Instant Online Personal Loan in Kochi

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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.

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Group 12261  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

Group 12265  Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque

Group 12264  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 Kochi

 

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

Apply Now

ICICI 

11.25% to 22.00% per annum

Up to 20 Lakh

Up to 5 Years

Up to 2.25% of loan amount+GST

Apply Now

HDFC

10.75% to 21.30% per annum

Up to 15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount

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Axis Bank

12%-24% per annum

Up to 15 Lakh

Up to 5 Years

As applicable by the bank

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Kotak Bank

10.99%-24% per annum

Up to Rs.15 Lakh

Up to 5 Years

Upto 2.50% of loan amount + GST

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YES Bank

10.99% per annum

Up to Rs.40 Lakh

Up to 5 Years

Up to 2.50% of the loan amount +GST

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Tata Capital

10.99% per annum

Up to Rs.25 Lakh

Up to 6 Years

Up to 2.50% of the loan amount+GST

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IDFC Bank

As applicable by the bank

Up to Rs.25 Lakh

Up to 5 Years

3.50% of the loan amount

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IndusInd Bank

11.25% per annum

Up to Rs.15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount+GST

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DCB Bank

10.22% per annum (one year MCLR)

Up to Rs.5 Lakh

Up to 5 Years

2% of the loan amount+GST

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Bajaj Finserv

12.99% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 4.13% of the loan amount+GST

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Aditya Birla Finance

14%-26% per annum

Up to Rs.50 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

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IIFL 

16% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

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HDB Financials

Up to 36% per annum

Up to Rs.20 Lakh

Up to 5 Years

Up to 2 % of the loan amount

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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 Kochi

 

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 Kochi At A Glance

 

Particulars

Details

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 Kochi?

A personal loan is a short-term loan which could be used for any legitimate purpose. You won’t be required to pledge any form of collateral or security. It can be used to meet immediate personal expenses with instant approval and disbursal of the loan amount.  A personal loan has several advantages including relatively simple documentation, flexible loan tenures and no restrictions on how you use the money.

 

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 kochi?

Apply online for a personal loan in Kochi and enjoy a smooth loan journey. The online process is really simple & quick and helps you in getting the funds instantly. Now there is no need to bear the pain of visiting a bank branch as everything can now be done online. 

 

Steps to Apply for Personal Loan in madhurai

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 Kochi

The personal loan in Kochi is given to the borrower after taking into account his/her cibil score. For personal loan in Kochi, an individual needs to have a score of 700 or above out of 900. When it comes to a personal loan, being an unsecured credit, it is important for lenders to trust the borrowers, especially loan repayment is concerned. And, a healthy cibil score is an indication of good repayment history which leads to the fastest loan personal loan approval.  

So, always try to maintain a good score so as to avoid the personal loan rejection.

Minimum Salary Required to Avail Personal Loan in Kochi

Make sure your minimum income is Rs.35,000 to avail the personal loan easily. Lenders do check the monthly income of the applicants before offering the loan. With a good income it would be easy for a borrower to repay the loan without any hassle. The higher income you have, less chances of default as you can manage your monthly expenses really well. Thus, easy loan repayments. However, a personal loan being an unsecured loan is considered to be risky to give away to the borrowers until their credit profile turns out to be trustworthy. And, a high income is an indication of that. So ensure your income should meet the required criteria.  

Personal Loan EMI Calculator

Know the exact calculation of your EMIs with an online tool called personal loan EMI calculator. This smart and time-saving tool lets you know the accurate calculations of your EMI as well as Interest Outgo. You simply need to enter:

  • Loan Amount
  • Tenure 
  • Interest Rate 

Soon you feed these values into the calculator, it will churn out the accurate values for you and that too in the least time frame. With the exact calculations it would be easy for you to take a calculative decision by knowing your EMI in advance. 

 

Take the help of an example and try to understand the EMI calculations. Suppose, an individual has taken a loan of Rs.15 lakh for a tenure of up to 5 years at an interest rate of 14.50% per annum.

 

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.)
16,00,000 16.50% 1 1,45,548 1,46,579 17,46,579
16,00,000 16.50% 2 78,724 2,89,370 18,89,370
16,00,000 16.50% 3 56,647 4,39,292 20,39,292
16,00,000 16.50% 4 45,755 5,96,250 21,96,250
16,00,000 16.50% 5 39,335 7,60,114 23,60,114

Table Showing Principal, Interest and Balance Amount

Years Principal (in Rs.) Interest(in Rs.) Balance Amount(in Rs.)
1 Year 2,24,498 2,47,524 13,75,501
2 Years 2,64,474 2,07,548 11,11,027
3 Years 3,11,568 1,60,454 7,99,458
4 Years 3,67,049 1,04,973 4,32,409
5 Years 4,32,942 39,614 0

Personal Loan Fee & Charges

With minimal fee and charges personal loan makes an ideal financial instrument to fulfill your needs. And, while availing this loan, there are certain charges like-processing fee, prepayment and part payment you  need to bear. Talking about a processing fee it is a one-time, non refundable fee that an applicant needs to pay to the lender. While, prepayment and part payment are the charges which come into the picture when a borrower chooses to either prepay or part pay the loan.  

 

Apply for Personal Loan in Kochi

Talking about Kochi, it is a densely populated city situated on the south- west coast of India bordering the laccadive Sea. It has been developing financially and commercially. Moreover, it is a major port city in Kerala. The city is also known by the name of Cochin. As Kochi consists of a huge population, people do work to fulfill their requirements and when fall short of cash approach plenty of lenders available at disposal.

 

Yes, with multiple banks along with NBFCs have started expanding their business in Kochi, it is no more hassle to avail a personal loan in the city.     Being an instant and quick disbursal loan, it has always been in demand to cater the varied needs of one and all. With various banks and NBFCs providing personal loans to the people of Kochi, it would be easy for the borrower to approach the lenders anytime. Therefore, people in Kochi can get a personal loan swiftly. 

 

However, some of the private banks and NBFC include HDFC, IDFC Bank, Capital First and Axis Bank. These lenders help to meet your requirements with attractive offers such as lower interest rates, longer tenure and loan amount up to Rs.25,00,000. Make sure your cibil score should be high and one should also have a good monthly income. Yes, lenders do consider these factors before giving personal loan approval online. Make sure you keep these factors in mind to enjoy a hassle-free personal loan journey.

Feature & Benefit Of Personal Loan

The Best feature and benefit Of a Personal loan 

Instant Approval: Personal loan in Kochi comes with instant approval. Yes, if a borrower is good on eligibility, it is obvious for him/her to expect the personal loan instant approval. Always try to be in a good eligibility shape in order to get instant approval. 

Fastest Disbursals:  With instant approval comes quick disbursal. Soon after approving your credit profile, the next step that lenders do is to give the fastest disbursal. With quick disbursal, one can expect to have the speedy loan amount in the bank account. 

No Collateral/Security: A personal loan in Kochi can easily be availed without any collateral or security. Yes, a borrower doesn’t need to give any sort of security to the lender and can easily avail the required funds. 

Minimal Documentation: A borrower can easily avail this unsecured loan with just minimal documentation. Yes, with basic KYC documents like Identity Proof, Address Proof and Income Proof, availing a personal loan is really simple and quick.   

Multi-Purpose Loan: A borrower can avail a personal loan for various reasons. Yes, it is a multi-purpose loan thus comes handy to meet numerous personal needs. 

Hassle-free Process: The process of availing a personal loan is really simple and quick. Within a few minutes, you can expect to have an instant approval followed by a quick disbursal.

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Documents Required For Personal Loan

Mentioned are the personal loan documents for salaried and self-employed.

 

 

Group 13142 Complete Online Application

Fillup the Online loan Application in just 2 minutes

 

Group 13143Provide Identity Proof

Voter id/ Passport/ Driving License / Aadhaar Card

 

Group 13144 Address Proof

Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card

 

Group 13145Bank Statement

Latest 3 Months Bank Statement or Passbook

 

Group 13147Income Proof

For Salaried – Latest 3-month Salary Slip

                    For Self Employed –  ITR and Current Bank Statement of 3 months

Frequently Questions

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How long does a bank take to approve an application for a personal loan?

It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 5-7 working days.

How is a personal loan repaid?

The personal loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.

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.

Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?

Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.

Can I receive Tax Benefits on my personal loan?

Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.

What are the Factors That Can Influence Personal Loan Interest Rates?

These factors include your income, repayment potential, credit score, etc.

Is the GST Levied Over the Interest Rate on a Personal Loan?

No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.

What are the Types of Personal Loan Interest Rates That Lenders Offer to Borrowers?

Personal loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.

What is an EMI?

An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.

How Soon Can You Apply for a Personal Loan?

Anyone working in a public or private entity can apply for a personal loan as soon as he/she attains the minimum age of 21 years. Self-employed, on the other hand, will need to be a minimum of 24 years at the time of loan application.

How Much Work Experience is Required to Get a Personal Loan in India?

You must have worked for a minimum of 2-3 years to get a personal loan in India. However, lenders also want you to have a minimum of 1-year work experience with the current organization.

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