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.
|Interest Rate (Monthly reducing balance)||10.99% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
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.
A few of the top lenders that offer personal loans in the city of Coimbatore include:
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:
|Bank||Processing Fee||Interest Rate||Loan Amount||Tenure|
|Citibank||1% to 2.5%||9.99% - 16.49% (Fixed)||Rs.30 lakh||1-5 years|
|IDFC FIRST Capital||Up to 3.5% (OTF*)||10.49%-22%||Rs.40 lakh||1-5 years|
|Standard Chartered||Nil||11.49% p.a. onwards||Rs.50 lakh||1-5 years|
|HDBFS||At the discretion of the lender||Up to 36% p.a.||Rs.20 lakh||1-5 years|
|TATA Capital||2.75%||10.99% onwards||Rs.25 lakh||1-6 years|
|IndusInd Bank||2.5% of the loan amount||11.00% onwards||Rs.15 lakh||1-5 years|
|HDFC Bank||Up to 2.5% (OTF)||10.5%-21% (Fixed)||Rs.40 lakh||1-5 years|
|Aditya Birla||Up to 2% of the loan amount||14% to 26% (Fixed)||Rs.15 lakh||1-3 years|
|Fullerton||0% to 6% (OTF)||11.99% - 36%||Rs.25 lakh||1-5 years|
|HDBFS Business Loan||2% (OTF)||10.5% p.a. onwards||Rs.30 lakh||1-4 years|
|Kotak Mahindra||Up to 2.5%||10.25% onwards||Rs.20 lakh||1-5 years|
|Bank of India||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included)||10.35% - 12.35%||Rs.2 lakh||1-3 years|
|Bank of Baroda||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included||10.50% - 12.50%||Rs.50,000 to Rs.15 lakh||1-5 Years (Max)|
|BOM||1% (Min. Rs.1,000)||9.45% p.a. -12.80% p.a.||Rs.20 lakh||1-7 years|
|Central Bank||1% of the loan amount||9.85% -10.05% p.a.||Rs.10 lakh||4 years|
|IDBI Bank||1%+S.T. (OTF)||Up to 10.90% (Floating)||Rs.50,000 to Rs.5 lakh||1-5 years|
|IOB||Up to 0.5% of the loan amount||10.50% p.a.||Up to Rs.5 lakh||1-5 years|
|Karur Vysya||1.5% (OTF)||11.00% to 19%||Up to Rs.10 lakh||1-5 years|
|SBI||1.5% (OTF)||9.60% - 15.65%||Up to Rs.20 lakh||Up to 72 months|
|Union Bank||At the discretion of the bank||9.30% p.a. onwards||Rs.15 lakh Max.||1-5 years|
|UCO Bank||1% (Min. Rs.750) OTF||10.05% to 10.30%||Rs.15 lakh||5 years|
|RBL Bank||Up to 3.5% of the loan value||14% p.a. - 23% p.a.||Up to Rs.20 lakh||1-5 years|
|Yes Bank||Up to 2.5% (OTF)||10.99% onwards (Fixed)||Rs.40 lakh (Max)||1-5 years|
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:
Banks charge you a processing fees, which is normally 2% of the loan amount.
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.
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.
The approval time depends from one bank to another. Some banks approve your personal loans within 24 hours.
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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