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 9.99% 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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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 Rates_{Updated on 29 May 2023}

Visakhapatnam Personal Loan Details

Interest Rate (Monthly reducing balance)	9.99% - 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
IDFC First
Tata Capital
HDBFS
HDFC Bank
IndusInd
Fullerton
Kotak Mahindra
Aditya Birla
Kotak Bank
Bank of Baroda
Bank of India
Central Bank
IDBI 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 2023

Bank	Interest Rate Range	Processing Fee Range	Loan Amount	Tenure
Citibank	9.99% p.a. onwards	1% to 2.5%	Up to Rs.30 lakhs	Up to 5 years
Standard Chartered Bank	11.49% p.a. onwards	Nil	Up to Rs.30 lakhs	Up to 5 years
Capital First	10.49% p.a. onwards	Up to 1.5%	Up to Rs.15 lakhs	Up to 5 years
Tata Capital	10.99% p.a. onwards	Nil	Up to Rs.25 lakhs	Up to 6 years
Oriental Bank	11.50% p.a. onwards	0.5%	Rs.50,000 to Rs.10 lakh	Up to 5 years
HDFC Bank	10.75% p.a. onwards	Up to 2.5%	Up to Rs.25 lakhs	Up to 5 years
IndusInd	11.99% to 19%	Up to Rs.3,000	Up to Rs.25 lakhs	Up to 5 years
Fullerton	17.25% to 37%	1.5% to 6%	Up to Rs.15 lakhs	Up to 4 years
Kotak Mahindra Bank	11.49% to 20.15%	Up to 2%	Up to Rs.15 lakhs	Up to 5 years
Aditya Birla	11.5% to 13.25%	Up to 2%	Up to Rs.15 lakhs	Up to 5 years
Allahabad Bank	13.10%	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%	Rs.1,000 to Rs.10,000	Rs.20,000 to Rs.2 lakhs	Up to 4 years
Bank of India	13% to 14%	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 - In general, 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.

FAQs on Visakhapatnam Personal Loan

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
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.
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.
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.
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.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

Important Personal Loan Pages

Personal Loans by Bank

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Personal Loan Articles

Other Loans

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Visakhapatnam Personal Loan Reviews

Write a Review

"Good Loan Service "

0.5 5.0/5 "Blown Away!"

Taken my personal loan from Ratnakar Bank because they were ready to give through the promotional call offer. I bought the loan amount of Rs. 1 lakh and almost 9 months ago, i purchased this loan. They have offered me interest rate of 14%. I have been paying a EMI amount of Rs. 6441 and i opted for the duration of 36 months.

Was this review helpful? 11

SANDEEP , visakhapatnam
Reviewed on Mar 13, 2020
"Good Loan Service"

0.5 3.0/5 "Satisfactory"

I would like to buy a bike, so that i applied the personal loan from HDFC and based on the eligibility i got the offer also. They have not informed about the interest rate and processing fee details. I have applied the loan amount of Rs. 50000. I don't get any payslip from my company due to this reason my loan got rejected.

Was this review helpful? 1

SAI , visakhapatnam
Reviewed on Mar 13, 2020
"Average Service"

0.5 3.0/5 "Satisfactory"

When applied for Home Credit personal loan I have tried to contact customer service but no proper response .There is no contact number and app is also not responding properly . The rate of interest was too high processing fee was okay .This loan was sanctioned on time and if the rate of interest is reduced it will be good and more customers will avail this loan.

Was this review helpful? 6

SUDHEER , visakhapatnam
Reviewed on Mar 11, 2020
"Good service "

0.5 4.0/5 "Great!"

The rate of interest was very high in AXIS Bank, it was 18% for the personal loan. I am paying EMI of Rs.22800 for the loan amount of 8L and i opted for the tenure period of 5 years. They are providing a good service and i got a call from bank for a pre-approved loan which have availed.

Was this review helpful? 128

PAPPALA V , visakhapatnam
Reviewed on Feb 28, 2020
"Good Loan Service"

0.5 4.0/5 "Great!"

I have a savings account with SBI so when i had an requirement they have offered me a personal loan quickly. On the spot, they have sanctioned my loan without any documents. I have selected the duration of 1 year to close this loan. Taken the loan amount of Rs. 60000 and i pay the EMI of Rs. 5000 every month. Its a interest free loan.

Was this review helpful? 97

P RAO , visakhapatnam
Reviewed on Feb 24, 2020
"Good Loan Service"

0.5 4.0/5 "Great!"

HDFC approached me to take a personal loan. I got the interest rate for 15% and the loan amount was Rs. 1 lakh but Rs. 96000 was credited to my account remaining they have charged a processing fee Rs. 4000. I'm paying a EMI amount of Rs. 4500 with the duration of 24 months. They told me that i can do pre-closure after 6 months.

Was this review helpful? 0

PALGHUNA , visakhapatnam
Reviewed on Feb 24, 2020
"Higher interest rate"

0.5 2.5/5 "Just OK"

From Bajaj Finance, i have taken the personal loan because they have done the disbursement immediately. They trusted me and provided the loan also the process is really smooth. I have been paying the EMI amount of Rs. 4500 for the loan amount of Rs. 1 lakh and the interest rate is very high. I'm paying the EMI through ECS option. When i applied the loan, they told me that they will charge Rs. 5000 for processing fee but they have charged me Rs. 8000 which is not fair.

Was this review helpful? 0

RAJ KUMAR , visakhapatnam
Reviewed on Feb 20, 2020
"Good Services"

0.5 4.0/5 "Great!"

Based on my eligibility i got the personal loan offer from HDFC. They have charged me an interest rate of Rs. 1.95 lakhs for every Rs.100. Due to the higher interest rate, I have cancelled the personal loan and the documentation process was not done.

Was this review helpful? 1

RAJ KUMAR , visakhapatnam
Reviewed on Feb 20, 2020
"Better Loan Service"

0.5 4.0/5 "Great!"

I have applied the loan amount of Rs. 2.50 lakhs but Indusind Bank offered interest rate was high. I have selected the duration of 5 years. Executive came to my place for verification and my house is located behind the bank. Due to the higher interest rate, i have canceled the loan from my end.

Was this review helpful? 0

GINNI , visakhapatnam
Reviewed on Feb 19, 2020
"User friendly"

0.5 4.0/5 "Great!"

I have taken personal loan through Tata Capital LTD through online.The rate of interest and the processing fee was good This loan was taken for my personal use and everything was good to me until the loan disbursement .I am really satisfied with the service .

Was this review helpful? 2

PUSHPALATHA , visakhapatnam
Reviewed on Feb 14, 2020
"Need to decrease interst rate "

0.5 5.0/5 "Blown Away!"

HDFC has offered a loan amount of 2L which is sufficient, so I had applied through online on a month before. The process was done on time. The tenure period of 3 years. The rate of interest is 13% which is okay. Since I am not interest to process further for this loan, so closed the application from my end.

Was this review helpful? 1

VIJAY , visakhapatnam
Reviewed on Feb 06, 2020
"Good service"

0.5 3.0/5 "Satisfactory"

On 3 years before, I got a personal loan offer from SBI. The process was done on time and even disbursal amount of 5L was sufficient. Interest rate was nominal. EMI use to pay of 8,800 rupees. I was not aware about pre closure option. Their service was good. I had closed the loan 4months before only.

Was this review helpful? 57

KUMAR , visakhapatnam
Reviewed on Feb 05, 2020
"Need to provide more loan amount"

0.5 5.0/5 "Blown Away!"

I was applied a personal loan from INDUSIND bank through online. The process was done on time, they offered a loan amount of 2L but I was expecting up to 5L with tenure period of 4 years. Interest is nominal. They have provided option for pre closure after one year of locking period. But due to the low eligibility, I have denied to do the process.

Was this review helpful? 0

SANTHOSH , visakhapatnam
Reviewed on Feb 05, 2020
"Good "

0.5 5.0/5 "Blown Away!"

I have applied INDUSIND bank personal loan through online with sufficient amount of 1L. The tenure period of 3 years. I received a call on time from bank for verification process. Interest was nominal. Later they were trying to contact me but my mobile was not reachable so unable to reach at that time. Hence the application was automatically closed from their end.

Was this review helpful? 1

PREM , visakhapatnam
Reviewed on Feb 05, 2020
"Good service "

0.5 4.0/5 "Great!"

I have taken a personal loan from Bajaj Finance on one year before. I have not provided any documents. The loan amount of 3L was sanctioned with tenure period of 5 years. The rate of interest was nominal of 9%. EMI I use to pay of 6,800 rupees. I get remainder message on time. The pre closure option is avail and there is no charges.

Was this review helpful? 0

MADABATTULA , visakhapatnam
Reviewed on Jan 09, 2020
"Need to provdie correct detail about the loan"

0.5 3.0/5 "Satisfactory"

I have applied a personal loan with Home Credit on 2 months back. The rate of interest was very high of 20%. The processing fee was around of 1500 rupees. On time the process was done. There is no proper update regarding to pay an EMI. The amount of 90K was sanctioned with tenure period of 2 years. There is no option of pre closure.

Was this review helpful? 0

SATISH , visakhapatnam
Reviewed on Jan 09, 2020
"Need to decrease the rate of interest"

0.5 4.0/5 "Great!"

I have availed a personal loan through Bajaj Finance and still this loan is active and i am paying Rs.3400. The rate of interest and the processing fee was very high .The loan amount got sanctioned on time, i was taken this 2017 and the tenure was 36 months. Customer service was good.

Was this review helpful? 0

M S S , visakhapatnam
Reviewed on Jan 08, 2020
"Good service"

0.5 4.0/5 "Great!"

I applied for Home Credit personal through online, i received the call from bank and response was good. The loan amount was Rs. 50k and bank offered with the interest rate above 18.5% and the tenure of 36 months and EMI i am paying 2900. Need to decrease the rate of interest.

Was this review helpful? 0

MADINA S , visakhapatnam
Reviewed on Jan 08, 2020
"Fast approval"

0.5 5.0/5 "Blown Away!"

I have taken personal loan directly through HDB Financial services and i am not sure with the rate of interest. The loan amount i expected for Rs. 2,50,000 but they approved for Rs. 2 lakhs. Customer service and responsiveness was very good.

Was this review helpful? 12

R K B , visakhapatnam
Reviewed on Jan 07, 2020
"Every thing is good"

0.5 3.0/5 "Satisfactory"

I have applied for personal loan from Home credit through Online. Actually my due payment is Rs.2900 but i have done a payment twice. Then I have called the customer care to raise a complaint regarding the payment but there was no proper response.

Was this review helpful? 0

R K , visakhapatnam
Reviewed on Jan 07, 2020

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