Patiala is one of the biggest cities in Punjab. It’s the state’s educational hub. Patiala is also the fast emerging industrial growth center of the state of Punjab.The city has one of the highest number of vehicles per capital in the country, beating metropolitan cities and most 2 tier cities.The whole state of Punjab is quite urbanized and Patiala is another example of that urbanization
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.
|Interest Rate (Monthly reducing balance)||9.30% - 36%|
|Processing Fees||0%- 6%|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
There are various banks and NBFCs in the city of Patiala which offer personal loan to their customers along with other financial products. You can check the interest rate offered by each bank and NBFCs and based on your need and suitability avail a personal loan from a bank of your choice.
Some of the financial institutions that are located in Jamshedpur that offer personal loans at attractive interest rates are listed below:
Before availing a personal loan from Patiala there are few things that you will have to keep in mind in order to ensure that you are successfully able to avail a loan for yourself.
|Bank||Processing Fee||Interest Rate||Loan Amount||Tenure|
|Citibank||1% to 2.5%||9.99% - 16.49% (Fixed)||Rs.30 lakh||1-5 years|
|IDFC FIRST Capital||Up to 3.5% (OTF*)||10.49%-22%||Rs.40 lakh||1-5 years|
|Standard Chartered||Nil||11.49% p.a. onwards||Rs.50 lakh||1-5 years|
|HDBFS||At the discretion of the lender||Up to 36% p.a.||Rs.20 lakh||1-5 years|
|TATA Capital||2.75%||10.99% onwards||Rs.25 lakh||1-6 years|
|IndusInd Bank||2.5% of the loan amount||11.00% onwards||Rs.15 lakh||1-5 years|
|HDFC Bank||Up to 2.5% (OTF)||10.5%-21% (Fixed)||Rs.40 lakh||1-5 years|
|Aditya Birla||Up to 2% of the loan amount||14% to 26% (Fixed)||Rs.15 lakh||1-3 years|
|Fullerton||0% to 6% (OTF)||11.99% - 36%||Rs.25 lakh||1-5 years|
|HDBFS Business Loan||2% (OTF)||10.5% p.a. onwards||Rs.30 lakh||1-4 years|
|Kotak Mahindra||Up to 2.5%||10.25% onwards||Rs.20 lakh||1-5 years|
|Bank of India||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included)||10.35% - 12.35%||Rs.2 lakh||1-3 years|
|Bank of Baroda||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included||10.50% - 12.50%||Rs.50,000 to Rs.15 lakh||1-5 Years (Max)|
|BOM||1% (Min. Rs.1,000)||9.45% p.a. -12.80% p.a.||Rs.20 lakh||1-7 years|
|Central Bank||1% of the loan amount||9.85% -10.05% p.a.||Rs.10 lakh||4 years|
|IDBI Bank||1%+S.T. (OTF)||Up to 10.90% (Floating)||Rs.50,000 to Rs.5 lakh||1-5 years|
|IOB||Up to 0.5% of the loan amount||10.50% p.a.||Up to Rs.5 lakh||1-5 years|
|Karur Vysya||1.5% (OTF)||11.00% to 19%||Up to Rs.10 lakh||1-5 years|
|SBI||1.5% (OTF)||9.60% - 15.65%||Up to Rs.20 lakh||Up to 72 months|
|Union Bank||At the discretion of the bank||9.30% p.a. onwards||Rs.15 lakh Max.||1-5 years|
|UCO Bank||1% (Min. Rs.750) OTF||10.05% to 10.30%||Rs.15 lakh||5 years|
|RBL Bank||Up to 3.5% of the loan value||14% p.a. - 23% p.a.||Up to Rs.20 lakh||1-5 years|
|Yes Bank||Up to 2.5% (OTF)||10.99% onwards (Fixed)||Rs.40 lakh (Max)||1-5 years|
*OTF – One Time Fee
There are certain salary requirements that you will have to fulfill in order to successfully avail a personal loan. You need to earn a certain salary so that you can avail a loan. However, salary requirement can differ from bank to bank. The bank checks your salary in order to determine your capability to repay the loan on time. The salary requirements needed to repay a loan amount has been listed below:
The amount that you can avail will depend on various factors such as your income, whether you are a salaried or a self-employed person, credit score, loan amount you are planning to avail, etc. The maximum loan amount offered will differ from bank to bank.
If you opt for a fixed interest rate, then your interest rate will remain fixed throughout the repayment tenure regardless of whether the bank increases or decreases their interest rates. In case of floating interest rate, the interest rate charged on your loan will depend on the current interest rate charged by the lender. Hence, if the bank increases their interest rates, then the rate of interest charged on your loan will increase.
Prepayment - This indicates that you have cleared off a part of the loan before it became due according to the EMI schedule. Prepayment charges vary between 2-5% of the outstanding loan amount. Several banks, however, do not allow their applicants to prepay their loan until a speified number of EMIs have been paid.
Preclosure - This indicates that you have completely cleared your loan before the end of the loan tenure. Preclosure charges may vary from 2-5% of the loan amount.
The time taken to approve your loan will differ from bank to bank. They may take anything between 2 days and 2 weeks to sanction your loan. It is important that you ensure that you submit correct documents and all the details provided by you are authentic. The bank will verify the documents and if everything is fine, they will sanction it. The loan amount will then be disbursed within 7 working days.
A huge part of the initial EMIs payable is set off against the rate of interest you will have to clear. This is known as front loading; hence you pay a small part of your loan amount during the in the initial repayment period. As you progress, the interest charged on your EMIs reduces significantly. This is the reason, why a major portion of your EMI is used to pay off the loan principal.
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