Personal Loan in Ahmedabad
Ahmedabad is one of the largest cities in the state of Gujarat and has earned the status of being the industrial and economic hub of the state. The city has been ranked as one of the fastest growing cities in our country. Automobile, pharmaceuticals and textile are the most prominent industries in this city. There has been a tremendous improvement in the education and IT sectors as well. The city has recently been in the news for its proposed metro-rail project as well as for its strong infrastructure.
This makes it obvious that the city attracts a large pool of skilled professionals who dream of leading a good life along with fulfilling their occupational inspirations. There are financial institutions that are spread all across the city which offer Personal Loans to eligible individuals to satisfy their financial needs. The personal loans offered by these institutions help people in realizing their dreams such as: funding the education of their children, renovating their homes or taking the vacation that they had been dreaming of from a very long time.
Personal Loan Rate of Interest in Ahmedabad
You can easily secure a personal loan of up to Rs. 25 lakhs which can be utilized for managing major expenses such as home renovation, wedding, vacation, education as well as debt consolidation in Ahmedabad. If you meet the eligibility criteria put up by banks, you can submit your application online and get an instant approval from financial institutions.
The rate of interest charged depends on the kind of loan that you are availing. If we take a look across the most popular banks in Ahmedabad, we can note that the interest rate of personal loans usually varies between 10.99%-18%. It is dependent on the amount that you are borrowing and the kind of scheme that you are opting for.
Personal Loan Eligibility Criteria in Ahmedabad
All banks have their own criteria when it comes to offering a personal loan to individuals. However, by comparing some of the major banks offering Personal loans in Ahmedabad, we realize that most of the criteria remain more or less the same. You are eligible to avail a personal loan if you are minimum of 21 years of age or above and not older than 65 years of age. You need to be a salaried professional or self-employed with regular income.
You must be earning more than a minimum required income (varies with the bank) if you want to become eligible for a personal loan being offered by a particular bank. Not all the banks have the same eligibility criteria. It varies from one bank to another. You can check the website of the individual bank that you are interested in to know more about their offerings under the personal loan category as well as about their eligibility criteria.
Personal Loan Banks in Ahmedabad
Personal loans are offered by all the major banks and financial institutions in the city of Ahmedabad. Unsecured loans are offered from Rs. 50,000 to Rs. 4 lakhs. This implies that you do not have to show any asset or mortgage anything for availing a personal loan. Having a good credit history is a must along with adequate salary to ensure that your personal loan gets approved. ICICI Bank, HDFC Bank, Axis Bank, Tata Capital, Bajaj Finserv and Standard Chartered Bank are the top choices of people when it comes to applying for a personal loan in Ahmedabad.
Citibank does not have any processing fee on a personal loan amount of up to Rs. 30 lakhs. The interest charged on the amount varies from 10.99% to 16.49%.
Tata Capital offers a loan amount to a maximum of Rs. 20 lakhs and charges an interest in the range 11.50%-17.25%.
HDFC Bank offers lucrative deals on its personal loan offerings. It offers a maximum of Rs. 40 lakhs as personal loan amount. The interest charged varies from 10.99% to 21.25%. One-time processing fee of 2.5 percent is charged while applying for the loan.
ICICI Bank offers personal loan up to a tune of Rs. 20 lakhs. The interest charged on the loan amount varies from 11.49%-18.25% while a processing fee of 2.25% is charged by the bank. It also covers the taxes if applicable.
You need to produce valid documents which have been requested by the bank if you want to avail loans from any of the above mentioned banks in the city of Ahmedabad.
The documents required are different for salaried and self-employed professionals. However, both need to submit a valid photo identity proof, residential proof, income proof and bank statement of past three or six months depending on what is being requested from the bank. Self-employed professionals need to submit tax statements that have been verified by an auditor. Please make sure to check the details from the bank you are interested in obtaining a personal loan from.