Instant Online Personal Loan in Hyderabad
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How it Works!
Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBF, upload the documents online, get disbursal in 24Hrs.
Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years
Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque
Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation
Top Banks
Offering Lowest Personal Loan Interest Rates in Hyderabad
|
Lenders |
Interest Rates |
Loan Amount |
Tenure |
Processing Fee |
Apply Online |
|
SBI |
9.60% to 13.60% per annum |
Up to 15 Lakh |
Up to 5 Years |
Nil – 1% of the Loan Amount + GST |
|
|
ICICI |
11.25% to 22.00% per annum |
Up to 20 Lakh |
Up to 5 Years |
Up to 2.25% of loan amount+GST |
|
|
HDFC |
10.75% to 21.30% per annum |
Up to 15 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount |
|
|
Axis Bank |
12%-24% per annum |
Up to 15 Lakh |
Up to 5 Years |
As applicable by the bank |
|
|
Kotak Bank |
10.99%-24% per annum |
Up to Rs.15 Lakh |
Up to 5 Years |
Upto 2.50% of loan amount + GST |
|
|
YES Bank |
10.99% per annum |
Up to Rs.40 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount +GST |
|
|
Tata Capital |
10.99% per annum |
Up to Rs.25 Lakh |
Up to 6 Years |
Up to 2.50% of the loan amount+GST |
|
|
IDFC Bank |
As applicable by the bank |
Up to Rs.25 Lakh |
Up to 5 Years |
3.50% of the loan amount |
|
|
IndusInd Bank |
11.25% per annum |
Up to Rs.15 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount+GST |
|
|
DCB Bank |
10.22% per annum (one year MCLR) |
Up to Rs.5 Lakh |
Up to 5 Years |
2% of the loan amount+GST |
|
|
Bajaj Finserv |
12.99% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 4.13% of the loan amount+GST |
|
|
Aditya Birla Finance |
14%-26% per annum |
Up to Rs.50 Lakh |
Up to 5 Years |
Up to 2% of the loan amount+GST |
|
|
IIFL |
16% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 2% of the loan amount+GST |
|
|
HDB Financials |
Up to 36% per annum |
Up to Rs.20 Lakh |
Up to 5 Years |
Up to 2 % of the loan amount |
|
|
Fullerton India |
12.99%-36% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 3% of the loan amount |
Apply Now |
Personal Loan Eligibility in Hyderabad
|
Eligibility Criteria |
Salaried |
Self-employed |
|
Minimum Age |
21 |
24 |
|
Maximum Age |
58 |
65 |
|
Minimum Income |
Rs.35,000 monthly |
Rs.2 lakh(annual) |
|
Credit/Cibil Score |
Above 750(out of 900) |
Above 750(out of 900) |
|
Minimum Job/Business Stability |
1-2 Years |
2-3 Years |
|
Minimum Work/Business Experience |
1-2 Years |
3 Years |
|
Minimum Profit After Tax |
NA |
Rs.1-2 lakh(annual) |
Personal Loan in Hyderabad at a Glance
|
Interest Rates |
Starting at 10.99% per annum |
|
Loan Amount |
From Rs 1,00,000-Rs.25,00,000 |
|
Tenure |
Up to 5 Years |
|
Processing Fee |
1.50%-2.50% of the loan amount+GST |
|
Minimum Monthly Income |
Rs.35,000 |
|
Cibil Score |
Above 750 (out of 900) |
|
Prepayment/Foreclosure Charges |
2%-6% of the principal outstanding +GST |
Personal Loan in Hyderabad
A personal loan is an unsecured loan that can be availed instantly to fulfill various personal as well as financial needs. There are many lenders that do offer this credit to one and all for multiple needs. The loan is available at an attractive interest rate starting at 10.99% per annum, flexible tenure options ranging between 1 year to 5 years along with a maximum loan amount of up to Rs.25 lakh.
It can be availed for multiple reasons like debt consolidation, travel, wedding, medical expenses, home renovation/extension, medical expenses and course/tuition fee. The lender offers this loan without any collateral. Well, which means a borrower doesn’t need to give any sort of security to the lender to offer this loan. In less time along with a few formalities, this loan can be availed online to cater all your financial needs.
This loan comes in handy to meet multiple needs such as:
- Medical Emergencies
- Wedding Expenses
- Debt Consolidation
- Home Renovation/Extension
- Higher Education
- Travelling Expenses
- Purchasing High End Consumer Durables Value
How to Apply for Personal Loan in Hyderabad?
You can apply online for a personal loan in Hyderabad. The online process is really easy and fast hence leads you to a hassle-free journey. You just need to follow a few simple steps such as- send an application online, receive quotes, submit the required KYC documents and finally get instant approval and disbursal of the loan amount in your bank account. These days, many reputed lenders offer an online facility, wherein applications can conveniently apply for this unsecured loan online in Hyderabad and get the funds to fulfill their multiple financial needs.
Steps to Apply for Personal Loan in Hyderabad
Step 1: Fill Loan Query Form
Step 2: Get the Quotes
Step 3: Submit the Required Documents
Step 4: Get Instant Approval & Disbursal
CIBIL Score Required for Personal Loan in Hyderabad
750 or above out of 900 is the minimum score that one should have to enjoy a hassle-free personal loan journey. Make sure your cibil score should always be in a good state as it creates a positive impression of your credit profile in front of the lenders. A good score is an indication that your credit profile can be trusted as far as loan repayments are concerned. And, if lenders offer a personal loan without security/collateral as it is an unsecured loan, the first eligibility factor that they consider is the cibil score.
After all, a fair score is a reflection of timely repayments hence a borrower can be trusted when it comes to repaying the loan. Thus, make sure your three-digit numeric summary should always be in a better state and as it helps in grabbing the best personal loan deal.
Minimum Salary Required to Avail Personal Loan in Hyderabad
If you live in Hyderabad and are looking for a personal loan, it would be important for you to know the minimum salary required. In Hyderabad, the minimum salary of an individual should be Rs.35,000 to get a personal loan. Hyderabad, being a Tier l city has a lot of working professionals who work in leading MNCs. Thus, their minimum salary should also be good to meet the basic needs. So, make sure you meet the minimum income criteria to get a personal loan easily.
Personal Loan EMI Calculator
Not sure about your EMIs? Use a personal loan EMI calculator online and clear your confusion. Yes, this smart, online device with its well-designed algorithms allows you to know the exact values of your monthly installments. Apart from EMI, Interest Outgo and Total Amount Payable can also be known via this tool. To use this device, you simply need to enter:
- Loan Amount
- Tenure
- Interest Rate
Soon after feeding these values into the device, expect to get the exact results and that too instantly. Yes, the device functions very quickly thus helps in taking a calculative decision personal loan decision.
Suppose an individual has taken a personal loan of Rs.20 lakh at an interest rate of 16% per annum for a tenure of up to 5 years. Let’s understand the EMI calculations of the same.
Table Showing EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|
Loan Amount (in Rs.) |
Interest Rate(per annum) |
Tenure (in Years) |
EMI (in Rs.) |
Total Interest Amount(in Rs.) |
Total Amount=Principal +Interest (in Rs.) |
|
20,00,000 |
16% |
1 |
1,81,462 |
1,77,541 |
21,77,541 |
|
20,00,000 |
16% |
2 |
97,926 |
3,50,229 |
23,50,229 |
|
20,00,000 |
16% |
3 |
70,314 |
5,31,306 |
25,31,306 |
|
20,00,000 |
16% |
4 |
56,681 |
7,20,667 |
27,20,667 |
|
20,00,000 |
16% |
5 |
48,636 |
9,18,167 |
29,18,167 |
Table Showing Principal, Interest and Balance Amount
|
Year |
Principal (in Rs.) |
Interest(in Rs.) |
Balance Amount(in Rs.) |
|
1 |
2,83,852 |
2,99,781 |
17,16,147 |
|
2 |
3,32,751 |
2,50,882 |
13,83,396 |
|
3 |
3,90,074 |
1,93,559 |
9,93,321 |
|
4 |
4,57,273 |
1,26,360 |
5,36,048 |
|
5 |
5,36,688 |
47,585 |
0 |
Personal Loan Fee & Charges
Your personal loan journey comes with charges like processing fee, prepayment and part payment. At the time of availing the loan, it is mandatory for an individual to pay the processing fee to the lender. It is a non-refundable, one-time fee which is compulsory for a borrower to pay, While prepayment and part payment charges are optional. If an applicant opts for any of such facilities, only he needs to bear the charges related to it.
About Personal Loan In Hyderabad
Hyderabad is the largest city of the Telangana State, located on the Deccan Plateau in the Northern part of South India. The beautiful city of Hyderabad is considered to be the fifth-largest contributor to India’s overall gross domestic product. Being an epicenter of the pearl and diamond industry, this city of Nizam was also nicknamed City of Pearls. With so many industries being established, Hyderabad has a huge number of businessmen and traders who are into their own business. Also, Hyderabad is home to many special economic zones and HITEC City, dedicated to information technology. Thus, the same has encouraged leading multinationals to set up their operations in Hyderabad.
And, with numerous multinational companies in the city, it would not be wrong to say that many salaried professionals are also there in Hyderabad. Like the rest of India, Hyderabad has a large informal economy that employs 30% of the labour force.
Talking about the work status of these professionals, they work in good positions thus earning a higher monthly income. However, those who fall short of funds reach out to various financial institutions and banks. Yes, with the presence of many renowned lenders it would be easy to fulfill all your financial needs. When it comes to financial help, personal loan tops the chart as it comes handy to meet varied personal needs easily.
And, as far as availing the same is concerned, there are various eligibility factors like minimum monthly income of Rs.35,000, cibil score of above 750, good repayment history, employment type, category of the employer, etc also taken into consideration before approving a personal loan application. So, it is important that one should meet the required eligibility criteria for a hassle-free journey.
Feature & Benefit Of Personal Loan
The Best feature and benefit Of a Personal loan
Competitive Interest Rates: An instant personal loan comes at an attractive interest rate which means pocket-friendly EMIs hence a less personal loan burden. Interest rates and EMIs are directly proportional thus the lower rates you have, the better it is for you.
Speedy Approval & Disbursal: This unsecured loan can be availed instantly and the loan amount will be disbursed quickly in the bank accounts. If your personal loan eligibility matches with the lender, it is no more a hassle for you to get speedy approval. And once you get the approval, expect to get a faster loan disbursal.
Easy Process: Your personal loan online process is quite easy. Yes, in just a few simple steps, you can apply for a loan and get the required loan amount quickly in your respective bank account. The process is really simple hence is preferred by many borrowers.
Complete Credit Assessment: Not many lending marketplaces provide a complete credit assessment to the borrowers. The process includes doing the complete assessment of a borrower’s credit profile. The lenders thoroughly go through the profile of an applicant and evaluate the same on many factors. Yes, factors like cibil score and credit history are well assessed and ensure that the right profile reaches the right lender. Hence, lower chances of personal loan default. And, Quikkloan is one such reliable marketplace that offers a complete credit assessment to the borrowers ensuring the right profile reaches the right lender.
Flexible Loan Repayment Tenures: An instant personal loan in Hyderabad comes at easy repayment tenures. Yes, with a loan repayment tenures ranging between 1 year to 5 years, it would be easy for you to repay your loan without feeling the burden.
Minimal Fees & Charges: Another reason that makes personal loan a preferred choice is the minimal fee and charges. The fee and charges being involved in the process are nominal thus an easy personal loan journey.
Minimal Documentation: While availing an online personal loan in Hyderabad, you simply need to submit the required KYC documents. With a few documents, expect to get a loan and enjoy a hassle-free personal loan journey.
Documents Required For Personal Loan
Mentioned are the personal loan documents for salaried and self-employed.
Complete Online Application
Fillup the Online loan Application in just 2 minutes
Provide Identity Proof
Voter id/ Passport/ Driving License / Aadhaar Card
Address Proof
Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card
Bank Statement
Latest 3 Months Bank Statement or Passbook
Income Proof
For Salaried – Latest 3-month Salary Slip
For Self Employed – ITR and Current Bank Statement of 3 months
Frequently Questions
How much I can avail in a personal loan?
A loan amount of between Rs.50,000 to Rs.20 lakh can be availed by an individual to meet various personal needs.
In how many years I can repay my personal loan?
A borrower can repay his loan in tenure of up to 5 years.
Can I get the balance transfer facility with my personal loan?
Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.
How Can I repay my loan?
The repayment of the loan can be done via EMIs. Stands for Equated Monthly Installments, a borrower can easily repay his loan via EMIs.
What happens if I miss my EMIs?
If you miss an EMI, a late payment charge will be applicable and penal interest might be charged. However, missing an EMI puts you in a defaulter’s list, which of course will harm your financial journey.
How my loan amount will be disbursed?
Soon after the loan amount is approved, the amount gets disbursed instantly in your respective bank account.