Hyderabad Personal Loan

Documentation Required

1. 1. Photo ID and age proof
2. 2. Signed application form with photograph
3. 3. Residence proof
4. 4. Last 6 months bank statement
5. 5. Documentation for salaried applicants:
   1. Last 3 months salary - slips
   2. Form 16 or Income Tax Returns
6. 6. Documentation for self-employed applicants:
   1. Last 3 years Income Tax Returns with computation of Income
   2. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loan Interest Rates in Hyderabad 

List of Banks offer Personal Loans in Hyderabad

Some of the leading lenders that offer personal loans in the city of Hyderabad include:

1. Standard Chartered Bank
2. Tata Capital
3. Kotak Mahindra Bank
   
4. Citibank
5. IDBI Bank
6. Indian Overseas Bank
7. State Bank of India (SBI)
8. Aditya Birla
9. Axis Bank
10. Bank of Maharashtra
11. ING Vysya Bank
12. HDFC Bank>
13. Punjab National Bank
14. Karur Vysya Bank

How Do I Get a Personal Loan with the Lowest Interest Rate in Hyderabad?

When availing a personal loan, most people go for the bank holding their salary account as the paperwork becomes a lot more relaxed and the process faster. While for some this might work perfectly, comparing the interest rate on loans offered by several banks and NBFCs is the best option. Other than that, there are a few other factors that will positively affect your loan interest rate. If you're availing a loan, listed below are a few areas you need to look into or take care of if you wish to get the lowest interest rate on your loan:

Credit score - Ensuring that your credit score is optimum is imperative when availing a personal loan. Having a high credit score will result in you getting a loan at a lower interest rate and vice versa. A credit score above 750 is satisfactory when availing a personal loan.

Make a down payment - Putting down a sizeable down payment is sure to get you a better interest rate on your loan. Anything upward of 20% of your loan amount will positively affect the interest rate that is offered to you.

Debt-to-income ratio - Making sure that you have a stable debt-to-ratio will firstly decide whether your loan will be approved and secondly will affect the interest rate on your loan. Debt-to-ratio is the amount one earns on a monthly basis against his/her credit bills, loans dues, etc.

Look around for the best loan interest rates on offer - Facilitating the use of financial portals such as BankBazaar will help you when shopping around for loans from various banks and NBFCs offering the best interest rates. The BankBazaar website compares the loan interest rates of all its partner banks and makes it easier for customers to make a decision.

Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorter tenure will result in you having a much less interest rate - though the EMIs will be considerably high. The interest rate increases with the length of the payback period.

Employee stability and the company you work for - The number of years of experience and the company you work for plays a vital role whether firstly your loan will be approved and secondly the interest rate on the loan. Working for an established company only increases the bank's trust of you repaying the loan.

Always negotiate - While most people readily agree to the interest rate on the loan offered by the bank, negotiating on the interest rate is a necessity. If you're a customer availing a loan from the bank holding your salary, you have a better chance of making a negotiation.

Salary Requirements to Avail Personal Loans in Hyderabad

When availing a personal loan in Hyderabad, the salary requirements vary from bank to bank. When looking for the bank offering the best interest rates, make sure to look out for the minimum salary requirement as well.

1. For salaried individuals - Banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
2. Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

A good credit score can help you secure lower interest rates on loans and credit cards.

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