Pune Personal Loan

Personal Loan in Pune

For those residing in Pune, they can avail a personal loan from any of the top banks and NBFCs in the city. A personal loan can be availed by individuals to clear debts, fund an extravagant holiday, and pay for medical emergencies and so on. Before choosing a loan, it is imperative to loan shop to find one that suits your financial situation - taking into consideration the interest rate, the EMIs, debt-to-ratio and so on. When loan shopping, customers can facilitate the use of financial portals such as BankBazaar. On the BankBazaar website, customers can compare loan offers by its partner banks and quickly come to a decision.

Personal Loans offered by Various Lenders in Pune

A few of the top lenders that offer personal loans in the city of Pune include:

• Fullerton India
• Bank of Punjab
• UCO Bank
• IndusInd Bank
• Kotak Mahindra Bank
• Oriental Bank of Commerce
• State Bank of India (SBI)
• Bank of Maharashtra
• The Bank of Rajasthan
• Indian Overseas Bank
• ING Vysya Bank
• Standard Chartered Bank
• Dena Bank
• Deutsche Bank
• Tata Capital
• Citibank
• Andhra Bank
• IDBI Bank
• Aditya Birla
• Vijaya Bank
• ICICI Bank
• Axis Bank
• HDFC Bank
• Syndicate Bank
• Punjab National Bank
• Corporation Bank

How do I get a Personal Loan with the lowest interest rate in Pune?

When deciding on which loan to avail, it is important to look at all the components of the loan prior to narrowing down on a particular loan. For those looking to reduce the interest rate added on a loan, they must look into the below mentioned areas that affect the interest rate of a loan.

Credit score - Ensuring that your credit score it optimum when applying for a loan is vital. Having a good credit score will result in the bank reducing the interest rate on a loan and vice versa.

Down payment - Making a down payment upwards of 20% of the loan amount will result in you availing a loan with a lower interest rate.

Debt-to-income ratio - When availing a loan from a bank or an NBFC, it is important to ensure that your debt-to-income ratio does not surpass 40%-50% of your monthly net income. If it does, you stand a chance of your loan being rejected or having a higher interest rate added on your loan.

Look for the best possible choice - Facilitating the use of financial portals such as BankBazaar will give you the ability to compare loan offers from its partner banks and choose one that suits your financial status.

Employment and experience - Working for a reputed firm or company and having a number of years of experience increases your chances of availing a loan at the best interest rate possible.

Negotiate - Most customers blindly accept the offer laid down by the bank with regard to a personal loan. Ensuring that you make a negotiation to get the best price on your loan is a necessity.

Tenure - Keeping the tenure short will only reduce the interest rate and vice versa.

Personal Loan Interest rates in Pune 2018

Salary requirements to avail Personal Loans in Pune

The first thing that banks and NBFCs look into before accepting a loan application is the monthly or annual income of the applicant. While going through the other components of the loan, it is important to cross check the salary requirement of that particular loan. The salary requirement fluctuates between banks and loan plans.

For salaried individuals - The salary requirement ranges roughly between Rs.7,500 and Rs.50,000 for salaried employees.

For self-employed individuals - Self-employed have to show proof of their income over the last couple of years when applying for a loan. Generally, an annual profit of Rs.1 lakh to Rs.2 lakh is the basic salary requirement for self-employed individuals.

Pune Personal Loan FAQs

1. Can I apply for a loan if I already have an existing one?

   You can as long as you have a balanced debt-to-income ratio.

2. Will the loan amount be disbursed in stages or all at once?

   The loan will be disbursed all at once when the loan is approved.

3. What affects the credit score of an individual in most cases?

   Failing to pay your loan dues and your credit bills in time results in your credit score dipping below optimum. A good credit score is anything above 750.

4. How long should I wait before I make a prepayment? Can I make a complete prepayment?

   Some banks and NBFCs allow you to make a complete foreclosure of the loan while some only allow a partial prepayment. In most cases, you would have to wait at least 6 months to make a loan prepayment. Most banks and NBFCs charge a prepayment fee of 1-2% on the outstanding balance.

5. Are the interest rates on personal loans the same between all banks?

   No, it differs from bank to bank.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.