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  • Bhopal Personal Loan

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  • Bhopal is the capital city of Madhya Pradesh and houses a variety of banks that can help you meet your immediate financial requirements through attractive personal loans. Whether you need funds for your wedding or education, medical expenses or travel, personal loans in Bhopal can help you meet your expenses with ease. Interest rates start from as low as 10.99% and the tenures extend up to 5 years, thereby making it easy for you avail as well as repay your personal loan.
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    We found 17 Bhopal Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.75% - 21.45% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Ad Accelerated Approval
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    10.99% - 15.49% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    What you'll love
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    Bhopal is the capital of the Indian state of Madhya Pradesh and the administrative headquarters of Bhopal district and Bhopal division. Bhopal is the 16th largest city in India and 134th largest city in the world. It is basically divided into two parts - old Bhopal and new Bhopal.

    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.

    Documentation needed to apply for an Bhopal Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Bhopal Personal Loan Interest RatesUpdated on 24 Oct 2019

    Bhopal Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loans in Bhopal

    Bhopal, the capital city of Madhya Pradesh, has a number of leading banks and NBFCs which offer personal loans to customers who reside in Bhopal so that their financial needs and requirements are met. These loans are offered at affordable rates with interest rates varying from one lender to another. Banks and NBFCs operating out of Bhopal have a large arsenal of financial products and these banking institutions offer other services such as asset management, alternate forms of commercial lending, core banking facilities, and investment advice.

    Personal Loans offered by various banks in Bhopal

    Some of the prominent financial institutions that are located in Bhopal that offer personal loans at attractive interest rates are listed below:

    • Citibank
    • Standard Chartered
    • IndusInd Bank
    • ICICI Bank
    • Kotak Business Loan
    • Capital First
    • Oriental Bank
    • HDFC Bank
    • Kotak Mahindra

    How to Get a Personal Loan with the Lowest Interest Rate in Bhopal

    When you want to apply for a personal loan in Bhopal, there are a few factors which you need to keep in mind as they can play an important role in securing your loan. The format and information provided in your application letter plays a vital role in having a personal loan sanctioned as well as the interest rate offered on the loan amount. Personal loans can be quite easy to apply for with a hassle-free procedure. But there are a few factors that you will have to address and be cautious about when applying for a loan. A good credit score is a key factor and plays a vital role when applying for a loan. A credit score of 750 and above is considered as a good credit score to have and this plays a big role in getting your application for a personal loan approved. The interest rate is also dependent on this criteria. A credit score that is higher than the benchmark that has been set by banks and lenders will fetch a lower interest rate for your loan and vice-versa. If you have a bad credit score, you should do what you can to improve it. This can be done through a number of different ways. Paying off any unpaid premiums or loans is a good way to increase your score.

    Another important point to take into consideration is that you should make sure that you do an ample amount of research the loan amount that you require and the bank with which you wish to apply for a loan. You have to have a clear idea about the banking institution that you want to apply for a loan to as well as the amount that you need to borrow from the bank. You can avoid paying an extra amount of money towards the interest levied on a loan amount by ensuring that you do not apply for a loan that exceeds your financial needs. On the other hand, if you borrow an amount that does not meet your financial needs, you might end up applying for another loan amount. This can pose a big problem as managing two loans can be quite risky. You could end up missing out on a payment which would lead to a drastic drop in your credit score.

    Personal Loan Interest Rates in Bhopal 2018

    There are a number of major public and private sector banking institutions that offer personal loans to the residents of Bhopal. Listed below are some of the banks in Bhopal and their interest rates:

    Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    Standard Chartered Nil 10.99%-14.49% Rs.30 lakhs 1-5 years
    Citibank 1% to 2.5% 11.49%-15.99% (Fixed) Rs.30 lakhs 1-5 years
    Capital First Up to 1.5% (OTF*) 12%-18% (Fixed) Rs.15 lakhs 1-5 years
    TATA Capital Nil 11.99%-19.50% Rs.20 lakhs 1-6 years
    ICICI Bank 2.25% (Min. Rs.1,149) 11%-17.99% Rs.20 lakhs 1-5 years
    IndusInd Bank Up to Rs.3,000 (OTF) 11.99%-19% (Fixed) Rs.25 lakhs 1-5 years
    Oriental Bank 0.5% (OTF) 10.85%-11.85% Rs.50,000-Rs.10 lakhs 1-5 years
    HDFC Bank Up to 2.5% (OTF) 10.99%-19.8% (Fixed) Rs.25 lakhs 1-5 years
    Aditya Birla Nil 11.5%-13.25% (Fixed) Rs.30 lakhs 1-5 years
    South Indian Bank 0.50% (OTF) 13% (Fixed) Rs.3 lakhs 1-4 years
    Fullerton 1.5% to 6% (OTF) 17.25% to 37% (Fixed) Rs.15 lakhs 1-4 years
    Kotak Business Loan 0.99% to 2% 12.99%-14.50% Rs.45 lakhs 1-5 years
    HDBFS Business Loan 2% (OTF) 15.95%-18.95% (Fixed) Rs.20 lakhs 1-3 years
    Kotak Mahindra Up to 2% 11.49% - 20.15%Fixed Rs.15 lakhs 1-5 years
    Bank of India Rs.1,000 to Rs.10,000 (GST not included) 13%-14% (Fixed) Rs.10,000-Rs.5 lakhs 1-3 years
    Allahabad Bank 1.22% (Min. Rs.1,228) 13.10% (Fixed) Rs.50,000 to Rs.7.5 lakhs 1-5 years
    Bank of Baroda 1% (Min. Rs.1,000) OTF 11.35%-14.35% (Fixed) Rs.20,000 to Rs.2 lakhs 4 years
    BOM 1% (Min. Rs.1,000) 12.75% (Fixed) Rs.1.5 lakhs 1-3 years
    Canara Bank Rs.1,000 to Rs.5,000 (OTF) 12.75% (Floating) Rs.3 lakhs 5 years
    Tamilnad Mercantile 1% (OTF) 14.30%-16.30% (Floating) Rs.2 lakhs Max. 1-5 years
    Indian Bank Rs.508 to 0.508% (OTF) 12.65% to 13.65% (Floating) Rs.50,000 Max. 3 years
    Central Bank Rs.500 (OTF) 11.4% (Floating) Rs.10 lakhs 4 years
    Dena Bank 1% (OTF) 13%-14% (Fixed) Rs.15,000 to Rs.1 lakh 1-3 years
    IDBI Bank 1%+G.S.T. (OTF) 12.20% (Floating) Rs.50,000 to Rs.10 lakhs 1-5 years
    IOB 1.01% to 1.10% (OTF) 13.65% (Fixed) Rs.1 lakhs to Rs.15 lakhs 1-5 years
    Karur Vysya 0.4% (OTF) 13.35%-15.85% Rs.1 crore Max. 1-3 years
    HDBFS 1%-2% (OTF) 13.99%-16.99% Rs.30 lakhs 1-5 years
    SBI 1% (OTF) 12.90%-14.90% Rs.24,000 to Rs.15 lakhs 5 years
    Vijaya Bank Nil 13.50% (Fixed) Rs.10 lakhs 1-5 years
    UCO Bank 1% (Min. Rs.750) OTF 11.35%-11.60% (Fixed) Rs.10 lakhs 5 years
    Union Bank 0.5% (Min. Rs.500) OTF 14.4% (Floating) Rs.5 lakhs Max. 1-5 years
    Yes Bank Up to 2% (OTF) 14% (Fixed) Rs.20 lakhs 1-5 years

    *OTF – One Time Fee

    Salary Requirements to Avail Personal Loans in Bhopal

    There are a few factors that a banking institution has to consider when they receive a loan application. One criteria that they look for is your capability to repay the loan amount that you have borrowed. The salary requirements needed to repay a loan amount has been listed below:

    • The applicant should be a resident of Bhopal for a minimum period of 1 year.
    • A salaried individual should earn a minimum monthly income of Rs.15,000. The minimum monthly income requirement will vary from one lender to another.
    • The applicant should have a minimum work experience of 2 years.
    • The applicant should not be younger than 21 years.
    • The applicant should not be older than 60 years.
    • Applicants will be required to submit a couple of documents like bank statements, address proof, identity proof, etc.

    Bhopal Personal Loan FAQs

    1. How long does a bank take to approve an application for a personal loan?
    2. There are some banks that approve loan applications within 48 hours and there are other banks that take at least a week. Usually a loan application is approved within two and seven working days.

    3. How is a personal loan repaid?
    4. The personal loan can be repaid my paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs) via post-dated cheques. You could even link your debit account to your loan if you have taken a loan from a bank where you have a savings bank account. The amount that you need to pay as EMI will automatically get deducted from your savings account.

    5. Can I get the balance transfer facility with my personal loan?
    6. Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.

    7. Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?
    8. Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.

    9. Can I receive Tax Benefits on my personal loan?
    10. Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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    Bhopal Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Average"
      0.5 2.5/5 "Just OK"
      My requirements has been fulfilled personally so have not taken a personal loan from HDFC BANK. Their services are average. Already my personal loan is running with HDFC BANK and they are not deducting the EMI properly so have been paying late payments. Even their interest rate is high.
      Was this review helpful? 0
      , bhopal
      Reviewed on Oct 16, 2019
    • HDFC Bank
      HDFC Bank Personal Loan
      "Average Loan service"
      0.5 3.0/5 "Satisfactory"
      No contact from their end after i applied the loan from HDFC. I applied the loan amount of Rs. 5 lakhs and as i discussed in last month now I'm not aware of the interest rate provided by them. There is no proper follow up from HDFC even though i am holding the savings account with them.
      Was this review helpful? 0
      , bhopal
      Reviewed on Oct 04, 2019
    • Fullerton Personal Loan
      "Good Choice"
      0.5 5.0/5 "Blown Away!"
      I am not interested to take the personal loan, hence I have cancelled the Fullerton application. There is no difficulties faced with their end, the follow up and response is good. Even I am very much fine with their overall experience, so I definitely recommend this to others.
      Was this review helpful? 0
      , bhopal
      Reviewed on Sep 29, 2019
    • Fullerton Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I was 3 months in bed rest and due to that I was unable to make my credit card payment but post that I had made the payment but they had decreased my cibil score, so due to this my application was been unable to process for personal loan from Fullerton team.
      Was this review helpful? 0
      , bhopal
      Reviewed on Sep 28, 2019
    • Fullerton Personal Loan
      "Best Service"
      0.5 2.0/5 "Expected more"
      I have applied for Fullerton personal loan through Online .I have not availed this loan since had an issue on uploading documents hence dropped the plan.I have got a clear picture about the loan process through the agent.There was no issues with the rate of interest and the processing fee .
      Was this review helpful? 0
      , bhopal
      Reviewed on Sep 25, 2019
    • HDFC Bank Personal Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I was applied for a personal loan with HDFC bank through an online process. Once applied for the loan I received a call on time from bank on time. The loan amount was sufficient for the tenure period of 3 years. The rate of interest was high for 13% and the processing fee for 2800.
      Was this review helpful? 0
      , bhopal
      Reviewed on Sep 15, 2019
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I had applied for personal loan from HDFC Bank on a month before. Rate of interest and processing fee are nominal. Since I am holding a salary account for many years, loan got disbursed on time and with amount is sufficient for the tenure period of 3 years.
      Was this review helpful? 1
      , bhopal
      Reviewed on Aug 10, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had selected HDFC BANK for the personal loan since the interest rate which they where offering was comparatively less than the other banks. The process was good where the loan was disbursed on time, the processing fee and charges has been quite good and the customer support team had been helpful.
      Was this review helpful? 4
      , bhopal
      Reviewed on Apr 21, 2019
    • HDFC Bank Personal Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      HDFC bank charged high interest around 16% for the loan amount of Rs. 1.50 lakhs, I took the loan for the period of one year. The process was very easy and flawless because the field elective came to my place and helped on the documentation, I am happy about it.
      Was this review helpful? 0
      , bhopal
      Reviewed on Apr 05, 2019
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and the loan took 20-25days to be credited into the account. The loan amount was sufficient that they have offered with this bank and there was a processing fee of 19K which was higher than others. The monthly EMI was 12k approximately.
      Was this review helpful? 0
      , bhopal
      Reviewed on Mar 22, 2019
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      MY experience was good with Hdfc bank for personal loan. I got the loan amount after 6 to 7 days after approval . The loan amount was sufficient and rate of interest was nominal when compared to others. The customer service was good and the response was on time. My loan amount is 200000 Lakh. The tenure is for 4 years. The EMI is of 5642.
      Was this review helpful? 0
      , bhopal
      Reviewed on Mar 08, 2019
    • HDFC Bank Personal Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      There is no particular reason for taking the personal loan with the HDFC BANK the documentation process was not easy and it took more than a month to get the loan. The loan amount was 75K and the rate of interest was 27% with this loan which is higher.
      Was this review helpful? 1
      , bhopal
      Reviewed on Mar 08, 2019
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a fine experience with HDFC bank for personal loan, the process was smooth and i received my loan amount within 1 week. Customer service was good and they responded on time. Rate of interest was nominal when compared to others. Loan amount was for Rs 1 lac and the tenure period was for 2 years
      Was this review helpful? 1
      , bhopal
      Reviewed on Jan 21, 2019
    • ICICI Bank Personal Loan
      "Great response from ICICI"
      0.5 5.0/5 "Blown Away!"
      I have purchased my personal loan on 7th November. I have applied the loan amount of Rs. 1.03 lakhs and i have received the same. I have received the loan in 12 days. They have offered me a interest rate of 15% and i'm happy about it. There was some processing fee also. I have been paying the EMI of Rs. 4992 and total tenure period of the loan 24 months.
      Was this review helpful? 1
      , bhopal
      Reviewed on Dec 11, 2018
    • HDFC Bank Personal Loan
      "Looking for less interest rate"
      0.5 3.5/5 "Pretty good"
      It was a fine experience with HDFC bank for personal loan, the process was smooth and i received my loan amount within 1 week. Customer service was good and they responded on time. Rate of interest was high when compared to others. Loan amount was for Rs 1.5 lacs and the tenure period was for 5 years.
      Was this review helpful? 1
      , bhopal
      Reviewed on Dec 05, 2018
    • ICICI Bank Personal Loan
      "Interset rates are higher"
      0.5 3.0/5 "Satisfactory"
      It took a month time to get my application approved. I applied for a personal loan keeping in mind that it will be approved on time but i was really unhappy the way it took time. There was no proper response from the bank, i had to follow up. Also the rate of interest are high here and bank should look into this. Overall i am not happy with ICICI.
      Was this review helpful? 0
      , bhopal
      Reviewed on Nov 01, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan with ICICI BANK. The loan amount was 33 lakhs and the interest rate was very satisfactory . The tenure period was 29 years . The documentation process was quite smooth and the processing fee is also nominal. The customer service and responses as good.
      Was this review helpful? 1
      , bhopal
      Reviewed on Aug 28, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have my personal loan with ICICI bank. The loan amount was 94,979 and the rate of Interest was 11.4% which is average. The EMI period was 4 years. The loan process was good and the processing fee was 2000 which is nominal. Here the pre closer is after 6 months. My experience was good and its recommendable.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jan 17, 2018
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The service was very excellent with but, I already had two more on going loans so my credit profile was low they never discussed about the interest rate it was little disappointed for me with ICICI ,still it was a good experience with ICICI for my personal loan service.
      Was this review helpful? 0
      , bhopal
      Reviewed on Nov 07, 2017
    • Standard Chartered Bank Personal Loan
      "Good service "
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with standard chartered bank.I had requested for loan amount of 4 lakhs.Rate of interest is nominal as compared to others.The application got rejected because of the address proof mismatch hence bank has closed the application.
      Was this review helpful? 0
      , bhopal
      Reviewed on Nov 02, 2017
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