Faridabad is the largest city in the north Indian state of Haryana, in Faridabad district. The district shares its boundaries with the National Capital and Union Territory of Delhi.Various big companies have established their headquarters here. There are some IT Companies established their database centres here. Faridabad is a massive economic engine of Haryana. Faridabad generates over 50% of the income tax for the Haryana government.
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 do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Faridabad is a leading industrial centre in Haryana. The city has a number of leading banks and NBFCs that offer personal loans to customers in Faridabad that can you meet your needs. Personal loans are offered at affordable rates with interest rates varying from one lender to another. Banks and NBFCs that operate out of Faridabad have a large number of financial products and these banking institutions offer other services such as asset management, alternate forms of commercial lending, core banking facilities, and investment advice.
Some of the prominent financial institutions that are located in Faridabad that offer personal loans at attractive interest rates are listed below:
If you want to apply for a personal loan in Faridabad, there are a few factors which you have to keep in mind. These can play a vital role in securing your loan. You will have to make sure that the information provided to the bank in regard to your loan application letter proves your creditworthiness to receive the loan. A good credit score is a key factor and this plays a vital role when applying for a loan. A credit score of 750 and above is considered as a good credit score to have and this plays a big role in getting your application for a personal loan approved. The interest rate that is levied on a personal loan also depends on this criteria. A credit score that is higher than the benchmark that has been set by banks and lenders will fetch a lower interest rate for your loan and vice-versa. If you have a bad credit score, you should do what you can to improve it. This can be done through a number of different ways. Paying off any unpaid premiums or loans is a good way to increase your score.
You, as a borrower, should conduct your own research and make sure that you apply for a loan amount that covers your financial needs and requirements. If you have a clear perspective on the loan amount that you would require, you can avoid paying extra that goes towards the interest on a loan. But, you should also make sure that you do not opt for a loan amount that does not meet your financial needs. In such cases, you will be forced into applying for another loan which can prove to be quite a hassle. You could end up missing out on a payment which would lead to a drastic drop in your credit score and damage your creditworthiness.
There are a number of major public and private sector banking institutions that offer personal loans to the residents of Faridabad. Listed below are some of the banks in Faridabad and their interest rates:
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Citibank||1% to 2.5%||11.49%-15.99% (Fixed)||Rs.30 lakhs||1-5 years|
|Capital First||Up to 1.5% (OTF*)||12%-18% (Fixed)||Rs.15 lakhs||1-5 years|
|Standard Chartered||Nil||10.99%-14.49%||Rs.30 lakhs||1-5 years|
|IndusInd Bank||Up to Rs.3,000 (OTF)||11.99%-19% (Fixed)||Rs.25 lakhs||1-5 years|
|TATA Capital||Nil||11.99%-19.50%||Rs.20 lakhs||1-6 years|
|ICICI Bank||2.25% (Min. Rs.1,149)||11%-17.99%||Rs.20 lakhs||1-5 years|
|Oriental Bank||0.5% (OTF)||10.85%-11.85%||Rs.50,000-Rs.10 lakhs||1-5 years|
|South Indian Bank||0.50% (OTF)||13% (Fixed)||Rs.3 lakhs||1-4 years|
|Fullerton||1.5% to 6% (OTF)||17.25% to 37% (Fixed)||Rs.15 lakhs||1-4 years|
|Kotak Business Loan||0.99% to 2%||12.99%-14.50%||Rs.45 lakhs||1-5 years|
|HDBFS Business Loan||2% (OTF)||15.95%-18.95% (Fixed)||Rs.20 lakhs||1-3 years|
|HDFC Bank||Up to 2.5% (OTF)||10.99%-19.8% (Fixed)||Rs.25 lakhs||1-5 years|
|Allahabad Bank||1.22% (Min. Rs.1,228)||13.10% (Fixed)||Rs.50,000 to Rs.7.5 lakhs||1-5 years|
|Tamilnad Mercantile||1% (OTF)||14.30%-16.30% (Floating)||Rs.2 lakhs Max.||1-5 years|
|Bank of India||Rs.1,000 to Rs.10,000 (GST not included)||13%-14% (Fixed)||Rs.10,000-Rs.5 lakhs||1-3 years|
|Dena Bank||1% (OTF)||13%-14% (Fixed)||Rs.15,000 to Rs.1 lakh||1-3 years|
|Kotak Mahindra||Up to 2%||11.49% - 20.15%Fixed||Rs.15 lakhs||1-5 years|
|Bank of Baroda||1% (Min. Rs.1,000) OTF||11.35%-14.35% (Fixed)||Rs.20,000 to Rs.2 lakhs||4 years|
|BOM||1% (Min. Rs.1,000)||12.75% (Fixed)||Rs.1.5 lakhs||1-3 years|
|Karur Vysya||0.4% (OTF)||13.35%-15.85%||Rs.1 crore Max.||1-3 years|
|UCO Bank||1% (Min. Rs.750) OTF||11.35%-11.60% (Fixed)||Rs.10 lakhs||5 years|
|IDBI Bank||1%+S.T. (OTF)||12.20% (Floating)||Rs.50,000 to Rs.10 lakhs||1-5 years|
|Yes Bank||Up to 2% (OTF)||14% (Fixed)||Rs.20 lakhs||1-5 years|
|Central Bank||Rs.500 (OTF)||11.4% (Floating)||Rs.10 lakhs||4 years|
|Aditya Birla||Nil||11.5%-13.25% (Fixed)||Rs.30 lakhs||1-5 years|
|Canara Bank||Rs.1,000 to Rs.5,000 (OTF)||12.75% (Floating)||Rs.3 lakhs||5 years|
|Indian Bank||Rs.508 to 0.508% (OTF)||12.65% to 13.65% (Floating)||Rs.50,000 Max.||3 years|
|IOB||1.01% to 1.10% (OTF)||13.65% (Fixed)||Rs.1 lakhs to Rs.15 lakhs||1-5 years|
|HDBFS||1%-2% (OTF)||13.99%-16.99%||Rs.30 lakhs||1-5 years|
|SBI||1% (OTF)||12.90%-14.90%||Rs.24,000 to Rs.15 lakhs||5 years|
|Vijaya Bank||Nil||13.50% (Fixed)||Rs.10 lakhs||1-5 years|
|Union Bank||0.5% (Min. Rs.500) OTF||14.4% (Floating)||Rs.5 lakhs Max.||1-5 years|
*OTF – One Time Fee
There are a few factors that a banking institution has to consider when they receive a loan application. One criteria that they look for is your capability to repay the loan amount that you have borrowed. The salary requirements needed to repay a loan amount has been listed below:
There are some banks that approve loan applications within 48 hours and there are other banks that take at least a week. Usually a loan application is approved within two and seven working days.
The personal loan can be repaid my paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs) via post-dated cheques. You could even link your debit account to your loan if you have taken a loan from a bank where you have a savings bank account. The amount that you need to pay as EMI will automatically get deducted from your savings account.
You do not require a guarantor when applying for a personal loan.
Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.
If you are a self-employed individual, you will be required to provide information such as a balance sheet along with a profit and loss account which is audited or that has been CA certified for the past 3 years.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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