Personal loans in vizag in 2024

Personal loans in vizag/Visakhapatnam:

Personal loans in Vizag that is called Visakhapatnam can be availed with ease due to the minimal documentation and paperless approval processes implemented by most banks. With interest rates starting from just 9.99% and flexible tenures that can go up to 5 years, personal loans in Visakhapatnam can be availed at favourable terms and conditions. Whether it is your child’s marriage or higher education, getting a personal loan here is very easy.

Visakhapatnam, also known as “Vizag”, is a port city on the southeast coast of India in the state of Andhra Pradesh. It is often called “The Jewel of the East Coast” and the “City of Destiny”. The city has many state owned heavy industries and a steel plants.

Apart from accommodating various international information technologies and banking firms, the city is a hub of iron ore and other minerals which are exported to China and other countries. The fishing and real estate industry has seen a tremendous growth.The city has a population of over 1 million, is the second largest city in the state of Andhra Pradesh and the third largest city on the east coast of India. Visakhapatnam has been recognised as a Global City of the Future by McKinsey Quarterly.

A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.

Visakhapatnam Personal Loan Interest Rates 2024:

Visakhapatnam Personal Loan Details

Interest Rate (Monthly reducing balance)9.99% – 34%
Processing Fees0.5-2.5%
Loan Tenure1 year to 5 years
Pre-closure Charges2% – 5%
Guarantor RequirementNo guarantor required

Personal Loans in Visakhapatnam

Gone are the days when a person used to approach a friend or a private lender for funds if they faced a financial crisis. Personal loans are quiet popular among people today. Many reputable banks and financial institutions provide exciting offers on personal loans as it is one of the most sought-after financial products. Easy approval process makes personal loans all the more famous. People take personal loans for various reasons like wedding expenses, medical emergencies, investment, buying gold, or for children’s education.

What is a personal loan?

A personal loan is a kind of unsecured loan which means that the loan is not backed by a collateral. It is rolled out by a bank or a financial institution to a borrower. The borrower may use the loans for any purpose they deem necessary.

Personal Loans offered by Banks in Visakhapatnam

Visakhapatnam is a port city in the state of Andhra Pradesh which is developing in all sectors. There are many reputable banks and financial institutions in Visakhapatnam. Some of the leading banks and financial institutions that offer personal loans in Visakhapatnam are:

  • Citibank
  • Standard Chartered Bank
  • IDFC First
  • Tata Capital
  • HDFC Bank
  • IndusInd
  • Fullerton
  • Kotak Mahindra
  • Aditya Birla
  • Kotak Bank
  • Bank of Baroda
  • Bank of India
  • Central Bank
  • IDBI Bank
  • Yes Bank

How to get personal loan with lowest interest rate in Visakhapatnam?

The interest rate is usually high for personal loans. In a long run, the lower the interest rate, the better. So, when you avail a personal loan, make sure you have a low interest rate as it will directly affect the EMI amount you are going to pay every month. The interest rate on your personal loan is determined by various factors. Before applying for a personal loan, you can make sure you have done the following things which will help you get a better interest rate on your loan:

Improve your credit score: 

The first thing a lender will see when you apply for a personal loan is your credit score. A credit score is a numerical expression that represents the creditworthiness of the borrower. Credit bureaus in India assign a credit score for every individual. The credit score is assigned based on your repayment history, your existing loans, and other factors. A credit score can range from 300 and 850. The higher the credit score, the higher your chances of getting a good deal on your personal loan. Before applying for a personal loan, make sure you know your credit score. If you do not have a decent credit score, make sure you close your existing loans if possible, clear your credit card bills, and avoid cheque bonuses and late payments.

Get a co-signer: 

Ask a friend or your family member who has a high credit score to co-sign on your personal loan. This makes the loan less risky for the lender and will result in lower interest rates for you.

Shop around for loans: 

Spend ample time to know more about the personal loans available in the market. Make sure you research for a maximum of 2 weeks period. When you shop for a long time, you might lose out on the best offers on personal loans.

Make a down payment:

 Please note it is advisable to make high down payment. Making high down payment is sure to get a better interest rate on your loan. Anything more than 30% of your personal loan amount is a good down payment and will affect the interest rate positively.

Debt-to-income ratio: 

Debt-to-income ratio is the ratio of your total debt and you’re the sum total of your income. If you have a right debt to income ratio in your portfolio, banks will be willing to offer you a low interest rate on your personal loans.

Tenure of your personal loan:

 The tenure you choose while availing a personal loan affects the interest rate you get. The longer your loan term, the higher your interest rate. Please choose a short tenure period even if it increases your EMI amount.

Personal Loan Interest rates in Visakhapatnam 2024

BankInterest Rate RangeProcessing Fee RangeLoan AmountTenure
Citibank9.99% p.a. onwards1% to 2.5%Up to Rs.30 lakhsUp to 5 years
Standard Chartered Bank11.49% p.a. onwardsNilUp to Rs.30 lakhsUp to 5 years
Capital First10.49% p.a. onwardsUp to 1.5%Up to Rs.15 lakhsUp to 5 years
Tata Capital10.99% p.a. onwardsNilUp to Rs.25 lakhsUp to 6 years
Oriental Bank11.50% p.a. onwards0.5%Rs.50,000 to Rs.10 lakhUp to 5 years
HDFC Bank10.75% p.a. onwardsUp to 2.5%Up to Rs.25 lakhsUp to 5 years
IndusInd11.99% to 19%Up to Rs.3,000Up to Rs.25 lakhsUp to 5 years
Fullerton17.25% to 37%1.5% to 6%Up to Rs.15 lakhsUp to 4 years
Kotak Mahindra Bank11.49% to 20.15%Up to 2%Up to Rs.15 lakhsUp to 5 years
Aditya Birla11.5% to 13.25%Up to 2%Up to Rs.15 lakhsUp to 5 years
Allahabad Bank13.10%Up to 1.22% (Min of Rs.1,228)From Rs.50,000 to Rs.7.5 lakhsUp to 5 years
Bank of Baroda11.35% to 14.35%Rs.1,000 to Rs.10,000Rs.20,000 to Rs.2 lakhsUp to 4 years
Bank of India13% to 14%Rs.1,000 to Rs.10,000Rs.10,000 to Rs.5 lakhsUp to 3 years

Salary requirements to get Personal Loans in Visakhapatnam

The salary requirements vary from bank to bank when you apply for a personal loan in Visakhapatnam. Generally, the salary requirements are as follows:

  • For salaried individuals – Normally, banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
  • Self-employed individuals – Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

Visakhapatnam Personal Loan FAQs:

What are the documents required when I apply for a personal loan in Visakhapatnam?

You would require the below documents to avail a personal loan in Visakhapatnam:
Photo ID proof
Age Proof
Duly filed application
Proof of residence
Last 6 months bank statement
Last 3 months’ salary slips
Form 16 or Income Tax Returns

Can I foreclose or prepay my personal loan in the future?

Yes. You can foreclose or prepay your personal loan in the future if your lender allows you to do so. Most lenders allow you to do that. Please check if there are any charges for foreclosing your loan.

How long will it take for my personal loan to be approved?

The approval time differs from bank to bank. Generally, personal loans are approved within 72 hours of submission of all documents.

What is a personal loan EMI calculator?

Personal loan EMI calculator is an online tool that helps you calculate the monthly instalments you will pay towards your personal loan. You can use the personal loan EMI calculator available on our website.

Are there any additional charges for personal loans?

You will have to pay the processing fee upfront when availing a loan. Apart from this, there are no additional charges unless a prepayment is made.