Kapol Bank Personal Loan
Kapol Bank offers personal loans for salaried and self-employed individuals as well business professionals at attractive interest rates and flexible tenures.
- Lowest EMI for Rs.1.00 lakh is Rs.2,458
- Interest rate starts at 16.50% p.a.
- Maximum loan amount of Rs.2 lakh
- Maximum repayment tenure set at 60 months
Kapol Bank Personal Loan Details
Interest Rate | Loan Amount | Processing Fee |
16.50% p.a. | Maximum Rs.2 lakh | As mentioned in loan document |
Documents Required
Financial institutions in India request for certain documents at the time of application. Given below is a general list of the documents that can be asked by the bank:
- Income proof of the applicant such as bank statements, salary certificate, etc.
- Address proof of the applicant such as passport, utility bills, driving license, etc.
- IT returns of the applicant for the last 2 years
- The loan application form for the personal loan
- Passport-sized photographs of the applicant
- Other documents may also be required by the bank during the application process
Features and Benefits
- The maximum loan amount available under this type of loan is Rs. 2 lakh.
- The rate of interest that the bank will charge is on a yearly basis. This rate will be subject to change and is at the bank's discretion.
- The equated monthly installments will depend on the loan quantum as well as the repayment period chosen.
- The repayment tenure for the personal loan will be a maximum of 5 years.
Eligibility Criteria:
Employment type |
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How the EMI calculation for Kapol Bank Personal Loan Work?
Unlike most loan options such as home loans or car loans where the lender provides a certain amount towards a specific purpose, the personal loan can be availed for any immediate financial requirement. To better understand the working of a personal loan, let's make use of an example.
Ms. Shanti wished to spend Rs.1 lakh for her daughter's education expenses. Hence, she applied for a personal loan for the said amount with Kapol Bank and agreed to repay the amount in 1 year at 16.50% p.a. interest.
Assuming no processing fee was charged, the EMI schedule for 12 months is as given below:
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | Total Payment (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | 7,722 | 1,375 | 9,097 | 92,278 |
2 | 7,828 | 1,269 | 9,097 | 84,450 |
3 | 7,936 | 1,161 | 9,097 | 76,515 |
4 | 8,045 | 1,052 | 9,097 | 68,470 |
5 | 8,155 | 941 | 9,096 | 60,315 |
6 | 8,267 | 829 | 9,096 | 52,047 |
7 | 8,381 | 716 | 9,097 | 43,666 |
8 | 8,496 | 600 | 9,096 | 35,170 |
9 | 8,613 | 484 | 9,097 | 26,557 |
10 | 8,732 | 365 | 9,097 | 17,825 |
11 | 8,852 | 245 | 9,097 | 8,973 |
12 | 8,973 | 123 | 9,096 | 0 |
To calculate the EMI for the loan amount looking at, use our EMI calculator
Compare Kapol Bank Personal Loan with Loans from other Lenders
Parameters | Kapol Bank Personal Loan | Punjab National Bank Personal Loan | Corporation Bank Personal Loan | HDFC Bank Personal Loan |
Interest rate | 16.50% p.a. | 10.45% p.a. onwards | 12.9% p.a. onwards | 10.85% p.a. onwards |
Processing fee | As mentioned in the loan agreement | 1.8% of loan amount | 1.5% of loan amount | Up to 2.5% |
Maximum loan quantum | Rs.2 lakh | Rs.15 lakh | Rs.3.5 lakh | As mentioned in loan agreement |
Maximum repayment tenure | 60 months | 84 months | 60 months | 60 months |
FAQs on Kapol Bank Personal Loan
- What does the EMI amount payable depend on?
The EMI payable for a personal loan basically depends on the loan amount availed, the interest rate offered by the bank, and the repayment tenure chosen. Processing fees, if any, will also affect the EMI amount.
- Can a loan application be rejected?
Yes, in case your profile does not fit the requirements of the bank in terms of credibility, the bank can reject the application. However, you can always apply for a loan from a different bank in such cases.
- For what purpose can I use the loan amount provided?
Personal loan amounts can be used for any immediate expenses that arise. It could be anything from one's wedding expenses to one's child's expenses.
- Do I need to provide a collateral for a personal loan?
No, you need not provide a collateral for a personal loan. Personal loans are, in most cases, unsecured loans that do not need you to mortgage anything, hence are a convenient loan option.
- What should my credit score be to apply for a personal loan?
Since the bank looks into your credit score, it is important to have a significantly high credit score. The higher the credit score, the higher the chance of getting a personal loan sanctioned.
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