Personal Loan in Trivandrum

Trivandrum Personal Loan Interest Rates and Charges

Different banks and NBFCs provide different interest rates based on their policies on the disbursement of a personal loan. Some of the banks with the interest rates on the personal loan are mentioned below:

Bank Name	Interest Rates	Processing Fee
State Bank of India (SBI)	11.00% onwards	NIL-1% of the Loan Amount + GST
HDFC Bank	10.75% onwards	NIL-2.50% of the loan amount + GST
ICICI Bank	10.75% onwards	₹999-2.25% of the loan amount + GST
Axis Bank	10.49% onwards	1.50%-2.00% of the loan amount + GST
Punjab National Bank	11.40% onwards	0.35% of the loan amount, subject to a minimum of ₹2,500 and a maximum of ₹15,000
Bank of India	10.35% onwards	2% of the loan amount
Bank of Baroda	10.90% onwards	2% of the loan amount, subject to a minimum of ₹1,000 and a maximum of ₹10,000
Central Bank of India	12.30%	₹500 + GST
IDBI Bank	10.50% onwards	As applicable by the bank
Bajaj Finance	13.5% onwards	1% of the Loan Amount
InCred	16% onwards	2%-4% of the Loan Amount
MPokket	24% onwards	₹50-₹200

Best Personal Loan offers in Trivandrum from top Banks/NBFCs

Among all the banks and NBFCs, below is the list of some of the best personal loan lenders with the best offers.

Bank Name	Loan Amount	Tenure Range
IndusInd Bank	Upto Rs. 40 lakhs	Upto 5 years
HDFC Bank	Upto Rs. 40 lakhs	1 to 5 years
Kotak Mahindra Bank	Upto Rs. 40 lakhs	Upto 5 years
Yes Bank	Upto Rs. 40 lakhs	Upto 5 years
Standered Chartered Bank	Upto Rs. 5 lakhs	Upto 5 years
IDFC First Bank	Rs. 1 lakh to Rs. 6 lakhs	Upto 5 years

Who Can Apply for a Personal Loan in Trivandrum?

Every bank and NBFC has set eligibility criteria for anyone wanting to apply for a personal loan in Trivandrum. This is the basic requirement one needs to fulfil to get the best possible personal loan in Trivandrum. Personal Loan eligibility depends on a few factors mentioned below:

• Residentship: Any individual who is a resident of India can apply for a personal loan in Trivandrum. Applicant must have proof of Indian residency.
• Credit Score: Generally, banks and NBFCs provide personal loans to applicants with a credit score of 700 and above. However, some of them can approve the application on the minimum credit score of 685.
• Income: Applicant must have an income proof indicating the credit of money to maintain a healthy average monthly balance.
• Employment: Applicant must be a full-time employee with any organisation. Almost every bank and NDFC allows full-time employees to apply for a personal loan. Some personal lenders also provide personal loan offers to college students.
• Age: Applicant must be 21 to 80 years old to apply for a personal loan in Trivandrum. For college students, the minimum age requirement is 18 years.

Required Documents for Personal Loans in Trivandrum

Banks and NBFCs ask for some documents from the applicant to verify the identity and to do a background check before disbursement of a personal loan in Trivandrum. The following are the required documents for a personal loan in Trivandrum.

• Identity Proof: Passport, Aadhar Card, Voter ID, etc., are the KYC or Identity proof documents required for personal loans in Trivandrum.
• Applicant must submit a copy of PAN Card for further proceeding of the application for personal loan in Trivandrum.
• Employment Documents: Employee ID is required if the applicant is working for an organisation. Student ID is required if the applicant is a college student.
• Income Proof Documents: Employees are required to submit their salary slips and bank account statements for the previous three months to apply for a personal loan in Trivandrum.

How to Apply for a Personal Loan Online In Trivandrum?

To apply for a personal loan in Trivandrum online, applicants can visit the site of a trustworthy bank or NBFC of their choice with applicable online offers. Explore the personal loan section on the website according to the given guidelines. Applicants need to finish the next application procedure, including information about identity, income, age, employment, residence, etc. After completing all these steps, the website or mobile application will ask the applicants for the document submission. There comes the final step of agreeing to the terms and conditions of the personal loan lender. These terms and conditions include the process of recovery of borrowed funds when, in any case, the borrower couldn’t repay within the given time.

How to Choose the Right Personal Loan in Trivandrum?

There are a few factors to consider before starting the search for a personal loan in Trivandrum. Below are some of these factors mentioned:

• Carefully compare interest rates, fees, and charges of the personal loan a bank or NBFC provides. Comparing all these charges to find the perfect personal loan in Trivandrum.
• Always check the eligibility criteria before applying for a personal loan in Trivandrum. Applying for a personal loan without meeting the eligibility criteria will lead to rejection of the application.
• Get a brief idea about the documentation process of a personal loan lender in Trivandrum. Understanding the documentation process will make it easier to prepare the required documents.
• Select the best loan tenure while choosing a personal loan in Trivandrum. It will save extra money and time for the applicant. Only choose the required loan tenure.

Conclusion

In Trivandrum, a financially developing city in India, the majority of people would need a personal loan. One can submit an application for a simple personal loan in Trivandrum. Numerous NBFCs provide personal loans in Trivandrum, many of which have appealing qualities like flexibility, speedy disbursement, special offers, etc. Incredibly low-interest rates are offered to candidates by personal loan providers in Trivandrum. However, not every individual is qualified to apply for a personal loan in Trivandrum. To be eligible for a personal loan in Kolkata, one must possess the appropriate documentation and meet other requirements. Without the application of the appropriate and practical recommendations, getting personal loan approval can be a difficult task.