Lucknow Personal Loan : An Overview
A personal loan is a type of loan you can borrow from a bank, credit union, or online lender without any corresponding collateral. And the purpose of the loan is — it’s personal! I.e., you can buy a car, consolidate your debts, renovate your home, travel, buy personal goods and more; the lenders care nothing about it. The amount you borrow must then be repaid in instalments, plus any interest or fees, over an agreed term.
However, if you are someone who resides in Lucknow, a large city in northern India, then you are in for a pleasant surprise. From funding your unannounced emergency to going on a long waited vacation, this guidance lets you unfold a gamut of opportunities that pertain to personal loan Lucknow. Let’s dive in.
Get instant L&T Finance
Personal Loans in 2 minutes
in 2 minutes
No Physical Document
Check Personal Loan interest rates available in Lucknow from India's leading banks.
HDFC Bank Personal Loan in Lucknow starting at.
ICICI Bank Personal Loan in Lucknow starting at.
Axis Bank Personal Loan in Lucknow starting at.
IDFC FIRST Bank Personal Loan in Lucknow starting at.
YES Bank Personal Loan in Lucknow starting at.
Kotak Bank Personal Loan in Lucknow starting at.
RBL Bank Personal Loan in Lucknow starting at.
Federal Bank Personal Loan in Lucknow starting at.
IndusInd Bank Personal Loan in Lucknow starting at.
State Bank of India Personal Loan in Lucknow starting at.
IDBI Bank Personal Loan in Lucknow starting at.
Punjab National Bank Personal Loan in Lucknow starting at.
karnataka bank Personal Loan in Lucknow starting at.
karur Vysya Bank Personal Loan in Lucknow starting at.
HSBC Personal Loan in Lucknow starting at.
Features of an instant Personal Loan in Lucknow
Here are the key features of personal loans in Lucknow:
Generous loan amount: You have the opportunity to acquire a loan amount reaching up to Rs. 40 lakhs or even beyond. This ensures that, regardless of your financial requirement, the lender has the resources and the liberty to provide you with the desired amount.
Flexible Tenure: You can avail of up to 5 years of loan tenure — some lenders even indulge borrowers by providing tenure of up to 7 years. This remarkable feature enables you to adjust your loan EMIs to perfectly align with your financial capacity and goals, enabling you to mitigate the risk of default.
No Collateral Required: Personal loans in Lucknow are ultimately free from collateral. This helps you to secure the necessary funds without jeopardising your valuable assets, rendering it more borrower-friendly financing.
Quick Approval: This instant personal loan in Lucknow typically has a streamlined process. This includes speedy processing times, fewer document requirements, lenient eligibility criteria, etc. Once you meet the eligibility criteria and submit the required documents, the approval and disbursement of funds happen swiftly, ensuring a quick and expedited process.
Versatility: The funds from this personal loan in Lucknow come with no end-use restriction, making it an all-purpose loan. And the lender remains indifferent to the purpose of your loan, whether it is from a personal loan NBFC in Lucknow or a Bank.
Completely Digital: Bid farewell to tedious paperwork and hassle-full bank visits; instead, embrace the convenience of the online application process. The process would hardly take a few minutes. Once your application is approved, the funds will be swiftly transferred to your account within a few hours.
Personal Loan EMI Calculator
- 50 K
- 1 Cr
Monthly Loan EMI
Total Amount Payable
Get your latest Credit Score, FREE
Lucknow Personal Loan Interest Rates and Charges
|Bank||Interest Rate (p.a)||Processing Fee (p.a)||Loan Amount (Max)||Tenure|
|IDBI Bank||9.50% to 14.00%||Up to 1%||Up to Rs.5 lakh||1 - 5 years|
|Bank of India||10.25% onwards||Up to 2%||Up to Rs.10 lakh||1 - 5 years|
|HDFC Bank||10.50% to 24%||Up to Rs 4999/-||Up to Rs.40 lakh||1 - 5 years|
|Citibank||10.75% to 14.99%||Up to 1.50%||Up to Rs.30 lakh||1 - 5 years|
|IDFC First Bank||10.49% to 36%||Up to 3.5%||Up to Rs.40 lakh||1 - 5 years|
|IndusInd Bank||10.49% onwards||Up to 3%||Up to Rs.50 lakh||1 - 5 years|
|TATA Capital||10.99% to 29%||Up to 3%||Up to Rs.35 lakh||1 - 6 years|
|Kotak Mahindra||10.99% onwards||Up to 3%||Up to Rs.25 lakh||1 - 5 years|
|Bank of Baroda||10.9% to 18.25%||Up to 2%||Up to Rs.15 lakh||1 - 7 Years|
|Yes Bank||10.99% to 20%||Up to 2%||Up to Rs.40 lakh||1 - 5 years|
|Standard Chartered||11.49% onwards||Up to 2.25%||Up to Rs.50 lakh||1 - 5 years|
|SBI||11.00% to 14.00%||Up to 1%||Up to Rs.20 lakh||1 - 7 years|
|Central Bank||12.35% onwards||Up to 1%||Up to Rs.20 lakh||1 - 7 Years|
|Union Bank||12.60% to 15.50%||Up to 1%||Up to Rs.15 lakh||1 - 5 years|
|Aditya Birla||13% to 28%||Up to 3%||Up to Rs.50 lakh||1 - 7 years|
Best Personal Loan Offers in Lucknow From Top Banks/NBFCs
Following are some of the top lenders who provide the best and cheapest personal loans in Lucknow.
- HDFC Bank
- State Bank of India
- ICICI Bank
- Axis Bank
- Punjab National Bank
- Kotak Mahindra Bank
- Tata Capital
- Bajaj Finserv
- Yes Bank
- IndusInd Bank
- Navi Finserv
- Fullerton India
Who Can Apply for a Personal Loan in Lucknow
To be eligible for an instant personal loan in Lucknow, you need to fulfil certain criteria set by your chosen lender. The eligibility criteria may vary among lenders, but here are some common factors considered:
- You must be at least 21 years old at the time of loan application and not exceed a certain maximum age (e.g., 60 years) at the time of loan maturity.
- Your minimum monthly income should be Rs. 15,000; having an income above Rs. 25,000 is considered more favourable.
- Most lenders prefer a credit score of at least 700. Yet some lenders may also consider applications from individuals with lower credit scores, albeit at higher interest rates.
- You should be an Indian citizen.
Required Documents for Personal Loan in Lucknow
Personal loans in Lucknow require minimal documentation, ensuring a hassle-free loan application for customers. Although there are certain crucial documents that need to be submitted, the lender will avail of this information both to verify your identity and assess your creditworthiness. Kindly follow a list of required documents for an easy personal loan in Lucknow:
- Identity Proof: Passport, Aadhaar card, PAN card, Voter ID card, or any other government-issued identification document.
- Address Proof: Utility bills (electricity, water, gas), rental agreement, passport, or any other valid document indicating your residential address.
- Income Proof: Salaried applicants are required to submit their bank account statements or salary slips, while self-employed applicants need to submit their Income Tax (IT) returns.
How to Apply for a Personal Loan Online In Lucknow
To apply for an easy personal loan in Lucknow online, follow these simple steps:
- Go to the official website of chosen lenders, where you can find the online application form.
- Fill out the application form with the required information. It may entail your name, address, income, PAN card, Aadhaar card, etc. Once you have completed it, click ‘Proceed.’
- Upon clicking, you will be directed to another page where you can enter the desired loan amount and tenure that you desire. Choose every option carefully and submit the application.
- Wait for the lender to evaluate your eligibility and creditworthiness based on the information and documents you submitted.
- Once your loan is approved, you need to sign the loan agreement and submit it online or offline. The loan agreement contains the terms and conditions of the loan, such as the personal loan interest rate in Lucknow, EMI amount, repayment schedule, fees and charges, prepayment options, etc. Make sure you read and understand the agreement carefully before signing it.
- The loan amount will be disbursed into your bank account within hours, as per the lender’s disbursal policy.
How to Choose the Right Personal Loan in Lucknow
Prior to applying for a personal loan in Lucknow, it is crucial to consider several factors to ensure a well-informed decision. Follow the information below to choose the right and cheapest personal loan in Lucknow that perfectly align with your need and objective.
Assess Your Repayment Capability: Assess your monthly income, expenses, and current financial commitments to ensure that you can comfortably manage the loan repayments without putting strain on your finances.
Compare Interest Rates: Conduct research and compare the interest rates offered by various lenders; you can discover the most competitive personal loan interest rate in Lucknow. Even a slightly lower interest rate can result in substantial savings throughout the loan tenure.
Overview Terms and Conditions: Before proceeding with your loan application, make sure that you have carefully read and comprehended the terms and conditions of the loan agreement. Pay close attention to any hidden charges, prepayment penalties, or significant clauses. You can find that information on the official website of your chosen lender.
Consider Prepayment Options: To anticipate the possibility of early repayment, check the prepayment terms and penalties associated with the loan. And opt for a loan that offers favourable prepayment options if you plan to repay the loan ahead of schedule.
Choose wisely: While a personal loan in Lucknow can provide the means to fulfil your high financial aspirations, it is advisable to borrow what you truly need and can comfortably repay. Avoid overburdening yourself with excessive debt that may impact your financial stability in the long run.
One of the greatest advantages of a personal loan in Lucknow lies in its very name – it is ‘personal.’ I.e., these loans can be used for any purpose, and the lender asks you nothing about it, making these loans highly popular and versatile. And, nowadays, opting for a personal loan can indeed be a wise choice to meet extra funding requirements. However, it is vital to exercise caution and conduct thorough research before finalising any decision. This entails comparing the interest rates, service charges, foreclosure fees, and hidden costs of different lenders. By doing so, you can understand the benefits and drawbacks of different lenders and go for the most suitable and cheapest personal loans in Lucknow.
How long does it take for a personal loan to be approved in Lucknow?
The loan approval process typically takes 1 to 2 business days. However, certain lenders can disburse the loan amount within as little as 4 hours.
Can I get a personal loan with a bad credit score in Lucknow?
Yes, it is possible to get a loan with poor credit scores from certain lenders. However, knowing that such loans may come with high-interest rates and less favourable terms is essential.
Can I prepay or foreclose a personal loan in Lucknow?
Yes, you have the option to prepay or foreclose the loan amount. However, it’s essential to note that only a few lenders allow this without any penalties, while others may charge a certain percentage of the outstanding principal amount as a penalty
What happens if I default on my personal loan in Lucknow?
A drop in your credit score, incurring a late payment fee, and the risk of facing legal action under Section 420 of the Indian Penal Code may arise.
Can I apply for a personal loan from multiple lenders in Lucknow?
No, Applying for a personal loan with multiple lenders may not be advisable as it can lead to a significant decline in your credit score. Lenders may also become concerned as it indicates that you are credit-hungry and may face difficulties in repaying your debts.
Can self-employed individuals or freelancers apply for a personal loan in Lucknow?
Certainly, self-employed individuals or freelancers are eligible to apply for a personal loan in Jaipur. However, they need to fulfil slightly different eligibility criteria compared to salaried individuals.
Can I transfer my existing personal loan to another lender in Lucknow?
Yes, you can transfer your existing personal loan to another lender if you find a more favourable deal. This process is commonly known as a ‘personal loan balance transfer,’ and it entails paying off your current loan by taking on a new loan from a different lender.
What is the process for closing a personal loan in Lucknow?
To close your personal loan, visit the official website of the lender. Look for the option related to loan closure and follow the instructions provided. You will need to provide the necessary details and documents, make the closure payment through online transfer, and finally, download or print the acknowledgement receipt and no-dues certificate from the lender.