Personal Loan in Kolkata
Kolkata is old capital of India. It has its own culture and way to live the life. The people of Kolkata are well-educated and more cultured than other places. It is a Metropolitan city in eastern part of India. It is a major commercial centre of east India which works as bridge between north east and rest of the country with north India. As Bengalis in general and people of Kolkata believe in living their live king-size, there is evergreen and ever-growing demand for personal loan in Kolkata.
Personal Loan Banks in Kolkata
Personal Loans in Kolkata are available from banks as well as Non Banking Financial Companies (NBFC). All major banks and NBFCs are vying with each other to have major pie of the personal loan market in Kolkata. Among the active personal loan players in personal loan in Kolkata HDFC bank, Citi Bank, ICICI Bank, Axis Bank IDFC bank, are major banks and Tata Capital, Bajaj Finserv, Fullerton are major NBFCs.
The personal loan generally has minimum loan repayment tenure of 12 month. The maximum tenure for home loan varies from 60 months to 72 months depending on from whom you are taking the personal loan. Lenders like Tata Capital who provide personal loan in Kolkata, allow maximum 72 months for repayment of the personal loan against 60 months granted by other lenders.
As personal loans in Kolkata is provided without insisting for any security these are generally costlier than the other loans like home loan or loan against property or even business overdraft loans.
Personal Loan Eligibility in Kolkata
The eligibility in terms of amount of personal loan whether in Kolkata or anywhere else is dependent on various factors like age of the borrower, income, no of dependents, existing loan being serviced etc. Generally the lenders consider higher personal loan eligibility for self-employed than for salaried employees for the same level of income declared in the income tax return. This is due to obvious reasons of inherent tendency of self-employed to under report their income in the income tax returns as compared.
Personal loan in Kolkata is provided to salaried as well self-employed both. The rate of interest on personal loan in Kolkata for self-employed tends to be little higher than those for salaried employees. The rate of interest on personal loans varies between 12% to 24% p.a. The actual rate applicable vary from case to case and would depend on various factors like borrower’s credit history/score, type of company the applicant is working or nature of business in case of self-employed. The rate of interest for self-employed professional is lower than that charged to self-employed business people.
Personal Loan Interest Rates in Kolkata
The personal loan in Kolkata is given on fixed rate of interest with pre-determine repayment schedule and prefixed amount of EMI . In addition to the interest on personal loans, the borrowers has to pay upfront processing fee also for processing of the personal loan application between 0% to 3% as processing fee which is non refundable. In case of prepayment of the personal loan in part or in full, the lender generally charges anything between 2% to 4% as prepayment penalty.