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)||10.99% - 34%|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Ranchi is the capital of Jharkhand and boasts of having the highest population in the state. There are a number of major banks and financial institutions that have been providing personal loans to the people of Ranchi. These institutions also provide unsecured loans that range from Rs.50,000 to Rs.40 lakhs. Getting a personal loan is Ranchi is easy and hassle-free.
There are a number of leading banks and NBFCs that offer personal loans to customers who are located all over Ranchi. In addition to providing personal credit, these banks also offer a number of different banking facilities like investment advice, netbanking, asset management, and other forms of commercial lending. Listed below are a few of the prominent banks that provide personal loans and operate out of Ranchi:
There a few factors that need to be considered when applying for a personal loan in Ranchi. You will have to draft your application in a way where you are able to get a good interest rate from the bank. The interest rate that is offered will depend on the lender who you wish to borrow the sum of money from. Though personal loans are easy to apply for, it is very important that you check your credit score before applying for a loan. A good credit can not only help you get the loan amount that you desire, but also help you avail a good and affordable interest rate on the loan. A credit score that is 750 and above is considered as a good score and this will help you get a better deal on your loan. The interest rate offered by the financial institution that you approach is directly proportional to your credit score which means that a high credit score will avail a lower interest rate and vice-versa.
Another thing to keep in mind when applying for a personal loan is to assess your financial requirements before applying for the loan. If you end up borrowing a high amount that you don’t really need, you will end up paying extra money to the bank as interest. Similarly, if you borrow a lower sum, you will end up taking another personal loan to meet your needs which means you will have to pay an interest on another loan amount. Therefore, it is important that you access your needs and see how much financial banking you require to meet your needs to avoid paying any money towards interest that you could have avoided.
There are a number of major public and private sector banking institutions that offer personal loans to the residents of Ranchi. Listed below are some of the banks in Ranchi and their interest rates:
|Bank||Processing Fee||Interest Rate||Loan Amount||Tenure|
|Citibank||1% to 2.5%||9.99% - 16.49% (Fixed)||Rs.30 lakh||1-5 years|
|IDFC FIRST Capital||Up to 3.5% (OTF*)||10.49%-22%||Rs.40 lakh||1-5 years|
|Standard Chartered||Nil||11.49% p.a. onwards||Rs.50 lakh||1-5 years|
|HDBFS||At the discretion of the lender||Up to 36% p.a.||Rs.20 lakh||1-5 years|
|TATA Capital||2.75%||10.99% onwards||Rs.25 lakh||1-6 years|
|IndusInd Bank||2.5% of the loan amount||11.00% onwards||Rs.15 lakh||1-5 years|
|HDFC Bank||Up to 2.5% (OTF)||10.5%-21% (Fixed)||Rs.40 lakh||1-5 years|
|Aditya Birla||Up to 2% of the loan amount||14% to 26% (Fixed)||Rs.15 lakh||1-3 years|
|Fullerton||0% to 6% (OTF)||11.99% - 36%||Rs.25 lakh||1-5 years|
|HDBFS Business Loan||2% (OTF)||10.5% p.a. onwards||Rs.30 lakh||1-4 years|
|Kotak Mahindra||Up to 2.5%||10.25% onwards||Rs.20 lakh||1-5 years|
|Bank of India||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included)||10.35% - 12.35%||Rs.2 lakh||1-3 years|
|Bank of Baroda||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included||10.50% - 12.50%||Rs.50,000 to Rs.15 lakh||1-5 Years (Max)|
|BOM||1% (Min. Rs.1,000)||9.45% p.a. -12.80% p.a.||Rs.20 lakh||1-7 years|
|Central Bank||1% of the loan amount||9.85% -10.05% p.a.||Rs.10 lakh||4 years|
|IDBI Bank||1%+S.T. (OTF)||Up to 10.90% (Floating)||Rs.50,000 to Rs.5 lakh||1-5 years|
|IOB||Up to 0.5% of the loan amount||10.50% p.a.||Up to Rs.5 lakh||1-5 years|
|Karur Vysya||1.5% (OTF)||11.00% to 19%||Up to Rs.10 lakh||1-5 years|
|SBI||1.5% (OTF)||9.60% - 15.65%||Up to Rs.20 lakh||Up to 72 months|
|Union Bank||At the discretion of the bank||9.30% p.a. onwards||Rs.15 lakh Max.||1-5 years|
|UCO Bank||1% (Min. Rs.750) OTF||10.05% to 10.30%||Rs.15 lakh||5 years|
|RBL Bank||Up to 3.5% of the loan value||14% p.a. - 23% p.a.||Up to Rs.20 lakh||1-5 years|
|Yes Bank||Up to 2.5% (OTF)||10.99% onwards (Fixed)||Rs.40 lakh (Max)||1-5 years|
*OTF – One Time Fee
When a bank or NBFC receives an application for a personal loan, there are a few factors that they consider before sanctioning the loan. One of these factors is the individual’s salary. The financial institution needs to be certain that the individual can repay the amount. Some of the requirements that need to be met to avail a personal loan are listed below:
The time taken to approve an application for a personal loan will depend from bank to bank. While some banks approve loan applications with 48 hours, some banks take at least a week. Usually a loan application is approved between two and seven working days.
Yes, there is. Almost all banks charge a processing fee ranging from 2% to 2.5% of the amount you wish to borrow, and the fee is generally deducted from the amount disbursed to you.
The repayment of personal loans can be done in Equated Monthly Instalments (EMIs) via post-dated cheques favouring the bank from which you have availed the loan. You could also link your debit account to your loan in case you borrow from a bank with which you hold a savings bank account and the amount will be deducted automatically.
It depends on the bank. Some banks offer the balance transfer facility if the customer has paid 12 EMIs. Check with your bank before applying for the loan if they offer the same.
The lender will determine the limit you have when it comes to taking a personal loan. A number of factors will be considered before the bank approves your application, but loans up to Rs.5 lakhs are disbursed by most banks.
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