Bhopal Personal Loan

Personal Loans in Bhopal

Bhopal, has a number of leading banks and NBFCs which offer personal loans to customers 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.

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
• 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 will fetch a lower interest rate for your loan 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 sample amount of research. You have to have a clear idea about the banking institution from where you want to apply for the loan.

Personal Loan Interest Rates in Bhopal 2022

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:

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.

FAQs on Bhopal Personal Loan

1. How long does a bank take to approve an application for a personal loan?

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.

2. How is a personal loan repaid?

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.

3. Can I get the balance transfer facility with my personal loan?

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.

4. Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?

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.

5. Can I receive Tax Benefits on my personal loan?

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.