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Kolkata is a prominent city in the state of West Bengal, which serves as the capital of the state. It is the main centre for educational, commercial, and cultural activities. The city has a population of 45 lakh. It has a charming, colonial touch. It is famous for its many tourist spots and office complexes.
This city has many famous lenders including banks and non-banking financial companies (NBFCs) that provide top-class personal loans at affordable prices. You can pick a personal loan online or offline. To apply online, you will need to visit your bank’s official website or a third-party financial website. To apply offline, you will need to go to your lender’s branch and apply with the assistance of a branch executive.
|Interest Rate (Monthly reducing balance)||8.90% - 36%|
|Processing Fees||0% - 6%|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
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.
A few of the top lenders that offer personal loans in the city of Kolkata include:
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:
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Kotak Mahindra Bank||10.25% onwards||Up to 2.5% of the loan amount along with GST or service tax||Up to Rs.20 lakh||1 to 6 Years|
|UCO Bank||10.05% to 10.30% p.||1% of loan amount||Up to Rs.10 lakh||Up to 60 months|
|Indian Overseas Bank||10.80% p.a.||At the discretion of the bank||Up to Rs.5 lakh||Up to 5 years|
|Fullerton India||11.99% to 36% p.a.||Between 0%-6% of the loan amount||Up to Rs.25 lakh||1 to 5 Years|
|Yes Bank||10.99% p.a. onwards||Up to 2.50% of the loan amount (One-time fee)||Rs.1 lakh to Rs.40 lakh||1 to 5 Years|
|Aditya Birla||14% to 26% p.a.||2% of the loan amount||Rs.15 lakh (Max)||1-3 Years|
|ICICI Bank||10.50% - 19.00% (Fixed)||Up to 2.50% of the loan amount along with applicable GST||Rs.25 lakh (Max)||1 to 6 Years|
|State Bank of India||9.60% - 15.65%||Up to 1.50% of the loan amount (One time fee)||Up to Rs.20 lakh||1- 6 Years|
|Union Bank of India||8.90% to 13.00% p.a.||At the discretion of the bank||Up to Rs.15 lakh||Up to 5 Years|
|IndusInd Bank||11% p.a. onwards||2.5% of the loan amount||Rs.50,000 – Rs.15 lakh||1-5 Years|
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.
You can foreclose the loan amount after paying EMIs for a certain number of months as specified by the bank. However, prepayment charges will be levied.
The approval time depends from one bank to another. Some banks approve your personal loans within 24 hours.
You may be required to pay processing fees, which is normally 2% of the loan amount but may range between 0% and 6% of the loan amount depending on the lender and factors such as the loan amount availed by you, tenure chosen, credit score, etc.
Personal loans can be repaid in a period ranging from 12 months to 72 months.
Depending on your income and repayment capacity, banks offer you loans starting from Rs.50,000 and it can go up to Rs.40 lakhs.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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