Ahmedabad is a prominent city in the state of Gujarat, which used to be the capital of the state. This city is a leading commercial centre of the state with several trading and commerce activities. It is a business district that has leading institutions related to information technology, education, scientific research, culture, etc.
The residents of this city have good access to banks and non-banking financial companies (NBFCs) for financial products and services. If you are looking for a personal loan, you can choose a bank or an NBFC as your lender and get a good loan deal at an attractive interest rate.
Personal loans can be availed with minimal documentation within just a few hours. All you need to do is meet the most basic eligibility criteria, and you will most likely receive your personal loan amount without any difficulty. You can apply for personal loans online or by visiting your lender’s branch.
|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|
Let us take a look at some of the leading lenders that provide personal loans in the city of Ahmedabad:
The following table shows the interest rates for some of the banks that offer personal loans in Ahmedabad:
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Bajaj Finserv||13.99% p.a.||2.25% to 3% of the loan amount||Up to Rs.25 lakh||12 months to 60 months|
|YES Bank||14% p.a.||Information not provided.||Rs.2 lakh to Rs.20 lakh||1 to 5 Years|
|J & K Bank (Consumer loan)||Up to MCLR + 3.50% p.a.||Nil||Up to Rs.75,000 with up to 12 times your net monthly salary||Up to 60 months|
|Bank of Maharashtra||1 year MCLR + 4.00% p.a.||1% of your loan amount with a minimum of Rs.1,000||Up to Rs.1.50 lakh||Up to 36 months|
|Vijaya Bank||Up to 13.50% p.a.||0.75% of your loan amount along with the GST||Up to Rs.10 lakh||Up to 60 months|
If you are a salaried employee, your monthly income will need to be at least Rs.15,000 or higher. The minimum salary requirement will differ from lender to lender. If you are a self-employed applicant, then your business should have earned a profit of at least between Rs.1 lakh and Rs.2 lakh on an annual basis.
Even with a credit score of 750 and above, there is no proper assurance that your loan application will be accepted. However, if your credit score is lower than 750, you could try some alternative ways of getting your loan approved. You could furnish a collateral to assure your lender that you will repay your loan promptly. If you are earning a high income, you could show your income proof to ensure that you will be able to pay this loan without any struggle albeit your low credit score. You could also include the income of your spouse to improve your eligibility.
No, you do not need any middleman to get a personal loan. It is very simple to apply for a personal loan. You can visit the official website of your lender or a third-party financial website. You could also visit a branch of your lender.
You will most probably have to pay a processing fee while applying for your loan. This is a one-time fee.
You can choose from fixed or floating/variable interest rates for your personal loans. Fixed interest rates will remain fixed throughout your loan tenure and floating or variable interest rates will change as per fluctuations in the benchmark rates.
This will depend on your lender. If you have a salary account or any other account with a particular bank, you may get a low rate of interest as you already have an existing relationship with your lender. Make sure you check with your lender about this special interest rate before you apply for their loan.
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