- Want to borrow a personal loan in your city i.e. Gurugram?
- Read this post and know which are the top lenders that offer a personal loan in Gurugram, their branches in this city, and other critical information
The cyber city of Gurugram is home to over 250 fortune 500 companies. As there are a lot of corporate offices in Gurugram, Haryana, numerous lenders offer personal loans to people working in companies located in the cyber city. Both public and private sector banks as well as renowned non-banking finance companies (NBFCs) offer suitable personal loans to the residents of this city to meet their respective needs. You can get a loan for as many as 5 years and repay it through the EMIs, including the portions of both principal and interest repayments.
And to apply for a personal loan in Gurugram, you need to know about the details of the loan first. Read this page carefully and know which are the top lenders that provide personal loans to customers in Gurugram. Also, know the main branch and the total number of branches that lenders have in Gurugram for a personal loan.
Top Banks Offering Personal Loans in Gurugram
Below is a list of the top lenders that provide personal loans in Gurugram at an attractive rate of interest. Check out the table below to know the same.
|Lenders||Main Branch Address||Total Number of Branches in Chennai||Interest Rates (In Per Annum)||Processing Fee|
|HDFC Bank||Main Market, Sector 14, Gurugram, Haryana-122001||82||11.00% - 21.00%||NIL - 2.50% of the loan amount plus applicable GST|
|ICICI Bank||Shop No:109, 110, 112, 140, 141, 142, 143,, Central Arcade, Dakshin Marg, DLF City Phase-II, Heritage City, Sector 25, Gurugram, Haryana-122001||42||10.50% - 18.00%||INR 1,999 - 2.25% of the loan amount GST|
|IDFC First Bank||SCO 23, 1st Floor Sector 14 Gurgaon - 122001||-||10.50% - 25%||2.00% - 2.50% of the loan amount|
|YES BANK||Gurgaon, Fortune Global Arcade, Sikanderpur, Mehrauli gurgaon road, Haryana - 122002||35||10.75% - 18.00%||Up to 2.50% of the loan amount subject to a minimum of INR 999 + taxes|
|IndusInd Bank||Block A, Sushant lok, Phase I, Tower B, First India Place, Ground Floor Mehrauli - Gurgaon road, Haryana - 122002,||28||10.49% - 31.50%||1% - 3% of the loan amount + GST|
|RBL Bank||The Ratnakar Bank Ltd., ABW Tower AT IFFCO Chowk,Village Sukhrauli,NH-8, Gurugram, Haryana - 122002||-||17.50% - 26.00%||2% - 2.5% of the loan amount|
|Kotak Mahindra Bank||JMD Regent Square, Mehrauli Gurgaon Road, opposite Bristol Hotel||12||10.25% Onwards||0.99% - 2.25% of the loan amount + GST|
|Fullerton India||Branch Unit No. 115, First Floor, EROS Corporate Park, Manesar, Gurugram - 122050, Haryana||1||12.00% - 24.00%||0% - 6.00% of the loan amount|
|Bajaj Finserv||Bajaj Finserv|
2320, Empire Tower Opp. Air Force Officer’s Enclave,
Old Delhi Gurgaon Road,
|-||12.00% - 16.00%||Up to 3% of the loan amount|
|Tata Capital||3rd Floor, SCO 13, Sector 14, Gurgaon, Haryana 122001.||1||10.75% - 18.00%||INR 999 - 2.50% of the loan amount|
|State Bank of India (SBI)||Block M, Old DLF Colony, Sector 14, Gurugram, Haryana- 122001||53||9.60% - 13.60%||Nil - 1% of the Loan Amount + GST|
|Bank of Baroda||Paras down town DLF golf course sec-53, Haryana - 122011||16||10.00% - 15.60%||2% of the loan amount|
Minimum: INR 1,000
Maximum: INR 10,000
|Canara Bank||Ess Kay Tower Old Railway Road, Gurugram, Haryana-122001||26||11.25% - 13.30%||0.5% of the loan amount + GST|
|Standard Chartered Bank||SCF - 77, Sector 14, Gurugram, Haryana- 122001||2||10.75% - 13.00%||2.00% - 2.50% of the loan amount + GST|
|Axis Bank||Huda Market, Sector-46, SCO 120, Basement, Ground & 1st Floor, Gurugram, Haryana- 122001||24||10.50% - 25.00%||1.50% to 2.00% of the loan amount + GST|
Note – The number of branches shown against lenders is approximate and as per the data till August 1, 2020. Also, the total number of branches of some banks in Gurugram could not be found, so the “-” sign is marked in the respective space.
Personal Loan EMI Calculator
When you are about to borrow a personal loan in Gurugram, the first thing you need to know is the impact of EMI on your budget. And for an approximate estimation of the EMI amount, you can use a personal loan EMI calculator in Gurugram. Because when you have a certain estimation about the EMI amount, you can manage the repayment comfortably. The Personal Loan EMI Calculator generates the EMI amount in a few seconds.
To use this EMI tool, you just need to insert your loan details like Loan Amount, Interest Rate and Tenure. After you enter all the details, the personal loan EMI Calculator will generate your EMI. You can also find the total interest outgo with the EMI tool.
Suppose you borrow INR 4 lakh from a financial institution in Gurugram at an interest rate of 11.20% per annum. And the repayment tenure of the personal loan ranges from 12 to 60 months. So, what will be your EMI and interest outgo for the said loan? Check out the same below and know.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 4,00,000||11.20%||1||₹ 35,390||₹ 24,680||₹ 4,24,680|
|₹ 4,00,000||11.20%||2||₹ 18,680||₹ 48,327||₹ 4,48,327|
|₹ 4,00,000||11.20%||3||₹ 13,133||₹ 72,803||₹ 4,72,803|
|₹ 4,00,000||11.20%||4||₹ 10,377||₹ 98,101||₹ 4,98,101|
|₹ 4,00,000||11.20%||5||₹ 8737||₹ 1,24,215||₹ 5,24,215|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 63,223||₹ 41,620||₹ 3,36,776|
|2||₹ 70,679||₹ 34,164||₹ 2,66,097|
|3||₹ 79,014||₹ 25,828||₹ 1,87,083|
|4||₹ 88,332||₹ 16,510||₹ 98,750|
|5||₹ 98,830||₹ 6093||₹ 0|
You should first check whether you meet the eligibility criteria as stipulated by the lender, Because if you fail to do so, the application may get rejected. So what are the eligibility criteria for a personal loan in Gurugram? The eligibility criteria may differ based on the lender you choose. But some of the basic criteria to borrow a personal loan in Gurugram are mentioned in the table below.
For Salaried Employees
|Age||21 to 60 years|
|Monthly Income||INR 15,000 to INR 50,000 (changes from one lender to another)|
|Overall Work Experience||A minimum of 2 to 3 years|
|Work Stability with Current Employer||A minimum of 1 year|
For Self-employed Individuals
|Age||24 to 65 years|
|Annual Income||INR 1,80,000 to INR 2,00,000|
|Overall Experience in the Business/Profession||A minimum of 2 to 3 years|
You can easily calculate the loan eligibility in Gurugram with the personal loan eligibility calculator. The tool helps the customer to ascertain the maximum personal loan amount. You just need to insert the following details in the eligibility calculator.
- City name
- Monthly salary
- Current obligations
- Employer’s name
When you feed all these details, click on the ‘Submit’ button. And your maximum loan amount will be displayed on your computer screen or smartphone. To know what are its advantages check out the example below.
Example: Raman earns a lively income of INR 30,000 per month. And there is a sudden financial emergency when her mom got sick. And because he has no savings to cope with the medical emergency, Raman applied for a personal loan in Gurugram. He checks the personal loan eligibility calculator to know the loan amount he can borrow. As per the eligibility calculator estimation, Raman can borrow up to INR 2.5 lakh.
Documents You Need to Submit
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhaar Card/Passport
- Address Proof- Utility bill/Passport/Voter ID/Aadhaar Card
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement
You can still get better personal loan benefits if you have an existing loan. How? With the bank or NBFC balance transfer facility. With this, one can transfer his/her loan balance to another lender and pay the rest of the EMIs at a new rate of interest that can save his EMI payment and interest outgo. So, if you have missed the opportunity to borrow the best personal loan initially, you can get it refinanced via a balance transfer at better terms. Know how the balance transfer works in the example below
Example: Suppose you borrowed INR 10 lakh at an interest rate of 18% per annum for 5 years. Now you are finding it hard to make the loan payment. So, you have been searching for a lender for a personal loan balance transfer. And you have now found the lender that offers you an interest rate of 12% on the outstanding balance. Check out the table below to know how much you can save.
|Original Loan Amount||INR 10,00,000|
|EMI @ 18%||INR 25,393|
|Estimated Interest Outgo @ 18%||INR 5,23,606|
|Interest Paid Till 2 Years||INR 3,11,842|
|Outstanding Balance at the End of 2nd Year||INR 7,02,399|
|EMI @12.00% for the Remaining 3 Years||INR 23,330|
|Interest @12.00% Over 3 Years||INR 1,37,470|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 4,49,312 (3,11,842+1,37,470)|
|Estimated Savings in Terms of EMI||INR 2,063 (25,393-23,330)|
|Estimated Savings in Terms of Interest Payment||INR 74,294 (5,23,606-4,49,312)|
How to Apply for a Personal Loan in Gurugram?
There are two ways by which you can apply for a personal loan in Gurugram. One is the online method while the other is an offline method. You can choose the personal loan application method as per your convenience. Know about them one after another.
Online Application Process for a Personal Loan
- Visit the official website of a bank or an NBFC
- Know the loan offer and interest rate it offers to you
- And then click on the ‘Apply Now’ button
- Fill your personal & income details and submit the form
If all goes well, the loan can get approved in a couple of days. You’ll get a notification on your registered mobile via SMS or mail on your email address. Post-approval, an executive will come to collect your documents. The lender will verify the details and approve the loan only after successful authentication.
Offline Application Process for a Personal Loan
- Go to the nearest bank or NBFC branch
- Ask for a personal loan application form
- You need to fill that form and submit it with your 2 passport size coloured photographs and the necessary documents.
- When the form is submitted, you just need to wait for the response of the lender. You will most likely get it in 3 to 7 days from the date of application.