Personal Loan Providers in Coimbatore

Numerous lenders pack every aspect of the instant personal loan in Coimbatore in a neat bundle and gift it to the borrowers. The top providers of easy personal loans in Coimbatore are given in the table below. Applicants are advised to go through the table to get the loan they best suited for them.

Lender

Amount (in Rs.)

Tenure

Interest Rates (per annum)

Processing Fees

Bank of Baroda

50,000 - 20 lakhs

Up to 5 years

10.99% - 11.40%

1% - 2% + GST

 

HDFC Bank

Up to 40 lakhs

Up to 5 years

10.5% - 21%

2.5% of the loan amount

IDBI Bank

Up to 5 lakhs

1 - 5 years

Not Disclosed

1% of the loan amount

Punjab National Bank

Up to 20 lakhs

Up to 6 years

11.40% - 16.95%

1% of the loan amount

Axis Bank

Up to 40 lakhs

Up to 5 years

10.49%

2% of the loan amount

Kotak Mahindra Bank

50,000 - 40 lakhs

Up to 6 years

19.99%

3% of the loan amount

TATA Capital

Up to 35 lakhs

Up to 6 years

10.99%

3% of the loan amount

Poonawala Fincorp

Up to 30 lakhs

Up to 5 years

9.99%

2% of the loan amount

Bajaj Finance

Up to 40 lakhs

Up to 8 years

11% - 35%

3.93% of the loan amount

L&T Finance

50,000 - 7 lakhs

Up to 4 years

12% onwards

2% + GST

Muthoot Personal Loan

50,000 - 10 lakhs

1 - 5 years

14.5% onwards

2% - 4% of the loan amount

Shriram City Union Personal Loan

Up to 30,00,000

1 - 3 years

11.49% - 23%

As per the loan agreement

Note: The information mentioned above is for the month of July 2023.

Eligibility Criteria for Personal Loans in Coimbatore

The personal loan finance Coimbatore requires applicants to pass through set parameters. This helps lenders ensure that applicants get the loan that suits them the best. Where the eligibility criteria of the instant personal loan in Coimbatore differs from one lender to another, the following criteria are generally accommodated by the lenders. The applicant must:

  • Be between 21 years to 70 years (at the time of maturity of the loan).
  • Be Salaried, self-employed, or business professionals.
  • Have a credit score of 750 and above
  • Have a stable source of income
  • Have a minimum monthly income of Rs. 15,000 and Rs. 1 lakh in the case of salaried individuals and self-employed, respectively.
  • Be a resident of the address for at least a year
  • Have a minimum experience of 2 years

Document Required for Personal Loans in Coimbatore

Applicants must gather documents beforehand to ensure smooth processing of the loan application process. The following documents are typically required when applying for a personal loan in Coimbatore.

  • Duly Filled Application Form
  • PAN Card
  • Employment Proof like an Employee ID Card/ Employment Certificate
  • Identity Proof like Voter ID/Aadhar Card/ Driving License
  • Address Proof like Voter ID/Aadhar Card/ Driving License/Utility Bills
  • Income Proof like Previous bank/salary statements
  • Passport Size Photographs
  • A co-applicant/ guarantee from a colleague, in some cases

Personal Loan Application Process in Coimbatore

A borrower can apply for a personal loan in Coimbatore either offline or online. The application princess for both of the methods is given below.

Offline

A borrower can directly visit the physical branch of the lender and acquire an application form from the representative. They will then have to attach the required documents and submit the form. Once the verification process is completed, the loan amount will be disbursed into the borrower's account.

Online

The following steps must be followed to apply for a personal loan in Coimbatore online.

  • Visit the official website of the lender
  • Navigate to the ‘personal loan’ section and apply for it
  • Enter the required information and attach the documents
  • Upon successful verification, the loan will be disbursed and will be reflected within 2-3 working days

Tips for Getting Approved for a Personal Loan in Coimbatore

To avail of the cheapest personal loan in Coimbatore, it is important to take some measures. The following tips will help borrowers find an easy personal loan in Coimbatore.

Maintain a Good Credit Score

A high credit score will almost certainly increase a borrower’s chances of obtaining an easy personal loan in Coimbatore with the required interest rate and term. On the other hand, a low credit score indicates a poor repayment history, which makes banks wary of sanctioning the loan.

Check Eligibility

Before a decision is made on the lender, a quick sweep of the eligibility criteria for the personal loan in Coimbatore should be done. Your income and credit score are crucial eligibility requirements because they show your ability to repay the loan.

Research Thoroughly Before Applying

With the increased number of personal loan providers and their bold claims, it is easy to be carried away by the most appealing loan offer without carefully reading the terms and conditions. As a result, it is critical to conduct extensive research before deciding on a personal loan.

Refrain from Taking Multiple Loans

Applying to multiple lenders for a loan in a short period of time can have a negative impact on the borrower’s credit score. This will result in a drop in credit score, which doesn’t bode well when obtaining credit, either now or in the future.

Compare Interest Rates

Personal loans have comparatively higher interest rates due to the lack of collateral. Check the personal loan interest rate in Coimbatore offered by different lenders. This method can determine which lender is providing the best rate and terms.

Conclusion

In conclusion, obtaining a personal loan in Coimbatore might be an excellent approach when looking for funds to fulfil any type of transaction. The Personal loan NBFC in Coimbatore offers an excellent way to receive funds for crucial jobs because of their low-interest rates and flexible payback durations. Furthermore, lenders offer help to ensure that their customers obtain the best possible deal and feel at ease when taking out a loan. As a result, a personal loan in Coimbatore is the perfect solution to any financial crisis.

FAQs

How long does it take for a personal loan to be approved in Coimbatore?

A personal loan in Coimbatore is typically disbursed within 2-3 working days.

Can I get a personal loan with a bad credit score in Coimbatore?

A good credit score is one of the eligibility criteria set by the lenders in Coimbatore. You must check with your lender.

Can I prepay or foreclose a personal loan in Coimbatore?

Yes, you can prepay or foreclose a personal loan in Coimbatore. However, you might incur some fees. You must check the fees charged by the lender.

What happens if I default on my personal loan in Coimbatore?

If you default on your personal loan EMI in Coimbatore, you will be charged certain fees.

Can I apply for a personal loan from multiple lenders in Coimbatore?

Yes, you can apply for a personal loan from multiple lenders in Coimbatore. However, it is advised not to.

Can self-employed individuals or freelancers apply for a personal loan in Coimbatore?

Yes, self-employed individuals or freelancers apply for a personal loan in Coimbatore.

Can I transfer my existing personal loan to another lender in Coimbatore?

A few lenders in Coimbatore provide the facility to transfer existing personal loans to another lender.