Indore is a primary city in the large state of Madhya Pradesh. It has a rich historic culture with many beautiful palaces and monuments. The city has a population of around 19.9 lakh. One can experience the culture of the city by visiting its busy bazaars and by enjoying the yummiest street food.
The city is well-equipped with essentials. The banking industry in Indore is advanced and beneficial to a number of people in the city. One can choose banks or non-banking financial companies for his or her financial requirements. Whether you want a loan, a credit card, or a savings deposit, you can be assured that you will have excellent access to such products in the market at good rates.
If you are in need of extra money to handle any of your personal needs, you can simply apply for a personal loan and repay it in equated monthly installments (EMIs). Indore has a number of top lenders that process and approve personal loan applications without causing any hassle to the borrower.
|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|
A few of the top lenders that offer personal loans in the city of Indore include:
You can procure a personal loan with the best interest rate by comparing and researching thoroughly. You will also need to prove your creditworthiness to your lender. For this, you will have to maintain a good credit score. A typical good credit score is anything above 750/900. Your lender may also check your job situation. If you have been shifting jobs on a frequent basis, the lender may not trust you to repay the loan on time. Therefore, before you apply for a personal loan, make sure you have been in a job for a reasonably long period. This will establish that you have a regular source of income and that you will be able to make your loan EMIs along with your other monthly expenditures. You should also fix your personal loan amount as per your financial situation. You should ensure that you do not borrow an extremely high amount as you should not have to struggle to pay your installment amounts. Struggling to make repayments can also lead to defaults of loans, which is very bad for your credit score.
By following these tips, you can get an economical interest rate for your personal loan.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|ICICI Bank||11.00% - 17.99% (Fixed)||2.25% (min. Rs.1149) One time fee||Rs.20 lakh (Max)||1-5 Years|
|CitiBank||11.49% - 15.99% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Tata Capital||11.99% - 19.50% (Fixed)||Rs.0 One time fee||Rs.20 lakh (Max)||1-6 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||1-year MCLR + SP + 3.00% to 1-year MCLR + SP + 8.00%||Rs.1,000 to Rs.10,000 (2% of your loan amount)||Rs.50,000 to Rs.10 lakh||Up to 60 months|
|State Bank of India||12.90% - 14.90% (Fixed)||1% (One time fee)||Rs.24,000 - 15 lakh||5 Years|
|Aditya Birla||14% to 26% p.a.||Nil||Rs.25,000 to Rs.15 lakh||6 to 36 months|
|UCO Bank||11.35% to 11.60% (Fixed)||1% (Min. Rs.750) One time fee||Rs.10 lakhs||5 years|
|City Union Bank||9.75% to 12.50% p.a.||Information not provided||Up to Rs.5 lakh||1 year|
|Allahabad Bank||Information not provided||1.06% of loan amount||Information not provided||1 to 5 years|
|Yes Bank||14% (Fixed)||Up to 2% (One time fee)||Rs.20 lakh (Max)||1-5 Years|
|Union Bank||14.4% (Floating)||0.5% (Min. Rs.500) One time fee||Rs.5 lakhs Max.||1-5 years|
|SBI||12.90% to 14.90%||1% (One time fee)||Rs.24,000 to Rs.15 lakhs||5 years|
|Standard Chartered||10.99% - 14.49% (Fixed)||Rs.0||Rs.30 lakh (Max)||1-5 Years|
|Capital First||Up to 1.5% (One time fee*)||12%-18% (Fixed)||Rs.15 lakhs||1-5 years|
|Vijaya Bank||13.50% (Fixed)||Nil||Rs.10 lakhs||1-5 years|
|HDBFS||13.99%-16.99%||1%-2% (One time fee)||Rs.30 lakhs||1-5 years|
|South Indian Bank||13% (Fixed)||0.50% (One time fee)||Rs.3 lakhs||1-4 years|
|TATA Capital||11.99%-19.50%||Nil||Rs.20 lakhs||1-6 years|
|IndusInd Bank||11.99%-19% (Fixed)||Up to Rs.3,000 (One time fee)||Rs.25 lakhs||1-5 years|
|Oriental Bank||10.85%-11.85%||0.5% (One time fee)||Rs.50,000-Rs.10 lakhs||1-5 years|
|HDFC Bank||10.99%-19.8% (Fixed)||Up to 2.5% (One time fee)||Rs.25 lakhs||1-5 years|
|Fullerton||17.25% to 37% (Fixed)||1.5% to 6% (One time fee)||Rs.15 lakhs||1-4 years|
|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|
|Karur Vysya||13.35% to 15.85%||0.40% (One time fee)||Rs.1 crore Max.||1-3 years|
|Bank of India||13%-14% (Fixed)||Rs.1,000 to Rs.10,000 (GST not included)||Rs.10,000-Rs.5 lakhs||1-3 years|
|Tamilnad Mercantile||14.30% to 16.30% (Floating)||1% (One time fee)||Rs.2 lakhs Max.||1-5 years|
|Dena Bank||13%-14% (Fixed)||1% (One time fee)||Rs.15,000 to Rs.1 lakh||1-3 years|
|IOB||13.65% (Fixed)||1.01% to 1.10% (One time fee)||Rs.1 lakhs to Rs.15 lakhs||1-5 years|
|BOM||12.75% (Fixed)||1% (Min. Rs.1,000)||Rs.1.5 lakhs||1-3 years|
|Canara Bank||12.75% (Floating)||Rs.1,000 to Rs.5,000 (One time fee)||Rs.3 lakhs||5 years|
|Central Bank||11.4% (Floating)||Rs.500 (One time fee)||Rs.10 lakhs||4 years|
|IDBI Bank||12.20% (Floating)||1% + G.S.T. (One time fee)||Rs.50,000 to Rs.10 lakhs||1-5 years|
When you are applying for a personal loan in Indore, you need to meet certain eligibility criteria. These are the requirements:
How can I apply for a higher amount for my personal loan?
You can raise your personal loan amount by clearing all your credit card bills and by selecting a longer loan period for up to 5 years.
I am a self-employed applicant. Could you let me know about the documents that I need to submit?
You will have to give your Income Tax returns with the calculation of your income for the most recent 3 years. You will also need to submit your balance sheet and profit and loss account that is CA certified or audited.
Does BankBazaar have paperless options for personal loans in Indore?
Yes, BankBazaar has collaborated with certain banks to provide you with convenient paperless options. Some of the institutions that offer paperless transactions include ICICI Bank, HDBFS, HDFC Bank, Fullerton, Oriental Bank, and more.
Will I need to pay the processing fee more than once?
This depends on the bank that you approach. Most banks charge a one-time fee for the processing fee.
Will I have to make arrangements for a guarantor while applying for a personal loan?
No, you do not require a guarantor for a personal loan application.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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