Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Ludhiana Personal Loan

    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 33 Ludhiana Personal Loan
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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
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    Ludhiana Personal Loan is Rated as "Great!" by 202 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 May 2019

    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.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Ludhiana Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had been using bank bazaar service from past six month approximately. I came to know about bank bazaar service through website add ,and i have been using website it is easy to access,Their overall service is also very good. I am happy with bank bazaar .
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 22, 2019
    • HDFC Bank Personal Loan
      "Avrage"
      0.5 3.0/5 "Satisfactory"
      HDFC bank is rate of interested is very high 15.90% so and loan amount was 2Lack and tenure was 2Years so my experience was not good with hdfc bank and customer service provided is good and their response is properly . I am not satisfied with rate of interested with HDFC bank.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Mar 22, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      This is my first experience with bankbazaar.com and came to know through online. When I have applied for personal loan they have contacted me immediately and the response was appropriate. The user interface is good and there was no difficulties. I have got a credit report to process my loan.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 08, 2019
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Induslnd Bank Ltd has not charged me a processing fee and also the interest rate was nominal. The loan amount was sufficient and it was disbursed within 10 days. The documentation procedure is easy and have submitted online as well as executive came. The loan duration is 5 years and it has option for partial payment.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 08, 2019
    • Bank Bazaar Personal Loan
      "Good portal"
      0.5 4.0/5 "Great!"
      I have applied my personal loan and its not my first time with bank bazaar, have been using the portal more than 2 years. The user interface is very good and easy to operate. I don't have any issues and the customer service was good. Its also easy to check credit score.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 07, 2019
    • IndusInd Bank Personal Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      The interest rate and processing fee was high with Induslnd Bank Ltd when compared to other banks and nowadays some banks are processing the loan without any charge. The process was moderate. I took it for 5 years. The document procedure is simple and done it online but have visited the branch to provide few documents. It has no option for partial payment.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 07, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It was not a good experience with Indusind bank for personal loan, the process took 10 days to complete. Customer support was not up to the mark with this bank and there was no proper response. Loan amount was or Rs 2 lacs with high interest rate and tenure period is 5 years.
      Was this review helpful? 3
      , ludhiana
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      I obtained HDFC loan they charged 15% of interest for the amount of Rs. 8 lakhs for the tenure of 5 years, I pay the emi around Rs. 21000. I am not happy with the interest, I felt percentage of the loan is huge compared to other banks, it should be reduced.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Dec 13, 2018
    • Bank Bazaar Personal Loan
      "Sastisfactory website for loan search"
      0.5 5.0/5 "Blown Away!"
      I know Bank Bazaar for about two years, earlier I had obtained the personal loan from IDFC through the site. Now I have taken IDFC personal loan, the online process is very convenient to approach, their executives are very friendly and professional.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Dec 13, 2018
    • IDFC Bank Personal Loan
      "Sastisfactory"
      0.5 5.0/5 "Blown Away!"
      IDFC gave me the satisfactory loan amount which I requested, my principal amout is around Rs. 1.80 lakh for the tenure of five year, IDFC gave me 11.5% of interest they have taken some processing fee around Rs.2000, finally they have disbursed Rs.1.78 lakh.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Dec 13, 2018
    • IDFC Bank Personal Loan
      "Sastisfactory"
      0.5 5.0/5 "Blown Away!"
      IDFC gave me the satisfactory loan amount which I requested, my principal amout is around Rs. 1.80 lakh for the tenure of five year, IDFC gave me 11.5% of interest they have taken some processing fee around Rs.2000, finally they have disbursed Rs.1.78 lakh.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Dec 13, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am using the bank bazaar for a first time. I have applied for a personal loan and their response was satisfactory. I used the website to login which was simple to operate. It is easy to do comparison with multiple banks. Overall it was a good experience.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 12, 2018
    • IDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan with IDFC Bank through online channel. The bank has processed the loan at 3-4 days. I am satisfied with the interest rate. I can do a pre closure at 3% after 3 months. The loan duration is 5 years. I need to pay Rs.4400 approx through ECS. The documents are submitted online and to executive.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 12, 2018
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had been providing so far. I had been using the mobile application of them and it had been easy in using it and their customer support also had been very good where they had been making a good follow up during the process. There has not been any kind of issues faced with any of the services which they had been providing so far.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jun 26, 2018
    • ICICI Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      They had provided me with the best service during this loan experience. The loan amount which they had provided had been fulfilled the requirement but the interest rate with them had been a little high when compared with the market rate. There has not been any issues faced with them so far.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jun 25, 2018
    • Capital First Personal Loan
      "Worst customer service ever"
      0.5 0.5/5 "Unacceptable"
      Dear Team Subject: Refund against the amount deducted on 22.06.218 This is the reference to above subjected loan account number. That is my May'18 month EMI bounced (dt.05.06.2018) because of insufficient balance in it. As per the telephone call received from the capital first executive (Mr.Ashok Mehra:+91 9803108082).I paid that amount with bounced charges (Rs.6004 dt.19.06.2018;Ref no:817015339428) in his account (A/c no:7412182966; IFSC code:KKBK0000251).So,he can pay it with immediate effect.Further transaction details attached above. I don't know why this happened again.If you guys have not such manpower who handle the cases .Than why you claim or ask for bounce charges. IN THIS CASE NOW ITS TIME TO GET IT BACK.SO REFUND MY 2ND TIME WRONGLY DEDUCTED AMOUNT WITHIN 24 HOURS ALONG WITH BOUNCE CHARGES.IF IT WILL NOT DONE THAN THAT BOUNCE CHARGES WILL EB DOUBKE AFTER EVERY 24 HOURS .
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jun 24, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Bankbazaar.com and the customer services and response is on time. They followed up and the process was smooth. The website is good and it is easy to understand. It is informative and very user friendly. It is easy to connect with the banks.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 23, 2018
    • ICICI Bank Personal Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I bank with ICICI Bank for the personal loan. My experience was good., but the verification process was tedious as they have doe it more than two to three times after which it was a on time process and I got the loan in a week. The rate of interest is around 14%.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Mar 23, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This was my first time experience with bankbazaar and it was good, they provide very good services when compared to all other banking websites. I have visited bankbazaar for the first time and i came to know through one of my friend. The mobile application of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Feb 26, 2018
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