In Hyderabad, Which Bank Offers the Cheapest Personal Loans?
Last Updated : April 4, 2020, 5:37 p.m.
A personal loan is a credit facility provided by several lenders to help people overcome the financial crunch. Any individual living in any part of the country could need funds for some point in their lives. A personal loan is an unsecured loan which means that you can get the funds in your account without submitting any collateral against it. In this article, we will talk about banks that offer the cheapest personal loan in Hyderabad.
Hyderabad is the capital city of the State Telangana. Famous for its culture and most importantly for its delicious Biryani, this city is one of the few metro cities that India has. Because of this, there are several banks and financial institutions over here that provide a wide range of seamless banking products to customers. Plus, the city boasts of a large number of IT companies of which there are some renowned names, so there are a lot of potential customers to which banks can offer a personal loan to overcome their financial needs. So, if you are someone who lives in Hyderabad and are looking for the cheapest personal loans in the city, you don’t need to worry a bit as we will be telling you about all the lenders providing this.
Top Lenders Providing Cheapest Personal Loans in Hyderabad
To know the exact answer to your question about the cheapest personal loans in Hyderabad, you should know about the top lenders providing this facility in Hyderabad and about their features. After knowing about them in detail, you would be in a better position to decide for yourself. So have a look at the lenders providing personal loans in Hyderabad and their features mentioned below.
State Bank of India (SBI) Personal Loan
When we talk about the top lenders providing any kind of banking products in India, the name of SBI invariably comes on the top due to its brilliant services and affordable interest rates. If you are looking for the cheapest personal loans in Hyderabad, SBI could be one of the best options for you! With an SBI personal loan, you can opt for a loan amount upto INR 15 lakhs. And there are so many personal loan options available for you to opt such as Pensioners Loan (for Pensioners), Personal Loan for Salaried Employees, and Pre-approved personal loans on YONO.
You can opt for all these options at interest rates ranging from 10.35% to 14.75% per annum which is pretty affordable in current times. For example, if you opt for a loan amount of INR 1 lakh, your EMI for a 5-year tenure will be INR 2,142. You can opt for as minimum as INR 24,000 with the SBI personal loan in Hyderabad.
Total Number of Branches in Hyderabad – 98
Head Office Address – Gleam Solutions Pvt Ltd, Abids Road, Fateh Maidan, Abids, Hyderabad, Telangana 500001
HDFC Bank Personal Loan
This personal loan facility by the HDFC Bank, which is the private lender, is suitable for those who want a quick and hassle-free loan disbursal experience. The best thing about this is that it is available to both salaried and self-employed individuals at a lower interest rate. So if you are looking for a cheap personal loan in Hyderabad with amazing service, then HDFC could be the best option for you.
If you are a salaried employee, you could opt for a loan amount maximum of INR 25 lakhs, while this amount goes down to a maximum of INR 15 lakhs if you are self-employed individuals. So if your requirement comes in this range, you could apply for an HDFC personal loan at interest rates ranging from 10.75% to 21.45% per annum. For this, you will have to pay a processing fee at 0.99% to 2.50% of the total loan amount with a minimum of INR 1,999.
Total Number of Branches in Hyderabad – 103
Head Office Address – 1 10 60/3, 1st & 3rd Flr, Suryodaya, Begumpet, Hyderabad-500016
Bank of Baroda Personal Loan
Looking to opt for a loan amount upto INR 2 lakh at an affordable interest rate in Hyderabad? A Bank of Baroda personal loan could be the best bet for you. The public sector bank provides a minimum loan of INR 20,000 to a maximum of INR 2 lakh at interest rates ranging from 10.50% to 15.50% per annum. The final rate of interest and the eligible loan amount will be decided by the lender after assessing several factors such as your age, income, repayment capability, credit score, and other things.
You need to remember that you will be getting only 36 months to repay the loan amount. At the time of application, you will also have to pay a processing fee at 2% of the total loan amount, with the minimum being INR 1,000. It could go as much as INR 10,000 depending on the loan amount.
Total Number of Branches in Hyderabad – 21
Head Office Address – Tirumala Estate, Regional Office, Telangana 3-6-262/6, Himayatnagar, Hyderabad, Telangana 500029
Axis Bank Personal Loan
Axis Bank is certainly one of the leading private banks of India when it comes to offering the personal loan facility. It provides as much as INR 30 lakhs at interest rates ranging from 16% to 24% per annum. INR 50,000 is the minimum loan amount you can get from Axis Bank in Hyderabad. To get the maximum loan amount, you must qualify the eligibility criteria set by the bank. You will get a maximum tenure period of 5 years to repay this loan amount.
At any point during your tenure, if you want to prepay the loan amount, you can do it without paying any extra charges. You can also use the Axis Bank personal loan EMI calculator to have an estimate about your EMI amount beforehand so that you don’t face any trouble while repaying.
Total Number of Branches in Hyderabad – 72
Head Office Address – 6/3/879/B, 1st Floor, G Pulla Reddy Bldg, Begumpet Rd, Hyderabad, Telangana 500016
ICICI Bank Personal Loan
Available at interest rates ranging from 10.99% to 18.49% per annum, ICICI personal loan could be a suitable choice for you if you are looking for a maximum loan amount upto INR 40 lakh. You will be getting a maximum tenure of 60 months to repay the loan. If you want to prepay the loan, you’ll need to pay prepayment fees at 5% of the outstanding amount plus applicable Goods and Services Tax (GST). So, you should keep this in mind before going for the prepayment.
Apart from this, you can also get a pre-approved personal loan from any of the ICICI Bank ATMs if you are an existing customer of the bank. You just need to follow a simple process, and the loan amount will be into your account instantly. You don’t need to submit any documents or apply for it as it is the pre-approved personal loan.
Total Number of Branches in Hyderabad – 77
Head Office Address – Gachbowli Main Road Door No 74 & 75, Vinayaka Nagar, Hyderabad, Telangana 500032
So, these are some of the lenders that you can opt for if you are looking for the cheapest personal loans in Hyderabad. Also, it is important to check your repayment capability, monthly income, and CIBIL score before deciding the loan amount.