Pune is a peaceful city in the state of Maharashtra with a population of around 31.2 lakh. It is located on the Deccan Plateau. The city is famous for its academic institutions and business entities. It attracts many tourists with its historical places and nearby hill stations.
If you are interested in taking a personal loan for any of your financial needs, you can apply for one from a bank or a non-banking financial company (NBFC). You may obtain a personal loan through online or offline modes in Pune.
Online personal loan applications are very beneficial as you can compare rates of interest, processing fees, prepayment fees, etc. and then make a judicious decision. You will also be able to calculate your EMIs and then choose your loan amount appropriately. If you want to apply offline, you can go to a branch directly and get the application process done.
|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 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.
A few of the top lenders that offer personal loans in the city of Pune include:
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.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|ICICI Bank||11.59% - 18.49% (Fixed)||2.25% (min. Rs.1149) One time fee||Rs.20 lakh (Max)||1-5 Years|
|CitiBank||10.99% - 15.99% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||11.49% - 20.15% (Fixed)||Up to 2%||Rs.15 lakh (Max)||1-5 years|
|Fullerton||17.25% - 37% (Fixed)||1.5% to 6.0% (One time fee)||Rs.15 lakh (Max)||1-4 Years|
|Bank of Baroda||11.35% - 14.35% (Fixed)||Rs.1,000 to Rs.10,000 (One time fee)||Rs.20,000 - Rs.2 lakh||4 Years (Max)|
|State Bank of India||12.90% - 14.90% (Fixed)||1% (One time fee)||Rs.24,000 - 15 lakh||5 Years|
|Aditya Birla||11.5% - 13.25% (Fixed)||Nil||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||14% (Fixed)||Up to 2% (One time fee)||Rs.20 lakh (Max)||1-5 Years|
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.
You can as long as you have a balanced debt-to-income ratio.
The loan will be disbursed all at once when the loan is approved.
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.
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.
No, it differs from bank to bank.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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