1- Introduction About Personal Loan :
Personal loans are a type of unsecured loans that can be considered for a long time period. It can be availed by considering the way of both banking & non-banking institutions. Non-banking institutions are mainly the authorized financial institutions.
The option of Applyaloans is a good selection for availing such a kind of loan services. If we talk about things on which loan providers are focusing then following are some.
- Income of applicant
- Capacity of repayment
- Credit history
- Working history
These four are main factors and the funds providing institutions are paying attention to some other factors. There are numerous factors associated with personal loans and upcoming details are completely based on these things.
2- Popular Personal Loans in Hyderabad
| Bank | Interest Rate | Processing Fee | Loan Amount | Tenure Range |
| HDFC | 10.99% – 19% | 2% to 2.5% | 1-40L | 1-5 Years |
| ICICI | 11% – 18.5% | 1% to 2% | 1- 20L | 1-5 Years |
| AXIS | 11.75% – 22% | 1% to 2% | 1- 30L | 1-5 Years |
| CITI BANK | 10.99% – 17.99% | 0.99% to 2% | 1-30L | 1-5 Years |
| KOTAK MAHINDRA BANK | 11.49% – 20.15% | 1% to 2.5% | 1-15L | 1-5 Years |
| Standard Chartered Bank | 11.49% – 15% | 1 to 2% | 1- 30L | 1-5 Years |
| YES BANK | 10.99% – 17.5% | 0.99 to 2% | 1-20L | 1-5 Years |
| INDUSIND BANK | 11% – 16% | 1 to 1.5% | 1-25L | 1-5 Years |
| HDB BANK | 13%- 19% | 2% | 1- 20 L | 1-5 Years |
| BAJAJ BANK | 13%-14.5% | 1 to 1.5% | 1-25L | 1-5 Years |
| CAPITALFIRST BANK | 10.99% – 15% | 1 to 2% | 1- 20 L | 1-4 Years |
| TATACAPITAL BANK | 11.49% – 18.25% | 1 to 2% | 1- 20 L | 1-5 Years |
| ADITYA BIRLA BANK | 14% – 18% | 1 to 2% | 1- 20 L | 1-5 Years |
| RBL BANK | 16% – 22% | 1 to 2% | 1- 20 L | 1-5 Years |
| INDIABULLS BANK | 10.99% – 17.5% | 0.99 to 2% | 1-20 L | 1-5 Years |
| INCRED BANK | 17.25% -28% | 1.5% to 6.0% | 1-10 L | 1-5 Years |
| Fullerton BANK | 17.25% – 37% | 1.5% to 6.0% | 1-15L | 1-4 Years |
| Shriram Finance | 14-19% | 1 to 2% | 1-15L | 1-5 Years |
| Muthoot Finance | 14-21% | 1 to 2% | 1-15L | 1-5 Years |
| Abhi Paisa | 14% | 1% | 1-3L | 1 Year |
3- Personal Loan Features and Benefits
The financial institutions or banks are offering different types of loans and offers. The way of Personal loan in Hyderabad is available with lots of benefits and features. Following are some.
- No usage limits
Mainly the loans are designed for specific tasks. Due to it, the individuals are bounded for using the loan amount of that particular expense of work only. In the case of a personal loan, all these things do not exist. The borrower is able to use the loan amount for achieving any kind of objective or thing.
- Urgent need
Sometimes, people want money urgently and the reasons are mainly emergencies & lots of other factors. In these types of conditions, the way of personal loan Hyderabad is completely perfect. The applicants are able to get funds easily and quickly.
- Quick response
The biggest benefit of choosing the way of a personal loan is that the applicant gets a response quickly. In case all things are perfects (such as – documentation, credit score) then an institution provides approval within 72 hours. Some institutions are offering highly advanced services like – a quick approval via online sources.
- Unsecured loan & no collateral needs
Personal loans in Hyderabad is a kind of unsecured loan. It means the applicants do not need to pledge any type of asset as the collateral. The term collateral is representing the asset or thing which is a surrender by the loan applicant as the security. The security is taken by the lenders for repayment of a loan. In case of this particular loan, no one is required to do all these things.
- Flexibility for choosing terms
In the loans, the most important thing is related to the time period for which an applicant is going to borrow money. The applicants can choose the repayment time period as they want. In case they want to pay smaller installments then they need to increase the repayment time period.
- Interest rates
For availing the loan services, the interested individuals need to be focused on personal loan interest rates. If anyone is going to avail the personal loan facility then he/she needs to pay interest on the fixed rates. The complete payable interest is divided into different parts and distributed on the basis of monthly installments.
- Taxation benefits
All individuals are required to pay an amount of money as tax from the complete income. There are some specific expenses available and the government is providing tax relaxation on these. For such a kind of relaxation, the loan amount should be spent on renovation, construction of house and house related payments. All these things are highly beneficial in getting deductions from tax payable.
4- Types of Personal Loan
a- Top up on Personal Loan
b- Balance Transfer of your Personal Loan from other bank
5 Personal Loan Eligibility Criteria :
The fund providers are offering loan services to the individuals those are covering the eligibility criteria properly. It does not matter individual is a non-professional or professional who should apply for Hyderabad personal loans. All types of the bank have different criteria levels for a loan application. Following are the basic ones.
- Age of 21 years is minimum
- Age of 60 years is maximum
- Minimum monthly income should be rs. 15000
- Minimum 2 years of job experience
- Living from at least 1 year on the current residence
The individuals those are fulfilling all these levels they can easily get loan amount.
6- Documents Required for Personal Loan:
Employee ID Card
Pan Card
Aadhar Card
Current Address Proof/Permanent Address Proof
3’Recent Payslips
3’m Bank Statement Till Date
Offer Letter / Relieving Letter
2 Passport Photos
7- Frequently Asked Questions : Write 5 FAQ’S
Some individuals are facing confusion and lots of questions when they are going to apply for Hyderabad Personal Loan. Now I’m going to mention some basic questions and their answers.
Am I able to apply with spouse?
Most of the individuals are trying to avail loan facility by creating a joint contract. In the contract, the individuals want to make their spouse partner for the loan amount. Yes, it is possible with family members only.
An applicant can apply with the second member as spouse or parents. For such a thing, there is only a single condition. As per the condition, the loan amount should be higher and the applicant should belong to the higher income group.
What are major steps for the application and approval of Low-Interest Personal Loan in Hyderabad?
Applying for the loan can be possible only by following a complete procedure and get approval with the loan amount. The process of loan application is started by completing the necessary documents. With it, the applicant needs to recheck all things before submitting them.
After submitting all types of documents, the process is started by the bank. In the procedure, financial institutional makes the final decision regarding the approval or rejection of an application. This particular process will take around 48 hours to two weeks. You can apply for fast approval personal loan in Hyderabad. As a result, the applicants can get the loan amount quickly.
How to choose the best loan provider?
In the market, there are different types of service providers available. Some are providing services online and some are offering on the basis of land-based options. For finding the best option, the applicant needs to focus on various factors.
The individuals are required to find out a good option which can help them in saving money and getting lots of funds quickly. You should try to apply for the lowest interest rate personal loan Hyderabad. An interest rate is the only thing which affects the cost of a loan and its services. You should choose the loan and loan provider carefully.