Bhubaneswar, the capital of the state of Odisha, is one of the most important cities in Eastern India.It’s situated at a close distance from the erstwhile capital of the state, Cuttack, and together they form twin cities of great significance for the region.
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 that do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.
|Interest Rate (Monthly reducing balance)||9.99% - 34%|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
There are a large number of well-known banks and lending companies that offer personal loans to residents of Bhubaneswar. Comprised of salaried and self-employed, personal loans are a highly demanded product in Bhubaneswar. With banks offering attractive rates on personal loans, more and more people are opting for them to take care of many personal needs such as interior re-decoration, finding a wedding or a similar family occasion, consolidating debt repayments, to pay for an emergency medical expenditure, pay tuition fees for coaching classes, paying for a vacation, etc.
There is a number of banks and leading NBFCs which offer a variety of personal loans in Bhubaneshwar. Leading private and public sector banks such as HDFC Bank, Tamilnad Mercantile Bank, Union Bank, Vijaya Bank, State Bank of India, Indian Bank, Bank of Maharashtra, Axis Bank, Citibank, HDB Financial Services (a subsidiary of HDFC Bank), Standard Chartered, Oriental Bank of Commerce, Kotak Mahindra, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Karur Vysya Bank,, IDBI Bank, IndusInd Bank, Dena Bank, Central Bank, Indian Overseas Bank, UCO Bank, South Indian Bank, Yes Bank and many more offer personal loans to customers.
In addition to banks, many leading NBFCs like Tata Capital, Fullerton, Capital First, Aditya Birla, and more provide personal loans as well.
There are many ways in which one can get lower rates of interest on personal loans.
Given below are the interest rates charged on personal loans offered by leading banks in Bhubaneswar
|Citibank||9.99% to 14.99% (Fixed)|
|Standard Chartered||11.49% onwards (Fixed)|
|Capital First||10.49% onwards (Fixed)|
|Tata Capital||10.99% onwards (Fixed)|
|HDFC Bank||10.25% onwards (Fixed)|
|IndusInd Bank||10.49% to 31.50% (Fixed)|
|Fullerton||17.25% to 37% 11.99% onwards (Fixed)|
|Kotak Mahindra||10.25% onwards (Fixed)|
|Aditya Birla||11.5% to 13.25% (Fixed)|
|Bank of Baroda||10.50% to 12.50% (Fixed)|
|Bank of Maharashtra||9.45% to 11.80% (Fixed)|
|Bank of India||10.35% to 12.35% (Fixed)|
|Canara Bank||12.40% to 13.90% (Floating)|
|Central Bank||9.85% to 10.05% (Floating)|
|IDBI Bank||9.50% to 14.00% (Fixed) )|
|Indian Bank||6.50% onwards (Floating)|
|Indian Overseas Bank||10.80% (Fixed)|
|Karur Vysya||9.40% to 19.00% (Floating)|
|South Indian Bank||10.55% to 18.05% (Fixed)|
|State Bank of India||1 9.60% onwards (Fixed)|
|Tamilnad Mercantile Bank||14.30% to 16.30% 14.05% (Floating)|
|UCO Bank||8.45% onwards (Fixed)|
|Union Bank||8.90% to 13.00% (Floating)|
|Yes Bank||10.99% onwards (Fixed)|
Income-related requirements for personal loans are different from bank to bank. While some banks may have a lower minimum income requirement, some banks may have a slightly higher requirement. Also, the minimum income requirement for salaried and self-employed applicants will differ. Given below are the general salary requirements for availing of a personal loan.
What are personal loans?
Personal loans are unsecured loans which can be taken to fulfill any personal requirement for which one may not want to use their savings.
What is meant by an unsecured loan?
An unsecured loan, like a personal loan, is one where the borrower is not required to provide any collateral or security in order to avail the loan. However, some lenders may ask the borrower to provide some form of security.
What is fixed and floating interest rate?
A fixed-rate of interest is one where the interest chargeable on the loan remains fixed for the entire term of the loan. A floating interest rate arrangement is where the interest rate keeps changing as per the market conditions.
What is the average tenure of a personal loan?
The average tenure of a personal loan ranges from 1 year to 5 years. It can vary from lender to lender.
Do lenders allow prepayment on personal loans?
Prepayment on a personal loan may or may not be allowed, depending on the lender’s terms. Please check with your lender before availing the loan.
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