Agra, the city of Taj Mahal, has held its historical importance till date in many ways.But there’s a lot more to the city in Uttar Pradesh, which is situated at the proximal distance from the national capital. With the new New Delhi-Agra highway opening up, the distance has reduced further and it will have a greater impact on the development of the city.
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|
Agra is located on the banks of the Yamuna river in Uttar Pradesh and is renowned the world over for its tourist hotspots and UNESCO World Heritage Sites such as the Taj Mahal, Fatehpur Sikri and the Agra Fort. The city is home to over two million people, most of whom are either businessmen. As a result, personal loans in the city are becoming increasingly important as individuals residing there tend to approach banks and financial institutions to fulfil their personal requirements. Residents of Agra 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 Agra 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 Agra has increased considerably in recent years.
An increasing number of private as well as public sector banks and non-banking institutions in Agra have opened their doors to individuals who seek personal credit. Some of the leading institutions include Citibank, Standard Chartered, Capital First, Tata Capital, HDFC Bank, ICICI Bank, Oriental Bank, IndusInd, Fullerton, Kotak Mahindra, Aditya Birla, Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Karur Vysya, South Indian Bank, State Bank of India, UCO Bank, Union Bank, Vijaya Bank, Yes Bank, etc. If you’re seeking personal loans in Agra, 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 Agra offer personal loans to the residents of the city. Following are the interest rates offered by the top banks for personal loans in Agra
|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 Agra
Each lender has its requirements when it comes to sanctioning a personal loan to a salaried or self-employed applicant. While salaried employees in Agra are required to earn between Rs.7,500 and Rs.50,000 a month to avail a personal loan, self-employed individual 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.
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.
Yes. Personal loans are usually granted for a fee ranging from 0.5% to 2.5% of the amount you wish to borrow.
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.
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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