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  • Rajkot Personal Loan

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  • A traditionally important city in Gujarat, Rajkot has developed handsomely over the years and now has top banks that offer personal loans at attractive terms. From HDFC Bank to ICICI Bank to Citibank, Rajkot is home to some of the biggest banks in India and residents can avail personal loans for interest rates as low as 10.99%. The repayment tenures are flexible and the documentation processes are hassle-free, thereby making it easy for you to get immediate access to funds.
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    We found 17 Rajkot Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.75% - 21.45% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    10.99% - 18.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Ad Accelerated Approval
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    Fees & Charges
    Eligibility Criteria
    12.99% - 19.75% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
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    Eligibility Criteria
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    What you'll love
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    Rajkot has traditionally been an important city in the state of Gujarat and its significance is set to grow further in the near future.Rajkot is the fourth largest city in the state and 35th largest agglomeration in the country. However you will be surprised to note that it is considered to be the 22nd fastest growing urban area in the world. Rajkot definitely lets you enjoy the comforts of life that you can afford with the scope for professional growth you are presented with here.There are many big name corporate companies and industrial houses that are making their way in Rajkot

    A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.

    Documentation needed to apply for an Rajkot Personal Loan

    • 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:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Rajkot Personal Loan Interest RatesUpdated on 16 Oct 2019

    Rajkot Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loans in Rajkot

    Rajkot is a vibrant city located in Gujarat, India, and has a population of nearly 1.2 million people as reported in the year 2015. The city has a number of leading banks operating out of Rajkot to meet the banking needs of the city’s residents. Banks have been issuing personal loans to people for a long time while making the application process for a personal loan a hassle-free issue. Personal loans are sanctioned for a number of reasons like home renovation, marriage, medical emergencies, family expenses, etc.

    Some of the top banks that offer personal loans in Rajkot are:

    • Standard Chartered
    • Citibank
    • HDFC Bank
    • ICICI Bank
    • Kotak Mahindra

    How to Get a Personal Loan with the Lowest Interest Rate in Rajkot

    There are a couple of factors that we need to consider when applying for a personal loan with a bank or NBFC in Rajkot. You will have to make sure that you application for a loan is drafted in such a way that it should help you get a good interest rate from the lender. The interest rate ranges from lender to lender and is completely dependent on them when you’re applying for the loan. Though personal loans are easy to apply for in Rajkot, it should be noted that the lender has the last say on whether they should accept or reject the loan application. This is why it is very important that you do what is needed to make sure that you loan application is as appealing as it should be. A good credit score can also increase your chances of having a loan sanctioned. A credit score of 750 and above is considered to be a good score in the eyes of the lender as this score shows the lender your potential of paying back the loan. The interest rate offered by the lender is drastically affected by you credit score. The interest rate offered by the lender is directly proportional to the credit score which means that a high credit score can fetch you a lower interest rate and vice versa. This is why it is really important that you maintain a good credit score no matter what.

    Another thing to keep in mind when applying for a personal loan is to make sure that you assess your finances to avoid applying for a loan amount that either meets your financial needs or falls short of it. If you end up borrowing an amount that you will not require, you will end up paying a larger amount of money to the lender as interest. Similarly, if you end up borrowing a lower amount, you might fall short of funds and you may end up taking out another loan to meet your needs and requirements. Therefore, it is important that you do your research, find the bank that offers the best interest rate, and then apply for loan amount that would be an adequate amount to fulfil your needs and requirements.

    Personal Loan Interest Rates in Rajkot 2018

    There are a number of major public and private sector banking institutions that offer personal loans to the residents of Rajkot. Listed below are some of the banks in Rajkot and their interest rates:

    Bank Processing Fee Interest Rate Loan Amount Tenure
    Citibank 1% to 2,5% 11.49%-15.99% (Fixed) Rs.30 lakhs 1-5 years
    Capital First Up to 1.5% (OTF*) 12%-18% (Fixed) Rs.15 lakhs 1-5 years
    Standard Chartered Nil 10.99%-14.49% Rs.30 lakhs 1-5 years
    HDBFS 1%-2% (OTF) 13.99%-16.99% Rs.30 lakhs 1-5 years
    TATA Capital Nil 11.99%-19.50% Rs.20 lakhs 1-6 years
    ICICI Bank 2.25% (Min. Rs.1,149) 11%-17.99% Rs.20 lakhs 1-5 years
    IndusInd Bank Upto Rs.3,000 (OTF) 11.99%-19% (Fixed) Rs.25 lakhs 1-5 years
    Oriental Bank 0.5% (OTF) 10.85%-11.85% Rs.50,000-Rs.10 lakhs 1-5 years
    HDFC Bank Upto 2.5% (OTF) 10.99%-19.8% (Fixed) Rs.25 lakhs 1-5 years
    Aditya Birla Nil 11.5% to 13.25% (Fixed) Rs.30 lakhs 1-5 years
    Fullerton 1.5% to 6% (OTF) 17.25% to 37% (Fixed) Rs.15 lakhs 1-4 years
    HDBFS Business Loan 2% (OTF) 15.95%-18.95% (Fixed) Rs.20 lakhs 1-3 years
    Kotak Mahindra Upto 2% 11.49% - 20.15%Fixed Rs.15 lakhs 1-5 years
    Allahabad Bank 1.22% (Min. Rs.1,228) 13.10% (Fixed) Rs.50,000 to Rs.7.5 lakhs 1-5 years
    Bank of India Rs.1,000 to Rs.10,000 (GST not included) 13%-14% (Fixed) Rs.10,000-Rs.5 lakhs 1-3 years
    Bank of Baroda 1% (Min. Rs.1,000) OTF 11.35%-14.35% (Fixed) Rs.20,000 to Rs.2 lakhs 4 years
    BOM 1% (Min. Rs.1,000) 12.75% (Fixed) Rs.1.5 lakhs 1-3 years
    Canara Bank Rs.1,000 to Rs.5,000 (OTF) 12.75% (Floating) Rs.3 lakhs 5 years
    Dena Bank 1% (OTF) 13%-14% (Fixed) Rs.15,000 to Rs.1 lakh 1-3 years
    Central Bank Rs.500 (OTF) 11.4% (Floating) Rs.10 lakhs 4 years
    Indian Bank Rs.508 to 0.508% (OTF) 12.65% to 13.65% (Floating) Rs.50,000 Max. 3 years
    IDBI Bank 1% + G.S.T. (OTF) 12.20% (Floating) Rs.50,000 to Rs.10 lakhs 1-5 years
    IOB 1.01% to 1.10% (OTF) 13.65% (Fixed) Rs.1 lakhs to Rs.15 lakhs 1-5 years
    South Indian Bank 0.50% (OTF) 13% (Fixed) Rs.3 lakhs 1-4 years
    Karur Vysya 0.4% (OTF) 13.35% to 15.85% Rs.1 crore Max. 1-3 years
    SBI 1% (OTF) 12.90% to 14.90% Rs.24,000 to Rs.15 lakhs 5 years
    Vijaya Bank Nil 13.50% (Fixed) Rs.10 lakhs 1-5 years
    Tamilnad Mercantile 1% (OTF) 14.30% to 16.30% (Floating) Rs.2 lakhs Max. 1-5 years
    Union Bank 0.5% (Min. Rs.500) OTF 14.4% (Floating) Rs.5 lakhs Max. 1-5 years
    UCO Bank 1% (Min. Rs.750) OTF 11.35% to 11.60% (Fixed) Rs.10 lakhs 5 years
    Yes Bank Upto 2% (OTF) 14% (Fixed) Rs.20 lakhs 1-5 years

    *OTF – One Time Fee

    Salary Requirements to avail Personal Loans in Rajkot

    When a bank or NBFC receives an application that was sent in by an individual who’s looking for a personal loan, there are a few requirements that the borrower would have to meet before the lender can sanction the loan. One of these factors is the individual’s salary. The bank or NBFC should be quite certain that the individual is capable of repaying the loan amount. Some of the requirements that the borrower has to meet have been listed below:

    • The age of the applicant should be anywhere between 21 years and 60 years.
    • A salaried individual should have a minimum monthly income of Rs.15,000. This minimum requirement will vary from one bank to another.
    • The applicant should is required to have a minimum work experience of 2 years.
    • The applicant should have resided in Ranchi for a minimum of 1 year.
    • Applicants will be required to submit a couple of documents like bank statements, address proof, identity proof, etc.

    Rajkot Personal Loan FAQs

    1. How much of a personal loan amount can I avail?
    2. The amount that an individual can borrow largely depends on a number of factors such as income, credit history, and employment type (salaried or self-employed). Most banks sanction a loan amount where the borrower pays and EMI that’s equal to 40-50% of their monthly income. If the applicant is self-employed, then the loan amount that is sanctioned will be based on the profit and he/she has earned over the past couple of months/years. They also consider any existing loans/liabilities of the business.

    3. What is the difference between fixed and floating interest rates?
    4. EMIs that paid towards clearing a personal loan with a fixed interest rate that doesn’t change during the tenure of the loan is called a fixed interest rate. Floating interest rates is where the interest rate changes as the EMI’s decrease progressively since the interest paid is based on the reducing balance method. Floating interest rates change either annually or half-yearly.

    5. Can I receive Tax Benefits on my personal loan?
    6. Tax benefits are generally not associated with personal loans unless the loan is used for a home renovation project. In such cases, you can avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.

    7. Are there any additional charges which are associated with a personal loan?
    8. Yes, there is. Nearly every bank that offers a personal loan charges a processing fee that ranges from 2% to 2.5% of the amount that you wish to borrow and this fee is generally deducted from the amount that is disbursed to you.

    9. Can I get the balance transfer facility with my personal loan?
    10. Availing the balance transfer facility is entirely dependent of the bank that you have a loan sanctioned from. Some banks offer the balance transfer facility if the customer has paid 12 EMIs continuously. Check with your bank before applying for the loan if they offer the same.

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

        

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    Rajkot Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Best Loan service"
      0.5 3.0/5 "Satisfactory"
      Since i have a account in HDFC hence i have selected the personal loan from HDFC. They given me a interest rate of 11% which is convenient for me. I had applied the loan amount of Rs. 2 lakhs and i do not know the details of the processing fee. I had chosen the tenure period of 3 years. Its because of the higher rate of interest, i have rejected the loan.
      Was this review helpful? 0
      , rajkot
      Reviewed on Sep 20, 2019
    • HDFC Bank
      HDFC Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      Not a particular reason for choosing the personal loan but they have given me a attractive interest rates. They have given me a loan amount of Rs. 2 lakhs and the rate of interest is 17%. Their processing fee is nominal which is Rs. 5000. I have selected the duration of 4 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Sep 20, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got a money from other source so I have not availed a personal loan from HDFC BANK. They have taken approx 2 days to call me and there was bit delay on the service. I would suggest them to be quick in the service and process. The rate of interest is kind of nominal and it was a having processing fee as well.
      Was this review helpful? 0
      , rajkot
      Reviewed on Sep 19, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Personal Loan directly from HDFC Bank ,I have got the loan within 10 seconds ,The rate of interest and processing fee was nominal ,This was a paperless approval and i have applied for the loan amount of 2lakhs for the tenure of 3years ,the service was good ,I have not faced any difficulties so far .
      Was this review helpful? 1
      , rajkot
      Reviewed on May 14, 2019
    • Bajaj Finserv Personal Loan
      "Looking for less interest rate"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with Bajaj Finserv for personal loan, the loan amount was for Rs 1.25 lacs with high interest rate when compared to others. Customer service was not up to the mark with Bajaj. Tenure period for this loan is 3 years but i preclosed the loan in 1 year.
      Was this review helpful? 2
      , rajkot
      Reviewed on Jan 21, 2019
    • HDFC Bank Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      It was a good experience with HDFC bank for personal loan, the process was smooth and i received my loan amount within 5-6 days. The loan amount was for Rs 4.9 lacs with high interest rate when compared to other banks. Customer service was good and they collected documents on time. Tenure period for this loan is 5 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jan 21, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through ICICI BANK , the tenure period is 4 year . I did no face any issue while getting the loan , i receive my loan amount on time , there is processing fee with this bank and rate of interest is very nominal . Customer support is up to the mark .
      Was this review helpful? 0
      , rajkot
      Reviewed on Dec 05, 2018
    • HDFC Bank Personal Loan
      "Good Bank with Good Customer care"
      0.5 5.0/5 "Blown Away!"
      I got a very good help from the HDFC customer service. They have charged me overall of Rs. 7K. I have got a personal loan of Rs. 1.50 lakhs. But in my hand i got the amount Rs. 1.43 lakhs. I'm paying the EMI of around Rs. 5800. I got the easily anyway some delay due to conference for HDFC banking people. But it is an issue.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 05, 2018
    • review Personal Loan
      "Very worst service. No response from customer service"
      0.5 0.5/5 "Unacceptable"
      Very bad experience I have received from tata capital. Due to their mistakes they will not take any responses from their end. They will apply all issues to customer only.i pay all emi on due date but they are shown late payment on cibil agency's
      Was this review helpful? 0
      , rajkot
      Reviewed on May 12, 2018
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan based on my credit card with SBI and it was a good loan experience. The loan amount was for Rs 1.5 lakhs with the rate of interest of 0.8% which is very less when compared to other banks. The process was very quick and i received my loan amount within 24 hours. Customer service is good and they followed up correctly. I pay an EMI of close to Rs 13000 and tenure of the loan is 1 year.
      Was this review helpful? 8
      , rajkot
      Reviewed on Dec 28, 2017
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was an excellent service from ICICI bank. The customer service and response is very good. It was a faster process, they took more than 5 days. The rate of interest is very low and am happy with it. The processing charge is 1.5% and interest rate is 12.49%.
      Was this review helpful? 0
      , rajkot
      Reviewed on Nov 10, 2017
    • ICICI Bank Personal Loan
      "Customer service has to be improved"
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with ICICI bank. The customer and response was very poor, they have not contacted me. They need to improve the customer service. I don't have requirements. But rate of interest was good so I would like to recommend this bank.
      Was this review helpful? 0
      , rajkot
      Reviewed on Oct 28, 2017
    • ICICI Bank Personal Loan
      "Very good process and helpful"
      0.5 4.0/5 "Great!"
      My experience with ICICI bank was very great. I have taken a personal loan with moderate interest. The documentation process was very quick and executive collected the documents. The approval was immediate and I will recommend ICICI bank to others.
      Was this review helpful? 0
      , rajkot
      Reviewed on Oct 14, 2017
    • ICICI Bank Personal Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      Once I have applied for my personal loan with ICICI the service of ICICI was very good even the customer service was very responsible but in between the process I had some personal issues so I was unable to process for my loan further even the interest rate they offered was also fine compare to the market value I would say the overall service was excellent from ICICI for my personal loan service.
      Was this review helpful? 0
      , rajkot
      Reviewed on Oct 13, 2017
    • ICICI Bank Personal Loan
      "Good"
      0.5 2.0/5 "Expected more"
      I have approached ICICI bank for my personal loan. They have rejected my application because I have not taken my saving account with ICICI bank. I am not satisfied with their customer service and responsiveness . I would like to rate them 2 out 5.
      Was this review helpful? 0
      , rajkot
      Reviewed on Sep 15, 2017
    • Axis Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am having the credit card with the Axis bank its my zone card and am having it from the last two years of time. Response is good one with them and I have not faced much drawback with them. The credit limit what they have offer is 1 lakh rupees and its a life time free card.
      Was this review helpful? 0
      , rajkot
      Reviewed on Sep 11, 2017
    • ICICI Bank Personal Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have not got the personal loan with ICICI bank because of some other documentation issues. Response was okay one for me and there were okay one. Rate of interest with the ICICI bank was aware from my end, so I have not received the proposal. Customer service is okay one for me.
      Was this review helpful? 1
      , rajkot
      Reviewed on Jun 21, 2017
    • HDFC Bank Personal Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      Currently I had transferred my personal loan from ICICI bank to HDFC bank. I do not remember about the rate of interest. I am comfortable with HDFC bank and the customer service is good with the bank. I never faced any challenges with the bank.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 03, 2017
    • ICICI Bank Personal Loan
      "Not Responsive"
      0.5 1.0/5 "Really Bad"
      From the time I applied for the loan, I never heard anything on my loan application from ICICI bank. I never received proper response from them but they closed my application. Even they never disclosed the reason for closing my application.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 03, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My loan requirement was 6 lakhs. But I had received only 3 lakhs later when I asked the bank executive why the loan got approved only for three lakhs, they said that my cibil score is not good, This is the first time I had taken the loan and I don't even have credit card and they also told that my cibil is not good and they are not up to the mark.
      Was this review helpful? 0
      , rajkot
      Reviewed on May 21, 2017
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