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    Visakhapatnam Personal Loan

    Also called Vizag, personal loans in Visakhapatnam can be availed with ease due to the minimal documentation and paperless approval processes implemented by most banks. With interest rates starting from just 10.99% and flexible tenures that extend up to five years, personal loans in Visakhapatnam can be availed at favourable terms and conditions. Whether it is your child’s marriage or higher education, getting a personal loan here is very easy.
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    We found 33 Visakhapatnam Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Visakhapatnam Personal Loan is Rated as "Great!" by 766 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Visakhapatnam, also known as “Vizag”, is a port city on the southeast coast of India in the state of Andhra Pradesh. It is often called "The Jewel of the East Coast" and the "City of Destiny". The city is home for various state owned heavy industries and a steel plants. Apart from accommodating various international information technologies and banking firms, the city is a hub for iron ore and other minerals which are exported to China and other countries. The fishing and real estate industry has seen a tremendous growth.The city has a population of over 1 million, is the second largest city in the state of Andhra Pradesh and the third largest city on the east coast of India. Visakhapatnam has been recognised as a Global City of the Future by McKinsey Quarterly.

    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.

    Visakhapatnam Personal Loan Interest RatesUpdated on 24 May 2019

    Visakhapatnam 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 Visakhapatnam

    Gone are the days when a person used to approach a friend or a private lender for funds if they faced a financial crisis. Personal loans are very popular among people today. Many reputable banks and financial institutions provide exciting offers on personal loans as it is one of the most sought-after financial products. Easy approval process makes personal loans all the more famous. People take personal loans for various reasons like wedding expenses, medical emergencies, investment, buying gold, or for children’s education.

    What is a personal loan?

    A personal loan is a kind of unsecured loan which means that the loan is not backed by a collateral. It is rolled out by a bank or a financial institution to a borrower. The borrower may use the loans for any purpose they deem necessary.

    Personal Loans offered by various Banks in Visakhapatnam

    Visakhapatnam is a port city in the state of Andhra Pradesh which is developing in all sectors. There are many reputable banks and financial institutions in Visakhapatnam. Some of the leading banks and financial institutions that offer personal loans in Visakhapatnam are:

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

    How do I get a personal loan with the lowest interest rate in Visakhapatnam?

    The interest rate is usually high for personal loans. In a long run, the lower the interest rate, the better. So, when you avail a personal loan, make sure you have a low interest rate as it will directly affect the EMI amount you are going to pay every month. The interest rate on your personal loan is determined by various factors. Before applying for a personal loan, you can make sure you have done the following things which will help you get a better interest rate on your loan:

    • Improve your credit score: The first thing a lender will see when you apply for a personal loan is your credit score. A credit score is a numerical expression that represents the creditworthiness of the borrower. Credit bureaus in India assign a credit score for every individual. The credit score is assigned based on your repayment history, your existing loans, and other factors. A credit score can range from 300 and 850. The higher the credit score, the higher your chances of getting a good deal on your personal loan. Before applying for a personal loan, make sure you know your credit score. If you do not have a decent credit score, make sure you close your existing loans if possible, clear your credit card bills, and avoid cheque bonuses and late payments.
    • Get a co-signer: Ask a friend or your family member who has a high credit score to co-sign on your personal loan. This makes the loan less risky for the lender and will result in lower interest rates for you.
    • Shop around for loans: Spend ample time to know more about the personal loans available in the market. Make sure you research for a maximum of 2 weeks period. When you shop for a long time, you might lose out on the best offers on personal loans.
    • Make a down payment: Please remember it is advisable to make high down payment. Making high down payment is sure to get a better interest rate on your loan. Anything more than 30% of your personal loan amount is a good down payment and will affect the interest rate positively.
    • Debt-to-income ratio: Debt-to-income ratio is the ratio of your total debt and you’re the sum total of your income. If you have a right debt to income ratio in your portfolio, banks will be willing to offer you a low interest rate on your personal loans.
    • Tenure of your personal loan: The tenure you choose while availing a personal loan affects the interest rate you get. The longer your loan term, the higher your interest rate. Please choose a short tenure period even if it increases your EMI amount.

    Personal Loan Interest rates in Visakhapatnam 2018

    Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    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
    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

    Salary requirements to avail Personal Loans in Visakhapatnam

    The salary requirements vary from bank to bank when you apply for a personal loan in Visakhapatnam. Generally, the salary requirements are as follows:

    • For salaried individuals - Banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

    Visakhapatnam Personal Loan FAQs

    1. What are the documents required when I apply for a personal loan in Visakhapatnam?

      You would require the below documents to avail a personal loan in Visakhapatnam:

      • Photo ID proof
      • Age Proof
      • Duly filed application
      • Proof of residence
      • Last 6 months bank statement
      • Last 3 months’ salary slips
      • Form 16 or Income Tax Returns
    2. Can I foreclose or prepay my personal loan in the future?

      Yes. You can foreclose or prepay your personal loan in the future if your lender allows you to do so. Most lenders allow you to do that. Please check if there are any charges for foreclosing your loan.

    3. How long will it take for my personal loan to be approved?

      The approval time differs from bank to bank. Generally, personal loans are approved within 72 hours of submission of all documents.

    4. What is a personal loan EMI calculator?

      Personal loan EMI calculator is an online tool that helps you calculate the monthly instalments you will pay towards your personal loan. You can use the personal loan EMI calculator available on the BankBazaar website.

    5. Are there any additional charges for personal loans?

      You will have to pay the processing fee upfront when availing a loan. Apart from this, there are no additional charges unless a prepayment is made.

        

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    Visakhapatnam Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about the services of Bank Bazaar through a promotional mail which i had got and i had installed their mobile application which has been convenient. Their customer support team also had been responsive and the best thing is that we can check with multiple bank products from one portal.
      Was this review helpful? 3
      , visakhapatnam
      Reviewed on May 09, 2019
    • Tata capital Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      The process in getting my Personal loan from TATA CAPITAL has taken more than 25 days and the disbursement of the loan was delayed. The loan amount was sufficient and the interest rate with them has been nominal. There was a processing fee of 1500 which they had made as well.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on May 09, 2019
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I did balance transfer from other bank to HDFC bank as i saw the rate of interest they have charged me was nominal, the rate of interest they have charged me up to 11.75% which was nominal comparing to other bank, they have not taken any charges when i did balance transfer, even it was not mandatory to take insurance.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on May 04, 2019
    • SBI Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have previously taken my personal loan with State bank of India , the loan amount was sufficient but the rate of interest they have charged to me was very high they have charged me up to 14.75% which was very high comparing to other bank, and second thing is that they said that if i want to take loan then it is mandatory to take insurance , they said if i will not take they will not give loan to me ,due to emergency i had to take.
      Was this review helpful? 6
      , visakhapatnam
      Reviewed on May 04, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is very much convenient and it is very much comfortable to me. Overall the whole application process was easy and hassle free. Bank bazaar is a convenient platform to purchase various banking products online. I will continue my relation with Bank Bazaar for further good Deals.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 21, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the HDFC bank , the Application and documentation was smooth and hassle free.Their rate of interest is nominal 13.99%. I got the loan amount with in few days. I got 50000 where i applied for 200000 . The process was easy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 21, 2019
    • Fullerton Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a Personal loan from FULLETRON INDIA a while back and the experience i had was not that good. The process in getting the loan had taken more time than what i had expected. The loan amount was okay but the interest rate was way high when compared with the market rate. The processing fee and charges which they had made also was quite on the higher end.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Apr 19, 2019
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken the Personal loan from INDUSIND BANK a while back and the process in getting the loan was easy. The interest rate with them was reasonable and the charges has been nominal. The loan amount which they had provided was sufficient & the loan was closed recently. I never had faced any difficulty with the banking services of them.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 19, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan from HDFC BANK a long time back and the experience i had was pretty good. The loan was closed and they had not taken any additional charges overall. The interest rate which they had charged was quite nominal when compared with the market rate and their customer support has been helpful at times.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 19, 2019
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of Bank Bazaar for more than three years where the experience i had-with them so far has been really good. I came to know about the services of them while browsing on the internet and i had been using their web portal which is quite user friendly. The best thing with them is that they have a single window system where we get access to multiple products and banks, where we are able to compare with the different banks.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 19, 2019
    • Early Salary Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for my personal loan from EARLY SALARY since it is easy to apply through them and the process with them is pretty fast. The loan disbursement happened on the promised time and it was easy when compared with the banks in the market. The interest rate and charges with them has not been high, even the customer support team of them was helpful.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 19, 2019
    • Bank Bazaar Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a Personal loan through Bank Bazaar, my experience is as follows, firstly it could have been better if they quotes the exact time scales because initially I was told 24 hours however it took more than a week's time for them to process the request. Secondly, I would suggest them to provide the exact interest since there was no clarity when it comes to rates. Lastly, I would suggest them to add remote locations or cities as well in order for all the Customers to reap the benefits offered by Bank Bazaar.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 10, 2019
    • HDFC Bank Personal Loan
      "Not satisfied with the service"
      0.5 2.0/5 "Expected more"
      The experience with this loan was not that good where process had taken more time and it was delayed. It took more than a week and the interest rate with them has been very high where it was around 16.85%. There was no help from their customer support team during the process.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Apr 10, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I came to know about bank bazaar service through my friend ,as they have referred me that i can apply for all financial product through them,and this is my first time i have been applied for loan through them,They use to download mobile application,it is easy to access.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 08, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Recently applied for my personal loan with HDFC,The loan amount they have given me up to 3,60,000 ,which was sufficient for me,and the rate of interest they have charged me up to 16% which was nominal for me,and the process of getting loan was good.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Apr 08, 2019
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL TO USE"
      0.5 4.0/5 "Great!"
      Bankbazaar.com i am using it for the first time and i have purchased the personal loan, i prefer using it through both the website as well as the mobile application as they are hassle free to access. The customer support is good also they are responsive.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 06, 2019
    • IndusInd Bank Personal Loan
      "GOOD"
      0.5 4.5/5 "Excellent!"
      The reason for taking the personal loan with the INDUSIND BANK LTD is because the online channel recommend this loan. I have got the satisfactory loan amount along with that the documentation process was simple and i got the loan within one week. The rate of interest was little higher.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 06, 2019
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of Bank Bazaar for a while and the experience had been nice. I had applied for a personal loan through them & it was a great response from their end. The best thing with them is the communication which they make and they give us the exact information regarding our doubts.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 04, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      I had selected my personal loan from them since i am holding my salary account with them. I expected the process in completing this loan to be in a much lesser time but it has taken almost a month. The loan amount was less than my expectation & the interest rate of them had been quite high. Even the processing fee has been on the higher end.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Apr 04, 2019
    • Bank Bazaar Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have been using to website it is easy to access.I got a credit card through BB its faster process and I visit bank bazaar second time but I know the bank bazaar last three years through website add I am happy with bank bazaar . customer service provide is very good and response at a time .
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Mar 30, 2019
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