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  • Coimbatore Personal Loan

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  • Kovai as it is also called, Coimbatore is home to several different banks that cater to a diverse customer base of people seeking personal loans and other financial products. One of Tamil Nadu’s major cities, Coimbatore has a plethora of banks and financial institutions that offer personal loans for as low as 11% interest and tenures as long as 5 years. With minimal documentation and paperless approval, you can get a personal loan instantly.
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    We found 18 Coimbatore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.50% One time fee
    Up to Rs.40L
    1 - 5 Years
    Ad 100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    Zero Processing Fee
    Up to Rs.25L
    1 - 5 Years
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    25.00% - 32.00% Fixed
    3.00% One time fee
    Rs.75K - Rs.5L
    1 - 4 Years
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    11.25% - 14.49% Fixed
    Up to 2.75% One time fee
    Up to Rs.20L
    1 - 6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2.00% - 3.00% One time fee
    Rs.1L - Rs.5L
    Up to 5 Years
    Only KYC docs required
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    11.99% - 25.00% Fixed
    3.00% - 6.00% One time fee
    Up to Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    13.00% - 30.00% Fixed
    Zero Processing Fee
    Rs.50K - Rs.2L
    Up to 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00% One time fee
    Up to Rs.30L
    1 - 5 Years
    Accelerated Approval
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    16.50% - 20.00% Fixed
    Up to 2.00%(Min ₹2,000) One time fee
    Up to Rs.15L
    1 - 5 Years
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    18.00% Fixed
    2.00% - 5.00% One time fee
    Rs.50K - Rs.7.5L
    1 - 4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2.00% One time fee
    Rs.2L - Rs.20L
    0.5 - 4 Years
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    Coimbatore also called Kovai, is a prominent city in the state of Tamil Nadu. This city is a pretty and pleasant place with modern amenities. This city is surrounded by the beautiful Western Ghats. It is a popular hub for a number of sectors including healthcare, education, textiles, commercial activities, and information technology. The population of Coimbatore is around 16 lakh as of now.

    In case you are looking for financial support for any of your personal requirements, you can apply for an economical personal loan in Coimbatore. The city has many prominent lenders that provide trustworthy personal loans at competitive interest rates. Personal loans are usually unsecured loans. However, if you want a lower rate of interest, you could apply for a secured loan by securing it against your shares, gold, or even mortgage.

    Documentation needed to apply for an Coimbatore 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

    Coimbatore Personal Loan Interest RatesUpdated on 22 Oct 2020

    Coimbatore 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 Coimbatore

    Coimbatore has a lot of banks and NBFCs that offer personal loans to customers. There are two types of personal loans namely, secured loans and unsecured loans. While most banks offer secured personal loans with much ease, they follow stringent procedures for sanctioning unsecured loans. Few of the leading banks in Coimbatore offering personal loans to customers include HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, etc. It is advisable that you compare the personal loan offerings of different banks before making a final decision.

    Personal Loans offered by Various Lenders in Coimbatore

    A few of the top lenders that offer personal loans in the city of Coimbatore include:

    • City Union Bank Ltd
    • Bank of Punjab
    • UCO Bank
    • IndusInd Bank
    • Kotak Mahindra Bank
    • Kosamattam Finance
    • Oriental Bank of Commerce
    • State Bank of India (SBI)
    • Unit Trust of India
    • Karur Vysya Bank
    • Indian Overseas Bank
    • ING Vysya Bank
    • Standard Chartered Bank
    • Dena Bank
    • Deutsche Bank
    • Tata Capital
    • Citibank
    • Andhra Bank
    • Canara Bank
    • IDBI Bank
    • Aditya Birla
    • Vijaya Bank
    • ICICI Bank
    • Axis Bank
    • HDFC Bank
    • Syndicate Bank
    • Punjab National Bank
    • Corporation Bank
    • South Indian Bank
    • Karnataka Bank
    • Federal Bank
    • Tamilnad Mercantile Bank

    How do I get a Personal Loan with the lowest interest rate in Coimbatore?

    Generally, people apply for unsecured personal loans where they maintain their salary account or savings account to have higher chances of loan approval. But if you have a good credit history then it is recommended that you compare the loans products of different banks before choosing any particular one. A number of factors decide your personal loan eligibility, which also determine the rates of interest offered to you. Given below are some of the main factors that affect your personal loan approval:

    • Credit history of the borrower: Ensure that you have cleared all your outstanding loan payments before applying for a new loan. Also, ensure that your credit history is updated by the lending organization once you have cleared the payments. With a good credit score, the chances of availing a personal loan are higher. Generally, a credit score above 750 is considered good.
    • Down payments: Paying an amount upfront while availing a loan can have a significant impact on your EMIs. An amount higher than 20% of the loan value is likely to bring down your interest rates considerably.
    • Debt-to-income ratio: Debt-to-income-ratio is the ratio of how much you owe the bank each month to your monthly income. It is one of the key factors which decide your personal loan eligibility. Check your debt-to-income ratio before applying for a personal loan.
    • Comparing loans: A knowledge of the best loan products available in the market can help you when shopping for loans. Through third-party websites like BankBazaar, you can check the interest rates of different banks and compare the features side-by-side.
    • Tenure: Your loan tenure is directly proportional to your Equated Monthly Installments (EMIs). So, choose a shorter loan tenure to avail a lower rate of interest.
    • Employment status: Companies also check your employment history while approving personal loans. If your employer is listed with the bank you approach for loan, then it’s not just easy to avail the loan but you can also get a lower rate of interest.
    • Personal loan negotiation: Do not settle for the interest rates offered by the bank. Always try to negotiate and reduce the EMIs. If you are applying for a loan at the bank where maintain your salary account, then you can easily negotiate as you are a preferred customer of the bank.
    Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    ICICI Bank 11.59% - 18.49% (Fixed) 2.25% (min. Rs.1149) One-time fee Rs.20 lakh (Max) 1-5 Years
    Citibank 10.99% - 15.99% (Fixed) 1% to 2.5% Rs.30 lakh (Max) 1-5 Years
    Kotak Mahindra Bank 11.49% - 20.15% (Fixed) Up to 2% Rs.15 lakh (Max) 1-5 years
    Fullerton 17.25% - 37% (Fixed) 1.5% to 6.0% (One-time fee) Rs.15 Lakh (Max) 1-4 Years
    Bank of Baroda 11.35% - 14.35%Fixed Rs.1,000 to Rs.10,000 (One-time fee) Rs.20,000 - Rs.2 lakh 4 Years (Max)
    State Bank of India 12.90% - 14.90% (Fixed) 1% (One-time fee) Rs.24,000 - 15 lakh 5 Years
    Aditya Birla 11.5% - 13.25% (Fixed) Nil Rs.30 lakh (Max) 1-5 Years
    Allahabad Bank 13.10% (Fixed) 1.22% (One-time fee) Rs.50,000- Rs.7.5 lakh 1-5 Years
    Yes Bank 14% (Fixed) Up to 2% (One-time fee) Rs.20 lakh (Max) 1-5 Years
    Tamilnad Mercantile Bank 1-year MCLR + Business Strategy Spread and Credit Risk Premium 1% of loan amount Up to Rs.2 lakh Up to 60 months
    Indian Bank Information not provided 0.51% of loan amount with a ceiling of Rs.510 5 to 7 times the gross salary of the loan applicant Up to 36 months
    Dhanlaxmi Bank Depending on MCLR, which ranges from 8.90% to 9.75% p.a. Up to 2.5% of the loan amount with a minimum of Rs.1,250 Up to Rs.15 lakh Up to 60 months
    City Union Bank 9.75% to 12.50% p.a. Information not provided Up to Rs.5 lakh 1 year
    Dena Bank 13% to 14% p.a. 1% of loan amount Up to 9 times of net monthly income Up to 36 months

    Salary requirements to avail Personal Loans in Coimbatore

    The income requirements to avail a personal loan differs from one lending institution to another. Therefore, compare various personal loan products and choose the one that suits you the best. Generally, banks offer loans to customers who meet the following income requirements:

    • For salaried individuals – Generally, banks offer personal loans to applicants who are above 21 years of age and earn a monthly income of Rs.15,000 or above.
    • Self-employed individuals – If you are self-employed, then your business must make a profit of Rs.1 lakh to Rs.2 lakh annually to be eligible for personal loans.

    Coimbatore Personal Loan FAQs

    1. What are the additional charges applicable on personal loans?

      Banks charge you a processing fees, which is normally 2% of the loan amount.

    2. Will my credit history affect the interest rate on my loan?

      Yes, your credit history directly affects your interest rate the bank or NBFC offers you on your personal loan. The higher your credit score, the lower will be the interest rate and vice versa.

    3. Can I transfer my personal loan amount from one bank to another?

      Yes, you can transfer your loan from one bank to another. However, make sure that you have cleared all your outstanding EMIs before applying for a loan transfer.

    4. How long does it take to get a loan approved?

      The approval time depends from one bank to another. Some banks approve your personal loans within 24 hours.

    5. What is the tenure range of personal loans?

      Most banks offer loans for a tenure of 1 to 5 years. The tenure decides the interest rate, the EMIs to be repaid to the bank monthly, etc.

        

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    Coimbatore Personal Loan Reviews

    • Tata capital Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I have not undergone any difficulties when applied for this TATA Capital personal loan .The rate of interest was very high that was the issue ,17.5% , loan got sanctioned on time , proper call back and follow up was there from tata capital and online if reduce the rate of interest it will be best that would be my suggestion.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 12, 2020
    • Tata capital
      Tata capital Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan from TATA CAPITAL. The process was good and got a call on time for further process. They have sanctioned the loan on a week, the amount was sufficient wit tenure period o f 4 years. Their service is good and prompt to the customer.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 11, 2020
    • Tata capital Personal Loan
      "Fast Approval loan"
      0.5 4.0/5 "Great!"
      I got the pre-approved offer from TATA capital so i have chosen the personal loan. I got the loan very easily and the rate of interest is less when i differentiate with other loan service. But while providing the loan, they said insurance is mandatory and they have explained the EMI amount and tenure period details.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 10, 2020
    • HDFC Bank Personal Loan
      "Need to provide an insurance details at prior"
      0.5 4.0/5 "Great!"
      The processing fee is high of 4K for the loan amount 1.5L from HDFC. I do have personal accident insurance from other company but HDFC is keeping this policy option as mandatory those who apply for a loan. hence I took this policy with any other go and they deducted around 7K. The loan amount was sufficient with tenure period of 36 months. The rate of interest of 8% around is nominal. They have given pre closure option with 1year locking period. EMI need to pay of 5,044 rupees.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 07, 2020
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The rate of interest and the processing fee was medium when availed HDFC bank personal loan. The loan amount got sanctioned instantly and it was availed recently. I am paying the premium on time without any delay. The agent has shared all the details about the loan process .This was only availed for my personal use.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Mar 05, 2020
    • review Personal Loan
      "Interest rate was high"
      0.5 3.0/5 "Satisfactory"
      From BAJAJ FINANCE, i have taken a personal loan and the loan amount was Rs. 1L. The rate of interest was high and the loan going to completed and i opted for 3 years. I am paying Rs. 4200 something and directly i got this offer from bank and they giving good service.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 29, 2020
    • Tata capital Personal Loan
      "Pre approved loan "
      0.5 4.0/5 "Great!"
      I have taken a personal loan from TATA CAPITAL LIMITED and the loan amount was Rs. 1,00,000. I need to pay EMI of Rs.3200 with the tenure of 48 months. The customer service was fine. The documentation process was carried out at doorstep and its easy.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 27, 2020
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Axis bank offered this personal loan and the rate of interest and the processing fee was very high .I was having immediate requirement hence taken this loan.within 3 days the loan was sanctioned and paid the premium more than 1 year .If pay the premium on delay there are extra charges.The process was very smooth and satisfied .
      Was this review helpful? 1
      , coimbatore
      Reviewed on Feb 22, 2020
    • SBI Personal Loan
      "Interst rate was high"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from SBI, the loan amount was Rs. 10L. The rate of interest was high 14% and i am paying EMI 23,000 for the tenure period of 5years. I applied this loan directly through bank that was very easy process and i received this loan within 2 days, pre closure charges are not known.
      Was this review helpful? 26
      , coimbatore
      Reviewed on Feb 20, 2020
    • Tata capital Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have applied a personal loan from TATA CAPITAL and the loan amount was Rs. 1.92L but they given only Rs. 1.26L. Documentation was very simple executive collected and i received within 10-15 days, the rate of interest was higher 18% and I am paying EMI - 4550, the customer service was good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 18, 2020
    • Tata capital Personal Loan
      "Need to decrease interest rate"
      0.5 5.0/5 "Blown Away!"
      I have done pre closure by last September with no charge for a personal loan which I have applied from Home Credit. I have taken a loan on February month of 2019. The rate of interest was very high due to that reason I have done pre closure the loan. The tenure period of 3 years. The processing fee of 1500 rupees. EMI need to pay f 2968 rupees. Once closed the loan I got NOC letter through online.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 17, 2020
    • HDFC Bank Personal Loan
      "Need to improve their service "
      0.5 2.0/5 "Expected more"
      Not even a single call I get from HDFC for the verification process which I have applied a personal loan through online. The loan amount was sufficient with tenure period of 36 months. The rate of interest of 17.6% which is high, I was expecting less than 10%. The loan process was closed from bank and not shared the reason.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 17, 2020
    • HDFC Bank Personal Loan
      "Need to decrease interest rate"
      0.5 1.0/5 "Really Bad"
      HOME CREDIT has provided a personal loan on one year back. An interest rate is very high for this loan. So I contact customer care regarding for interest rate but they haven't negotiated. Already I had taken 2 loans, first amount of 80K, then 23K I have done top up, once I closed both loans. They have provided a new loan and sanctioned the amount of 1.5L. . EMI need to pay of 5,978 rupees for 48 months. Though interest was high I have taken this loan for an emergency purpose. I can close this loan at any time without no charges. I am satisfied with their service.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 17, 2020
    • HDFC Bank Personal Loan
      "Need to decrease interest rate"
      0.5 5.0/5 "Blown Away!"
      I got a personal loan offer from HDFC through online. The rate of interest and processing fee both are high in which I felt unhappy with it. The process was okay during the verification process they asked me to submit the payslip, since I got a salary in cash, so I am unable to provide it. Hence the process was closed from bank end. The amount was okay with tenure period 4 years. There is locking period of 6 months for pre closure.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 17, 2020
    • HDFC Bank Personal Loan
      "Not to recommend this loan"
      0.5 1.0/5 "Really Bad"
      HOME CREDIT has offered a high interest rate. For an emergency purpose to pay my school fees. I have purchased this loan. I have bought the loan amount of Rs. 1.20L every month i pay the EMI amount of Rs. 6000 with the duration of 4 years. I took this loan 7 months before. They have done the process very fast but the repayment amount is very high. I felt unhappy for taken this loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 14, 2020
    • HDFC Bank Personal Loan
      "Best for process and interest rate"
      0.5 5.0/5 "Blown Away!"
      I have chosen HDFC to apply for my personal loan because their process is very good and there is delay in disbursal. When compared to other bank, interest rates are less. I got the loan amount of Rs. 1.53L and they offered me a nominal interest rate. I pay EMI amount of Rs. 4,000 for the duration of 4 years. I can do a pre- closure after one year. After I paid my 3 months EMI, I can top up my loan as well.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 14, 2020
    • Tata capital Personal Loan
      "Very Good Loan service"
      0.5 3.5/5 "Pretty good"
      Premium facility is good and the loan was very helpful to the customer and the most important thing is TATA Capital have provided me a comprehensive interest rate so that i avail the personal loan. They offered me a loan amount of Rs. 1.20 lakh and so far i have paid two months premium with the amount of Rs. 3696. I have chosen the duration of 4 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 13, 2020
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from home credit, the loan amount was Rs. 20k for the tenure period of 15 months. But if I go for higher amount like 35K and they have been increasing the tenure as well where I need to pay more interest rate which is not okay. Still the loan is running and am going to complete after 4 months. Customer service was good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 13, 2020
    • HDB Financial Services Personal Loan
      "Interest rate was high"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from HDB Finance. The loan amount was Rs. 2L but the rate of interest was higher and i opted for 3 years tenure. Already i have completed 1.5 years and remaining 1.5 years is there. I am paying EMI of Rs.7847 and i am not sure with the pre closure charges. My friend is working in HDFC Bank based on that i took this loan and it was disbursed instantly.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Feb 13, 2020
    • HDFC Bank Personal Loan
      "Instant loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HDFC Bank and the loan amount was Rs. 2L. The rate of interest was normal EMI i am paying Rs. 4980 for the tenure period of 4 years. Pre closure i am not sure but i will close very soon within 2 months. I already have offer so i applied this loan ,within a minute i got this loan.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Feb 12, 2020
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