Trivandrum Personal Loan : An Overview
Trivandrum is well-known for its friendly business environment and the beauty of Kerela it offers to people from all across the country. The city's proximity and affordable cost of living are two of the key reasons for this. These characteristics make it a great site for businesses to establish themselves and spread employment opportunities for individuals. A city like Trivandrum can make personal loans a financial need for its residents. Personal loans from major banks and NBFCs that recognise the city's potential are available to Trivandrum citizens. These loans have several benefits, including minimal documentation, quick processing times, and competitive interest rates.
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karnataka bank Personal Loan in Trivandrum starting at.
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HSBC Personal Loan in Trivandrum starting at.
Features of an Instant Personal Loan in Trivandrum
Trivandrum provides a lot of personal loan options to residents with some impressive features. Here are some of the impressive and best features of personal loans in Trivandrum:
- Quick Approval: Banks and NBFCs in Trivandrum provide quick and satisfactory approval to their personal loan application.
- Special Offers: Some personal loan lenders provide special offers on the different personal loan options available. These special offers can prove beneficial to the applicant’s financial journey.
- Digital Account Management: One can more easily and securely manage one's personal loan account if it is online. This gives the applicant an ease of access while operating their digital personal loan wallet.
- Wider Loan Amount: An applicant can avail of a larger amount under the approved credit limit of a personal loan in Trivandrum. This can help the applicant to borrow the desired amount with a more simple method.
- Attractive Interest Rates: Impressive interest rates of different banks and NBFCs on personal loans in Trivandrum make anyone choose the personal loan with complete mind peace.
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Trivandrum Personal Loan Interest Rates and Charges
Different banks and NBFCs provide different interest rates based on their policies on the disbursement of a personal loan. Some of the banks with the interest rates on the personal loan are mentioned below:
State Bank of India (SBI)
NIL-1% of the Loan Amount + GST
NIL-2.50% of the loan amount + GST
₹999-2.25% of the loan amount + GST
1.50%-2.00% of the loan amount + GST
Punjab National Bank
0.35% of the loan amount, subject to a minimum of ₹2,500 and a maximum of ₹15,000
Bank of India
2% of the loan amount
Bank of Baroda
2% of the loan amount, subject to a minimum of ₹1,000 and a maximum of ₹10,000
Central Bank of India
₹500 + GST
As applicable by the bank
1% of the Loan Amount
2%-4% of the Loan Amount
Best Personal Loan offers in Trivandrum from top Banks/NBFCs
Among all the banks and NBFCs, below is the list of some of the best personal loan lenders with the best offers.
Upto Rs. 40 lakhs
Upto 5 years
Upto Rs. 40 lakhs
1 to 5 years
Kotak Mahindra Bank
Upto Rs. 40 lakhs
Upto 5 years
Upto Rs. 40 lakhs
Upto 5 years
Standered Chartered Bank
Upto Rs. 5 lakhs
Upto 5 years
IDFC First Bank
Rs. 1 lakh to Rs. 6 lakhs
Upto 5 years
Who Can Apply for a Personal Loan in Trivandrum?
Every bank and NBFC has set eligibility criteria for anyone wanting to apply for a personal loan in Trivandrum. This is the basic requirement one needs to fulfil to get the best possible personal loan in Trivandrum. Personal Loan eligibility depends on a few factors mentioned below:
- Residentship: Any individual who is a resident of India can apply for a personal loan in Trivandrum. Applicant must have proof of Indian residency.
- Credit Score: Generally, banks and NBFCs provide personal loans to applicants with a credit score of 700 and above. However, some of them can approve the application on the minimum credit score of 685.
- Income: Applicant must have an income proof indicating the credit of money to maintain a healthy average monthly balance.
- Employment: Applicant must be a full-time employee with any organisation. Almost every bank and NDFC allows full-time employees to apply for a personal loan. Some personal lenders also provide personal loan offers to college students.
- Age: Applicant must be 21 to 80 years old to apply for a personal loan in Trivandrum. For college students, the minimum age requirement is 18 years.
Required Documents for Personal Loans in Trivandrum
Banks and NBFCs ask for some documents from the applicant to verify the identity and to do a background check before disbursement of a personal loan in Trivandrum. The following are the required documents for a personal loan in Trivandrum.
- Identity Proof: Passport, Aadhar Card, Voter ID, etc., are the KYC or Identity proof documents required for personal loans in Trivandrum.
- Applicant must submit a copy of PAN Card for further proceeding of the application for personal loan in Trivandrum.
- Employment Documents: Employee ID is required if the applicant is working for an organisation. Student ID is required if the applicant is a college student.
- Income Proof Documents: Employees are required to submit their salary slips and bank account statements for the previous three months to apply for a personal loan in Trivandrum.
How to Apply for a Personal Loan Online In Trivandrum?
To apply for a personal loan in Trivandrum online, applicants can visit the site of a trustworthy bank or NBFC of their choice with applicable online offers. Explore the personal loan section on the website according to the given guidelines. Applicants need to finish the next application procedure, including information about identity, income, age, employment, residence, etc. After completing all these steps, the website or mobile application will ask the applicants for the document submission. There comes the final step of agreeing to the terms and conditions of the personal loan lender. These terms and conditions include the process of recovery of borrowed funds when, in any case, the borrower couldn’t repay within the given time.
How to Choose the Right Personal Loan in Trivandrum?
There are a few factors to consider before starting the search for a personal loan in Trivandrum. Below are some of these factors mentioned:
- Carefully compare interest rates, fees, and charges of the personal loan a bank or NBFC provides. Comparing all these charges to find the perfect personal loan in Trivandrum.
- Always check the eligibility criteria before applying for a personal loan in Trivandrum. Applying for a personal loan without meeting the eligibility criteria will lead to rejection of the application.
- Get a brief idea about the documentation process of a personal loan lender in Trivandrum. Understanding the documentation process will make it easier to prepare the required documents.
- Select the best loan tenure while choosing a personal loan in Trivandrum. It will save extra money and time for the applicant. Only choose the required loan tenure.
In Trivandrum, a financially developing city in India, the majority of people would need a personal loan. One can submit an application for a simple personal loan in Trivandrum. Numerous NBFCs provide personal loans in Trivandrum, many of which have appealing qualities like flexibility, speedy disbursement, special offers, etc. Incredibly low-interest rates are offered to candidates by personal loan providers in Trivandrum. However, not every individual is qualified to apply for a personal loan in Trivandrum. To be eligible for a personal loan in Kolkata, one must possess the appropriate documentation and meet other requirements. Without the application of the appropriate and practical recommendations, getting personal loan approval can be a difficult task.
How long does it take for a personal loan to be approved in Trivandrum?
Depending on the lender’s policies, getting a personal loan in Trivandrum takes 2-3 days.
Can I get a personal loan with a bad credit score in Trivandrum?
You can’t get a personal loan with a bad credit score in Trivandrum. A credit score of 685 to 700 is the minimum requirement to get a personal loan in Trivandrum.
Can I prepay or foreclose a personal loan in Trivandrum?
Yes, personal loan lenders offer the option of prepaying or foreclosing the loan in Trivandrum.
What happens if I default on my personal loan in Trivandrum?
Default of the personal loan will lead to extra days of interest and an applicable late payment fee on the loan amount. Default on the loan will negatively impact the credit score as well.
Can I apply for a personal loan from multiple lenders in Trivandrum?
Yes, you can apply for a personal loan from multiple lenders in Trivandrum.
Can self-employed individuals or freelancers apply for a personal loan in Trivandrum?
Some Banks and NBFCs offer personal loans to self-employed individuals and freelancers in Trivandrum.
Can I transfer my existing personal loan to another lender in Trivandrum?
Yes, you can transfer your existing personal loan to another lender in Trivandrum.
What is the process for closing a personal loan in Trivandrum?
One can close a personal loan in Trivandrum by visiting the lender’s website or mobile application directly.