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    Coimbatore Personal Loan

    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 33 Coimbatore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    Good to Know
    Eligibility Criteria
    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Coimbatore Personal Loan is Rated as "Great!" by 1448 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 23 May 2019

    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

    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan from HDFC Bank a while back and the loan amount was around 8,50,000. The interest rate which they had made was around 14.5% and there was some 2% of charges which they had made as processing fee. Their customer support team had also been helpful.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 22, 2019
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I was taken a personal loan in SBI bank before ten years ago, The verification process was good. As per my expectation I received a loan amount for the tenure of 3 years. The rate of interest and processing fee was nominal at that time. Their service was good. Now I have closed the loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 20, 2019
    • Standard Chartered Bank Personal Loan
      "Higher interest rate"
      0.5 5.0/5 "Blown Away!"
      Standard Chartered Bank has given me a expected Loan amount based on my credit card . Different processing fees has been charges and major drawback is the higher interest rate even for shorter terms . Criteria wise loan can be taken within our comfort zone .
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 16, 2019
    • HDFC Bank Personal Loan
      "Recommendable for personal loan"
      0.5 5.0/5 "Blown Away!"
      HDFC Personal loan experience is good, last time I took the principal amount of Rs. 10 lakhs with the rate of interest around 13% for the duration of 10 years but I closed in 4 years through foreclosure without any extra fee. The online service is not upto the mark, they wont send the reminder. But the branches are great in all the cities but I suggest the interest should be economical.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 16, 2019
    • HDFC Bank Personal Loan
      "Lesser interest rate and speedy process"
      0.5 5.0/5 "Blown Away!"
      The main reason for taking a personal loan from HDFC bank is only for the lesser interest rate . When I am checking with other bank interest rate. It is some thing very high for a middle class customer like me . They quickly gone through my documents and sanctioned the loan in lesser time .
      Was this review helpful? 2
      , coimbatore
      Reviewed on May 09, 2019
    • Kotak Personal Loan
      "Good in process"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Kotak Mahindra bank . The process was smooth and easy to get my loan through. They were on time to contact me and collect the documents. The loan was also disbursed on time. The rate of interest and processing charges is normal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 08, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am running a personal loan with HDFC BANK and it will be completed within 2months. The interest rate is average. I have requested for 2L and got the loan of 1.92L. There was a processing fee around 3000 rupees. There is an option for foreclosure and partial payment after 2 years out of 4 years.
      Was this review helpful? 2
      , coimbatore
      Reviewed on May 07, 2019
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from BAJAJ FINSERV a while back and the process in getting the loan was simple. The loan amount has been sufficient and the interest rate has been less, the whole process was done through their mobile application and it was easy. There was no necessity in contacting with their customer support team as well.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 30, 2019
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan from AXIS BANK a while back and the experience was quite good. The interest rate which they where offering was less and everything was done very quick. Their customer support team had also been responsive and they where helpful at times.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Apr 30, 2019
    • IndusInd Bank Personal Loan
      "Very satisfied with Indusind"
      0.5 5.0/5 "Blown Away!"
      Compared to the other banks Indusind bank is best in the market in terms of interest and service. I got the loan amount within a week. I took the loan of Rs. 5 lakhs for the duration of three years and they have part payment and foreclosure option too.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 27, 2019
    • HDFC Bank Personal Loan
      "Interest should be flexible"
      0.5 2.0/5 "Expected more"
      Initially HDFC bank gave me 11% of interest for my five years of personal loan then I have taken the top up of Rs. 1.5 lakh they changed to 14% for whole amount for four years. Due to the emergency I have taken that loan. Based on the customer situation they are increasing the interest.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 26, 2019
    • Capital First Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I closed Capital First loan before two months, the experience was good. Initially I have taken the personal loan of Rs.60,000 with the duration of 10 months. Its a short term loan, the service is genuine. Rate of interest is very flexible for me based on the market.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Apr 11, 2019
    • HDFC Bank Personal Loan
      "Need to reduce rate of intrest "
      0.5 5.0/5 "Blown Away!"
      I applied loan with HDFC BANK i cancel this loan because they was charging me high interest rate . They said me to pay EMI for 4 year 9000 and i have already one personal loan with HDFC bank i am paying EMI for 4 year 8545 and the loan amount is 300000 .
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 10, 2019
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the HDFC BANK where they have given the loan amount which was sufficient and i got the rate of interest which was nominal, using this loan since from last 3-4 years. The service is good with this loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 09, 2019
    • Bank Bazaar Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It is a first time experience with the Bankbazaar.com as i came to know it through the advertisement and the service is good. I prefer using it through the website as the portal is user friendly and comfortable. The customer service is good with this portal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 09, 2019
    • Kotak Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      They have given with the good offers so i have taken the personal loan with the KOTAK MAHINDRA BANK. The documentation process was delayed and it took 20days to get the loan. The loan amount was lesser which was 1. 56 Lakh and there was a processing fee which was higher and the rate of interest was higher. The service need to improve and charges need to be reduced with this loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 09, 2019
    • Bank Bazaar Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience of purchasing the loan and previously i am using for checking the credit score with this portal. I prefer using it through the mobile application as the application is good and user friendly to access. the customer service is good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 08, 2019
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      They have offered with the good service also the process was fast so i have taken the personal loan with the HDFC BANK. The processing fee was higher apart from that the rate of interest was nominal. I got the loan within 2days, the duration for repaying the loan is for 48 months.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 08, 2019
    • Axis Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      I had taken a Personal loan from AXIS BANK a while back and the experience has been great. I just had to make one single call and there has not been any documentation and no signatures where necessary. The interest rate and charges with them has been good when compared with the market rate.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Apr 08, 2019
    • Bank Bazaar Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I am using the services of Bank Bazaar for a while and i had used it for the purchase of my Personal loan through them. I had been using the mobile application of them which is having a good User Interface. I recommend that their customer support executives could be more updated with the status of the loan application.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 08, 2019
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