Details About Instant Personal Loan in Hyderabad
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Best Personal Loan Offers in Pune - Dec 2024
Personal Loan Features
Multi-Purpose Loans
Lenders extend a free hand to borrowers when it comes to spending the borrowed amount. Personal loan amounts can be used for almost every financial requirement, from home renovation to family functions, without any restrictions.Generous Loan Amounts
An individual can borrow up to ₹40 lakh through personal loan finance in Pune. An applicant’s financial credibility determines how much loan amount they are eligible for.Loan Tenure
Personal loans are available for as many as 8 years. These loans, therefore, offer short to medium-term financial assistance to their borrowers.No Collateral
Personal loan seekers need not submit any collateral while applying for the loan. These unsecured loans are sanctioned against an applicant’s financial records and history.High-Interest Rates
Interest rates on personal loan finance in Pune are generally on the higher side. Since personal loans are unsecured loans, lenders secure themselves against potential risks by charging high interest.Wide Accessibility
Banks and NBFCs in Pune offer personal loans to salaried and self-employed individuals. This makes a wide section of Pune’s young and working population eligible for the loan.Comfortable Repayment
Borrowers can repay personal loans in easy monthly instalments. Banks also extend prepayment and foreclosure facilities for early settlements.Quick Approvals
Personal loan amounts are approved within a few days in case of offline applications, and within a few hours in case of online applications. The loans provide ready financial assistance to borrowers.Personal Loan EMI Calculator
- 50 K
- 1 Cr
- 1
- 5
- 8
- 25
Monthly Loan EMI
Payment Breakdown:
Principal Amount
₹10,00,000
Interest Payable
Total Amount Payable
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Personal Loan Interest Rates in Pune and Other Charges
Lenders make money on loans by means of interest charges. Let us take a look at the prominent loan charges levied by banks, along with interest rates.
- Interest Rates: Personal loan interest rates in Pune can range from 9%-35% p.a. Generally, lenders in Pune levy a fixed rate of interest on personal loans. A high-interest rate would imply higher EMIs and vice versa.
- Processing Charges: Processing charges range from 1%-3% on personal loans. These charges aim to recover the administrative costs incurred by the bank while processing a loan application.
- GST: The government mandates lenders in India to charge a GST of 18% on banking services. Except for interest rates, charges like processing fees, stamp duty and others are subject to GST.
- Stamp Duty: These charges extend legality to a loan agreement. The costs incurred in the process are recovered by the bank in the form of Stamp Duty Charges. These charges are levied in accordance with the Maharashtra Stamp Act.
- Prepayment Fees: Prepayment refers to early settlement, partial or full, of a loan account. A borrower has to pay an additional charge for prepaying a loan. These charges vary from one bank to another.
- Duplicate Statement Fee: Banks charge extra fees for duplicate statement requests of EMI schedules and other loan-related documents. These charges also differ from one bank to another.
Several other charges like late repayment fees, verification charges and cheque bounce charges are also applicable to Personal loan finance in Pune.
Top Personal Loan Providers in Pune
Personal loan finance in Pune is provided by banks and NBFCs. Take a look at the loan offers of some of the popular lenders in Pune.
Top Bank Offers
Compare the loan offers from the city’s popular banks below.
Bank | Loan Amount (₹) | Loan Tenure | Rate of Interest (p.a.) | Processing Fee |
---|---|---|---|---|
Bank of Maharashtra | Up to 20 lakhs | Up to 7 years | 10% | 1% |
State Bank of India | Up to 30 lakhs | Up to 6 years | 11.05% | 1.50%-3% |
Canara Bank | Up to 30 lakhs | Up to 7 years | 9.25%-14.65% | NIL |
Axis Bank | Up to 40 lakhs | Up to 5 years | 10.49% | 2% |
HDFC Bank | Up to 40 lakhs | Up to 5 years | 10.5%-21% | 2.5% |
Top NBFC Offers
Personal loans from NBFCs in Pune offer an alternative to the mainstream banks.
NBFC | Loan Amounts (₹) | Loan Tenure | Interest Rate (p.a.) | Processing Fee |
L&T Finance | Upto 7 lakhs | Up to 4 years | 12% onwards | 2% + GST |
HBD Financial Services | Up to 20 lakhs | Up to 5 years | Vary depending upon an applicant’s profile | As per the lender’s T&Cs |
Poonawala Fincorp | Up to 30 lakhs | Up to 5 years | 9.99% | 2% |
TATA Capital | Up to 35 lakhs | Up to 6 years | 10.99% | 3% |
Bajaj Finance | Up to 40 lakhs | Up to 8 years | 11% – 35% | 3.93% |
Eligibility Criteria for Personal Loans in Pune
Candidates satisfying the following criteria can apply for personal loan finance in Pune.
- Age: 21-60 years
- Nature of Employment: Salaried/ Self-Employed individuals
- Minimum Income: ₹10,000-15,000 per month/ 2-3 lakhs annually
- Work Experience: 1-2 years of consistent experience
- Credit Score: 700 or higher
- Citizenship: Indian
Documents Required for Personal Loans in Pune
Instant personal loans in Pune can be gained by submitting updated versions of the documents listed below:
- Duly filled loan application form
- Identity Proof: Aadhar card/ Driver’s licence/ Other documents
- Address Proof: Utility bills/ Aadhar card/ Other documents
- Employment Proofs: Employee ID card/ Joining Letter/ Shop Registration
- Income Statements: Bank statements of past few months/ Tax filings/Business financial statements
- Passport size photos
- Co-application, if needed
Tips for Getting Approved for a Personal Loan in Pune
Several parameters impact a borrower’s personal loan eligibility. Follow these tips to improve your chances of approval and get high personal loan amounts.
- Improve Your Credit Score: The higher the score, the better the chances of approvals. Prospective borrowers must improve their credit ratings over time by showcasing appropriate financial behaviour before submitting a loan request.
- Use Eligibility Calculator: Urban Money offers a free personal loan eligibility calculator. The calculator can help increase an applicant’s chances of approval by allowing them to submit loan requests that align with their incomes.
- Maintain a Low Debt-to-Income Ratio: A low debt-to-income ratio signifies good financial health. A personal loan seeker should ensure that their income is always higher than their debt.
- Keep All the Documents Ready: Discrepancies in documents are a major reason for delays in loan approvals. Applicants seeking personal loan finance in Pune should keep all the required documents handy at the time of application.
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FAQs About Pune Personal Loan
How long does personal loan approval take in Pune?
Personal loans generally get approved within 1-5 working days. Some banks also offer instant approvals on digital applications.
Can I get a personal loan with a bad credit score in Pune?
Banks don’t usually extend loans to poorly rated candidates. If they do, they usually charge higher interest rates and lay down stricter T&Cs.
Can personal loans be prepaid or foreclosed in Pune?
Yes, banks allow borrowers to prepay and foreclose their personal loan accounts. However, certain prepayment/foreclosure charges may be applicable.
What happens if I default on my personal loan in Pune?
Loan defaulters are charged with heavy penalties. Banks can also take legal action and put the borrower’s name on the defaulters’ list. This significantly dents their credit score.
Can I apply for a personal loan at multiple lenders in Pune?
It is advised that personal loan seekers submit their requests to as few lenders at once as possible. Banks view borrowers who’ve applied to multiple lenders with scepticism, leading to late approvals.
Are personal loans available to self-employed and freelancing individuals?
Yes, self-employed individuals and freelancers can apply for personal loans as long as they are able to establish their repayment potential.
Can personal loans be transferred to another lender?
Yes, Personal Loan Balance Transfer (PLBT) allows borrowers to refinance their personal loans by transferring them from one bank to another. Loan transfers offer better rates of interest. However, a borrower should obtain an NOC from their existing bank before applying to the new lender.
What is the process for closing a personal loan in Pune?
Bank officials usually close loan accounts on their own as soon as the loan is settled. A borrower must collect a No Dues Certificate from their lender after repaying the loan.