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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.

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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 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

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

Apply Now

Axis Bank

12%-24% per annum

Up to 15 Lakh

Up to 5 Years

As applicable by the bank

Apply Now

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

Apply Now

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

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. 

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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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