Ghaziabad is in Uttar Pradesh in India. As its boundary is adjacent to Delhi, it acts as the main entrance of Uttar Pradesh and that is why it is also called the Gateway of Uttar Pradesh.Recent construction works have led to the city being described by a City Mayors Foundation survey as the second-fastest growing in the world.
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)||9.60% - 36%|
|Processing Fees||0%- 6%|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Customers who need cash either to fund their wedding, take a trip abroad, or have to financially cover an emergency situation etc., have the option of availing personal loans in Ghaziabad from the top banks and NBFCs in the country. To make the process easier, customers can make use of financial portals such as BankBazaar to narrow down on a loan offered by a particular bank. On the BankBazaar website, customers can compare loans offered by its partner banks and choose one offering the best interest rate, etc. Customers can also make EMI calculations on the BankBazaar website and determine how much they will have to put aside from their net monthly income to repay the personal loan.
Listed below are the top banks and NBFCs in Ghaziabad that are offering personal loans.
Customers need to look at certain components before availing a personal loan - components that affect the overall interest rate added to the personal loan. To ensure that you avail a loan at the lowest interest rate possible, you’d have to look into these components.
Credit score: If by chance your credit score is below 750, banks usually offer personal loans at a higher interest rate. The higher your credit score, the lower will be the interest rate offered to you by the bank or the NBFC. A credit score of 750 plus is ideal when availing a personal loan.
Down payment: Making an upfront down payment anything above 20% of the total loan amount will result in the bank offering you a lower interest rate. Most people make the mistake of not making a down payment towards the loan, resulting in the bank or NBFC offering you a loan at a higher interest rate.
Debt-to-income ratio: Banks and NBFCs in most cases reject the application of a customer if the debt-to-income ratio exceeds 50% as it reduces the bank’s trust in your repaying the loan amount. A debt-to-income ration anything less than 40% of your net monthly income will result in the bank or NBFC offering you a personal loan at a better interest rate.
Loan shopping: Financial portals such as Bank Bazaar aid customers when deciding on where to avail a loan from as they compare the loan offers (with the interest rate, processing fee, etc.) of all its partner banks and displays the bank or NBFC offering personal loans at the lowest interest rate. Always ensure that you make comparisons for loan offers from different banks and NBFCs before availing a loan.
Your company’s reputation and your experience: Having a decent number of years of experience as well as working for a reputed company enhances the bank’s trust in your repaying the loan in time, thereby positively affecting the interest rate added to the personal loan.
Negotiating: Having a good relationship with the bank will increase your chances of getting a lower interest rate added to your loan. You could also try getting the loan processing fee waived.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|ICICI Bank||10.50% - 19.00% (Fixed)||2.25%||Rs.25 lakh (Max)||1-5 Years|
|CitiBank||9.99% - 16.49% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||10.25% onwards||Up to 2.50%||Up to Rs.20 lakh||1-5 years|
|Fullerton||11.99% - 36% (Fixed)||Between 0%-6% of the loan amount||Rs.25 lakh (Max)||1-5 Years|
|Bank of Baroda||10.50% - 12.50%||2% of the loan amount + GST subject to Rs.1,000 to Rs.10,000 (One time fee)||Rs.50,000 - Rs.15 lakh||1-5 Years|
|State Bank of India||9.60% - 15.65%||1.5% (One time fee)||Up to Rs.20 lakh||1- 6 Years|
|Aditya Birla||14% - 26% (Fixed)||Up to 2% of the loan amount||Rs.40 lakh (Max)||1-3 Years|
|Yes Bank||10.99% onwards||Up to 2.50% of the loan amount subject to a minimum of Rs.999 plus taxes (One-time fee)||Up to Rs.15 lakh (Max)||Up to 5 Years|
When deciding whether to accept or reject a personal loan application, banks and NBFCs take into consideration the income of the individual and one’s debt-to-income ratio. The salary requirements depend on the loan amount one wishes to take and varies from bank to bank.
For salaried individuals: In general, the salary requirement - depending on the bank and type of loan - ranges between Rs.7,500 and Rs.50,000 of the applicant's monthly net income.
For self-employed individuals: The profit of the individual for the year should be between Rs.1 lakh and Rs.2 lakh for the individual’s loan application to be approved. Banks and NBFCs take into consideration the income of the individual over the last couple of years.
What in general affects the credit score of an individual?
Failure to pay your credit bills and loan dues in time affects the credit score of an individual. A good credit score is anything above 750
Are there any foreclosure charges when it comes to personal loans?
Banks and NBFCs charge anything between 2-4% of the outstanding amount when the customer makes a foreclosure. That said, in most cases customers can make a foreclosure only 6 months after commencement of the loan.
Which is the best way to pay an EMI towards a loan?
There are several ways to pay an EMI. You can use your net banking account, credit card, debit card, etc.
What is the maximum personal loan amount one can avail?
Salaried individuals can avail loans anything up to Rs.25 lakh. In the case of availing a joint loan, the loan amount will increase as the income of both parties are taken into consideration.
Tell me the best way to calculate the EMI towards a personal loan?
You can calculate the EMI using online EMI calculator. The BankBazaar EMI calculator is accurate.
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