- Want to apply for a personal loan in Hyderabad?
- Then read this page that shows the lenders where you can apply in Hyderabad, and some other details too
Personal loans are available for individuals to meet their various financial needs, irrespective of the city they reside in. If you are living in the City of Nizam i.e Hyderabad and need funds immediately, you can apply for a suitable personal loan in the southern city of India. The city is famous for its IT Industry and many renowned public and private companies are functioning from there. So, if you require funds on an urgent basis, all you need to do is apply for a personal loan in Hyderabad. The loan is offered by both public and private banks located in this city.
What are the benefits of applying for a personal loan in Hyderabad? Well, Instant Loan Approval & Disbursal, Minimal Documentation, Flexible tenure, Affordable Interest Rates, Higher Loan Amount are some of the benefits that you can enjoy with a personal loan in Hyderabad.
This page will tell you everything about the Personal Loan in Hyderabad, such as top lenders providing an instant personal loan, their interest rates, eligibility criteria, required documents, etc. So, if you are looking for a Personal Loan here, keep reading to know more!
Table of Contents
- 1 Top Banks Offering Personal Loans in Hyderabad
- 1.1 How to Get an Instant Personal Loan in Hyderabad?
- 1.2 Personal Loan EMI Calculator
- 1.3 Personal Loan Eligibility Criteria
- 1.4 Personal Loan Eligibility Calculator
- 1.5 Documents Required for a Personal Loan in Hyderabad
- 1.6 Personal Loan Balance Transfer in Hyderabad
- 1.7 How Much Can You Save with a Personal Loan Balance Transfer Facility in Hyderabad?
Top Banks Offering Personal Loans in Hyderabad
A large number of lenders provide a Personal Loan in Hyderabad and you must know about them to make a better decision. That’s why we are showing details about some of the top lenders that offer a personal loan in Hyderabad, such as personal loan interest rates, the number of branches in Hyderabad and their Head Office addresses. Have a look at the below table.
|List of Banks||Main Branch Address||Personal Loan Interest Rates||Total Number of Branches in Hyderabad|
|HDFC Bank||5-1-680, TK House, Ground Floor, Main Road Abids, Bank Street, Koti, Hyderabad, Telangana 500001||10.40% - 17.00%||106|
|ICICI Bank||Gachibowli, Main Road Door No 74 & 75, Vinayaka Nagar, Hyderabad, Telangana 500032||10.75% - 17.50%||78|
|Bajaj Finserv||4th Floor, The Belvedere, 6-3-891 & 892, Raj Bhavan Road, Near Somajiguda Circle, Hyderabad, Telangana||14.00% - 16.00%||-|
|Fullerton India||Door No.6-3-1192/1/1, White House Building, 3rd Block, 6th Floor, Begumpet, Hyderabad, Telangana||12.00% - 25.00%||-|
|IDFC First Bank||6/3/1089/F, Ground Floor, RVR Towers, Raj Bhavan Road|
Hyderabad - 500082
|10.49% - 32.00%||-|
|Kotak Mahindra Bank||3-6-140, Ground Floor, Main Road Ward, Street Number 6, Himayatnagar, Hyderabad, Telangana 500029||10.75% Onwards||56|
|RBL Bank||The Ratnakar Bank Ltd, D No, 6-3-865, Ground Floor, My Home Jupally, Opp Green Park, Green Lands, Amarpet, Hyderabad - 500016||17.50% - 26.00%||9|
|Tata Capital||Plot No.3,4,5 & 6, Auto Plaza, Rd Number 3, opposite Times Of India, VST Colony, Banjara Hills, Hyderabad, Telangana 500034||10.99% - 19.75%||1|
|Standard Chartered Bank||646 A, Ground floor, Aditya Ram Square, Plot no, Rd Number 36, Jubilee Hills, Hyderabad, Telangana 500033||14.00% - 21.00%||-|
|YES BANK||Mayank Towers, Shop No.31/2, near Raj Bhavan Road, Somajiguda, Hyderabad, Telangana 500082||10.50% Onwards||34|
|IndusInd Bank||Indusind Bank Ltd, Ground floor, D. No.3-6-273 & 274, Apurupa L.N.Chamber, Himayatnagar, Hyderabad- 500029 Telangana||11.00% Onwards||1|
|State Bank of India (SBI)||Bank Street, Sultan Bazaar, Koti, Hyderabad, Telangana 500095||9.60% - 13.60%||107|
|Axis Bank||3-6-726, Romana Plaza, Himayath Nagar Main Rd, Hyderabad, Telangana 500029||10.49% - 21.00%||74|
|Bank of Baroda||Tirumala Estate, Regional Office,Telangana 3-6-262/6, Himayatnagar, Hyderabad, Telangana 500029||10.00% - 15.60%||45|
|Canara Bank||3-5-879, Old MLA Quarters Road, Narayanguda Andhra Pradesh, Hyderabad, Telangana 500029||11.25% - 13.30%||29|
Note – The number of branches shown against lenders is approximate and as per the data till July 14, 2020. Also, there are some lenders whose branch in Hyderabad could not be found, so – sign was marked against such lenders.
How to Get an Instant Personal Loan in Hyderabad?
The best thing about personal loans is that you can get the loan amount instantly without providing any documents to the lender. This type of loan is known as the Instant Personal loan. To get this Instant Personal Loan in Hyderabad, you don’t need to do anything. Instant personal loans in Hyderabad are provided only to those individuals who are eligible for it.
Lenders check if the individual has the required eligibility criteria. An individual with a salary account and credit card relationship for long, along with a good credit history will be eligible for an instant personal loan in Hyderabad. If you have a credit card with a good repayment track and good credit utilization ratio, the lender may see you as an eligible applicant for an instant personal loan. Having a salary account relationship gives banks an idea of your repayment potential. Based on the salary amount, a lender can decide an appropriate loan amount for you. These are called pre-approved personal loan offers and you can get those from banks with whom your banking relationship is.
The best thing about this is that unlike a regular personal loan, where you need to submit KYC documents like ID Proof, Address Proof and documents to show income proof, you don’t need to submit any documents. You will only need to give your nod about the loan and the amount will be credited into your account.
Personal Loan EMI Calculator
When you opt for a personal loan in Hyderabad, you need to repay the loan amount within a fixed tenure via Equated Monthly Installments (EMIs). If you are willing to avail of a personal loan, you need to have an estimate about the EMI amount before applying for it. After having a certain estimation about the EMI amount, you would be able to manage your finances accordingly. This can be done with the help of the Personal Loan EMI Calculator which is an amazing tool that every individual should use before opting for a personal loan in Hyderabad.
With this amazing tool, you only need to feed a few basic details such as Required Loan Amount, Personal Loan Interest Rate and Required Tenure (in months). As soon as you will feed all these details in the Personal Loan EMI Calculator, the tool will give you the approximate EMI amount that you will need to pay every month. You will also get to see the total interest outgo and the total amount payable during this period. You can use the calculator for as many times as you want with different values. You can save a lot of time and get accurate results instantly.
Let’s understand this through an example. Rashmi Bansal, a 32 year old Manager by profession is interested in availing a loan of INR 3 Lakh so as to travel to Singapore. Thus, in order to get the same, he had applied with one bank and got the approval for the loan with an interest rate of 12.75% per annum for a tenure of 4 years. But before he went ahead with the process, all he did was used an EMI calculator so as to know whether his monthly installments would be pocket-friendly or not. So, take a look at the table below and find yourself.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 3,00,000||12.75%||1||₹ 26,760||₹ 21,120||₹ 3,21,120|
|₹ 3,00,000||12.75%||2||₹ 14,227||₹ 41,456||₹ 3,41,456|
|₹ 3,00,000||12.75%||3||₹ 10,072||₹ 62,596||₹ 3,62,596|
|₹ 3,00,000||12.75%||4||₹ 8011||₹ 84,532||₹ 3,84,532|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 61,388||₹ 34,745||₹ 2,38,611|
|2||₹ 69,689||₹ 26,444||₹ 1,68,922|
|3||₹ 79,112||₹ 17,020||₹ 89,810|
|4||₹ 89,894||₹ 6323||₹ 0|
Personal Loan Eligibility Criteria
While applying for a personal loan in Hyderabad, it is important to know the eligibility criteria. You must be thinking about what are these eligibility criteria all about? Well, this is nothing but a set of conditions fixed by the lender that an individual has to meet. Since a personal loan is an unsecured loan, you don’t need to pledge any kind of security to get the loan amount. Lenders keep a close eye on the eligibility to reduce their credit risk.
Usually, these conditions are related to your monthly income, age, employment type, job history, residing city, and most importantly, the CIBIL score. If you fail to meet any of the conditions fixed by the lender, you will not get the personal loan amount. We are showing you the general eligibility criteria for a personal loan in Hyderabad below. Check it out!
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|
Personal Loan Eligibility Calculator
If you are looking to opt for a personal loan in Hyderabad, you would want to know what is the maximum loan amount that you can get from a lender. You don’t need to worry as you can use this amazing tool known as the Personal Loan Eligibility Calculator. With this tool, you can know what it is the eligible loan amount for you by feeding a few basic details. A lot of individuals have this common question about the loan amount they can get and this tool can prove to be helpful to such people.
You don’t need to don’t worry about anything as you won’t need so many details. There are a few details that you will need. You can have a look at those details below.
- Date of Birth (To know the Applicant’s age)
- Residing City
- Monthly Income of the Individual
- Monthly Expenses
- Existing Obligations such as any other EMIs
Feed all these details into the calculator and get the eligible loan amount within a second.
Let’s understand this through an example. Suppose an individual living in Hyderabad earns INR 60,000 per month and wants a personal loan. Before opting for a loan, he wants to know about the loan amount that he can get from a lender. Other than this, he has an existing obligation as Car Loan EMI of INR 15,000. So, he just needs to put these details into the personal loan eligibility calculator.
On feeding these details, he would find that the eligible loan amount is INR 6 lakh. This is an approximate amount. The lender will decide the final loan amount that can vary from this amount. But, a personal loan eligibility calculator will give you a fair idea about your loan amount.
Documents Required for a Personal Loan in Hyderabad
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhaar Card/Passport
- Address Proof- Utility bill/Passport/Aadhar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement
Personal Loan Balance Transfer in Hyderabad
Do you know that lenders providing personal Loans in Hyderabad also offer Balance Transfer facility? You must be thinking about what you can do with this facility. Well, with the Balance Transfer Facility in Hyderabad, you can transfer your outstanding principal amount to some other lender providing lower interest rates compared to your existing lender in this city. So what exactly will you get by transferring your amount? There will be a reduced EMI amount and also the interest outgo due to the lower interest rates.
For a Personal Loan Balance transfer in Hyderabad, lenders charge a certain processing fee that will depend on your principal outstanding amount. This processing fee tends to change from one lender to another. So, you must check it before opting for the facility.
You should also make sure that you have been paying your EMIs on time and credit score must be good. Among lenders, a good score is considered to be 700 or above. Before offering the facility to individuals, lenders check these two factors and then decide. In the next section, you can also see how much money you can save by the Personal Loan Balance Transfer facility in Hyderabad.
How Much Can You Save with a Personal Loan Balance Transfer Facility in Hyderabad?
Let’s understand with an example to know exactly how much amount you can save with the Balance Transfer facility in Hyderabad. Let’s say an individual already has a 5-year personal loan of INR 10 lakh at 14% per annum. With this loan amount, the EMI payable would be INR 23,268. Now, after paying EMIs for two years without any missed payments, the individual wants to opt for a Personal Loan Balance Transfer facility at a lower interest rate of INR 9.75% per annum provided by some other lender. So, to know how much an individual can save, let’s look at the below table where we are showing all the required calculations.
|Existing Loan Amount||INR 10 lakh|
|Interest Rate||14% per annum|
|Tenure||5 years (60 months)|
|EMI at the current interest rate of 14% per annum||INR 23,268|
|Estimated Interest Outgo at 14% per annum||INR 3,96,905|
|Interest Paid till now ( 2 Years )||INR 2,39,241|
|Outstanding Balance at the end of 2 years||INR 6,80,803|
|EMI at the new interest rate of 9.75% per annum||INR 21,888|
|Interest Outgo at the new interest rate of 9.75% per annum||INR 1,07,157|
|Interest Paid till now + Interest for the remaining 3 years||INR 3,46,398|
|Estimated EMI Saving||INR 1,380 per month|
|Estimated Interest Savings||INR 50,507|
So, you can see that by opting for a lower interest rate of INR 9.75% per annum with Balance Transfer Facility in Hyderabad, you can save INR 1,380 per month in the EMI amount and around INR 50,000 in the interest outgo. All the savings here are calculated by the Personal Loan EMI Calculator about which we told you earlier. So, when you think about a balance transfer, please do your maths using the calculator.