Personal Loan In Kolkata

Do you live in Kolkata? Do you want to avail a personal loan from Kolkata? Well, today’s article “Personal Loan In Kolkata” will help you to make the right choice and decision to look for some personal loan availability in Kolkata according to your needs.

Personal loans are generally unsecured loans in nature, don’t require collateral as security or a guarantor to avail the loan, and are one of the quickest and easiest loans to obtain in the market. You can use the loan amount for any emergency or requirements as the user are not restricted, unlike with other usage-specific loans like home loan, car loan, or business loans. The Personal loan could be used for various purposes like paying off medical emergencies, home renovation, wedding expenses, travel expenses, or any kind of other financial emergencies.

Based on the actual requirement, repayment capacity, and existing loan obligations, lenders approve loan amounts ranging from thousands to lakhs of rupees. The Personal loan in Kolkata is one of the most popular financing options as the city has many lenders including top banks and Non-Banking Financial Companies(NBFCs) that provide personal loans at interest rates starting from 10.75% with flexible tenure and easy installments.

Features of personal loan in Kolkata

1. Easy documentation and fast approvals.

2. In general, lenders process requests for the personal loan within 48 hours, and disburse the amount at the moment the loan application is approved. So, it is quick.

3. These loans come with very flexible tenure of up to 5 years.

4. The main feature is the facility to apply online. You don’t need to visit the branch in the case of most lenders instead, you can avail yourself through an online application.

5. Banks provide special offers for existing customers like a reduced interest rate.

Eligibility to get a personal loan in Kolkata

1. The applicant must be a resident of India.

2. Age – Minimum eligible age of the applicant is 21 years whereas, the maximum age limit is 65 years.

3. Applicant should have a good credit score, 700 or above.

4. Minimum monthly income need to be Rs. 20,000 per month.

5. Work experience
For salaried professionals – Employed at the current company for at least 6-12 months.
For self-employed professionals – business tenure of at least 3 years(continuous), and ITR of last 3 years.

Documents required for personal loan application in Kolkata

  • Photograph ID & Age proof(Aadhaar Card, PAN Card, Birth Certificate, Passport, Voter ID, etc).
  • Residential proof(Passport driving license, Voter ID, post-paid/landline bill, utility bills of electricity/water/gas).
  • Bank statement of last 6 months.
  • For salaried professionals – Salary slip of last 3 months, Income Tax Returns(ITR).
  • For self-employed professionals – ITR of last 3 years, CA Certified audited balance sheet with profit & loss account of last 3 years.

Personal Loan details

The loan amount and interest rates are hugely vary depending on the lender but, the basics are as follows.

  • Processing fees – 0.5% – 2.5%.
  • Tenure – 1 – 5 years.
  • Pre-closure charges – 2% – 5%.

Personal loan providers in Kolkata

HDFC Bank personal loan

I. Loan amount – upto Rs. 40 Lakhs.
II. Interest rates – 10.75% – 21.50%.

Features

I. Conditional pre-closure after 1 year.
Required documents,
I. For KYC – PAN card, ID proof, Address Proof.
II. Income Proof, Bank statement.
III. photograph.

Fees & Charges

I. Pre-closure charges are  4% of principal outstanding + applicable tax in 2nd year, 3% + applicable tax in 3rd year, and 2.5% + applicable tax afterward.
II. Part payments can be made only after 12 months. A fee of 4% is applicable between 13 – 24 months, 3% is applicable between 25 – 36 months and 2% is applicable post 36 months on the part payment amount.
III. Part payments are allowed only twice during the loan tenure(once a year) and the amount cannot exceed 25% of the principal outstanding.

Eligibility

I. Applicant age should be at least 21 years and less than 60 years for salaried persons while at least 21 years and less than 65 years for self-employed professionals.
III. Applicant should be earning at least Rs.  20,000 per month as net income.

Indusind Bank personal loan

I. Loan amount – upto Rs. 5 Lakhs
II. Interest rate – 11% – 16.75%.

Features

I. NO income proof required.
II. Easy to complete KYC online via video call with a bank representative.
III. Quick approval and flexible tenure.
IV. No guarantor required.
V. Has pre closure option.

Required documents

I. Pan Card
II. Aadhar Card
III. Address Proof

Fees & Charges

I. Pre-closure charges are 4% of principal outstanding + applicable tax.

Eligibility

I. Applicant age should be at least 23 years and less than 58 years for salaried persons while Age needs to be at least 28 years and less than 68 years for self-employed professionals.
III. For salaried individuals, 2 years minimum overall work experience with 1-year minimum experience in the current company is required.
IV. For self-employed, at least 5 years of work experience after relevant Qualification is required.

MyShubhLife

I. Loan amount – Rs. 75,000 – Rs. 5 Lakhs.
II. Interest rate – 25% – 32%.

Features

I. No hidden fees or charges.
II. Quick approval and disbursal.
III. Conditional pre-closure after 12 months (Including Pre-closure charges).
IV. Flexible installment plans.

Required documents

I. PAN card, Address proof, and ID proof.
II. Bank statement.
III. photograph.

Fees & Charges

I. Pre-closure charges are 3% – 5% on principal outstanding.

Eligibility

I. Minimum age of the applicants should be 21 years and the Maximum age limit is 60 years.

TATA Capital personal loan

I. Loan amount – upto Rs. 20 Lakhs.
II. Interest rate – 11.25% – 14.49%
III. Tenure – upto 72 months.

Features

I. Conditional pre-closure and part payment after 12 months.
II. 25% part payment allowed in a year.
III. No guarantor required.

Required documents

I. PAN card, Address proof, and ID proof.
II. Income proof, bank statement.
III. photograph.

Fees & Charges

I. Part prepayments can be made only after 6 months and are allowed only once a year with a minimum gap of 6 months between two-part prepayments. Amount prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5% + applicable taxes will be applied to amounts above 25% of the principal outstanding.

II. Foreclosure is allowed only after 6 months. The foreclosure charge of 3.5% + GST will be applicable on the principal outstanding after 6 months. In case of foreclosure within 6 months after a part prepayment, a foreclosure charge of 3.5% + applicable taxes will be levied on the principal outstanding plus part prepayment amount.

III. For loans above Rs. 7 lakhs, 12 months clean payment track is a must for loan foreclosure and a charge of 3.5% + GST will be applied unless the loan is closed with its funds.
IV. For overdraft cases, loan foreclosure is allowed only after 6 months and a charge of 4.5% + GST is applicable on the dropped down limit amount.

Eligibility

I. Applicant age should be at least 24 years and less than 55 years for salaried persons. Whereas, the age should be at least 25 years and less than 65 years for self-employed professionals.
III. Applicants should be currently employed, with at least 1 year with their current employer.

Paysense

I. Loan amount – Rs. 1 Lakh – Rs. 5 Lakhs.
II. Interest rate – 18% – 36%.

Features

I. No income documents are required.
II. Quick approval and disbursal.
III. No hidden fees or charges.
IV. Flexible EMI plans.

Required documents

I. PAN card, Address Proof, and ID proof.
II. Photograph.

Fees & Charges

I. Pre-closure charges are 4% on principal outstanding allowed only after the first 3 EMIs.
II. Late payment fee is Rs. 500 + GST.

Eligibility

I. The eligible age limit is 24 years to less than 55 years for salaried persons and at least 25 years to less than 65 years for self-employed professionals.
III. Applicants should be currently employed, with at least 1 year with their current employer.

Fullerton personal loan

I. Loan amount – upto Rs. 25 Lakhs.
II. Interest rate – 11.99% – 25%.

Features

I. No hidden charges.
II. No guarantor required.
III. Conditional pre-closure after 6 months.

Required documents

I. Address proof & ID proof.
II. Photograph.
III. Last 3 months bank statement.

Fees & Charges

I. Pre-closure charges 3% – 7% of principal outstanding + applicable tax.

Eligibility

I. Age should be 21 years – 65 years.
II. For individuals with a minimum net monthly income of Rs. 15,000 and above are eligible(salaried individuals residing in metro cities, a minimum net monthly income of Rs. 20,000 and above is required).

Home credit

I. Loan amount – Rs. 50,000 – Rs. 2 Lakhs.
II. Interest rate – 13% – 30%.

Features

I. No processing fee or pre-payment charges.
II. Amount disbursement within 24 hours.
III. No guarantor/collateral is required.
IV. Conditional pre-closure allowed after 6 months.

Required documents

I. PAN card, Address proof, and ID proof.
II. Bank statement of salary account via net banking (mandatory).

Eligibility

I. Age should be within 19 years – 58 years.
II. Salaried individuals with a minimum net monthly income of Rs. 15,000 and above are eligible.

Kotak Mahindra Bank personal loan

I. Loan amount – Rs. 50,000 – Rs. 25 Lakhs.
II. Interest rate – 10.50% – 16.99%.

Features

I. Conditional pre-closure after 1 year.

Required documents

I. PAN card, Address proof, and ID proof.
II. Income proof, bank statement.
III. photograph.

Fees & Charges

I. Pre-closure charges are  5% of principal outstanding + applicable tax.

Eligibility

I. Age should be at least 21 years and less than 55 years.
II. Applicants must be salaried Indian residents working at MNCs, public companies, or other large private organizations.
III. Monthly income should be Rs. 25,000 or above.

CITIBANK personal loan

I. Loan amount – upto Rs. 30 Lakhs.
II. Interest rate – 10.50% – 17.99%.

Features

I. Interest rates start from just 10.50%.
II. The offer is available only if all necessary documents are uploaded online.

Documents required

I. PAN card, address proof, and ID proof.
II. Income proof, bank statement.
III. Photograph.

Fees and charges

I. Pre-closure charges Up to 3% on total principal outstanding.

Ujjivan small finance bank

I. Loan amount – upto Rs. 15 Lakhs.
II. Interest rate – 16.50% – 20%.

Features

I. No guarantor required.
II. New to credit customers are eligible.

Required documents

I. PAN card, address proof & ID proof.
II. Income proof, bank statement.
III. Photograph.

Fees and charges

I. Pre-closure charges Within 1 year are 2% and after 1 year is 1%.

Eligibility

I. Age should be 22 years – 58 years.
II. The person must have a monthly income of Rs. 20,000 and above.
III. For salaried, a minimum of 2 years overall work experience is required.

Incred personal loan

I. Loan amount – Rs. 50,000 – Rs. 7.5 Lakhs.
II. Interest rate – 18%.

Features

I. Customers with no credit history are eligible.
II. No guarantor required.
III. Prepayment is allowed after 6 months.

Required documents

I. ID proof and address proof.
II. Bank statement.
III. Photograph.

Fees & Charges

I. Pre-closure charges are upto 5% of the total principal outstanding.
III. Part-payment fees are upto 5% of the part payment amount.

Eligibility

I. Applicant age should be at least 21 years and less than 56 years.
II. Minimum monthly income of Rs. 15,000 is required.

Edelweiss salaried personal loan

I. Loan amount – Rs. 2 Lakhs – Rs. 20 Lakhs.
II. Interest rate – 17% – 26%.

Features

I. No hidden charges.
II. No guarantor required.
III. Fast repayment options and big savings.

Required documents

I. Address Proof.
II. Bank statement of last 6 months.
III. Photograph.
IV. Photo ID proof.

Fees & Charges

I. 4% pre-closure charges are applied on the amount prepaid.

Eligibility

I. Age should be at least 21 years and less than 56 years.
II. Minimum 3 years of total work experience or minimum 1 year with the current company is required.

Standard Chartered Bank

I. Loan amount – Rs. 1 Lakh – Rs. 6Lakhs.
II. Interest rate – 11% – 15%.

Features

I. Pre-qualified offer, No income documents required.
II. Pre-closure and part payment available.
III. No guarantor required.

Required documents

I. PAN card, Address proof & ID proof.
II. Photograph.

Fees & Charges

1. Pre-closure charges are  5% within 1 year of tenure, 4% within 2 years, 2% within 3 years, and 1% after 3 years.

Eligibility

I. Age should be at least 21 years and less than 62 years.

Yes bank personal loan

I. Loan amount – Rs. 50,000 – Rs. 2 Lakhs.
II. Interest rate – 20% – 22%.

Features

I. Has pre closure option.

Required documents

I. PAN card, Address proof & ID proof.
II. Income proof, bank statement.
III. photograph.

Fees & Charges

I. Pre-closure charge for 13-24 months of EMI repayments are 4% of principal outstanding, for 25-36 months are 3% of principal outstanding, for 37-48 months are 2% and not applicable above 48 months of EMI repayment.
II. Part-payment fees are  2% + applicable taxes on the part payment amount.

Eligibility

I. Age limit for salaried persons is 25 years – 53 years.

Aditya Birla capital personal loan

I. Loan amount – upto Rs. 30 Lakhs.
II. Interest rate – 11% – 13.75%.

Features

I. No guarantor required.
II. Pre-closure is allowed only after 6 months.
III. Has part payment option.

Required documents

I. PAN card, Address proof & ID proof.
II. Income proof, bank statement(last 6 months), salary slip(last 3 months).

Fees & Charges

I. Pre-closure charges are 4% of principal outstanding in the 1st year, 3% in the 2nd year, and 2% beyond that.

Eligibility

I. The applicants will have to be permanent employees of Aditya Birla Financial Services Group.
II. Age should be at least 23 years and not older than 60 years.
III. Minimum net monthly income of Rs. 45,000 or above is required.

ICICI bank personal loan

I. Loan amount – upto Rs. 20 Lakhs.
II. Interest rate – 10.99% – 16.25%.

Features

I. Conditional pre-closure after 6 months are allowed.
II. No guarantor required.

Required documents

I. PAN card, Address proof & ID proof.
II. Income proof, bank statement.
III. photograph.

Fees & Charges

I. Pre-closure charges are 5% of the principal outstanding.

Eligibility

1. For salaried persons, applicants’ age should be at least 23 years and less than 65 years.
2. For self-employed professionals, the age should be at least 28 years and less than 65 years.
3. Applicant must have a monthly income of Rs. 15,000 or above.
4. The minimum profit after tax should be Rs. 2 lakhs for self-employed and proprietors. For non-professionals, it should be a minimum of Rs. 1 lakh.

IDFC first bank personal loan

I. Loan amount – upto Rs. 5 Lakhs.
II. Interest rate – 12.5% – 18%.

Features

I. Loan can get disbursed within 1 working hour and no physical meetings or document signing.
II. No income documents are required.
III. Flexible repayment plans.
IV. Fast disbursal.
V. Top-up facility for existing customers.

Required documents

I. PAN card, Address proof, and ID proof.
II. Cancelled cheque.

Fees & Charges

I. Pre-closure charges are 5% of principal outstanding.
II. Late payment fees are 2% of unpaid EMI or 300(whichever is higher).

Eligibility

1. For salaried individuals, the age should be at least 23 years and less than 58 years.
2. For self-employed professionals, the age should be at least 28 years and less than 68 years.
3. If self-employed, the business must have been in existence for a minimum of 3 years, and its profit after tax(PAT) for the last 2 years should be positive.

How to avail lowest possible interest rates for personal loans in Kolkata

Credit score

Maintaining a good credit score is very important before applying for a personal loan. A good credit score increases the chances of getting approval for an unsecured personal loan. Generally, a credit score of 750 is considered satisfactory for availing of personal loans.

Down payment

It is likely to get reduced premiums to a considerable amount if, you pay out a significant portion of the loan amount. Any amount above 20% of the loan value if paid upfront will positively impact the loan’s interest rates.

Debt to income

It is a ratio to measure an individual’s ability to repay the loan amount. It is another important eligibility factor for personal loans. Ensure that you have a steady debt-to-income ratio before approaching a bank or NBFC for personal loans.

Compare

Comparing will help you when selecting the best-suited loans offered around with the best interest rates that should benefit you. Onlinerupees help you when comes to comparison. So, Utilize this and make it easier to choose from.

Tenure

The loan tenure has a direct impact on the interest rates charged on your loan amount. Therefore, choosing a short tenure will give you less interest rates and vice versa.

Special Tips To Get A Personal Loan In Kolkata

Kolkata has many famous lenders including banks and Non-Banking Financial Companies (NBFCs) which provide personal loans at affordable prices. You can pick a personal loan online or offline. To apply online, you will need to visit your bank’s official website, verify all requirements and eligibility criteria and apply.

If you choose the offline process, you will need to go to your lender’s branch and apply with the assistance of a branch representative. Keep in mind that applying offline or online whatever is convenient for you, get all the details and information of the selected lender, personal loan scheme, terms and conditions that wouldn’t bother you afterward.

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