Instant Online Personal Loan in Kota
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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 Kota
|
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 |
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ICICI |
11.25% to 22.00% per annum |
Up to 20 Lakh |
Up to 5 Years |
Up to 2.25% of loan amount+GST |
|
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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 Kota
|
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 |
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Minimum Work/Business Experience |
1-2 Years |
3 Years |
|
Minimum Profit After Tax |
NA |
Rs.1-2 lakh(annual) |
Personal Loan In Kota 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 Kota?
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 Kota?
For a hassle-free Kota Personal Loans journey, it is advisable to apply online. An online process is not easy and fast but also secured. Yes, one you use this mode, your confidential information will remain safe with the lenders. The process starts once a borrower sends an online loan application to the lender, soon after receiving the application, the lender sends the related quotes to the borrower. The next step is to submit the KYC documents online, hence given instant approval and disbursal of the loan amount.
Note: The lenders will only approve your loan application if your eligibility matches with them. Different lenders have different eligibility criteria so make sure you check the same before applying for the loan.
Steps to Apply for Personal Loan in Kota
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 Kota
A borrower needs to have a score of above 750 out of 900 to enjoy a hassle-free loan journey. Yes, for an easy personal loan in Kota, it is important that a borrower should have a good score. After all, a good score is an indication of a fair repayment history which shows that a borrower can be trusted as far as loan repayment is concerned.
Thus, one should always try to have a healthy score and that can be achieved by maintaining the same. Yes, give stress to timely repayments of your existing loans and credit card bills as they help in building a credit history. And, if your credit history is clean (with no default and late payment charges) higher chances of you getting an online personal loan in Kota quickly.
Minimum Salary Required to Avail Personal Loan in Kota
Make sure you have a minimum monthly income of Rs.35,000 to become eligible for a loan. With minimum income, it would be easy for the lenders to trust the borrowers as far as repayment is concerned. Yes, if the income is higher, you can easily manage your monthly expenses and also save some money to repay your personal loan. Lenders do check the credit profile of the applicants and if they find it suitable with minimum income requirement, it would be easy to get the loan.
Personal Loan EMI Calculator
Confuse about your EMI calculations? Now there is no need to as you have one smart and easy to use online device, known as a personal loan EMI Calculator. This online tool with its well-designed algorithms helps you in knowing the exact values of not only EMI but Interest Outgo and Total Amount Payable towards a personal loan in Kota. The device starts functioning, the moment you enter:
- Loan Amount
- Tenure
- Interest Rate
Soon these credentials reach the device, it gives you the calculation and that too in the least time frame, hence saves a lot of time. Once you use this device, it gives you accurate values of your monthly installment thus allowing you to take a calculative decision before availing the loan. Use this tool prior availing the loan and clear your confusion related to EMI.
Let’s take an example to understand functioning better.
Suppose, an individual has taken a loan of Rs.15 lakh at an interest rate of 14.20% per annum for a tenure of upto 5 years. What would be the EMI calculation? Go through the table below.
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
Processing fee, prepayment and part payment are certain charges that an applicant needs to bear while availing the loan. Yes, talking about a processing fee, it is a one-time, non-refundable fee that needs to be paid at the time of availing immediate cash loans in Kota. Whereas, prepayment and part payment charges are optional,i.e. When a borrower opts for the same facility, he needs to pay for it.
Apply for Personal Loan in Kota
Kota, a popular coaching destination for competitive exams preparation, attracts students from all over India. Being a hub to multiple educational institutions, the city has a major contribution to the state’s economy. Constituted by multiple trade centers, its flourishing economy has attracted multiple banks and NBFCs in expanding their economy by providing multiple loans to the borrowers in Kota.
For obtaining a personal loan in the city with ease, certain requirements such as a decent credit history, adequate monthly salary and minimum age are important.
Feature & Benefit Of Personal Loan
The Best feature and benefit Of a Personal loan
Instant Approval: On applying for a personal loan online, you can get instant approval, if your eligibility matches. Soon after receiving your application, you can get approval instantly.
Fastest Disbursal: As far as a disbursement is concerned, the required amount will be credited in your respective bank within 5-7 working days. With the fastest disbursement, any financial need can instantly be fulfilled.
Less Documentation: The process of getting a personal loan is really easy and quick. And, when it comes to documents, it is a lot easier. With just a few KYC documents, one can get a personal loan.
Minimal Fee & Other Charges: When it comes to personal loan, one has to pay a one-time processing fee which is also very reasonable, hence lessen your loan burden.
Good Loan Amount: In case of an instant personal loan, the loan amount ranges between Rs.1,00,000 to maximum up to Rs.25 lakh which means your instant financial needs can easily be covered.
Flexible Repayment Tenure: A borrower can repay the loan by choosing a flexible tenure of up to 5 years. This repayment tenure allows a borrower to enjoy easy EMIs and less loan burden.
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 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.