Personal Loan in Gurugram

Highlights

  • 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.

Apply Personal Loan @ 10.75%* Rate

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.

LendersMain Branch AddressTotal Number of Branches in ChennaiInterest Rates (In Per Annum)Processing Fee
HDFC BankMain Market, Sector 14, Gurugram, Haryana-1220018210.75% - 21.30%NIL - 2.50% of the loan amount plus applicable GST
ICICI BankShop No:109, 110, 112, 140, 141, 142, 143,, Central Arcade, Dakshin Marg, DLF City Phase-II, Heritage City, Sector 25, Gurugram, Haryana-1220014210.75% - 18.49%INR 1,999 - 2.25% of the loan amount GST
IDFC First BankSCO 23, 1st Floor Sector 14 Gurgaon - 122001-10.99% - 22.00%2.00% - 2.50% of the loan amount
YES BANKGurgaon, Fortune Global Arcade, Sikanderpur, Mehrauli gurgaon road, Haryana - 1220023510.75% - 17.00%Up to 2.50% of the loan amount subject to a minimum of INR 999 + taxes
IndusInd BankBlock A, Sushant lok, Phase I, Tower B, First India Place, Ground Floor Mehrauli - Gurgaon road, Haryana - 122002,2811.00% Onwards1% - 3% of the loan amount + GST
RBL BankThe 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 BankJMD Regent Square, Mehrauli Gurgaon Road, opposite Bristol Hotel1210.75% - 17.99%0.99% - 2.25% of the loan amount + GST
Fullerton IndiaBranch Unit No. 115, First Floor, EROS Corporate Park, Manesar, Gurugram - 122050, Haryana114.00% - 24.00%0% - 6.00% of the loan amount
Bajaj FinservBajaj Finserv
2320, Empire Tower Opp. Air Force Officer’s Enclave,
Old Delhi Gurgaon Road,
Gurgaon, Haryana
122001
-10.99% - 16.00%Up to 3% of the loan amount
Tata Capital3rd Floor, SCO 13, Sector 14, Gurgaon, Haryana 122001.110.99% - 18.00%INR 999 - 2.50% of the loan amount
State Bank of India (SBI)Block M, Old DLF Colony, Sector 14, Gurugram, Haryana- 122001539.60% - 13.60%Nil - 1% of the Loan Amount + GST
Bank of BarodaParas down town DLF golf course sec-53, Haryana - 1220111610.25% - 15.60%2% of the loan amount
Minimum: INR 1,000
Maximum: INR 10,000
Canara BankEss Kay Tower Old Railway Road, Gurugram, Haryana-1220012611.25% - 13.90%0.5% of the loan amount + GST
Standard Chartered BankSCF - 77, Sector 14, Gurugram, Haryana- 122001211.00% - 15.00%2.00% - 2.50% of the loan amount + GST
Axis BankHuda Market, Sector-46, SCO 120, Basement, Ground & 1st Floor, Gurugram, Haryana- 1220012412.00% - 24.00%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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 4,00,00011.20%1₹ 35,390₹ 24,680₹ 4,24,680
₹ 4,00,00011.20%2₹ 18,680₹ 48,327₹ 4,48,327
₹ 4,00,00011.20%3₹ 13,133₹ 72,803₹ 4,72,803
₹ 4,00,00011.20%4₹ 10,377₹ 98,101₹ 4,98,101
₹ 4,00,00011.20%5₹ 8737₹ 1,24,215₹ 5,24,215

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
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

Eligibility Criteria

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

Eligibility CriteriaDetails
Age21 to 60 years
Monthly IncomeINR 15,000 to INR 50,000 (changes from one lender to another)
Overall Work ExperienceA minimum of 2 to 3 years
Work Stability with Current EmployerA minimum of 1 year

For Self-employed Individuals

Eligibility CriteriaDetails
Age24 to 65 years
Annual IncomeINR 1,80,000 to INR 2,00,000
Overall Experience in the Business/ProfessionA minimum of 2 to 3 years

Eligibility Calculator

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.

  • Age
  • 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

Balance Transfer

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.

ParticularsDetails
Original Loan AmountINR 10,00,000
Interest Rate18%
Tenure5 Years
EMI @ 18%INR 25,393
Estimated Interest Outgo @ 18%INR 5,23,606
Interest Paid Till 2 YearsINR 3,11,842
Outstanding Balance at the End of 2nd YearINR 7,02,399
EMI @12.00% for the Remaining 3 YearsINR 23,330
Interest @12.00% Over 3 YearsINR 1,37,470
Interest Paid Till Now + Interest Payable Over the Next 3 yearsINR 4,49,312 (3,11,842+1,37,470)
Estimated Savings in Terms of EMIINR 2,063 (25,393-23,330)
Estimated Savings in Terms of Interest PaymentINR 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.

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  • Personal Loan Interest Rates September 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 18.00%