Thane is a city in Maharashtra, India, at the head of the Thane Creek.Thane's GDP is the fifth largest in the state. Major source of income for the people is the service sector in the Mumbai Metropolitan region, apart from the smale scale and large scale industries in the nearby areas of the district and the Navi Mumbai region. Thane city, as such, is more of a residential city than an industrial one.
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)||9.60% - 36%|
|Loan Tenure||1 year to 6 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
In Thane, personal loas and NBFCs in the country. A customer can avail a personal loan either due to a medical emergency, to fund a holiday, pay for wedding expenses, clear outstanding debts and so on. For those new to availing personal loans, they can visit financial portals such as BankBazaar to get started. On the BankBazaar website, customers can compare loans offered by its partner banks and NBFCs, make EMI calculations, and check their CIBIL score before choosing and availing a personal loan that suits their financial situation.
Listed below are the top banks and NBFCs offering personal loans in Thane:
Prior to availing a personal loan, it is imperative for customers to know the components of a personal loan that affect the interest rate - added on the loan amount. Most people leave the assessments and calculations (with regard to the interest rate) to bank executives. If you’re new to availing personal loans, listed below are areas you would need to look into if you wish to avail a loan at the lowest possible interest rate.
Credit score: The credit score directly reflects on the interest rate applied on the loan offered to you by the bank. The higher your credit score the lower will be the interest rate offered to you by the bank and vice versa. Having a credit score upwards of 750 is optimum when availing a loan will be beneficial.
Down payment - When availing a personal loan, most people ignore the resultant effect a down payment has on the interest rate offered to them by the bank. Making a down payment north of 20% of the total loan amount will result in you availing a loan at a lower interest rate.
Debt-to-income ratio - Before approving the loan application, one of the first things that banks and NBFCs take into consideration is the debt-to-income ratio of the applicant. Having a debt-to-income ratio below 40% is optimum. Having a debt-to-income ratio more than either 40% or 50% might result in your application being rejected or if approved (based on your income), the interest rate added on the loan will be relatively higher.
Look around for the best loan offer: Rather than just going with the bank holding your salary account, it is important to look around for the bank or NBFC offering a loan that suits your financial ability. Loan shopping on financial portals such as BankBazaar will give you a clear-cut idea of the different interest rates offered by banks and NBFCs. The BankBazaar website compares loans offered by its partner banks and lays bare the best possible loan out there.
Your experience and the company you work for: Working for a reputed company will only increase the bank’s trust in you repaying the loan in time. The number of years of experience as well as the company you work for plays an important role in deciding the interest rate added on the loan.
Negotiate: Making a negotiation for the interest rate added on your loan amount is a must. Most people do not even know that this is a possibility. Negotiating with the bank on the interest rate might just get you a better deal.
|Bank||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure|
|Citibank||9.99% - 16.49% (Fixed)||1% to 2.5%||Rs.30 lakh (Max)||1-5 Years|
|Kotak Mahindra Bank||10.25% onwards||Up to 2.5%||Up to Rs.20 lakh||1-5 years|
|Fullerton||11.99% - 36%||Between 0%-6% of the loan amount||Rs.25 lakh (Max)||1-5 Years|
|Bank of Baroda||10.50% - 12.50%||2% of the loan amount + GST subject to Rs.1,000 to Rs.10,000 (One time fee)||Rs.50,000 - Rs.15 lakh||1-5 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% (Fixed)||Up to 2% of the loan amount||Rs.15 lakh (Max)||1-3 Years|
|Yes Bank||10.99% onwards (Fixed)||Up to 2.5% (One time fee)||Rs.40 lakh (Max)||1-5 Years|
The income of the loan applicant helps banks and NBFCs decide whether they should disburse the loan or not. The salary requirement varies from bank to bank and depends on the type of loan and the tenure decided by the applicant. Listed below is the approximate salary requirements when applying for a loan:
For salaried individuals: In general, the salary requirement - depending on the bank and type of loan - ranges between Rs.7,500 and Rs.50,000 of the applicant's monthly net income.
For self-employed individuals: Banks and NBFCs take into consideration the self-employed individual’s income over the last two years. In most cases, the profit of the individual for the year should be between Rs.1 lakh and Rs.2 lakh for the individual’s loan application to be approved.
Salaried individuals can avail loans anything up to Rs.25 lakh. In the case of availing a joint loan, the loan amount will increase as the income of both parties are taken into consideration.
Banks and NBFCs charge anything between 2-4% of the outstanding amount when the customer makes a foreclosure. That said, in most cases customers can make a foreclosure only 6 months after commencement of the loan.
You can calculate the EMI using online Personal Loan EMI calculator. The BankBazaar EMI calculator is accurate.
Failure to pay your credit bills and loan dues in time affects the credit score of an individual. A good credit score is anything above 750.
There are several ways to pay an EMI. You can use your net banking account, credit card, debit card, etc.
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