Apply Online For Personal Loans in Coimbatore At Lowest Interest Rates
Personal loans can easily be secured at fair interest rates from several financial institutions in Coimbatore. The loan in Coimbatore varies from Rs. 25,000 to Rs. 25 Lakhs for a one to five year tenure. A personal loan is available without guarantee of the loan and is therefore an ideal choice for those borrowers who are in urgent need of money. Personal loans can be borrowed instantly in Coimbatore by providing minimum documents.
A personal loan is also referred to as a multi-use loan. It may be acquired for different purposes like payment of medical charges, refurbishment, wedding expenses, travel expenses, etc. You can also pay multiple unpaid loans through a personal loan by consolidating all of your debts to one called the consolidation of debts. Coimbatore is Tamil Nadu’s second-largest city and India’s 16th largest urban agglomeration. It is one of India’s fastest growing cities and a major hub for textiles, industries, trade and education. In view of the fast-growing city economy, many banks and NBFCs in Coimbatore are expanding their business and offering multiple loans.
If you are a local resident who is looking for a loan in your financial emergencies, you can easily apply for personal loans because all financial institutions provide their customers with good services. To receive instant approval at the lowest interest rate for your credit application you need a good credit score and a strong credit history. However, there are other factors affecting the financial institution’s lending decision, including your employee status, your monthly income, and your current company’s reputation.
Credit Score , Tenure & EMI
Three factors that determine the personal loan Interest repayment and EMI on month.
Salary requirements for Coimbatore personal loans
The wage requirements in the use of a personal loan in Coimbatore change from bank to bank. See if the bank offers the best interest rates, also look for the bank’s minimum wage requirement.
For salaried employees – Banks have a minimum wage requirement between Rs. 15000 and Rs. 50,000 for employees.
Self-employed persons – Those who have their own businesses should provide proof of revenues, and most banks have a Rs 1 lakh to Rs 2 lakh revenue requirement each year.
Chat with our Personal Loan agents or submit a Loan inquiry online for Immediate support.
Press4loans really helped me getting my personal loan quickly. Their timely document collections & their fantastic transparency in loan processing helped us tracking their work progress easily.
List of Banks & Interest Rate Ranges
Interest Rate 11.75.% - 24.00%
Interest Rate 11.75.% - 24.00%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.75% - 16.99%
Interest Rate 11.75% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 16.99%
Interest Rate 11.25% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 16.99%
Interest Rate 11.25% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 60L Max
Tenure Range : 1-5 Years
Interest Rate 12.99% - 19.00%
Interest Rate 12.99% - 19.00%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 12.99% – 20.00%
Interest Rate 12.99% – 20.00%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 18.00%
Interest Rate 11.25% - 18.00%
Processing Fee Range : Up to 2%
Loan Amount : 40L Max
Tenure Range : 1-5 Years
Interest Rate 11.49% – 16.99%
Interest Rate 11.49% – 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Other Bank
Interest Rate 11.25% - 16.99%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Banks Interest Rate, Processing Fee with Tenure & EMI per Lakh
| Banks | Interest Rate Ranges | Processing Fee | Repayment (No. of Months) | EMI per Lakh |
|---|---|---|---|---|
| Bank #1 | 15.50%-24.00% | 1.50%-2.00% of the loan amount + Service Tax, as applicable | 12 – 60 months | 2406 to 2877 |
| Bank #2 | 12.5%-16.00% | 2.25%-3% of the loan amount | 12-60months depends upon company categorization | 2432 |
| Bank #3 | 14.00% to 19.00% | Upto 2.5% of the loan amount | 12-60months depends upon company categorization | 2327 to 2595 |
| Bank #4 | 18.00%-18.5% | Upto 2.5%+Service Tax , as applicable | 12-60months depends upon company categorization | 2567 |
| Bank #5 | 11.49%-20.00% | Upto 2.5% of the loan amount, subject to a max of 25,000 INR and a mini of 1,000 INR | 12 -60 months depends upon company categorization | 2199 to 2650 |
| Bank #6 | 11.49%-22.00% | Upto 2.50% of the loan amount + Service Tax, as applicable | 24- 60 months depends upon company categorization | 2199 to 2762 |
| Bank #7 | 11.50-24.00% | Upto 2% + ST + Other levies | 12-60months depends upon company categorization | 2200 to 2877 |
| Bank #8 | 16.00% to 21.00% | Upto 2.5% of the loan amount | 12-60months depends upon company categorization | 2432 to 2706 |
| Other Banks | 17.25%-35.00% | Upto 6.5% of the loan amount | 12-60months depends upon company categorization | 2499 to 3550 |
Check your Personal Loan Eligibility
Most banks / NBFCs provide personal loans but have different eligibility requirements. There are, however, some criteria common to all financial institutions.
The eligibility criteria for the online approval of personal loans to employees and self – employed persons are:
Age: 21/23 years – 60/65 years
- Employment Type:
Salaried - Self-Employed professionals
Credit score: 750 or above with a good credit history
Minimum Net Income (Monthly):
- ₹15,000(non-metro cities)
- ₹20,000( metro cities)
Loan Amount: Up to ₹60 lakhs depending on the credit profile
Work Experience:
- Salaried
- Employed at current company for at least 6/12 months
- Self-Employed
- Business tenure of at least 3 years (continuous)
- ITR of last 3 years
The common documents required for personal loans are given below:
For employees
- Proof of identity & age
- PAN Card
- Proof of residence-Passport driving license, Voter ID, postpaid bill payment / landline bills (electricity / water / gas)
- Last 3 months (preferably your salary account) bank accounts
- Salary Last 3 months slips
- Form 16 or Income Tax Returns of last 3 years
For self-employed persons:
- Identity and age proof
- Fully filled in photograph
- Personal loan applications.
- PAN Card
- Residence proof-driving license for passports, Voter IDs, post-payment / landline bills, utility bills (electricity / water / gas)
- The last 3 months of the bank statements (preferably your wage account)
- Over the last three years, income tax returns with income calculation.
- CA Certified / Audited Balance and Profit & Loss Account Last 3 years.
Calculate your EMI / Month or year
EMI plays the most important factor when you are planning to apply for a personal loan. Whether the EMI fits into your monthly budget or not can help you decide on your personal loan. This is where an EMI calculator for personal loan can help you.
A loan calculator will help you to achieve the following results:
Monthly Payment – EMI you pay on monthly basis
Total interest payable – Total loan interest
Total amount to be paid – The total amount of the principal and interest
Interest rates for personal loans
Interest Rates Rage: 10.75% – 35%
Processing Fee: Differs from bank to bank
Loan Tenure: 12 months to 60 months
Loan Amount: ₹100000 – ₹50 lakhs
Pre-closure Charges: Differs from bank to bank
Getting personal Loan from any bank is quite easy!
Contact us for your personal loan needs
Maximum Annual Percentage Rate (APR)
| APR | 11.49 % to 22 % |
|---|---|
| Representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan: |
| 1. Total amount borrowed: Rs. 100,000 | |
| 2. Time period: 12 months to 60 months | |
| 3. Interest Rate: 11.49% to 22% | |
| 4. Processing Fee payable to: Upto Rs. 2,000 | |
| 5. Fee payable to MyLoanCare: NIL | |
| 6. Total Monthly Cost – From Rs. 2,337 for a months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment. | |
| 7. Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 22.4% | |
| 8. Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 42,233 for 60 months loan. |
Personal Loan Team in Coimbatore
We handle everything from documentation to disbursement for you. Our experienced financial team looks after your credit needs and finds you a good personal loan offer. They assess your profile and match it with various financial institutions ‘ eligibility criteria. After a thorough analysis of the offers available, they choose the best proposal for you. You can also check your eligibility for your personal loan through our website. In addition, we have an efficient EMI loan calculator that will help you understand how much loan you should borrow. In addition, before applying for a loan that provides a thorough analysis of your credit history, you can take advantage of our free credit reporting.
Total Cost of Loan Track Example
| Loan Amount Sanctioned | 2000000 |
|---|---|
| Processing Fees (rate as %age of Loan Amount) | 2.25% |
| Rate of Interest | 11.49% |
| Stamp Duty (Rs.) | 50 |
| Tenure in Months | 60 |
| Secure Fee (Deducted from Disbursement) | 999 |
| Service Tax @ 15% on Processing Fees | 6750 |
| EMI | 43975 |
| Processing Fees Amount | 45000 |
| Total Processing Fees (PF + Service Tax) | 51750 |
| Total Deduction (Charges) | 52799 |
| Net Disbursement Amount | 1947201 |
About Coimbatore & its cities
Due to its widespread textile industry, Coimbatore is often called “Manchester of South India.” Old interest-rate loans quickly add an extra burden to our monthly budget. One may opt for a personal loan to reimburse this interest burden. In medical needs, our monthly remuneration sometimes is not sufficient to cover expensive medical expenses.
Personal loans are of great help in this time of need. As a safe investment option, we can sometimes buy a piece of land without the fund. An easy access to a debt instrument such as personal loans can solve our problem easily. In order to mark a memorable marriage and to accommodate an excellent banqueting fee, a number of banks are in a position to offer personal credit at competitive interest rates.
A positive sign of recovery, as the government has relaxed FDI rules, will soon be visible. The new policy adopted by Union cabinet for the real-estate industry on 30 Oct. 14 will certainly benefit the entire country and Hyderabad in particular. The new policy adopted by Union cabinet for the real estate industry on 30 Oct. 14 will definitely be beneficial to the whole country and Coimbatore in particular.
Personal Loan FAQs:
Whether it’s wedding charges, home renovation or a health emergency, a personal loan may be your answer to the immediate financial needs since it’s easy to get, quick in payments and doesn’t require collateral.
The best personal loan varies from borrower to borrower. A credit profile contains credit, monthly income, employer, type of job and so on. All the factors mentioned above are considered to be the best personal loan.
You must fulfill the following eligibility requirements to receive a personal loan:
Age: 18/21 years – 60/65 years
Employment Type:
- Salaried
- Self-Employed professionals
Credit score: 750 or above with a good credit history
Minimum Net Income (Monthly):
- ₹15,000(non-metro cities)
- ₹20,000( metro cities)
Loan Amount: Up to ₹50 lakhs depending on the credit profile
Work Experience:
- Salaried
- Employed at current company for at least 6/12 months
- Self-Employed
- Business tenure of at least 3 years (continuous)
- ITR of last 3 years
When deciding on your credit score, personal loans play an important role. The effect of missing an EMI personal loan on your credit score may be adverse. One of the reasons for the same is that personal loans in nature are unsecured.
Personal loan approval has become instantaneous due to digitization. However, due to the documentation process, the disbursement could take 5 – 7 days.
There are no things like best personal loan. Each borrower must find the lender best suited to his / her needs. To do this, you can either offline compare the different lenders or apply to platforms like Press4loans that help you select the lender according to your needs.
Naturally, you can early pay off a personal loan. This is known as a personal loan prepayment.
The rate of interest on a personal loan ranges from 10.75% to 35%, which varies from lender to lender.
When examining a personal loan application, banks consider the following factors:
- Age
- Income on a monthly basis.
- Score of credit
- History of credit
- Documents
The best interest rates for personal loans depend on a customer’s credit profile. A client must have a good credit score, a consistent source of income, should be paid / self – employed in order to get the best rates.
The minimum wage for obtaining a personal loan is about ₹15,000 non – metro towns and about ₹20,000 for metro towns.