Are you looking for best personal loans in Indore city? Have a look at the personal loan interest rates at top banks and eligibility criteria to help yourself find the suitable deal.
Table of Contents
Top Banks Offering Personal Loan in Indore
|Bank Name||Main Branch Address||Personal Loan Rate of Interest|
|State Bank of India (SBI)||Nehru Stadium, GPO, Ushaganj, White Church Colony, Indore, Madhya Pradesh 452001||9.60% - 13.60%|
|HDFC||C-602, Pandit Dindayal Nagar, Sukhliya Main Road, Sukhliya, Indore, Madhya Pradesh 452010||10.25% - 17.00%|
|ICICI||Shop No: 286, Mahatma Gandhi Rd, Gorakund Square, Gorakund, Maharaja Tukoji Rao Holker Cloth Market, Indore, Madhya Pradesh 452002||10.50% onwards|
|Axis||H/1, Scheme No. 54, Vijaynagar, Indore, Madhya Pradesh 452010||10.25% - 21.00%|
|Punjab National Bank||Sitlamata Bazar Main Road, Near Cloth Market, Indore, Madhya Pradesh 452002||8.95% - 14.00%|
|Bank of India||Gf - A, Scheme No. 54, Near SICA School, Main Road, Vijay Nagar, Indore, Madhya Pradesh 452010||10.35% - 12.35%|
|Bank of Baroda||Chhoti Gwaltoli Main Rd, Siyaganj, Indore, Madhya Pradesh 452007||10.00% - 15.60%|
|Central Bank of India||Sitlamata Bazar Main Rd, Sitlamata Bazar, Bombay Bazaar, Maharaja Tukoji Rao Holker Cloth Market, Indore, Madhya Pradesh 452002||9.85% - 10.05%|
|IDBI Bank||16-C, Omni Palace Hotel, Ratlam Kothi Main Road, Near Geeta Bhavan Square, South Tukoganj, Indore, Madhya Pradesh 452001||9.50% - 14.00%|
Personal Loan Interest Rates Indore
|Interest Rates||8.80% - 26.00%|
|Processing Fee||1%-3% of the loan amount + GST|
|Pre-payment Charges||3%-5% of the principal outstanding + GST|
|Repayment Period||Upto 5 Years|
|Lowest EMI||INR 2,204 - INR 2,935 (per Lakh)|
Personal Loan Eligibility
The basic eligibility criteria for a personal loan is as follows:
Age: 21-60 Years
Income: ₹1,44,000-1,80,000 p.a.
Overall Work Experience: 2-3 Years
Work Stability with Current Employer: 1 Year
Age: 24-65 Years
Income: ₹1,80,000-2,00,000 p.a.
Stability in the same Profession: 3 Years
Personal Loan Calculator
Talking about a personal loan, how can a personal loan EMI calculator online be missed. Yes, this smart and time-saving device with its best of functionality and fastest algorithm gives you the exact results in the least time frame. After taking into account-Tenure, Loan Amount and Interest Rate, this magical tool fetches the values of EMI, Interest Outgo and Total Amount Payable in just a few seconds.
Below is an example for you to understand how an EMI calculator calculates the monthly of your personal loan. The calculations are based on a loan amount of ₹5 Lakh, taken for a tenure of 5 years at an interest rate of 11% per annum.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 5,00,000 11% 1 ₹ 44,191 ₹ 30,290 ₹ 5,30,290 ₹ 5,00,000 11% 2 ₹ 23,304 ₹ 59,294 ₹ 5,59,294 ₹ 5,00,000 11% 3 ₹ 16,369 ₹ 89,297 ₹ 5,89,297 ₹ 5,00,000 11% 4 ₹ 12,923 ₹ 1,20,293 ₹ 6,20,293 ₹ 5,00,000 11% 5 ₹ 10,871 ₹ 1,52,273 ₹ 6,52,273 Year Principal Interest Balance Amount 1 ₹ 79,377 ₹ 51,077 ₹ 4,20,622 2 ₹ 88,562 ₹ 41,892 ₹ 3,32,059 3 ₹ 98,811 ₹ 31,643 ₹ 2,33,248 4 ₹ 1,10,245 ₹ 20,209 ₹ 1,23,003 5 ₹ 1,23,101 ₹ 7452 ₹ 0
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhar 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
About Personal Loan in Indore
A personal loan is a type of unsecured loan that can be availed without any collateral and no legal formalities. It comes to you with flexible loan tenures, maximum loan amount and at competitive interest rates. From today onwards, you will pay a standard GST rate of 18% in addition to the processing fees and other charges that are based on service tax.