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  • Visakhapatnam Personal Loan

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  • 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 17 Visakhapatnam Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.75% - 21.45% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    10.99% - 18.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Ad Accelerated Approval
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    Fees & Charges
    Eligibility Criteria
    12.99% - 19.75% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    Perks
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    Customer Reviews
    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    What you'll love
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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 RatesUpdated on 16 Oct 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.

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

        

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    Visakhapatnam Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Need to be more responsive"
      0.5 1.0/5 "Really Bad"
      When I have applied my personal loan in HDFC BANK through online channel and they were asked me for a payslip and Income Tax return which I don't have because I get my salary through cash. The response is average from the customer support. I did not receive any calls from the bank.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Oct 15, 2019
    • HDFC Bank
      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 this loan sanctioned on time ,The rate of interest and the processing fee was nominal .I have got the loan amount on time and the agent gave all the information about the loan process very clearly .I am really satisfied with the service so far .
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 12, 2019
    • HDFC Bank Personal Loan
      "Need to improve their service "
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan with HOME CREDIT INDIA FINANCE PRIVATE LTD on a month. On time they have called for further verification. The loan amount was sufficient of 50 thousands for the tenure of 18 months, there was no processing fee but an interest for 21%. Their service is not good. For monthly EMI paying for 4300 rupees. They have sanctioned for 2-3 days.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 10, 2019
    • Fullerton Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have not availed this Fullerton personal loan since had some issues with documents related to office.The agent gave all the information about the loan process.There was no issues with rate of interest and the processing fee.I have received proper callback and follow up from fullerton .
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 29, 2019
    • HDFC Bank Personal Loan
      "Need proper follow up in loan process"
      0.5 3.0/5 "Satisfactory"
      I am not sure why HDFC bank have cancelled my personal loan application because no body contacted me to confirm my requirements. Even their field executive haven't visited to my place to collect the papers. So they need overall improvement on the loan process.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 29, 2019
    • Fullerton Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have applied for Fullerton personal loan through Online .The rate of interest was high hence dropped the plan.The agent gave all the information about the loan process.I have got response and callback from fullerton .I have not yet submitted my documents for this loan.According to me the service was quite averge.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 29, 2019
    • Fullerton Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I think, my credit score is low because of this reason, I did not get a personal loan from Fullerton but I did not get any information from them. Actually I was in need of money hence have applied for 1L through online channel. The customer service is good and well done.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 28, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The charges are reasonable only with HDFC BANK. I don't have requirements currently hence I asked them to stop processing the personal loan. I have not submitted the documents. The reason for choosing the bank is because of low interest rate compared to others.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 28, 2019
    • HDFC Bank Personal Loan
      "Service is Good"
      0.5 2.0/5 "Expected more"
      I have HDFC Bank personal loan through Online .I was not having payslip hence not taken this loan ,There was no issues with rate of interest and the processing fee .I have got all the required information about the loan process through the agent .There was no proper callback and follow up from bank end.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 27, 2019
    • HDFC Bank Personal Loan
      "Good Choice"
      0.5 4.0/5 "Great!"
      Right now I am not planning for the personal loan because I was expecting the money from other source in the month of January. The bank response of HDFC is very prompt, the rate of interest was reasonable. But still I don't have interest to take loan.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 27, 2019
    • IndusInd Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for Induisnd Bank personal loan through online .I have not taken the loan since the rate of interest and the processing fee was high .I have uploaded the documents through online.The agent gave all the information about the loan process,I have dropped the plan since the rate of interest was high .There was proper callback and follow up from bank end .
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 27, 2019
    • Fullerton Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I applied personal loan from Fullerton online. I could not give salary slip so they canceled my application. I submitted my papers online but no one came for verification. I was ok with the rate of interest. Their customer service was very good.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on Sep 26, 2019
    • Bajaj Finserv Personal Loan
      "Need to work on rate of interest"
      0.5 2.0/5 "Expected more"
      This november my Bajaj Finserv personal loan going to close, the loan amount was Rs.48,000 for the loan period of 36 months. The rate of interest was higher around 24% per annum, I am not satisfactory with the interest, it would great if they reduce the interest.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 22, 2019
    • Capital First Personal Loan
      "Rate of interest should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have availed the loan amount of Rs.1.43 lakhs for the duration of 36 months, the rate of interest is huge around 21% per annum. They need to reduce the interest as per the market, the service is okay every month 2nd they deduct the emi from my account.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 22, 2019
    • Capital First Personal Loan
      "Need to increase the principal"
      0.5 3.0/5 "Satisfactory"
      I have need of Rs.2 lakhs but Home credit ready to sanction only Rs.80,000 of principal but its not sufficient, I asked them to increase the principal but they said will call back, but they didn't respond after that. But the rate of interest is reasonable in Home credit but I need principal.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Sep 22, 2019
    • Capital First Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I applied personal from HOME CREDIT INDIA FINANCE PRIVATE LTD. One of their executives called and asked me to download the application form and submit my documents. I had uploaded the documents and the application after that there is no update from them.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Sep 22, 2019
    • HDFC Bank Personal Loan
      "Its Fine"
      0.5 4.0/5 "Great!"
      HDFC Bank have requested my pay slip for the personal loan process but from my end it got delayed hence the bank have cancelled the application, they didn't give any alternate option to take the loan from their end, so it would be great if they help on it.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 22, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I applied for personal loan from HDFC Bank. I had submitted my documents to their executive after that no one called me or came for verification. I don't know the status of the application. Their rate of interest was very high. Customer service was good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 21, 2019
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had applied personal loan from HDFC Bank online. Their customer care executives are very helpful. I had submitted my documents online but no one came for verification. HDFC Bank's rate of interest is very high in comparison to other banks.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 20, 2019
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for HDFC Bank personal loan through Online .I have not availed this loan sine got the loan from some other source.The rate of interest and the processing fee was nominal .I have not submitted any of my documents when applied for this loan .I have got a clear picture about the loan process through the agent.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 20, 2019
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