Patna is the capital of Bihar, has emerged as one of the most booming cities in the state.Patna has since long been a chief agricultural business hub.Patna in the last few years has gone through a sustained growth phase owing to the ‘Green Revolution’ business, the rise of the FMCG industry and excellent performance of the service sector.In 2009 June, the World Bank assigned Patna a 2nd position (in India) for easiness of business commencement
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 that do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
For those who need emergency cash, need to fund their wedding, take a trip abroad, etc., they have the option of availing personal loans in Patna from the top banks and NBFCs in the country. Before availing a personal loan, customers can make use of financial portals such as BankBazaar to narrow down on a loan offered by a particular bank - one that suits their financial situation. On the BankBazaar website, customers can compare loans offered by its partner banks and choose one offering the best interest rate and so on. Customers can also make EMI calculations on the BankBazaar website.
Listed below are the top banks and NBFCs in Patna that are offering personal loans.
Knowing the components of the loan that affect the interest rate added to the loan is important before availing one. Customers generally make the mistake of choosing the bank holding their salary account without actually loan shopping. While in this case the paperwork would be relaxed, availing of a loan at the best rate might not be the case. Customers need to look at certain components before availing of a personal loan - components that affect the overall interest rate added to the personal loan. If you wish to avail a loan at the lowest interest rate possible, you’d have to look into these areas.
Credit score: The higher your credit score, the lower will be the interest rate offered to you by the bank or the NBFC. A credit score of 750 plus is ideal when availing of a personal loan. If your credit score is below 750, banks usually offer personal loans at a higher interest rate.
Down payment: Making an upfront down payment of anything above 20% of the total loan amount will result in the bank offering you a lower interest rate.
Debt-to-income ratio: Depending on your salary, most banks and NBFCs usually prefer for the loan applicant's debt-to-income ratio to be below 40% or 50%. Banks and NBFCs in most cases reject the application of a customer if the debt-to-income ratio exceeds 50% as it reduces the bank’s trust in your repaying the loan amount in time. Having a debt-to-income ratio of anything less than 40% of your net monthly income will result in the bank or NBFC offering you a personal loan at a decent interest rate.
Loan shopping: Making comparisons for loan offers from different banks and NBFCs is the right approach before availing of a loan. Financial portals such as Bank Bazaar aid customers as they compare the loan offers (with the interest rate, processing fee, etc.) of all its partner banks and displays the bank or NBFC offering personal loans at the lowest interest rate.
Your company’s reputation and your experience: Having a decent number of years of experience as well as working for a reputed company enhances the bank’s trust in your repaying the loan in time, thereby affecting the interest rate added to the personal loan. If you have worked many years at a stretch and work for a stable and well known company chances are that the bank will slash the interest rate added to your loan.
Negotiating: Most people do not even know that this is a possibility, but making a negotiation with the bank availing you a loan on the interest rate might just get you a better deal. If you have a good past relationship with the bank, it’s a good chance that the bank will give you the best interest rate possible.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|CitiBank||9.99% - 16.49% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||10.25% onwards (Fixed)||Up to 2.5%||Rs.15 lakh (Max)||1-5 years|
|Fullerton||11.99% - 23.99% (Fixed)||0% to 6.00% (One time fee)||Rs.15 lakh (Max)||1-4 Years|
|Bank of Baroda||10.50% onwards (Fixed)||Rs.1,000 to Rs.10,000 (One time fee)||Rs.20,000 - Rs.2 lakh||4 Years (Max)|
|State Bank of India||9.60% onwards (Fixed)||1% (One time fee)||Rs.24,000 - 15 lakh||5 Years|
|Aditya Birla||13.00% - 28.00% (Fixed)||Nil 3.00%||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||10.99% onwards (Fixed)||Up to 2% (One time fee)||Rs.20 lakh (Max)||1-5 Years|
When deciding whether to accept or reject a personal loan application, banks and NBFCs take into consideration the income of the individual. During this part, the debt-to-income ratio of the applicant is taken into consideration. The salary requirements depend on the loan amount one wishes to take and varies from bank to bank.
For salaried individuals: In general, the salary requirement - depending on the bank and type of loan - ranges between Rs.7,500 and Rs.50,000 of the applicant's monthly net income.
For self-employed individuals: Banks and NBFCs take into consideration the self-employed individual’s income over the last two years. In most cases, the profit of the individual for the year should be between Rs.1 lakh and Rs.2 lakh for the individual’s loan application to be approved.
Which is the best way to pay an EMI towards a loan?
There are several ways to pay an EMI. You can use your net banking account, credit card, debit card, etc.
Tell me the best way to calculate the EMI towards a personal loan?
You can calculate the EMI using online EMI calculators. The BankBazaar EMI calculator is accurate.
Are there any foreclosure charges?
Banks and NBFCs charge anything between 2-4% of the outstanding amount when the customer makes a foreclosure. That said, in most cases customers can make a foreclosure only 6 months after commencement of the loan.
You say the credit score is taken into consideration when one avails a loan. What affects the credit score of an individual?
Failure to pay your credit bills and loan dues in time affects the credit score of an individual. A good credit score is anything above 750.
What is the maximum personal loan amount one can avail?
Salaried individuals can avail loans anything up to Rs.25 lakh. In the case of availing a joint loan, the loan amount will increase as the income of both parties are taken into consideration.
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