Lucknow the capital city of Uttar Pradesh is a historic city in the heart of North India, which has held its traditional importance till date. The city was home to Nawab rulers who brought about major changes in the structure and social fabric of the city.
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.
|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|
Lucknow is a vibrant city of India, situated in the state of Uttar Pradesh. It is also the state capital. Hence, Lucknow can be said to be the most important city in one of the largest states in India. This also means the economic activities in the city guarantees a fertile environment for banks and other financial institutions in the city.
Lucknow ranks 6th among all Indian cities in terms of job creation. The city has a number of manufacturing units, prized real estate and business hubs to merit the presence of almost all the major banks in the country. These banks provide all kinds of loans to the ever burgeoning population of the city, including personal loans.
There are a number of banks and NBFCs offering personal loans to customers who live in Lucknow city. In addition to providing personal credit, these banks also offer a number of different banking facilities like investment advice, net banking, asset management, and other forms of commercial lending. Listed below are a few of the prominent banks that provide personal loans and operate out of Lucknow:
There are a couple of factors that we need to consider when applying for a personal loan with a bank or NBFC in Lucknow. You will have to make sure that you application for a loan is drafted in such a way that it should help you get a good interest rate from the lender. The interest rate ranges from lender to lender and is completely dependent on them when you’re applying for the loan. Though personal loans are easy to apply for in Lucknow, it should be noted that the lender has the last say on whether they should accept or reject the loan application. This is why it is very important that you do what is needed to make sure that you loan application is as appealing as it should be. A good credit score can also increase your chances of having a loan sanctioned. A credit score of 750 and above is considered to be a good score in the eyes of the lender as this score shows the lender your potential of paying back the loan. The interest rate offered by the lender is drastically affected by you credit score. The interest rate offered by the lender is directly proportional to the credit score which means that a high credit score can fetch you a lower interest rate and vice versa. This is why it is really important that you maintain a good credit score no matter what.
Another thing to keep in mind when applying for a personal loan is to make sure that you assess your finances to avoid applying for a loan amount that either meets your financial needs or falls short of it. If you end up borrowing an amount that you will not require, you will end up paying a larger amount of money to the lender as interest. Similarly, if you end up borrowing a lower amount, you might fall short of funds and you may end up taking out another loan to meet your needs and requirements. Therefore, it is important that you do your research, find the bank that offers the best interest rate, and then apply for loan amount that would be an adequate amount to fulfil your needs and requirements.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|ICICI Bank||11.59% - 18.49% (Fixed)||2.25% (min. Rs.1149) One time fee||Rs.20 lakh (Max)||1-5 Years|
|CitiBank||10.99% - 15.99% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 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||11.35% - 14.35% (Fixed)||Rs.1,000 to Rs.10,000 (One time fee)||Rs.20,000 - Rs.2 lakh||4 Years (Max)|
|State Bank of India||12.90% - 14.90% (Fixed)||1% (One time fee)||Rs.24,000 - 15 lakh||5 Years|
|Aditya Birla||11.5% - 13.25% (Fixed)||Nil||Rs.30 lakh (Max)||1-5 Years|
|Allahabad Bank||13.10% (Fixed)||1.22% (One time fee)||Rs.50,000- Rs.7.5 lakh||1-5 Years|
|Yes Bank||14% (Fixed)||Up to 2% (One time fee)||Rs.20 lakh (Max)||1-5 Years|
When a bank or NBFC receives an application that was sent in by an individual who’s looking for a personal loan, there are a few requirements that the borrower would have to meet before the lender can sanction the loan. One of these factors is the individual’s salary. The bank or NBFC should be quite certain that the individual is capable of repaying the loan amount. Some of the requirements that the borrower has to meet have been listed below:
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.
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.
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.
This depends on the bank that you approach. Most banks charge a one-time fee for the processing fees.
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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