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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 17 Ludhiana Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.75% - 21.45% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Ad Accelerated Approval
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    10.99% - 15.49% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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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
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    What you'll love
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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 22 Oct 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.

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

        

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    Ludhiana Personal Loan Reviews

    • Post Office Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I took a personal loan from Home credit but the interest rate is higher, I think it was more than 15% which they need to reduce. The processing fee was not applicable. The loan process was quick and the documents are submitted online. Their customer service is very good.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Oct 08, 2019
    • Fullerton
      Fullerton Personal Loan
      "Not good"
      0.5 1.0/5 "Really Bad"
      I have not taken a personal loan from Fullerton because their rate of interest is very higher and they have been charging 23 to 24%. I would request them to reduce the interest rate. The documents are not given to the executive. The customer service is okay.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 29, 2019
    • Fullerton Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I was not holding salary slip, I am receiving my salary through cash every month but Fullerton team had asked me my salary account bank statement which I was not holding, so due to this my application was been closed but I had asked alternate option they told they will ask and update me and instant of updating me they closed the application.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 28, 2019
    • Fullerton Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I applied personal loan from Fullerton online. Rate of interest was nominal. I submitted my papers online. One of their executives called me once and told me that my documents would be collected. After that no one called me or turned up for the documents.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 24, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had applied for HDFC Bank personal loan where the rate of interest was very high, so due to that I had planned to drop this application and I had told HDFC team to decrease the rate of interest but they have denied due to they to have their criteria.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 20, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had applied for HDFC Bank personal loan where my application got closed without any updating the reason, rate of interest was as per the market, but their should be an update to the customer as we are been applying and waiting for an status update.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 19, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have already passed my personal loan with HDFC BANK. The rate of interest was nominal. There was a processing fee and they have charged me 2% from the loan amount. The loan amount was average, I have applied for 5L but they have sanctioned me only 3L. The loan duration is 4 years.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 01, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I had applied personal loan from HDFC Bank. I did not have time to upload my documents online so they closed my application. I requested them to send an executive to collect my documents but there was no response. Rate is very high in comparison to other bank in the market.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Aug 17, 2019
    • HDFC Bank Personal Loan
      "AVERAGE"
      0.5 1.0/5 "Really Bad"
      There was no documents submitted for the personal loan with HDFC BANK. I have rejected the loan because i got money from outer source. The customer support contacted and there was a good response. The expected loan amount was 1L also the rate of interest was higher.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Jul 08, 2019
    • YES Bank Personal Loan
      "Good. ROI can reduce"
      0.5 4.5/5 "Excellent!"
      I have a personal loan with YES Bank and the process for the loan was done on time. I had no hassles to get the loan and the rate of interest and processing charges was a bit on the higher side. It was around 15.5%. nominal too. The documents was collected on time and I got the funds as required.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jul 03, 2019
    • ICICI Bank Personal Loan
      "Loan process is good"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from ICICI Bank. The process was pretty quick to get the loan. The paper work is nominal and there are no hassles in the process. The rate of interest and processing charges is also decent. The interest rate was around 11.1%.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Jul 03, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with State bank of India from long time, the loan amount which they have given to me was good, they have given to me as per my requirement, the rate of interest they have charged to me was up to 10.99% including gst which was nominal, i got loan within 4 hours that same date which i apply , no processing fee it is zero processing fee, their service is good.
      Was this review helpful? 7
      , ludhiana
      Reviewed on Jun 23, 2019
    • HDFC Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been applied for personal loan with HDFC bank through on line portal, their service is not up to the mark, they closed my loan stating that my salary is less it is not matching with Bank norms so far i am not eligible for this loan, they have too much of formality from past one months they were asking me to update the documents.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jun 23, 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
    • 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
    • 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
    • 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
    • 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
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