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  • Kapol Bank Personal Loan

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  • 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
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    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. 

    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

    Eligibility

    Employment type
    • Salaried employees 
    • Professionals 
    • Businessmen 
    • Self employed 

    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.) 
    7,722  1,375  9,097  92,278 
    7,828  1,269  9,097  84,450 
    7,936  1,161  9,097  76,515 
    8,045  1,052  9,097  68,470 
    8,155  941  9,096  60,315 
    8,267  829  9,096  52,047 
    8,381  716  9,097  43,666 
    8,496  600  9,096  35,170 
    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 

    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  15.5% 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 

    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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    Kapol Bank Personal Loan Reviews

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