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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 2.5% 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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    Fees & Charges
    Eligibility Criteria
    11.25% - 14.49% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    Good to Know
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    Customer Reviews
    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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    Eligibility Criteria
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    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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    18% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2% + Taxes
    20L Max
    0.5 - 4 Years
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    Eligibility Criteria

    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 29 Jan 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

    • Religare Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I applied for Home credit personal loan through online for medical purpose. The process was fast and loan disbursed within 3 days, it was very helpful on emergency time. Loan amount Rs.50,000 for the tenure of 48months which I have selected.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 19, 2020
    • Shubh Loans
      Shubh Loans Personal Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      For the educational purpose, i have selected the personal loan from Shubh loan. In other bank, they were not ready to provide the loan so i applied with Shubh loan. I got the loan amount of Rs. 50000 for that I'm paying the EMI amount of Rs. 2976 every month. They have offered me a tenure period of 2 years. Loan process was smooth.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 18, 2020
    • Citibank Personal Loan
      "Need to be process at earlier"
      0.5 2.0/5 "Expected more"
      CITI bank has offered a personal loan through an online. I got a call on bank end but process was delay to complete because my office number was incorrectly noted. Once all verification done on delay and they have sanctioned the loan by 12 days. Tenure period of 2 years. The rate of interest and fee are average. I use to get remainder message on time for EMI payment.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 11, 2020
    • PaySense Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan from PAYSENSE through an online. I got a verification call on delay of 2 days. Their end was delay to complete the loan process so they took 20 days to sanctioned the loan. The amount of 43K is sufficient with tenure period of 15 months. Processing fee was applicable of 1,200 rupees. The customer service is no proper response whenever try to contact them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 10, 2020
    • HDFC Bank Personal Loan
      "Good snd Speedy"
      0.5 5.0/5 "Blown Away!"
      I have applied for HDFC Bank personal loan through Online .I have got the loan amount sanctioned within 2 days and on 3rd day the amount was credited that was the best part.The agent shared all the relevant details about the loan process,even guided and treated very well.The rate of interest and the processing fee was nominal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 07, 2020
    • Tata capital Personal Loan
      "Need to decrease interest rate "
      0.5 1.0/5 "Really Bad"
      I was applied a personal loan with TATA CAPITAL on a month before. I didn't received any call from bank end, so myself called to the branch after one week, to know regarding the status of application but there is no proper response for my query. At initial they were offered a pre approved loan but later they told to submit some required documents. An interest rate of 22-24% was offered. The loan amount of 1.25L was low because I was expecting more than 4L, the tenure period of 2 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 06, 2020
    • Incred Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Incred personal loan through online. Bank executive came and collected the documents, loan amount of 1.5L was disbursed with in 10 days. I have taken it for the tenure of 2 years. I am not aware of interest rate but the total repayment amount is around 2.10L.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jan 04, 2020
    • Tata capital Personal Loan
      "Average services"
      0.5 2.0/5 "Expected more"
      I applied for TATA CAPITAL personal loan through online for the loan amount 75,000. I received the call from the bank executive and he informed me to visit the branch for document submission. I requested for the due date of 9th or10th but bank is offering with the due date 3rd or 5th. So am not interested.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jan 04, 2020
    • HDFC Bank Personal Loan
      "Need to improve the services"
      0.5 3.0/5 "Satisfactory"
      I applied for HDFC personal loan through online and also uploaded the documents. I have not received any update from the bank for further process. If bank provides me contact number of the executive who handle my application would be fine. I can check with them regarding the process easily.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 31, 2019
    • Kotak Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan directly through Kotak Mahindra Bank .The rate of interest and the processing fee was average.There was no information conveyed by bank agent, I need to check with bank people for further update. I will be closing this loan within 1.5 years. I am satisfied with the service so far.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 28, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan directly through HDFC Bank.The rate of interest and the processing fee was nominal. I will be closing this loan within 1.5 years. I am paying the loan on EMI basis and still this loan is active .Each and every input about the loan process was clearly shared by the agent.The process was smooth and really satisfied with the service .
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 28, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through HDFC Online .This was a paperless approval and i will be closing this loan within 4 months.The rate of interest and the processing fee was nominal ,The agent gave all the relevant details about the loan process.I am paying the premium on EMI basis.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Dec 23, 2019
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through Axis Bank directly .The loan amount got sanctioned on time ,The rate of interest and the processing fee was less compare to other bank.This loan is still active .I am paying the premium on online basis .The process was smooth and convenient .
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 22, 2019
    • review Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan with BAJAJ FINANCE on 2 years before. Still 7 months only pending to complete the loan. As per my income I got the loan amount sufficient tenure period of 3 years. Rate of interest is quite high of 17%. The processing fee was applicable of 5K. I use to get remainder message 3 days before of due date. EMI need to pay of 4,312 rupees. Tenure period of 3 years for one lakh loan. Within 2 days they have sanctioned the loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 22, 2019
    • HDFC Bank Personal Loan
      "Easy loan approval"
      0.5 3.0/5 "Satisfactory"
      I have taken my personal loan from HDFC BANK on 3 years back and the loan amount was 1.5 lakh, because they are providing good service and high rate of interest was 18% . They have taken the processing fee of 3%. EMI amount is automatically deducted from my account. I spoke to their customer care regarding the offer and the response was quite good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 21, 2019
    • HDFC Bank Personal Loan
      "Average Loan Service"
      0.5 4.0/5 "Great!"
      5 years ago, i have bought my personal loan from HDFC. Since i have taken the car loan, based on my eligibility the have provided me a personal loan also. I got the loan amount of Rs. 1.5 lakhs for the tenure period of 3 years. I have paid the EMI amount of Rs. 6074 every month. I'm yet to pay the EMI for next 3 months.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 19, 2019
    • HDFC Bank Personal Loan
      "Service is good"
      0.5 3.0/5 "Satisfactory"
      When I applied my personal loan with HDFC bank. They asked me to submit the current address proof which i do not have but I have a permanent address proof where I'm staying with my friends, I'm unable to provide the EB bill or rental agreement so I asked them cancel the loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 06, 2019
    • HDFC Bank Personal Loan
      "Best bank for people"
      0.5 1.0/5 "Really Bad"
      I have applied a personal loan with HDFC bank, they are not doing anything properly. Whatever they have mentioned at earlier its not being follow up. Regarding about this loan process, they have not explained in proper. So I have denied the loan because the process is not transparent. According to me, I have faced those problems but overall it is a good bank.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 04, 2019
    • HDFC Bank Personal Loan
      "Need to decrease the rate of interest"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank. I need loan amount urgently, so i applied through online at the same time i got a amount from outside. I given a request to close that loan. Customer service was good and also interest was high need to be focus in rate of interest.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 29, 2019
    • Axis Bank Personal Loan
      "Need to reduce Interest rate"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with AXIS bank on 2 years before. The rate of interest of 18.5% which is high. I have applied directly through bank. Once all the verification done within 15 days they have sanctioned the loan with 3.5L sufficient for 5 years tenure period. Processing fee of 5K. There is an option of pre closure and charges are nominal. I use to pay EMI of 9K will automatically debit from my account.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Nov 28, 2019
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