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