Aditya Birla Finance personal loan is offered at competitive interest rates subject to minimal documentation. The interest rate starts from 14% p.a.
|Interest Rate||Minimum: 14% p.a. Maximum: 26% p.a.|
|Loan Amount||Minimum: Rs.25,000 Maximum: Rs.15 lakh|
|Benefits||Online approval within half an hour with minimal documentation|
The fees and charges which are applicable to Aditya Birla Finance Personal Loan are listed below:
|Processing Fee||Up to 2% of the loan amount|
|Cheque return charges||Rs.750 + GST|
|Loan cancellation charges||4% + applicable taxes on the loan amount|
|Loan reschedule charges||0.50% + GST|
|Foreclosure charges||3% (12th month onwards)|
|Part payment charges||20% of the principal amount in 1 year.|
Before you can apply for this personal loan, there are certain eligibility criteria that you will need to conform to. These factors are:
Some of the documents that will be required for applying for a personal loan are listed below:
In addition to the documents mentioned above, you might be required to submit a few more documents as per the requirement put forward by Aditya Birla Finance Limited.
The EMI calculation for Aditya Birla Finance personal loan can be best explained with the help of an example. Consider a scenario where you take a personal loan of Rs.1 lakh from the company. The company charges you an interest rate of 14% for a loan tenure of one year. The loan repayment schedule and EMI details for this loan can be given as follows:
|Months||Principal||Interest||EMI amount (principal + interest)||Balance amount||Percentage of loans paid to date|
|Fees and charges||Aditya Birla Capital||Bank of India Personal Loan||Kotak Mahindra Bank Personal Loan||HDFC Bank Personal Loan|
|Interest rate||14% p.a. onwards||13.20% p.a. onwards||10.99% p.a. onwards||15.5% p.a. onwards|
|Processing fee||2% + GST||2% + GST||2.5% + GST||2.5% + GST|
|Foreclosure charges||3% of the outstanding loan amount||N/A||Up to 5% of the principal outstanding||2% to 4% of the outstanding loan amount|
|Late payment fee||2% of the overdue amount per month||Contact the bank for details||3% of the overdue amount per month||2% of the overdue amount per month|
Aditya Birla Finance Limited or ABFL is one of the top five largest private non-banking financial companies (NBFCs) in India. Aditya Birla Finance Personal Loans are one of the most popular personal loan products due to its very competitive interest rates and flexible repayment tenure. The loans are offered for short terms and medium terms.
If you are applying for a loan online, the loan might be approved within 30 minutes.
You can know the status of your loan very easily by logging in to your profile with Aditya Birla Finance Limited. If you have applied for the loan through BankBazaar, you can check the status by logging in to your BankBazaar profile as well. In addition to these, you will also receive regular SMS and email alerts from BankBazaar to notify you about the status of the loan. You can also consider using the mobile phone application of BankBazaar for the same.
The maximum loan amount for which an applicant will be eligible is decided by the lender. For this purpose, the lender takes a number of things under consideration such as the income of the applicant, his or credit score and history, and so on. The number of other active loans and the amount spent by the applicant towards EMIs on a monthly basis also play a major role in this case.
A short-term personal loan is usually offered for a short period of time. In most cases, a personal loan with a repayment tenure of 12 months is considered to be a short-term personal loan.
A medium-term personal loan has a repayment tenure which is usually longer than that of a short-term loan. In general, a personal loan with a repayment tenure of around 12 to 36 months is considered to be a medium-term personal loan.
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