Agartala is the capital of Tripura and the second largest city in the state. It is one of the fastest growing cities in the north east of India, pulling in people from different walks of life for employment and career opportunities
A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Agartala is the capital of Tripura and also the largest city in the state. It is also the second biggest city in the whole of North East India. Agartala is among the quickest developing cities in the country and as such, personal loans in the city are growing in popularity as individuals residing there tend to approach banks and financial institutions to fulfil their personal requirements. Residents of Agartala usually resort to personal loans to purchase products or services that they otherwise would not be able to afford on their salaries and savings alone. Some of the most common reasons for the people of Agartala to avail personal loans include home renovation or refurbishment, investment in home appliances or vehicles, to pay for their weddings or the weddings of their loved ones, etc. The reasons for people to avail personal loans are aplenty, but the number of individuals who avail personal loans in Agartala has increased considerably in recent years.
An increasing number of private as well as public sector banks and non-banking institutions in Agartala have opened their doors to individuals who seek personal credit. Some of the leading institutions include
Bank of Baroda
Bank of India
Indian Overseas Bank
South Indian Bank
State Bank of India
Yes Bank, etc.
If you’re seeking personal loans in Agartala, consider these banks as they offer the best terms and conditions in the city.
There are few factors to consider when applying for a personal loan and availing competitive interest rates. The lender from whom you choose to borrow will determine the interest rate applicable to your credit. But before drafting an application for a personal loan, it is essential to ensure that you have a good credit rating. Credit scores in excess of 750 will make it fairly easy for you to get a relatively high amount with a considerably low interest rate. The higher you’re score, the lower your interest rate and vice-versa. It is also essential to carefully assess your financial requirements before applying for a loan as taking an amount higher than you need will mean that you will have to pay interest for an unnecessary sum. Similarly, taking an amount lower than your actual requirements will mean that you will probably have to avail another loan and thereby pay interest towards that as well.
A number of leading public and private sector banks in Agartala offer personal loans to the residents of the city. Following are the interest rates offered by the top banks for personal loans in Agartala:
|Bank||Interest Rate Range|
|Citibank||10.99% to 15.99% (Fixed)|
|Standard Chartered||11.25% to 14.49% (Fixed)|
|Capital First||12% to 18% (Fixed)|
|Tata Capital||11.99% to 19.50% (Fixed)|
|ICICI Bank||11.59% to 18.49% (Fixed)|
|Oriental Bank||10.85% to 11.85% (Floating)|
|HDFC Bank||11.49% to 19.8% (Fixed)|
|IndusInd Bank||11.99% to 19% (Fixed)|
|Fullerton||17.25% to 37% (Fixed)|
|Kotak Mahindra||11.49% to 20.15% (Fixed)|
|Aditya Birla||11.5% to 13.25% (Fixed)|
|Allahabad Bank||13.10% (Fixed)|
|Bank of Baroda||11.35% to 14.35% (Fixed)|
|Bank of Maharashtra||12.75% (Fixed)|
|Bank of India||13% to 14% (Fixed)|
|Canara Bank||12.75% (Floating)|
|Central Bank||11.4% (Floating)|
|Dena Bank||13% to 14% (Fixed)|
|IDBI Bank||12.45% (Floating)|
|Indian Bank||12.65% to 13.65% (Floating)|
|Indian Overseas Bank||13.65% (Fixed)|
|Karur Vysya||13.35% to 15.85% (Floating)|
|South Indian Bank||13% (Fixed)|
|State Bank of India||12.90% to 14.90% (Fixed)|
|UCO Bank||11.35% to 11.60% (Fixed)|
|Union Bank||14.4% (Floating)|
|Vijaya Bank||13.50% (Fixed)|
|Yes Bank||14% (Fixed)|
Salary Requirements to avail Personal Loans in Agartala
Each lender has its requirements when it comes to sanctioning a personal loan to a salaried or self-employed applicant. While salaried employees in Agartala are required to earn between Rs.7,500 and Rs.50,000 a month to avail a personal loan, self-employed individuals will have to show an income of Rs.1 lakh to Rs.2 lakhs in annual earnings if they are to gain access to credit.
Is there a processing fee applicable to a personal loan?
Yes. Personal loans are usually granted for a fee ranging from 0.5% to 2.5% of the amount you wish to borrow.
Do salaried individuals have to be of a certain age to avail a personal loan?
Yes. Lending institutions require borrowers to be between 21 years of age and 60 years of age to ensure that they have the ability to repay the amount borrowed. They also check for proof of income.
What is the maximum amount of money that can be borrowed through a personal loan?
The maximum amount offered by a bank will depend on a number of factors, but most banks limit their lending to a maximum of Rs.5 lakhs to Rs.30 lakhs.
How long can I take to repay a personal loan?
Customers are free to choose their tenure for a personal loan based on their repayment capacity. In most cases, banks offer a tenure ranging from one year to five years.
What documents will I need to apply for a personal loans?
Banks and financial institutions require your KYC documents, ID proof and address proof along with your bank statement, income proof and a passport sized photograph.
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