- June 21, 2020
- Posted by: Ganeshcbani
- Category: Blog
Banks providing Personal Loan in Coimbatore
| BANK | Interest | Loan Amount |
| Axis Bank | 12-24% | 50,000-15 lakhs |
| Bajaj | 12.99% onwards | Up to 25 lakhs |
| Citi Bank | 10.50-18.99% | 50,000-30 lakhs |
| Fullerton India | 12-36% | Up to 25 lakhs |
| Hdfc Bank | 10.75-21.30% | 50,000-40 lakhs |
| Icici Bank | 11.25% onwards | 50,000-20 lakhs |
| Idfc First Bank | 11.50% onwards | 1 lakh-25 lakhs |
| IndusInd Bank | 10.75% onwards | 50,000-15 lakhs |
| Standard Chartered Bank | 10.99% onwards | 1 lakh-30 lakhs |
| Kotak Mahindra Bank | 10.99-24% | 50,000-15 lakhs |
| Sbi Bank | 10.50% onwards | Up to 20 lakhs |
| Tata Capital | 10.99% onwards | 75,000-25 lakh |
| UCO Bank | 10.95% onwards | Up to 10 lakhs |
| Union Bank Of India | 10.10% onwards | Up to 10 lakhs |
| Yes Bank | 10.99% onwards | 1 lakh-40 lakh |
How do I get the lowest interest rate personal loan in Coimbatore?
People generally apply for unsecured personal loans where they have a higher chance of receiving loans if they maintain a salary or savings account. But if you have a good credit history, it is advisable to compare different banks ‘ loan products before you choose one particular bank. There are several factors that decide your personal eligibility for the loan that also decide the interest rates offered. Some of the main factors affecting your personal loan approval are given below:
Borrower credit history
Make sure all outstanding loan payments have been cleared prior to applying for a new loan. In addition , ensure that the credit history of the lending organization is checked once the payments are cleared. The chances of using a personal loan are better with a good credit score. A credit score above 750 is generally considered good.
Down payments
Paying a sum in advance during the use of a loan can have a major impact on your EMIs. An amount higher than 20% of the loan value will likely significantly decrease your interest rates.
The debt-to – income ratio
The debt-to-income ratio is the ratio between the monthly income and how much you owe the bank. It is one of the main factors that decide your eligibility for personal loans. Before applying for a personal loan, check the debt-to – income ratio.
Comparison of loans
Knowledge of the best loan options on the market will assist you with loan shopping. You can search the interest rates of various banks and compare the features side-by – side using third party websites.
Tenure
Your credit is proportional directly to your Equated Monthly Installments (EMIs). Therefore, select a shorter loan term to use a lower interest rate.
Status of employment
Companies also check your work history and approve personal loans. When your employer is listed with the bank you are loaning to, you can not only use the loan conveniently, but also obtain a lower interest rate.
Negotiation of personal loans
Do not pay the interest rates provided by the bank. Seek negotiating and raising the EMIs still. When you apply for a bank loan to hold your payroll account, you can quickly negotiate as the bank ‘s favorite client.
Coimbatore Personal Loan Availability
Age criteria
The applicant should be between 21 and 65 years old (at the time the loan matures).
Employees, self-employed and professional entrepreneurs are eligible for application. Talk to your bank manager about your situation if you are not a regular wage earner.
The minimum wage is normally Rs 15,000, but the wage requirement depends on the area of the city and the company for which you live.
Will live for at least 1 year at the same address / city
Total professional experience should be 2 years minimum
Will have a secure history of jobs
You can check your eligibility for a personal loan on the website of the lender in Coimbatore online.
