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.
|Interest Rate (Monthly reducing balance)||9.99% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
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.
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.
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:
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:
|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|
The salary requirements vary from bank to bank when you apply for a personal loan in Visakhapatnam. Generally, the salary requirements are as follows:
You would require the below documents to avail a personal loan in Visakhapatnam:
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.
The approval time differs from bank to bank. Generally, personal loans are approved within 72 hours of submission of all documents.
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.
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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