Pune is a city having chivalrous history and was once the nucleus of power of the Maratha Empire, and today it is known as the cultural capital of Maharashtra.
Pune is called the ‘Oxford of the east’ as it has the treasure of great institutes. It never fails to update consistently, today it has lots of IT companies and is performing efficiently in manufacturing, automobile, Infrastructure, and research sectors.
There are many unavoidable expenses like medical expenses, educational expenses, and credit card expenses, etc. These expenses can be covered by taking a personal loan and for that LoansXpert will guide you in selecting the appropriate personal loan.
How to Get a Personal Loan in Pune
Getting an instant personal loan in Pune is not a complicated process and the offers are available at competitive rates because of the availability of a large number of creditors. You can get loan starting from 25,000 Rs to 25 lakhs for a tenure of 12 months to 60 months.
Mostly, Banks consider the below factors while deciding the rate of interest for your personal loan.
- Your credit score (Read How to improve & maintain your credit score)
- Payment track record
- Work experience
- The company you are working with
- Work experience
- The company you are working with
- Your age
- Past financial track record.
Generally, a good credit history will be significant in providing you with the discounted cheapest personal loan in Pune.
If you are looking for a better offer on your personal loan in Pune you may contact us for any assistance or inquiry.
Benefits of Personal Loan
Personal loans are easy to apply and fast to get, following are the benefits of Personal Loan:
- Healthy Interest Rates:
The interest rate on a personal loan is low as compared to the interest rates on credit cards.
- No Collateral Required:
As personal loans are unsecured loans, they do not require any collateral security in any form. So these are very much useful for those who can’t raise any asset as collateral.
- Diversified Usage:
Many personal loan providers in Pune offers loans for a variety of usage like home renovation, a holiday abroad, buying luxury items, clear off your debt, pay credit card bills, to cover medical expenses, to cover wedding expenses, to cover educational expenses, buying gadgets, and any unforeseen expenses.
- No Need to have multiple credit card accounts:
Multiple credit card accounts are difficult to manage than a single personal loan account because they have different spending limits, payment due dates, interest rates, and issuer policies.
- Flexibility to use:
There is no restriction on the usage of funds by you because you are free to use the loan in whatever way you want to use it. For example, if you are applying for an auto loan, then you are restricted to use the fund to only buy the vehicle and nothing else.
Besides the above advantages, a personal loan will also help you in improving credit score ratings.
Documents required for Personal Loan in Pune
|Document Type||For a salaried employee||For a self-employed person|
|Government Approved ID||Required||Required|
|Shop Act License||NA||Required (Mandatory)|
Government Approved Identity Proof (any one of these)
- Voting card
- Driving license
- Pan Card
Address Proof (any one of these)
- Ration card
- Electricity bill, not more than 3 months old
Last 3 months of the bank statement
Certificate from the firm where you are currently working.
Last 3 months of salary slips
Last 6 months of the bank statement
Eligibility criteria for Personal loan
Following are the eligibility criteria with respect to demography, loan amount, loan interest, loan tenure, Loan Processing Charges, Prepayment/ Foreclosure Charges for getting a personal loan in Pune for a salaried employee, and self-employed person.
|Eligibility criteria||For a salaried employee||For a self-employed person|
|Age||The age range of 21-60 years.||The age range of 21-60 years.|
|Income||The person’s minimum income should be Rs 20000.|
|Minimum Loan Amount||Rs 75,000.||INR 300,000.|
|Maximum Loan Amount||Rs 15 Lacs.||INR 20 Lacs.|
|Loan Tenure||12 to 72 months.||12 to 48 months.|
|Rate of Interest||12.99% to 15.50%||12.99% to 20%|
|Loan Processing Charges||1.5% to 2.5%||1.5% to 2.5%|
|Prepayment/ Foreclosure Charges||Nil-5%||Nil-5%|
Personal Loan Interest rates by well-known banks in Pune 2019
There are many banks which offer different interest rates. We have filtered interest rates of some of the best banks in Pune. Following is the list of ten banks in Pune.
|Bank Name||Interest Rate|
|HDFC Bank||11.25% to 21.50%|
|Tata Capital||11.75% to 18%|
|Citibank||10.99% to 17.99%|
|SBI||12.75% to 14.75%|
|ICICI Bank||11.25% to 22.00%|
|Kotak Mahindra||11.25% to 19.99%|
|Bank of Maharashtra||12.70%|
|Dena Bank||13% to 14%|
|Yes Bank||20% to 22%|
How to avail the lowest rate of interest on personal loans in Pune
There were days when you were required to contact multiple lenders to get the information regarding interest rates, tenures, and processing fees. But now you don’t have to worry to contact different lenders because we at LoansXpert will help you in selecting the best lenders offering the lowest rate of interest on personal loans. Apply for personal loan now.
General FAQs Personal Loan
There are two ways of Personal Loans getting disbursed:
By getting an account payee cheque or a draft equal to the loan amount.
Electronically getting the Money deposited automatically into your savings accounts.
Yes, you and members of your family like your spouse or parents can apply for a personal loan together. Due to co-borrower, you will be able to avail for a larger loan amount. However, it is necessary that you and your co-applicant have a good credit history.
In terms of fixed-rate personal loan, your monthly EMI is fixed. And in the case of floating rate personal loan, your EMI amount will keep on decreasing because of the reducing balance method of calculating interest payout. Banks follow the MCLR rules for the applicability of the interest rates. Floating interest rates may be changed either on a half-yearly or yearly basis.
The loan amount can be paid by EMIs via post-dated cheques in favor of the bank or by Electronic Clearing Services System.
Part Payment: It is a payment which is made before the loan amounts become due. The Part Payment amount is less than the entire loan principal amount.
Pre-Payment: It is the partly payment of the interest amount in advance before the principal amount’s due date. The amount may or may not be equal to the total due amount. The charges generally range from 2% to 5% of the outstanding loan amount. There might be a possibility that the banks will not allow pre-payment/Pre-closure of the personal loan before a specified number of EMI payments have been done.
Pre-closure: It is paying off the loan in advance before the loan tenure ends. And the charges range from 2% to 5% of the loan amount.