Kanpur, the second largest city in Uttar Pradesh is situated at close proximity from its capital Lucknow.It’s based on the banks of river Ganges and is often called Manchester of the East.It has also been called the Leather city because of the number of top quality tanneries that are located here.
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.
There are various banks and NBFCs who offers personal loans to customers living in Kanpur. Some of the banks that offer personals loans to people living in Kanpur are:
|Interest Rate (Monthly reducing balance)||9.60% - 36%|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|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 2.5%||Up to Rs.20 lakh (Max)||1-5 years|
|Fullerton||11.99% - 36%||0% to 6.0% (One time fee)||Up to Rs.25 lakh (Max)||1-5 Years|
|Bank of Baroda||10.50% - 12.50% (Fixed)||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (One time fee)||Up to Rs.2 lakh||1-5 Years (Max)|
|State Bank of India||9.60% - 15.65%||1.50% (One time fee)||Up to Rs.20 lakh||6 Years|
|Aditya Birla||14% - 26% (Fixed)||Up to 2% of the loan amount||Rs.15 lakh (Max)||1-3 Years|
|Yes Bank||10.99% onwards (Fixed)||Up to 2.5% (One time fee)||Rs.40 lakh (Max)||1-5 Years|
If you can maintain a healthy credit score by clearing all your loans and credit card bills on time, then you can apply for a higher loan amount.
Some of the documents you will have submit are your IT returns for the past 3 years, balance sheet and profit and loss account, and other documents as asked for by the bank.
Yes, BankBazaar has collaborated with certain lenders in order to offer you loans with convenient paperless options. Some of the institutions that offer paperless options are HDFC Bank, Axis, Fullerton, etc.
Yes, you can avail yourself of a personal loan to pay your child’s tuition fees. However, you can also consider applying for an education loan.
Yes, you can apply for a personal loan in Kanpur even if you are a resident of Lucknow. You will, however, need to submit all the proper paperwork for your loan to be approved.
If you have a good relationship with your bank and your credit score is 750 and above, then you can certainly ask the bank to offer you a personal loan at a much lower interest rate.
Lenders frequently hesitate before approving an EMI request when the borrower is experiencing an income loss. Most banks offer an EMI waiver of three to six months (no EMI for the following three to six months). You can carry on paying loan payments once you have recovered.
If you don't pay back your debt, the lender could sue you. In order to avoid further penalties like asset seizure or wage garnishment, the court will next require that you return the obligation in full. The lender may send debt collectors after you and report the debt to credit bureaus if payments are not paid on time.
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