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  • Vijayawada Personal Loan

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  • One of the biggest and most commercial cities in Andhra Pradesh, Vijayawada has plenty of banks that offer personal loan services at competitive interest rates. With banks like Citibank, HDFC Bank, ICICI Bank and many other top-profile names, residents of Vijayawada have plenty of options to choose from when looking for personal loans. With low interest rates, flexible repayment tenures and hassle-free documentation.
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    We found 18 Vijayawada Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.50% One time fee
    Up to Rs.40L
    1 - 5 Years
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    11.00% - 16.75% Fixed
    Zero Processing Fee
    Up to Rs.25L
    1 - 5 Years
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    25.00% - 32.00% Fixed
    3.00% One time fee
    Rs.75K - Rs.5L
    1 - 4 Years
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    11.25% - 14.49% Fixed
    Up to 2.75% One time fee
    Up to Rs.20L
    1 - 6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2.00% - 3.00% One time fee
    Rs.1L - Rs.5L
    Up to 5 Years
    Only KYC docs required
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    11.99% - 25.00% Fixed
    3.00% - 6.00% One time fee
    Up to Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    13.00% - 30.00% Fixed
    Zero Processing Fee
    Rs.50K - Rs.2L
    Up to 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    10.50% - 17.99% Fixed
    0.50% - 3.00% One time fee
    Up to Rs.30L
    1 - 5 Years
    Accelerated Approval
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    16.50% - 20.00% Fixed
    Up to 2.00%(Min ₹2,000) One time fee
    Up to Rs.15L
    1 - 5 Years
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    18.00% Fixed
    2.00% - 5.00% One time fee
    Rs.50K - Rs.7.5L
    1 - 4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2.00% One time fee
    Rs.2L - Rs.20L
    0.5 - 4 Years
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    Vijayawada is a commercial city in the Krishna district of Andhra Pradesh, and the third largest after Hyderabad and Visakhapatnam. The city is also popularly known by its historic name Bezawada.It is one of the busiest railway junctions in India and the second biggest bus terminus in Asia. This City is the commercial capital of the State and is politically active, socially dominant, and agriculturally rich and is an industrial transportation hub.The GDP of Vijayawada for 2008 was estimated at INR 5526 crores, INR 18,000 (US $3 billion) crore in 2010. The GDP is projected to grow to (US $17 billion) INR 1, 02, 000 crore by the year 2025.

    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 Vijayawada 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

    Vijayawada Personal Loan Interest RatesUpdated on 22 Oct 2020

    Vijayawada 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 Vijayawada

    Personal loan also known as unsecured loan is a type of loan that is availed by a borrower from a bank or a financial institution to meet their personal expenses. Customers avail personal loans to pay for wedding-related expenses, pursue further education, clear off existing debts, or to help a loved one who is in a financial crisis. Personal loans attract high interest rate as unlike a home loan or a car loan, a personal loan is not backed by a collateral. In the bank’s eyes, a personal loan is risky as the only way to collect the funds back from the customer is to expect that they pay the agreed EMI on time.

    EMI stands for Equated Monthly Instalments. This is the amount that a borrower agrees to pay to the lender towards the repayment of the loan taken. The EMI amount is calculated by dividing the total loan amount taken by the borrower, plus charges if any, and the total interest payable by the number of months the loan is taken for.

    Personal Loans offered by various banks in Vijayawada

    There are many leading banks that offer personal loans in Vijayawada. Some of the banks and financial institutions are:

    • Fullerton
    • Oriental Bank
    • HDFC Bank
    • IndusInd
    • Bank of India
    • Dena Bank
    • Central Bank
    • IDBI Bank
    • Vijaya Bank
    • Yes Bank
    • Kotak Mahindra
    • Aditya Birla
    • Kotak Bank
    • Allahabad Bank
    • Bank of Baroda
    • Citibank
    • Standard Chartered Bank
    • Capital First
    • Tata Capital
    • HDBFS
    • ICICI Bank

    How do I get a Personal Loan with the lowest interest rate in Vijayawada?

    The interest rate that you pay on your personal loan is decided by the lender. Although the decision is taken by the lender, there are few things a borrowers can do to ensure they get low interest rates. Some of the steps you can take to avail a personal loan with low interest rate are:

    Employer-bank relationship: When you are applying for a personal loan, please check if your employer is tied-up with any bank. Usually, employers request banks to roll out offers on a personal loan for their employees.

    Display creditworthiness: Creditworthiness depends on the credit history of the borrower. If the borrower has paid their bills on time without defaulting in the past, they will be considered to be credit-worthy is the bank’s eyes. To display your creditworthiness, please pay your bills on time, do not default on your loans, and don’t use your credit card to the brim.

    Shop online: Most people approach the bank they are transacting with if they are in need of a personal loan. However, if you want to avail a personal loan at the lowest interest rate, shop online. When you compare various personal loans online, you will get to know about the best deal available for you in the market. Many third-party websites like BankBazaar allows you to compare various personal loans available in the market.

    Check for pre-approved loans: From time to time, banks give pre-approved personal loans to their customers. As the name suggests pre-approved loans mean that the bank has already approved the loan for you and all you have to do is to apply for it. As these kind of loans is given to selected account holders, banks give exciting discount on the interest rate.

    Reduce your debts: When you submit a loan application to the bank, they check if you have any existing debts. Try to avoid huge debts when applying for a personal loan. Make sure you have a good debt-to-income ratio. Debt-to-income ratio indicates the total amount of debt you have and the income you earn. Always make sure that you have less than 10% of your income as debt. The lesser the debt, the better.

    Personal Loan Interest rates in Vijayawada 2018

    Bank Interest Rate Range Type of interest rate Processing Fee Range Loan Amount Tenure
    ICICI Bank 11.59% to 18.49% Fixed 2.25% (min of Rs.1,149) Up to Rs.20 lakhs Up to 5 years
    Oriental Bank 10.85% to 11.85% Floating 0.5% Rs.50,000 to Rs.10 lakh Up to 5 years
    HDFC Bank 11.49% to 19.8% Fixed Up to 2.5% Up to Rs.25 lakhs Up to 5 years
    IndusInd 11.99% to 19% Fixed Up to Rs.3,000 Up to Rs.25 lakhs Up to 5 years
    Fullerton 17.25% to 37% Fixed 1.5% to 6% Up to Rs.15 lakhs Up to 4 years
    Kotak Mahindra Bank 11.49% to 20.15% Fixed Up to 2% Up to Rs.15 lakhs Up to 5 years
    Aditya Birla 11.5% to 13.25% Fixed Up to 2% Up to Rs.15 lakhs Up to 5 years
    Allahabad Bank 13.10% Fixed Up to 1.22% (Min of Rs.1,228) From Rs.50,000 to Rs.7.5 lakhs Up to 5 years
    Bank of Baroda 11.35% to 14.35% Fixed Rs.1,000 to Rs.10,000 Rs.20,000 to Rs.2 lakhs Up to 4 years
    Bank of India 13% to 14% Fixed Rs.1,000 to Rs.10,000 Rs.10,000 to Rs.5 lakhs Up to 3 years
    Citibank 10.99% to 15.99% Fixed 1% to 25% Up to Rs.30 lakhs Up to 5 years
    Standard Chartered Bank 11.25% to 14.49% Fixed Nil Up to Rs.30 lakhs Up to 5 years
    Capital First 12% to 18% Fixed Up to 15% Up to rs.15 lakhs Up to 5 years
    Tata Capital 11.99% to 19.50% Fixed Nil Up to Rs.20 lakhs Up to 6 years
    HDBFS 13.99% to 16.99% Fixed 1% to 2% Rs.1 lakh to Rs.5 lakhs Up to 5 years

    Salary requirements to avail Personal Loans in Vijayawada

    The income requirements to avail a personal loan in Vijayawada depends on the bank that you are availing the loan from. Generally, the salary requirements are as follows:

    • For salaried individuals - The minimum salary requirements for salaried individuals will range from Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - For people who are self-employed, the profit range should be between Rs.1 lakh to Rs.2 lakh (profit) annually.

    Vijayawada Personal Loan FAQs

    1. What is the best interest rate I will get on my personal loan?

      Currently, the lowest interest rate one can get on their personal loan in Vijayawada is 10.85% p.a. Please note that the interest rate keep changing from time to time. The best interest rate on a personal loan can be anywhere between 10% p.a to 12% p.a.

    2. Should I pay a penalty if I choose to prepay the personal loan earlier that agreed?

      Banks may charge you a prepayment fee if you close the personal loan before the agreed loan term. However, the prepayment rules differ from one bank to another. Please check with your lender about prepayment options.

    3. Can I apply for a personal loan if I’m unemployed for the last 8 months?

      Usually, banks ask you to submit last 6 months bank statements and 3 months’ salary slip to approve your personal loan. You may not qualify for a personal loan if you do not have a regular source of income.

    4. What is the best way to apply for a personal loan?

      You can apply for a personal loan in any one of the following ways:

      • Online
      • In person at the bank
      • By calling the bank’s customer care department
    5. What is the tenure for which I can avail a personal loan?

      Generally, the tenure for a personal loan ranges from 12 months to 60 months.

        

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    Vijayawada Personal Loan Reviews

    • SBI Personal Loan
      "Need to decrease interest rate"
      0.5 5.0/5 "Blown Away!"
      Home credit has offered a personal loan through online. The process was good and sanctioned the loan within a day for the amount of 1L. The rate of interest is high of 15%. The tenure period of 3 years. The processing fee amount was deducted of 3K from the loan amount. Since at that time need of an amount so chosen this loan.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Mar 08, 2020
    • Tata capital
      Tata capital Personal Loan
      "Need to decrease interest rate"
      0.5 4.5/5 "Excellent!"
      I have applied a personal loan with TATA CAPITAL LIMITED through online. The loan amount of 1.87L which was okay. Overall interest was 90K excluding loan amount. The tenure period of 4 years. I got a call on time for further process. There was option of pre closure, but bank closed the loan process.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 04, 2020
    • HDFC Bank Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I was applied a personal loan from HDFC Bank through online. But after that I haven't received any single call verification from bank end and proper update regrading for the status. I am not aware about interest rate. The amount which was offered of 2L okay for the tenure period of 4 years.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 04, 2020
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied TATA CAPITAL personal loan through online. Bank has not offered me with the loan amount as I requested and also they have increased the interest rate too. Bank need to stand on the commitment. I have taken a loan amount of 3.6L and I need to pay the monthly EMI around 11K for 3 years.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 29, 2020
    • PaySense Personal Loan
      "Need to update payment option"
      0.5 3.0/5 "Satisfactory"
      I applied for Paysense personal loan through online. It is very hard to do the payment in their mobile app only it is accepting the paytm. It is not easy to enter the debit card details every time and if any calls come to me details get vanished, I need to enter it again and there is issue in login.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 27, 2020
    • HDFC Bank Personal Loan
      "Must be informative"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from HDFC BANK. Actually, I have applied this loan for 1 lakh rupees but they have approved me only 90k which was not informed to me. Later I have borrowed the balance amount with somebody. customer service was okay.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 07, 2020
    • HDFC Bank Personal Loan
      "Need to improve customer support"
      0.5 3.0/5 "Satisfactory"
      I applied for HDFC BANK personal loan through online. I requested for the loan amount 3 lakhs and interest rate is14% which may increase or decrease. Bank executive was not providing with the exact rate of interest and EMI details. So, I denied to process the next level.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 03, 2020
    • HDFC Bank Personal Loan
      "Average Services"
      0.5 5.0/5 "Blown Away!"
      I'm a State Government employee, even though my salary account is in HDFC but they are charging higher interest rate thats why i didn't taken my personal loan. Actually they have said interest rate near about 18%. I have directly went and applied the loan amount of Rs. 5 lakhs buy they have not given the response in a proper way.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 02, 2020
    • HDFC Bank Personal Loan
      "Doing good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from HDFC Bank on 2013. The loan amount was Rs. 1,40,000 and the rate of interest was 13%. The customer service was fine and good. Pre closure is there but I am not sure about that, the processing fee is 1% and I am getting some insurance benefits. I paid Rs. 4,000 on one time payment.I had received the loan within 10 days, now I have completed the loan.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Dec 05, 2019
    • HDFC Bank Personal Loan
      "Need to decrease the rate of interest"
      0.5 4.0/5 "Great!"
      I have applied HDFC Bank personal loan through online. But I have not availed the loan since don't have proper documents at that time .The rate of interest and the processing fee were high. Though I am working in bank but I am unable to get the payslip on time they have intimated as I will be getting maximum by 1 week, so due to this issue I am unable to submit my documents to bank.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Dec 05, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for HDFC Bank personal loan through online .I have got frequent callback from different person due to this reason not availed this loan.There was no issues with the rate of interest and the processing fee.I have not submitted any the documents for this loan.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Dec 03, 2019
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for HDFC Bank personal loan through Online .I have not taken this loan since have issues with credit score .I have submitted the required documents and the agent gave a clear picture about the loan process.There was proper callback and follow up from bank end .
      Was this review helpful? 1
      , vijayawada
      Reviewed on Dec 01, 2019
    • HDFC Bank Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      I had applied a personal loan with HDFC bank. I received a call from the bank but the call got disconnected in between, I couldn't call back to the same number it is always busy. I have not received any further information through any of the source.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Nov 30, 2019
    • HDFC Bank Personal Loan
      "Need to improve customer services"
      0.5 2.0/5 "Expected more"
      I applied for HDFC BANK personal loan through online. I received call after 1 week from bank executive for document collection but no one reached to collect it. Bank need to improve the customer services. I suggest bank to provide the proper response for application.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Nov 30, 2019
    • HDFC Bank Personal Loan
      "need to improve services "
      0.5 4.0/5 "Great!"
      I applied for HDFC BANK personal loan through online and received an updated from the bank instantly. I also have a salary account with the bank. Due to my existing EMI they unable to process my application. The rate of interest offered was very high.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 29, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for HDFC Bank personal loan through Online .I have not availed this loan since no payslip .I was not having any difficulties with the rate of interest and the processing fee.Each and every details about the loan process was clearly explained by the agent.I have got proper response and follow up from bank end .
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 22, 2019
    • HDFC Bank Personal Loan
      "Faster transaction"
      0.5 4.0/5 "Great!"
      I had applied the loan amount of Rs. 5 lakhs in HDFC bank its because of the low error in their online banking and easy accessibility of the mobile app i have selected the HDFC bank but my need is existed and the money was given by my friend hence i have denied the loan . They have provided the interest rate 12% and I'm not provided any document.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 22, 2019
    • HDFC Bank Personal Loan
      "Very Good Loan Service"
      0.5 4.0/5 "Great!"
      Already I have a existing loan with HDFC bank hence this time also I had gone with them. The loan amount was Rs. 4 lakhs and they provided me a interest rate of 17.5%. The amount is credited to my account and i got the loan 1 month back. Documentation process was very nice and it was smooth.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 06, 2019
    • Fullerton Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I was applied for Fullerton personal loan through online only for Rs.50,000. Further I have not received any call from Fullerton. I am not aware of the reason, why there are not processing my loan. I have already submitted my documents through online.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 04, 2019
    • Fullerton Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I received only the email conformation from the Fullerton as the loan cannot be processed as I get the salary in the form of cash. As I applied online , No call from bank to discuss regarding the loan. The documents are not submitted if bank process the loan I am willing to submit the documents.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 26, 2019
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