Instant Online Personal Loan in Visakhapatnam
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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 Visakhapatnam
|
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 Visakhapatnam
|
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 Visakhapatnam 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 Visakhapatnam?
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 Visakhapatnam?
To get an instant loan in Visakhapatnam, you can apply online. When it comes to applying online, the process is really easy and fast hence you can conveniently apply for a loan. Also, an online process comes with a lot of comfort and convenience, wherein you can apply for the required loan amount instantly. Also, the loan amount will be disbursed quickly in your respective bank accounts hence all your financial needs can easily be fulfilled.
Steps to Apply for Personal Loan in Visakhapatnam
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 Visakhapatnam
Your personal loan is surely incomplete without a cibil score. In the case of a personal loan, a score of above 750 out of 900 is considered to be fair enough in grabbing the best personal loan deal. Personal loan being an unsecured loan is offered by many lenders on just one condition,i.e. good cibil score. Make sure you have a good score and always maintain the same. After all, a good score is an indication that a borrower is trustworthy and has a fair repayment record hence will repay the loan without any default.
Thus, in the case of an unsecured personal loan, a good three-digit numeric summary is the only eligibility factor to rely on. Thus, lenders always keep an eye on your score just to be sure about the personal loan repayment.
Minimum Salary Required to Avail Personal Loan in Visakhapatnam
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
Confused about your EMIs? Don’t know the exact amount of monthly installments you need to pay to the lender? Well, the answer to all your questions is a personal loan EMI Calculator. Always available online, this device with its well-designed algorithms allows you to know the accurate calculations of not only your EMIs but Interest Outgo and Total Amount Payable also. The tool functions so accurately that within a few minutes, you would be able to know the accurate values of your EMIs.The tool takes into account:
- Loan Amount
- Tenure
- Interest Rate
Soon after these values are inserted into the device, it will fetch the right values, ensuring that you have a calculative personal loan decision.
Let’s understand the calculation with the help of an example below.
Suppose, an individual has taken a personal loan of Rs.18 lakh taken for a tenure of 5 years at an interest rate of 15.60% per annum. Now what would be his EMIs calculation? A personal loan calculator online would give the exact answer.
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 Visakhapatnam
Visakhapatnam is the largest city and the financial capital of Andhra Pradesh. Home to the oldest shipyard and the only natural harbor on the east coast of India, the city has got multiple nicknames such as, Goa of the East Coast, The City of Destiny, and The Jewel of the East Coast. The city has also been selected as one of the Indian cities to be developed under smart city. As the economy of the city is listed as the tenth largest city in the country, multiple banks and NBFCs are expanding their business in Visakhapatnam by providing multiple forms of credit to the customers.
To get an instant approval on your loan application at the lowest interest rate, you must have a good credit score along with a strong credit history.
Feature & Benefit Of Personal Loan
The Best feature and benefit Of a Personal loan
Lowest Interest Rates: This unsecured loan comes with attractive personal loan interest rates.With lower rates you can enjoy a hassle-free loan journey as your monthly installments would be lower. Yes, interest rates and EMIs are directly linked hence if rates are lower, your personal loan burden is also reduced.
Instant Approval & Disbursal: Your personal loan is quickly approved and disbursed by the lenders. Once your eligibility matches with the lender, expect to get speedy approval. And, soon after your loan profile is approved and you have submitted the required documents, the loan amount would be disbursed quickly in your respective bank account.
Easy Process: When it comes to applying for a personal loan in Visakhapatnam, you simply need to follow a few simple steps online. The online process is really easy and within a few minutes, you would be able to apply online for a loan, catering your financial needs.
Complete Credit Assessment: On websites like Quikkloan, you can have a complete credit assessment of your loan profile. Yes, your loan profile will be thoroughly evaluated on many parameters, followed by an assessment. Thus, which actually helps in meeting the right profile with the right candidate, reducing the chances of personal loan default.
Flexible Loan Repayment Tenures: With easy personal loan repayments, you can smoothly repay your personal loan. Yes, with flexible tenures of up to 5 Years, it would not be a hassle anymore for you to repay your loan in monthly installments. With flexible tenures, your EMIs have also become flexible hence less burden will be on your shoulders as far as repayment is concerned.
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.