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Personal Loans in Hyderabad

Hyderabad is the city of Nizams. The public of Hyderabad is well known for being spendthrift. The same is evident from the number of pilot projects implemented from Hyderabad by many consumer centric companies including major retailers like Future group and Reliance group. Due to this culture of “Eat, Drink and be Merry” of Hyderabad the personal loans in Hyderabad are always in demand and growing by leaps and bounds.

Personal loans come handy for the persons who need fund for meeting any emergency situation generally medical emergency. Personal loans are also taken for the purpose of buying any costly items, or taking un-budgeted holidays or even for furnishing of the house or bridging the gap difference between the cost of the house and the home loan available for such house generally known as margin money.

Personal Loan Banks in Hyderabad

Many Non Banking Finance Companies (NBFC) are active in providing personal loans in Hyderabad. Prominent among them are Bajaj Finserv, Fullerton, Capital first, Tata Capital and Aditya Birla Capital. Many prominent banks have also established their set up for providing the personal loans in Hyderabad. Prominent among them are State Bank of India, HDFC Bank. IDFC bank, Citi Bank, ICICI Bank and Kotak Bank as well as many regional banks like South Indian bank, Karur Vysya Bank.

Personal Loan Rate of Interests in Hyderabad

The rates of interest charged by the lender on personal loan home loans given in Hyderabad would depend on various factors. Major one is your credit score and whether you are salaried or self employed. Rates of interest on home loans in Hyderabad vary between 12 % to 33% depending on borrower’s profile and from whom the personal loan is taken. The interest rates charged by NBFCs are generally higher than those charged by the banks. The personal loans are available repayable between 12 months to 60 months.

Some of the lenders like Tata Capital provide personal loans repayable over 72 month, giving the borrower more buffer and higher eligibility in term of amount. The businessman has to pay highest rate of interest on personal loan as compared to other borrowers. The salaried working for a reputed listed Company may get the personal loan at lower rates as compared to to the rate being charged from the self employed including businessman and professionals.

Personal loans in Hyderabad are generally given on fixed rate of interest. However some of the lenders provide personal loan on floating rate. The lender generally collect upfront anything between 0% to 3% as processing fee for processing the personal loan application along with the application form. The processing fee on personal loan is generally non refundable.

You personal loan eligibility depend on age of the borrower, income, any existing loan being served and whether the borrower is self employed or a businessman. The past history of the borrower will determine whether one will get the personal loan at all or he will not get it due to bad credit history and low credit score.