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  • Ludhiana Personal Loan

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  • Ludhiana is the most populous city in Punjab and has a variety of banks that offer personal loans at attractive terms and conditions and flexible repayment tenures. Whether you need money to pay for wedding arrangements or to take a long vacation abroad, personal loans in Ludhiana are easy to obtain thanks to minimal documentation and quick disbursal processes. Interest rates start from just 10.99% and the tenures can extend up to 5 years, and loan amounts as high as Rs.30 lakh can be borrowed to meet your goals.
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    We found 18 Ludhiana Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.50% One time fee
    Up to Rs.40L
    1 - 5 Years
    Ad 100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    Zero Processing Fee
    Up to Rs.25L
    1 - 5 Years
    Ad 100% PAPERLESS APPROVAL
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    25.00% - 32.00% Fixed
    3.00% One time fee
    Rs.75K - Rs.5L
    1 - 4 Years
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    11.25% - 14.49% Fixed
    Up to 2.75% One time fee
    Up to Rs.20L
    1 - 6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2.00% - 3.00% One time fee
    Rs.1L - Rs.5L
    Up to 5 Years
    Only KYC docs required
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    11.99% - 25.00% Fixed
    3.00% - 6.00% One time fee
    Up to Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    13.00% - 30.00% Fixed
    Zero Processing Fee
    Rs.50K - Rs.2L
    Up to 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00% One time fee
    Up to Rs.30L
    1 - 5 Years
    Accelerated Approval
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    16.50% - 20.00% Fixed
    Up to 2.00%(Min ₹2,000) One time fee
    Up to Rs.15L
    1 - 5 Years
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    18.00% Fixed
    2.00% - 5.00% One time fee
    Rs.50K - Rs.7.5L
    1 - 4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2.00% One time fee
    Rs.2L - Rs.20L
    0.5 - 4 Years
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    Ludhiana, located in the Ludhiana district of Punjab, is the state’s largest city based on population.Ludhiana is a component of the ‘Eastern Industrial Corridor’ that joins quite a few cities from Punjab straight to West Bengal This ensures that industrial growth is enhanced by quick transport of freight and goods.The World Bank held Ludhiana as the Indian city having the most favorable business atmosphere in 2009

    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.

    Documentation needed to apply for an Ludhiana Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Ludhiana Personal Loan Interest RatesUpdated on 25 Oct 2020

    Ludhiana Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loan in Ludhiana

    Personal loans in Ludhiana are offered by some of the top banks and NBFCs in the country. All banks offer secured and unsecured personal loans. In the case of unsecured loans, banks offers loans ranging between Rs.50,000 to Rs.40 lakh without any collateral. Personal loans are offered to customers based on their annual income, the company their employed, etc. Some of the top banks offering personal loans are ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, etc. To compare loan offers between banks, customers can facilitate the use of financial portals such as BankBazaar.

    Personal Loan offered by various banks in Ludhiana

    A number of top banks and NBFCs in the country offer personal loans in Ludhiana. Some of the more popular banks and NBFCs offering personal loans at the best interest rates are listed below:

    • ICICI Bank
    • HDFC Bank
    • Axis Bank
    • Citibank
    • Standard Chartered Bank
    • Oriental Bank
    • Kotak Mahindra Bank
    • Fullerton
    • Bajaj Finserv
    • Tata Capital
    • Aditya Birla

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

    When availing a personal loan, most people go for the bank holding their salary account as the paperwork becomes a lot more relaxed and the process faster. While for some this might work perfectly, comparing the interest rate on loans offered by several banks and NBFCs is the best option. Other than that, there are a few other factors that will positively affect your loan interest rate. If you’re availing a loan, listed below are a few areas you need to look into or take care of if you wish to get the lowest interest rate on your loan:

    Credit score - Ensuring that your credit score is optimum is imperative when availing a personal loan. Having a high credit score will result in you getting a loan at a lower interest rate and vice versa. A credit score above 750 is satisfactory when availing a personal loan.

    Make a down payment - Putting down a sizeable down payment is sure to get you a better interest rate on your loan. Anything upward of 20% of your loan amount will positively affect the interest rate that is offered to you.

    Debt-to-income ratio - Making sure that you have a stable debt-to-ratio will firstly decide whether your loan will be approved and secondly will affect the interest rate on your loan. Debt-to-ratio is the amount one earns monthly against his/her credit bills, loans dues, etc.

    Look around for the best loan interest rates on offer - Facilitating the use of financial portals such as BankBazaar will help you when shopping around for loans from various banks and NBFCs offering the best interest rates. The BankBazaar website compares the loan interest rates of all its partner banks and makes it easier for customers to make a decision.

    Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorter tenure will result in you having a much less interest rate - though the EMIs will be considerably high. The interest rate increases with the length of the payback period.

    Employee stability and the company you work for - The number of years of experience and the company you work for plays a vital role whether firstly your loan will be approved and secondly the interest rate on the loan. Working for an established company only increases the bank's trust of you repaying the loan.

    Always negotiate - While most people readily agree to the interest rate on the loan offered by the bank, negotiating on the interest rate is a necessity. If you’re a customer availing a loan from the bank holding your salary, you have a better chance of making a negotiation.

    Personal Loan Interest Rates in Ludhiana 2018

    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

    Salary requirements to avail Personal Loans in Ludhiana

    When availing a personal loan in Ludhiana, the salary requirements vary from bank to bank. When looking for the bank offering the best interest rates, make sure to look out for the minimum salary requirement as well.

    • For salaried individuals - Banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

    Ludhiana Personal Loan FAQs

    1. What is the tenure range of personal loans?

      Most banks offer loans for a tenure of 1 to 5 years. The tenure decides the interest rate, the EMIs to be repaid to the bank monthly, etc.

    2. What documents are required when applying for a personal loan?

      You will need to submit your regular KYC documents (address and identity proof) - Passport, Aadhaar card, Voter’s ID, driving licence, any government employee card, etc. Apart from that, you will have to submit your payslips, last two years IT Returns, last six months bank statements, etc.

    3. Are there any additional charges for personal loans?

      You will have to pay the processing fee upfront when availing a loan. Apart from this there are no additional charges unless a prepayment is made.

    4. Will the loan be disbursed at once or in stages?

      Once your loan application has been approved by the bank or NBFC, the loan will be disbursed all at once. There is no option of splitting the disbursal.

    5. Can I prepay a loan after a couple of months?

      Most prepayment requirement for most banks is six months from the point of disbursal. Pre closing the loan in two months would not be a possibility. You would have to pay prepayment charges on the outstanding balance.

        

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    Ludhiana Personal Loan Reviews

    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I got an offer for personal loan from Home credit. I used the loan for investment and the loan was sanctioned on time.The tenure of the loan were 3 years and its almost complete. But an interest rate was a little high which is 7%. The overall experience with the personal loan were fine.
      Was this review helpful? 49
      , ludhiana
      Reviewed on Mar 20, 2020
    • Tata capital
      Tata capital Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan journey started with Tata Capital Ltd . The loan got sanctioned on proper time frame .The rate of interest and the processing fee was medium and the agent shared all the relevant details about the loan .I have not faced any issues and the loan was taken for business purpose .
      Was this review helpful? 4
      , ludhiana
      Reviewed on Mar 16, 2020
    • IndusInd Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have not faced any difficulties when availed Induisnd bank personal loan .The process was very easy and comfortable as well. The rate of interest and processing fee was nominal .This loan got sanctioned on time and there was no drawbacks faced so far .This loan was taken for personal use and submitted documents through agent .
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 12, 2020
    • IndusInd Bank Personal Loan
      "Need to decrease interest rate "
      0.5 4.0/5 "Great!"
      The rate of interest is too much high of 18-20% from HOME CREDIT. But there is no processing fee is pretty good. I received the call on time and process was done on smooth hence they sanctioned the loan by 5 days for the amount of 50K with tenure period of 1 8 months. There is pre closure option after 6 months. Emi need to pay of 8,977 rupees.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Mar 09, 2020
    • Axis Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Axis bank personal loan this was a paperless approval .This loan was sanctioned on time and the loan amount was 3 lakhs for the tenure of 5 years .This loan is still active on my account and paying the premium on ECS mode.This loan was taken for my personal use only.
      Was this review helpful? 7
      , ludhiana
      Reviewed on Mar 03, 2020
    • Tata capital Personal Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I have taken TATA Capital bank personal loan through online.The rate of interest and the processing fee was very nominal .This loan was sanctioned on time and the premium is paid on EMI basis .The service was very good and process was very fast overall satisfied with the service .
      Was this review helpful? 2
      , ludhiana
      Reviewed on Feb 26, 2020
    • Tata capital Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken HDFC bank persona loan through online.The rate of interest and the processing fee was very nominal .This loan was sanctioned on time and the premium is paid on EMI basis .The service was very good to me and so far and the process was very fast and satisfied with the service .
      Was this review helpful? 3
      , ludhiana
      Reviewed on Feb 25, 2020
    • Tata capital Personal Loan
      "Need to decrease rate of interest "
      0.5 1.0/5 "Really Bad"
      I got a call on delay from TATA CAPITAL like 4-5 days. To complete the whole process they took 2 weeks. I have provided all my required documents. The amount was sufficient within tenure period of 3 yeas. The rate of interest of 24% is high. Due to high rate of interest closed from my end. There is an option for pre closure which is applicable after 3 months.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Feb 18, 2020
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I haven taken personal loan directly through Home credit India Finance Private Limited .The rate of interest was 8.13%, it was very less. I have got the loan amount on proper time frame .I have uploaded the documents through online .The process was very smooth and comfortable as well.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Jan 04, 2020
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Tata Capital Limited personal loan through Online .I have not availed this loan since my requirement was over hence postponed the plan.The rate of interest and the processing fee was high .I have not submitted any of my documents for this loan.The loan details was completley shared by the agent.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jan 04, 2020
    • Tata capital Personal Loan
      "Need to provide more loan amount "
      0.5 2.0/5 "Expected more"
      I was applied a personal loan with TATA CAPITAL Limited on few months before. They offered very low amount of about 50-80K only with tenure period of 1 year. I got a call on time from bank for further process. Since I got good loan offer from other bank, so not processed for further.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jan 04, 2020
    • Tata capital Personal Loan
      "Need to decrease interest rate"
      0.5 5.0/5 "Blown Away!"
      TATA CAPITAL has offered a personal loan through online. So I had applied on 2 months before. The verification process was done on smooth and the amount was sufficient with tenure period of 2 years. There is no any particular reason for choosing this bank. Since rate of interest was high of 8% so I have not processed for further.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Jan 04, 2020
    • IndusInd Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Indusind Bank personal loan through online .I have not availed this loan since no time to visit bank .I was not having any drawbacks when applied for this loan .I was not having any issues with the rate of interest and the processing feee.There was proper acknowledgement from bank end .
      Was this review helpful? 0
      , ludhiana
      Reviewed on Dec 31, 2019
    • IndusInd Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for Indusind personal loan through Online but I have not availed this loan since the rate of interest was very high .I have uploaded my documents via online .The agent gave proper update about this process.There was no callback and follow up from bank end only once got a call.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Dec 31, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for HDFC Bank personal loan through Online .I have not availed this loan since had cheque bounce due to that loan was not processed .I was not having any difficulties with the rate of interest and the processing fee.I have submitted the documents but the loan was not approved .
      Was this review helpful? 1
      , ludhiana
      Reviewed on Nov 30, 2019
    • IDFC Bank Personal Loan
      "Good Loan Process"
      0.5 5.0/5 "Blown Away!"
      I had chosen a personal loan from IDFC bank because I am known person for that bank. The interest rate is also same like other banks but a loan sanctioned time is little delay because the document verification was late to complete. I had applied the loan amount of Rs. 1.80 lakhs and they gave the same amount.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Nov 06, 2019
    • HDFC Bank Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      It was a genuine loan and they were offering me a good amount so that I had chosen a personal loan from HDFC bank. I have closed a current loan because on previously I had applied a loan with different bank and they have processed bit delayed and sanctioned amount now. So I have not process for further with this bank.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Nov 06, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied for HDFC BANK personal loan via online and received the call. Since I get a salary in cash, so I can't provided the salary credited bank account statement. The application has submitted before one month but I am not aware of the interest rate.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 06, 2019
    • Fullerton Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for Fullerton personal loan through Online .I have not yet received any callback and follow up hence not taken this loan.I have uploaded my documents through online and i was not got any details about the rate of interest and the processing fee.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 02, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Actually, my brother got arranged money for me so there was no need for the personal loan. I have placed online request and that time got an option only from HDFC BANK. I think, ROI is little bit was on higher side. Overall the services are good. The documentation process was not done.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Oct 26, 2019
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