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.

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.

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.

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.

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

No, it differs from bank to bank.

Pune Personal Loan

With low interest rates, flexible repayment tenures, and high loan amounts, finding the right personal loan in Pune just got a whole lot easier! Known as the "Oxford of the East", Pune is not only home to numerous educational institutions, but it also has several banks that offer personal loans for interest rates starting from just 9.60%.. With tenures as long as 6 years, it is ever so simple to meet your immediate financial requirements in the city.

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Pune Personal Loan Interest Rates

Interest Rate (Monthly reducing balance)	9.60% - 36%
Processing Fees	0% - 6%
Loan Tenure	1 year to 6 years
Pre-closure Charges	2% - 5%
Guarantor Requirement	No guarantor required

Documentation Required

1. Photo ID and age proof
2. Signed application form with photograph
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
1. Last 3 months salary - slips
2. Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
1. Last 3 years Income Tax Returns with computation of Income
2. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Personal Loans Offered by Various Lenders in Pune

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

Bank of Punjab
UCO Bank
IndusInd Bank
Kotak Mahindra Bank
State Bank of India (SBI)
Bank of Maharashtra
The Bank of Rajasthan
Indian Overseas Bank
ING Vysya Bank
Standard Chartered Bank
Deutsche Bank
Tata Capital
Citibank
IDBI Bank
Aditya Birla
ICICI Bank
Axis Bank
HDFC Bank
Punjab National Bank

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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 2024

Bank	Interest Rate Range	Processing Fee Range	Loan Amount	Tenure
ICICI Bank	10.50% - 19.00% (Fixed)	2.50%	Rs.25 lakh (Max)	1-6 Years
CitiBank	9.99% - 16.49%	1% to 2.5%	Rs.30 lakh (Max)	1-5 Years
Kotak Mahindra Bank	10.25% onwards	Up to 2.5% of the loan amount along with GST or service tax	Up to Rs.20 lakh	1-5 years
Bank of Baroda	10.50% - 12.50%	2% of the loan amount subject to a minimum of up to Rs.1,000 and maximum of up to Rs.10,000 (One time fee)	Rs.50,000 - Rs.15 lakh	5 Years (Max)
State Bank of India	9.60% - 15.65%	Up to 1.50% of the loan amount (One time fee)	Up to Rs.20 lakh	1- 6 Years
Aditya Birla	14% - 26%	2% of the loan amount	Rs.15 lakh (Max)	1-3 Years
Yes Bank	10.99% p.a. onwards	Up to 2.50% of the loan amount (One time fee)	Rs.1 lakh to Rs.40 lakh	1-5 Years
IDBI Bank	9.50% p.a. - 14.00% p.a. (Fixed)	1% of the loan amount subject to a minimum of Rs.2,500	Rs.25,000 - Rs.5 lakh	1-5 Years

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.

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on Pune Personal Loan

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.
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.
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.
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.
Are the interest rates on personal loans the same between all banks?
No, it differs from bank to bank.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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