Nagpur is a large metropolis in the state of Maharashtra that serves as the winter capital of the state. It has been nominated as one of the best cities to live in India. The city has a population of 25 lakhs. The city is famous for the oranges grown here.
If you are looking for a personal loan for any of your personal reasons, be it wedding arrangements, education plans, home renovation, purchase of consumer durable goods, purchase of two-wheelers, or any other reason; you can apply for one easily in the city of Nagpur.
The city has several lenders that offer personal loans at attractive rates of interest. You can choose any one of them after performing a thorough check regarding each loan provider’s loan deals.
|Interest Rate (Monthly reducing balance)||10.99% to 24% p.a.|
|Processing Fees||Up to 2.5% of the loan amount|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
A few of the top lenders that offer personal loans in the city of Nagpur include:
To get low rates on a personal loan, there are a few things one can keep in mind when scouting for loans. Choose the right lender who offers you loan terms which closely fit your needs. Before applying for the loan, ensure that you have a high credit score (above 750/900), which usually the biggest factor is determining the interest rate a lender charges you. The lower your score, the higher your personal loan interest rate is likely to be.
Also, assess your requirements before you apply for the loan and take only the amount that you need and no more. If you do not estimate your requirements, you could end up taking a loan for an amount which is higher than what you need and you will still be required to pay interest on the higher loan amount. If you take a loan for a lower amount than what you need, you might have to end up taking another loan, and then will have to pay interest for that as well.
Most importantly, you must compare different personal loan options before you finalise on one. You must certainly check out the rates of interest for each loan option and then select one that suits your preferences and requirements. Checking online is the best way to compare and contrast interest rates for loans. It is free of cost and you can do this while sitting on your bed at home or while sitting at your office desk, or even while commuting to your favourite coffee shop! This step will help you have a smooth borrowing process throughout your tenure as this step will enable you to make a fool-proof decision.
If you know that your employer has partnered with any bank or non-banking financial company (NBFC) for loans and other financial products, you should most certainly approach this lender. When you choose this lender, you may be fortunate enough to receive special rates of interest for your personal loan. Moreover, you may be able to enjoy some additional discounts and other benefits too!
Several banks offer personal loans to residents of Nagpur. These include many leading public and private sector banks and also non-banking financial corporations as well. Here are the interest rates offered by the top 10 banks offering personal loans in Nagpur.
|Bank||Personal Loan Interest Rate|
|Citibank||10.99% to 15.99% (fixed)|
|Standard Chartered||11.25% to 14.49% (fixed)|
|ICICI Bank||10.99% p.a. to 22% p.a.|
|Oriental Bank of Commerce||10.85% to 11.85% (floating)|
|HDFC Bank||11.49% - 19.8% (fixed)|
|IndusInd Bank||11.99% to 19% (fixed)|
|Kotak Mahindra||10.99% to 24% p.a.|
|Allahabad Bank||13.10% (fixed)|
|Bank of Baroda||11.35% to 14.35% (fixed)|
|Bank of Maharashtra||12.75% (fixed)|
|Bank of India||13% to 14% (fixed)|
|Canara Bank||12.75% (floating)|
|Central Bank||11.4% (floating)|
|IDBI Bank||12.45% (floating)|
|Indian Bank||12.65% to 13.65% (floating)|
|Indian Overseas Bank||13.65% (fixed)|
|Yes Bank||14% (fixed)|
|Vijaya Bank||13.50% (fixed)|
|Union Bank||14.4% (floating)|
|UCO Bank||11.20% to 11.45% p.a.|
|Tamilnad Mercantile Bank||14.30% to 16.30% (floating)|
|State Bank of India||12.90% to 14.90% (fixed)|
When it comes to personal loans, the requirements, though overall the same, may differ in bits or parts, from lender to lender. Banks will have a minimum salary requirement for different categories of borrowers like salaried applicants or self-employed applicants.
The maximum limit provided under a personal loan will differ from bank to bank. The maximum limit ranges from Rs.5 lakh to Rs.30 lakhs.
The processing fee charged on a personal loan will differ from bank to bank. However, banks usually charge loan processing fee between the ranges of 0.5% to 2.5% of the total loan amount.
Personal loans are usually available for a tenure that ranges between 1 year to 5 years. Again, like processing fee and minimum income requirement, the loan tenure can also differ from lender to lender.
No, personal loans are unsecured loans which do not require the borrower to give any security or pledge assets to apply for the loan. However, the requirement of a guarantor may differ from lender to lender. Some banks may require you to present a guarantor in order to apply for the loan.
Pre-payment or part payment may not be always allowed on personal loans. Ask your bank about the same before applying for the loan.
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