Nagpur Personal Loan

Nagpur, the Maharashtrian city famous for its oranges also serves as the winter capital of the state. It has also been constantly nominated as one of the best cities in India to live in. It has a population of 25 lakhs.

You can easily apply for a personal loan in Nagpur for any of your own purposes, such as wedding arrangements, education plans, house renovation, purchase of consumer durable goods, purchase of two-wheelers, or any other cause. Several lenders in the city provide personal loans with low interest rates. You can choose any of them after thoroughly researching each loan provider's loan offerings.

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Check your Eligibility!

Documentation needed to apply for an Nagpur Personal Loan

The various documents that are required to apply for a personal loan in Nagpur are given below:

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

Nagpur Personal Loan Interest Rates_{Updated on 22 Sep 2023}

Nagpur Personal Loan Details

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

Personal Loans offered by Various Lenders in Nagpur

A few of the top lenders that offer personal loans in the city of Nagpur include:

State Bank of India (SBI)
IndusInd Bank
Bank of Maharashtra
Fullerton India
Bank of Punjab
UCO Bank
Kotak Mahindra Bank
Indian Overseas Bank
ING Vysya Bank
Deutsche Bank
Tata Capital
Citibank
IDBI Bank
Punjab National Bank
Aditya Birla
Axis Bank
HDFC Bank

How to Get a Personal Loan with the Lowest Interest Rate in Nagpur

When looking for a personal loan with low interest rates, there are a few factors to keep in mind. Choose a lender that can provide you with loan terms that are tailored to your specific circumstances. Before applying for the loan, make sure you have a good credit score (at least 750/900), as this is the most important aspect in deciding the interest rate you'll pay. Your personal loan interest rate will almost certainly be greater if your credit score is low.

Also, before you apply for a loan, evaluate your needs and just take out the amount you require. If you do not estimate your needs, you may end up taking out a loan for a larger amount than you require, and you will be compelled to pay interest on the larger loan amount. If you obtain a loan for a lower amount than you require, you may be forced to take out a second loan, for which you will be charged interest.

Most importantly, you must weigh the pros and cons of several personal loan possibilities before deciding on one. You should definitely look into the interest rates for each loan option before deciding which one best meets your needs and tastes. Comparing and contrasting interest rates for loans is best done online. It's completely free, and you can do it from anywhere. This phase will assist you in having a smooth borrowing process during your stay because it will allow you to make an error-free decision.

If you know that your employer has a loan or other financial product partnership with a bank or non-banking financial company (NBFC), you should definitely approach this lender. If you choose this lender, you could be able to get exceptional interest rates on your personal loan. Additionally, you may be eligible for additional discounts and benefits!

Personal Loan Interest Rates in Nagpur 2023

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	9.99% to 14.99% (fixed)
Standard Chartered	11.49% onwards
HDFC Bank	10.50% onwards
IndusInd Bank	10.49% onwards
Kotak Mahindra	10.25% onwards
Bank of Maharashtra	9.45% to 12.80%
Bank of India	10.35% to 12.35%
Canara Bank	12.05% (floating)
Central Bank	9.85% to 10.05%
IDBI Bank	10.90%
Indian Overseas Bank	10.80%
Yes Bank	10% onwards
Union Bank	9.30% onwards
UCO Bank	10.05% onwards
Tamilnad Mercantile Bank	14.05%
State Bank of India	10.60% to 13.10% (fixed)

Salary Requirements to Avail Personal Loans in Nagpur

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.

Salaried applicants - Lenders in Nagpur usually require applicants to have a basic salary that ranges between Rs.7,500 to Rs.50,000.
Self-employed Applicants - Lenders usually ask self-employed applicants to provide a proof of their income (balance sheet or P/L account). The income requirement for self-employed applicants ranges between Rs.1 lakh to Rs.2 lakh in annual earnings.

FAQs on Nagpur Personal Loan

What is the maximum amount which one can apply for under a personal loan?

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.

What is the processing fee usually charged on personal loans?

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.

What is the average tenure for which a personal loan can be taken?

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.

Do I need to provide a guarantor when applying for a personal loan?

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.

Is prepayment/part payment allowed on personal loans?

Pre-payment or part payment may not be always allowed on personal loans. Ask your bank about the same before applying for the loan.

I am a housewife residing in Nagpur. Can I get a personal loan from a bank in Nagpur?

If a housewife has a co-applicant with a reliable income and a high CIBIL score, then even without a source of income she is eligible for personal loans.

I am a woman. When I apply for a personal loan in Nagpur, will I be eligible for lower interest rates?

Several banks in Nagpur might offer you interest rate breaks if you seek for a personal loan. You need to figure out which bank offers this service.

What would happen if I don't pay back my Nagpur personal loan on time?

If you don't repay your personal loan EMI on time, your credit score will suffer, making it harder for you to get a loan in the future.

What occurs if a loan isn't paid back?

If you don't make your payments on time, the lender could sue you. The court will then issue an order requiring you to make a complete repayment of the debt or face further penalties like asset confiscation or wage garnishment. In the event that payments are not made on time, the lender may send debt collectors after you and file a credit report about the debt.

Can EMI be suspended for 2 months?

If a borrower experiences loss of income, banks often hesitate before approving EMI application. Most banks offer EMI exemption for 3-6 months. After recovery, you can continue to make loan installments.

I don't have a job here in Nagpur. Can I submit an application for a personal loan?

Even if you are unemployed, you can apply for a personal loan in Nagpur if you have a co-applicant who is employed and has a credit score high enough to help you acquire a loan.

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

Important Personal Loan Pages

Personal Loans by Bank

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Personal Loan Articles

Other Loans

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Nagpur Personal Loan Reviews

Write a Review

"Good Loan Service"

0.5 3.0/5 "Satisfactory"

I am having my salary account over there in HDFC hence i have given the first preference to this bank. I don't know the exact reason for not sanctioning the loan it may be because of my previous loan experience. They have offered me a interest rate around 14.5%. They have not done proper follow up with the customer and nobody called me, i need to rush the bank regarding the application status.

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KAPIL , nagpur
Reviewed on Feb 19, 2020
"Good process "

0.5 4.0/5 "Great!"

HDFC has delayed to call for documentation process. So I visited to branch directly and I raised a query for the loan application, after that they done the process and by 3 days sanctioned the loan got the sufficient amount with tenure period of 2 years. The rate of interest was 13% and processing fee of 4K which was deducted. I have no idea about pre closure. I get remainder message on time for EMI payment of 5K.

Was this review helpful? 1

JASHNISH , nagpur
Reviewed on Feb 15, 2020
"Good Service"

0.5 5.0/5 "Blown Away!"

When applied for HDFC Bank personal loan whatever the rate of interest was promised got the same it was much comfortable .My requirement was fulfilled and it was a nice experience .The loan process was done on quick basis and it was sanctioned on time without any hassles.

Was this review helpful? 0

VINAY , nagpur
Reviewed on Feb 13, 2020
"Best Service"

0.5 5.0/5 "Blown Away!"

I was unable to avail HDFC personal loan due to uncertain demise. I have applied this loan for house renovation as well as medical expenses .The rate of interest and the processing fee was medium .I have not submitted any of my documents for this loan.

Was this review helpful? 2

SUDHIR , nagpur
Reviewed on Feb 07, 2020
"Need to improve in customer service"

0.5 4.0/5 "Great!"

I have applied a personal loan from HDFC through online and the loan amount was Rs. 8.50L and interest was 10.75% that is good and also the tenure of 5 years, pre closure not sure i think after 6 months with charges of 3-4%. The documentation process was very delay and it took approximate one month. I have uploaded through online. The customer service is not satisfactory need to improve it.

Was this review helpful? 0

SALAM , nagpur
Reviewed on Jan 18, 2020
"Need to decrease the rate of interest"

0.5 5.0/5 "Blown Away!"

I have applied a personal loan from BAJAJ FINANCE through an online .I have availed this loan for Rs.1.50L and the tenure of 3 years and I am paying EMI of Rs. 6,500. I have chosen this since got an offer , but the rate of interest and the processing fee are very high of 16%. Everything was good on this so far .I am paying the premium on EMI basis and the loan amount got sanctioned on time.

Was this review helpful? 1

RAJEEV , nagpur
Reviewed on Jan 09, 2020
"Easy loan approval"

0.5 5.0/5 "Blown Away!"

I was very much convenient to take this loan with no issues from HDFC bank. They have given a loan amount was Rs. 2.30L and the rate of interest was little higher and I have taken tenure period of 4 years. The customer service was good. There is no pre closure charges and I received this loan within 2-3 days.

Was this review helpful? 0

R S , nagpur
Reviewed on Jan 09, 2020
"Medium"

0.5 3.0/5 "Satisfactory"

I got an offer for the personal loan from TATA CAPITAL on few months before so I have applied through online. But till now, I didn't receive a single call from bank for further process. The amount was not sufficient because I have expected 5L but offered only 2L. They have not even shared the reason for closing the loan. Rate of interest was high.

Was this review helpful? 0

AMAN , nagpur
Reviewed on Jan 02, 2020
"Good Hassle free service"

0.5 4.0/5 "Great!"

I have already done a mutual fund investment in HDFC and i thought that it would be helpful in getting the personal loan with them. I had applied the loan amount upto Rs. 4 lakhs but they have offered me an interest rate of 14.5% after negotiation it was settled between 13 to 14%. I spoke to one of the representative and he told that its because of the month end they have not processed. So they will process the same in the 1st week of January.

Was this review helpful? 1

CHETAN , nagpur
Reviewed on Dec 31, 2019
"Good Service"

0.5 3.0/5 "Satisfactory"

I have taken personal loan directly through Bajaj Finserv.The rate of interest was very high and need to pay EMI for 1 year since rate of interest was high i will be closing this nex month itself.Each and every details about this loan was clearly shared by the agent .I am satisfied with the service so far .

Was this review helpful? 3

ISHWAR , nagpur
Reviewed on Dec 01, 2019
"Average Service"

0.5 4.0/5 "Great!"

I have applied for HDFC Bank personal loan through Online .I have not availed this loan since there was no requirement and i have not submitted any documents .There was proper callback and follow up from bank end .The agent gave the required details about the loan process very clearly .I am not satisfied with the service so far.

Was this review helpful? 0

SURAJ , nagpur
Reviewed on Nov 02, 2019
"Average Service"

0.5 3.0/5 "Satisfactory"

I have applied for HDFC Bank personal loan which was applied through Online .I have not availed this loan due tohigh rate of interest and also part payment option will be applicable after 1year so i was not interested .The agent gave all the information about the loan process very clearly .

Was this review helpful? 0

SUBESH PAL , nagpur
Reviewed on Nov 01, 2019
"Excellent "

0.5 5.0/5 "Blown Away!"

Actually, the bank statements which I have its not clear so have dropped the idea for taking a personal loan. But the services were provided by Fullerton was good. The agent told me about the interest rate which was okay at that part of time. Am planning to take in month of November.

Was this review helpful? 0

GHANSHYAM , nagpur
Reviewed on Oct 26, 2019
"Need to be process at earlier"

0.5 2.0/5 "Expected more"

Once I was applied for a personal loan with HDFC bank on a month before which applied through an online. I have not receive any call from bank for further process. The loan amount was okay for the tenure period of 4 years. From bank closed the loan process.

Was this review helpful? 0

AMIT , nagpur
Reviewed on Oct 25, 2019
"Good Service"

0.5 4.0/5 "Great!"

I have applied for HDFC Bank personal loan through Online .I have got all the relevant details very clearly through the agent.There was no issues with the rate of interest and the processing fee ,I have got this loan on time without any delay .I am comfortable with the overall service.

Was this review helpful? 0

CHHAYABAI , nagpur
Reviewed on Oct 11, 2019
"Good"

0.5 5.0/5 "Blown Away!"

I had applied personal loan from HOME CREDIT INDIA FINANCE PRIVATE LTD. I applied for 2 lakh but they approved only 90 thousand. Their rate of interest is also very high. They are not deducting emi from my account so I am paying cash every month.

Was this review helpful? 0

P , nagpur
Reviewed on Oct 11, 2019
"Good Service"

0.5 3.0/5 "Satisfactory"

I have applied for Fullerton personal loan through Online .I have not availed the loan since loan was not approved .I have got all the required information and there was no issues with the rate of interest and the processing fee . There was no callback and response from fullerton end .

Was this review helpful? 0

MUKESH , nagpur
Reviewed on Sep 29, 2019
"Need lot follow up on the loan process"

0.5 3.0/5 "Satisfactory"

I need the loan amount Rs. 4 lakh but Hdfc bank ready to sanction only 2 lakhs. Then there was no response from the bank end, even no one visited to my place to collect my paper. They need improvement on the loan process and follow up should be prompt.

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MAHENDRA , nagpur
Reviewed on Sep 29, 2019
"Good Service"

0.5 4.0/5 "Great!"

I have applied for FULLERTON personal loan through online .I have not taken this loan since there was no requirement.The rate of interest and the processing fee was high .The agent gave all the information about the loan process. I am totally satisfied with the service so far .

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RUPESH , nagpur
Reviewed on Sep 28, 2019
"Good"

0.5 5.0/5 "Blown Away!"

I had applied for personal loan from HDFC Bank. They had closed my application because of my address problem. They don't provide loan where I am residing right now. HDFC Bank's customer service is very good. Rate of interest was very high in comparison to other banks.

Was this review helpful? 0

N , nagpur
Reviewed on Sep 27, 2019

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