Varanasi is the one of the oldest cities in the country and world which is constantly inhabited by people.Varanasi is known for its Panchakarma and authentic ayurvedic treatment. There are a large number of ayurvedic treatment centers and clinics in the city.Varanasi is home to a number of beautiful temples. The Kashi Vishwanath Temple is one of the most significant temples in the city. It is visited by millions of people from all over the world every year.The Banaras Hindu University which is situated in the city is known to be the largest residential universities in entire Asia. As the city is visited by millions of people every year, tourism has led to the economic development of the state. Some of the other industries in the city are manufacturers of heavy equipment, copperware, brassware, handicrafts, gold jewelry, rugs, carpets, clay toys and so forth.
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|
A city on the banks of the Ganges, Varanasi is a religious hub that is located in Uttar Pradesh. Varanasi has a number of banks that aid the people residing within the city to help them meet their needs and requirements. People in Varanasi apply for personal loans for a number of reasons like renovating your home, marriage in the family or other family functions, purchase of a vehicle or home appliances, medical emergency, etc. A personal loan can be a lifesaver in times of troubles of emergencies. There are a number of personal loan products, like secured and unsecured loans, that are offered by banks in Varanasi. Getting a personal loan is Varanasi 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 Varanasi. In addition to providing personal credit, these banks also offer a number of different banking facilities like investment advice, net banking, 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 Varanasi:
When an individual applies for a personal loan, there are certain important factor that need to be considered. You will have to take your time and research on a personal loan that is offered at a good interest rate in Varanasi. This interest rate is determined by the lender from whom you wish to borrow the sum of money. An important step to follow is to make sure that you check your credit score before you apply for a personal loan. A credit score of 750 and above is considered to be good and this credit score will help you get a loan at a better interest rate. 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 you are applying for a personal loan is to make sure that you assess your financial requirements before you apply for a personal loan. If you end up borrowing a high amount that you don’t really need, you will have to pay 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.
Varanasi has a number of major public and private sector banking institutions that offer personal loans to the residents of Varanasi. Listed below are some of the banks in Varanasi and their interest rates:
|Bank||Processing Fee||Interest Rate||Loan Amount||Tenure|
|Capital First||Up to 1.5% (OTF*)||12%-18% (Fixed)||Rs.15 lakhs||1-5 years|
|HDBFS||1%-2% (OTF)||13.99%-16.99%||Rs.30 lakhs||1-5 years|
|Standard Chartered||Nil||10.99%-14.49%||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|
|Citibank||1% to 2.5%||11.49%-15.99% (Fixed)||Rs.30 lakhs||1-5 years|
|IndusInd Bank||Up to Rs.3,000 (OTF)||11.99%-19% (Fixed)||Rs.25 lakhs||1-5 years|
|HDFC Bank||Up to 2.5% (OTF)||10.99%-19.8% (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|
|Aditya Birla||Nil||11.5% to 13.25% (Fixed)||Rs.30 lakhs||1-5 years|
|HDBFS Business Loan||2% (OTF)||15.95%-18.95% (Fixed)||Rs.20 lakhs||1-3 years|
|Kotak Mahindra||Up to 2%||11.49% - 20.15%Fixed||Rs.15 lakhs||1-5 years|
|Fullerton||1.5% to 6% (OTF)||17.25% to 37% (Fixed)||Rs.15 lakhs||1-4 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 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|
|Bank of India||Rs.1,000 to Rs.10,000 (Service Tax not included)||13%-14% (Fixed)||Rs.10,000-Rs.5 lakhs||1-3 years|
|Canara Bank||Rs.1,000 to Rs.5,000 (OTF)||12.75% (Floating)||Rs.3 lakhs||5 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|
|Dena Bank||1% (OTF)||13%-14% (Fixed)||Rs.15,000 to Rs.1 lakh||1-3 years|
|IDBI Bank||1%+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|
|Yes Bank||Up to 2% (OTF)||14% (Fixed)||Rs.20 lakhs||1-5 years|
|Union Bank||0.5% (Min. Rs.500) OTF||14.4% (Floating)||Rs.5 lakhs Max.||1-5 years|
|Tamilnad Mercantile||1% (OTF)||14.30% to 16.30% (Floating)||Rs.2 lakhs Max.||1-5 years|
|UCO Bank||1% (Min. Rs.750) OTF||11.35% to 11.60% (Fixed)||Rs.10 lakhs||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 for an application to get approved will vary from bank to bank. There are banks that approve an application for a loan within a week and there are some that take 48 hours to do so. A personal loan application generally takes two to seven working days to get approved.
The repayment of a personal loan can be done in the form of Equated Monthly Instalments (EMIs) made through post-dated cheques in favour of the bank that has sanctioned the loan to you. The amount can get deducted automatically if you have linked your debit account to the loan from where you have taken the loan and also where you hold a savings account.
Yes, there is. Most banks charge a processing fee that ranges from 0.5% to 2.5% of the amount that you wish to borrow, and the fee is generally deducted from the amount that is disbursed to you.
The lender or the bank shall determine the limit that you can borrow when it comes to taking out a personal loan. There are a number of factors that are considered by the bank when determining the cap on the loan amount that they can disburse. Most banks offer a sum of Rs.25 lakhs to Rs.30 lakhs.
This is entirely dependent on the bank from which you have borrowed the sum. There are some banks that offer the balance transfer facility if the borrower has made 12 or more EMIs. You can check with the bank if this facility is available at the time of applying for the loan.
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