Personal Loan in Pune

Instant personal loans in Pune are now available in just a few clicks. We have carefully curated an updated list of the city’s best personal loan offerings. The blog discusses everything related to personal loans - from interest rates to eligibility criteria to the application process and much more. Read this borrower’s guide and choose the best Personal Loan in Pune. 

Details About Instant Personal Loan in Hyderabad

Personal loans in Pune are designed to cater to an individual’s personal financial needs. These can range from unforeseen medical expenses to new vehicle purchases to foreign education and much more. Personal loans enjoy wide popularity among Pune’s working population.   Instant Personal Loans in Pune are offered by banks as well as Non-banking Financial Companies (NBFCs). Our readers don’t need to drag through umpteen websites while looking for personal loan offers. We have specially curated a list of the cheapest personal loans in Pune with interest rates and other details in this comprehensive article. 

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Best Personal Loan Offers in Pune - Jun 2024

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RBL Bank

RBL Bank Personal Loan in Pune starting at.

14% - 23%

karnataka bank

karnataka bank Personal Loan in Pune starting at.

12% - 17%

State Bank of India

State Bank of India Personal Loan in Pune starting at.

11%

IDBI Bank

IDBI Bank Personal Loan in Pune starting at.

11% - 15.5%

karur Vysya Bank

karur Vysya Bank Personal Loan in Pune starting at.

11% - 14%

YES Bank

YES Bank Personal Loan in Pune starting at.

10.99% - 20%

Kotak Bank

Kotak Bank Personal Loan in Pune starting at.

10.99%

HDFC Bank

HDFC Bank Personal Loan in Pune starting at.

10.5% - 24%

ICICI Bank

ICICI Bank Personal Loan in Pune starting at.

10.5% - 16%

Axis Bank

Axis Bank Personal Loan in Pune starting at.

10.49% - 22%

IDFC FIRST Bank

IDFC FIRST Bank Personal Loan in Pune starting at.

10.49% - 36%

Federal Bank

Federal Bank Personal Loan in Pune starting at.

10.49% - 17.99%

Punjab National Bank

Punjab National Bank Personal Loan in Pune starting at.

10.4% - 16.95%

IndusInd Bank

IndusInd Bank Personal Loan in Pune starting at.

10.25% - 26%

HSBC

HSBC Personal Loan in Pune starting at.

9.99% - 16%

Personal Loan Features

Personal loans in Pune offer a variety of benefits. Take a look at some of its most prominent 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

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Payment Breakdown:

Principal Amount

₹10,00,000

Interest 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.
  1. 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.
  2. 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. 
  3. 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.
  4. 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.
  5. 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.
  6. 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:  
  1. Duly filled loan application form
  2. Identity Proof: Aadhar card/ Driver’s licence/ Other documents 
  3. Address Proof: Utility bills/ Aadhar card/ Other documents
  4. Employment Proofs: Employee ID card/ Joining Letter/ Shop Registration
  5. Income Statements: Bank statements of past few months/ Tax filings/Business financial statements
  6. Passport size photos
  7. 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.

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