Kolkata Personal Loan

Personal Loan in Kolkata

Kolkata has a number of banks and NBFCs offering personal loans—both secured and unsecured—to eligible customers. Unsecured loans, as the name suggests, are loans which do not require a collateral. Financial institutions consider various parameters before issuing an unsecured personal loan. In general, secured personal loans are easy to avail when compared to unsecured personal loans. Some of the leading banks issuing personal loans are HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra, etc. Loan comparison portals such as BankBazaar allow you to compare the personal loan products offered by different banks.

Personal Loans offered by Various Lenders in Kolkata

A few of the top lenders that offer personal loans in the city of Kolkata include:

• Bank of Maharashtra
• Bank of Baroda
• Fullerton India
• UCO Bank
• IndusInd Bank
• Bank of Punjab
• Indian Overseas Bank
• Allahabad Bank
• Howrah Gramin Bank
• Khardaha Co-operative Bank
• Kotak Mahindra Bank
• Oriental Bank of Commerce
• State Bank of India (SBI)
• The Bank of Rajasthan
• ING Vysya Bank
• Standard Chartered Bank
• Dena Bank
• Deutsche Bank
• Tata Capital
• Citibank
• Andhra Bank
• Canara Bank
• IDBI Bank
• Aditya Birla
• Vijaya Bank
• ICICI Bank
• Axis Bank
• HDFC Bank
• Corporation Bank
• Punjab National Bank

How do I get a Personal Loan with the lowest interest rate in Kolkata?

Most people prefer to apply for personal loans in the banks where they maintain their salary accounts, as the approval process becomes a lot easier. While it can be considered as an option for quicker sanctioning of loans, comparing and choosing the best suited loan is most desirable. Your personal loan eligibility is affected by numerous factors which can also have an effect on the interest rates offered to you. So if you plan to avail a personal loan at a low interest rate, here are some of the key areas you need to look upon:

• Credit score: Make sure that you maintain a good credit score before applying for a personal loan. A good credit score increases your chances of getting an unsecured personal loan, which may even come as pre-qualified loans. Generally, a credit score 750 is considered satisfactory for availing personal loans.
• Make a down payment: Paying out a significant portion of the loan amount is likely to reduce your premiums to a considerable scale. Any amount above 20% of the loan value, paid upfront, will positively impact the interest rates on your loan.
• Debt-to-income ratio: Debt-to-income-ratio is a measure of the individual’s ability to repay the personal loan. It is a key determinant of your eligibility for personal loans. Ensure that you have a steady debt-to-income ratio before approaching a bank or NBFC for personal loans.
• Loan comparison: Optimizing the use of financial portals such as BankBazaar will help you when shopping around for loans offering the best interest rates. The BankBazaar website compares the loan interest rates of all its partner banks and makes it easier for customers choose the best suited product.
• Tenure: The loan tenure has a direct impact on the interest rates charged on your personal loan amount. Therefore, choosing a short tenure will give you less interest rates and vice versa.
• Employment status: Your employment also has a role to play in the approval of your personal loan. Banks take into account your work experience and the details of your employer while reviewing the loan application. So if you work for a company listed with the bank, you have higher chances of getting personal loans for a discounted interest rate.
• Personal loan negotiation: It’s a known fact that most people settle for the interest rates offered by the bank. But to avail better rates of interest, negotiation is an imperative. So if you are someone applying for a loan at a bank where you holding your salary account, then you have higher chances of making a negotiation.

Personal Loan Interest rates in Kolkata 2018

Salary requirements to avail Personal Loans in Kolkata

The salary requirements may vary from one bank to another. However, compare the personal loan offers and make sure that you meet the minimum salary criteria required for a particular loan.

• For salaried individuals – In general, banks offer personal loans to individuals above 21 years of age and earning a stable an income of above Rs. 15,000.
• Self-employed individuals – Self-employed persons should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

Kolkata Personal Loan FAQs

1. Can I prepay my personal loan?

   You can foreclose the loan amount after paying EMIs for a certain number of month as specified by the bank. However, prepayment charges will be levied.

2. How much time will it take for my loan to be sanctioned?

   The approval time depends from one bank to another. Some banks approve your personal loans within 24 hours.

3. What are the additional charges applicable on personal loans?

   You may be required to pay processing fees, which is normally 2% of the loan amount.

4. What are the loan tenure options that banks offer in general?

   Personal loans can be repaid in a period ranging from 12 months to 60 months.

5. What is the maximum personal loan amount I can avail?

   Depending on your income and repayment capacity, banks offer you loans starting from Rs.50,000 and it can go up to Rs.15 lakhs.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.