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.
|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|
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:
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.
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
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 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.
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.
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.
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.
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.
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