Personal Loan Visakhapatnam

Best Banks for Personal Loan in Visakhapatnam

Feature	HDFC Bank	Private Bank	Bajaj Finance
Interest Rate	10.75% - 17%	11.25% - 18.5%	0.12
Min Loan Amt	Metro : 75000 & Non Metro: 50000	50000	100000
Max Loan Amt	50 Lacs	50 Lacs	1 Cr
Loan Tenure	1 - 5 Years	1 - 5 Years	1 - 5 Years
Processing Fee	0.25% - 2% of the Loan Amt	1% - 2.5% of the Loan Amt	0.5% - 2% of the Loan Amt
Preclosure Charges	2%, Nil foreclosure charges after 12 months	2%, Nil foreclosure charges after 24 months	Nil
Overdraft Facility	No	No	Yes

Personal Loan in Visakhapatnam Features

A personal Loan is a short to medium term unsecured loan, which does not require any collateral/security for disbursal. They are generally disbursed in a few hours to a few days with minimal or no paperwork at all. A key feature of a personal loan is no collateral is required.

Thus, this unsecured loan can be used to meet a variety of needs ranging from emergency medical expenses to planned expenditures such as home renovation, weddings, family trips, Downpayment of car loans, etc. Personal loans are meant for various purposes use which easily fulfill the immediate needs of individuals.

Personal Loan Visakhapatnam is an unsecured loan that provides financial aid to customers at the best interest rates. To get a Personal Loan Visakhapatnam, the applicant needs to have a rigid and good source of income and has a good credit history. Furthermore, there is no restriction on the use of the personal loan Visakhapatnam amount. You can use this loan amount anywhere and as per your need as you want to do.

Personal Loan in Visakhapatnam Interest Rates

Bank	Processing Fee	Prepayment Charges
HDFC Bank Personal Loan	0.25% to 1.50%	2%, Nil foreclosure charges after 3 months
Axis Bank Personal Loan	0.50% to 1.50%	Nil
Private Bank Personal Loan	0.25% to 1.50%	2%, Nil foreclosure charges after 9 months
SBI Personal Loan	500/- to 0.50%	Nil
Kotak Personal Loan	1% to 2%	2.25% of fore closure amount if closed 1 month ahead of the tenure.
IIFL Personal Loan	Nil	Nil
Muthoot Personal Loan	Nil	Nil
Manappauram Personal Loan	Nil	Nil
PNB Personal Loan	0.70% to 1%	Nil
Canara Bank Personal Loan	0.01	Nil
Andhra Bank Personal Loan	Nil	Nil

To check Personal Loan Interest Rate for all major banks you can visit: Personal Loan Interest Rates

Documents Required for Personal Loan in Visakhapatnam

Salaried Customers:

1. PAN Card
2. Residence Proof (Owned/Rented/Company provided)
3. Passport-sized photographs – 2
4. Identity proof (Aadhar card/driving license)
5. Salary slips of last three months
6. Bank statements for the last 6 months

*NOTE: In case of rented apartments, rent agreement needs to be attached.

Self-Employed Customers:

1. All financials are required (Balance Sheet, P&L Statement as well as ITR files)
2. PAN Card
3. Aadhar Card
4. Residence Proof
5. Two passport-sized photographs

Personal Loan in Visakhapatnam Eligibility Criteria

The Personal Loan Eligibility criteria for both individual Salaried and Self-Employed are different:

Salaried Applicants

1. The minimum age requirements of the individual should be 21 years and maximum up to 60 years.
2. The applicants must have the work experience of the three years. And the salary should be received in their accounts only.
3. The applicants must have an excellent credit history.
4. The job location of the applicant should be mentioned.
5.  A borrower should have a minimum income of INR 25,000 per month

Click here to know more about- Personal Loan Salaried Applicant

Self-Employed Applicants

1. The minimum age requirement for an independent person should be 25 years.
2. The applicants applying for the personal loan Visakhapatnam should file ITR for the last few years.
3. If the applicants are the businessman, then the business should be Going on from the past three years.
4. The credit score of the individual applicants should be good .there should not be any debt or dues left.
5. The annual income of the applicants should be a minimum of Rs 2.5 lakh.
6. The whole documentation process of the personal loan Visakhapatnam is the applicants have to submit his financial and his bank statement of the previous three months.

Click here to know or read more –Personal loan Self-employed Applicant

How to apply for Personal Loan in Visakhapatnam?

1. Visit Dialabank.
2. Go to the loan section and click on the personal loan link.
3. The applicant will be provided with all details of the personal loan where they can choose their preferred city.
4. For more details and free guidance, you may call on 9878981166.

Processing Fee / Prepayment Charges on Personal Loan in Visakhapatnam

Every Bank and NBFC charges a fee for processing your Personal Loan Visakhapatnam application. These charges are 1% of the sanctioned loan amount.

In case you wish to foreclose your loan before the agreed loan tenure, every lending institution charges you a penal prepayment fee. In most cases, you cannot stop your loan before 12 months. Post that the charges vary depending on how many years the loan has provided. These charges vary from 4% of the outstanding Personal loan amount in the 2nd year to 2% in the 4th year of the loan.

Personal Loan EMI Calculator Visakhapatnam

Equated Monthly Installments also know as EMI are the monthly fixed charges that you pay to the bank as monthly repayment for the loan amount borrowed. Based on your profile, the interest rate on your Personal loan Visakhapatnam is determined. Your EMI is calculated using personal loan EMI calculator basis the Interest Rate you are charged by the bank and the amount of Personal Visakhapatnam loan you have to take and the period for which you enjoy the Personal loan Visakhapatnam.

CIBIL Score required for Personal Loan Visakhapatnam

Every lending institution or bank has its own criteria for the minimum CIBIL score required for processing a Personal Loan application in Visakhapatnam. Most institutions or Banks require a minimum score of 750 to process your Personal loan application.

The institutions don’t just look at the overall score but also the detailed behavior on the previous loans taken. This includes details on the type of Personal loan Visakhapatnam taken and the amount borrowed. Any delayed payments for previous loans can act as a barrier to your availing a fresh loan.

Personal Loan Visakhapatnam Agents/Broker

Dialabank is the top and best agent for availing Personal Loan in Visakhapatnam. You can apply on our website at www.dialabank.com or give a call at 9878981166

Dialabank helps you by finding the best option of Banks and NBFCs available in the market by providing you with a detailed market comparison of different banks so that you can make the right choice on Personal Loan Visakhapatnam. Go to our website www.dialabank.com and fill a simple form with your personal and employment details. Our customer relationship managers will soon contact You.

Personal Loan Visakhapatnam Contact Number

Call 9878981166 and avail of instant help and approval for Personal Loan in Visakhapatnam.

Pre Calculated EMI Table for Personal Loan Visakhapatnam

Rate	5 Yrs	4 Yrs	3 Yrs
10.50%	2149	2560	3250
11.00%	2174	2584	3273
11.50%	2199	2608	3297
12.00%	2224	2633	3321
12.50%	2249	2658	3345
13.00%	2275	2682	3369
13.50%	2300	2707	3393
14.00%	2326	2732	3417
14.50%	2352	2757	3442
15.00%	2378	2783	3466

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About Visakhapatnam

Visakhapatnam is a port city and industrial center in the Indian state of Andhra Pradesh, on the Bay of Bengal. It’s known for its many beaches, including Ramakrishna Beach, home to a preserved submarine at the Kursura Submarine Museum. Nearby are the elaborate Kali Temple and the Visakha Museum, an old Dutch bungalow housing local maritime and historical exhibits.

FAQs About Personal Loan Visakhapatnam

✅Who can apply for a Personal Loan in Visakhapatnam?

People who have an urgent need for cash and have a regular source of income (from employment or business) can apply for a Personal Loan Visakhapatnam.

✅What is the tenure of Personal Loan in Visakhapatnam?

Most of the Banks and NBFCs provide a Personal Loan for a min period of 1 Yr and a Max period of 5 Years. There are some Banks which extend the maximum period to 7 Years also. The tenure is fixed and cannot be extended. The repayment has to be done in equal monthly installments within the agreed tenure of the loan.

✅Are there any other charges involved in Personal Loan Visakhapatnam?

Yes, there are 2 types of charges that one needs to pay in order to avail a personal loan Visakhapatnam:

Processing Fee: For every bank or lending institution that you borrow from, there is a small fee that they charge from the customer. This is known as Processing Fee. The amount of processing fee varies for each lending institution and is normally 1% of the loan amount.

Pre-closure Charges: Whenever you want to close a running loan before its agreed tenure period, the Banks and NBFCs charge an extra amount known as pre-closure charges on the borrowed loan amount. Different banks have different pre-closure charges. The pre-closure charges vary depending on how many years has your loan completed before you decide to pre-close it.

✅Can my application for Personal Loan Visakhapatnam get reject due to my CIBIL score?

Since Personal Loan is an unsecured loan, one of the most important decision criteria for getting your Personal Loan application approved is your CIBIL Score. Having a High CIBIL score becomes extremely important if you wish to avail of a Personal Loan in the future. Make sure you don’t skip any of your loan EMI payments or any credit card payments as that will result in decreasing your CIBIL score. Most of the Personal Loan rejections happen due to a low CIBIL Score.