Personal Loan in Pune
From being a historical and cultural hub of Maharashtra to becoming a software and educational capital of Maharashtra Pune has transformed itself over the years. From being leisure loving population to being active Pune’s demography and culture have changed a lot over the period. Pune is in the center of various tourist places like Lonavala, Khandala, and Mahabaleshwar.
Pune has gained importance as an industrial and commercial hub which has made banks and other financial institutions to set up their offices here to cater to the increasing financial needs of its population.
Personal Loan Banks in Pune
Due to more and more salaried people settling in Pune demand for a personal loan in Pune has been steadily going up. Almost all the major banks and Non-Banking Financial Companies (NBFC) have set up their offices in Pune. Amongst the NBFC’s Bajaj Finserv, Tata Capital, Fullerton India is Major players whereas almost all the major banks including SBI, ICICI, Kotak Mahindra, Citi bank have a presence in the personal loan in Pune segment.
Personal Loan Interest Rates in Pune
Interest rates on Personal loans in Pune vary between 12% to 33%. The rate applicable to a particular borrower for person loan depends on various factors. Each of the lenders has different interest rate range between which they grant personal loans. Likewise, the rate applicable to each individual for a personal loan from the same lender also vary due to various factors attributable to the borrower. If the borrower has a good credit history and good credit score, the lender will charge a lower rate than a person with lower credit score. In addition to regular interest, you also have to pay an upfront processing fee with your application form.
The loan tenure varies from lender to lender. However, the minimum period for personal loans is generally 12 months. The standard tenure for a personal loan is 60 months but some of the lenders like Tata Capital have extended tenure of a home loan of 72 months. Though longest repayment tenure helps you get a higher amount of loan with lower EMI, you may have to pay a prepayment penalty if you partly or fully prepay the personal loan. The charges for part prepayment are lower than for full foreclosure of personal loan.
Personal Loan Eligibility in Pune
The eligibility criteria used for getting a personal loan in Pune is similar to the one used by lenders while granting personal loans in other cities. The personal loans in Pune are available to self-employed and salaried at different rates of interests and with different eligibility criteria for amount of personal loan, one is eligible for.
The personal loan is generally required to be repaid by way of Equated Monthly Instalments (EMI) payable during the tenure of the personal loan. The amount of EMI would depend on various factors like amount of personal loan, the rate of interest applicable and tenure of the loan over which it is to be repaid fully. For the same amount and same tenure of repayment, the EMI may be different due to the difference in the interest rate at which the personal loan was sanctioned by the lender.