The city of Joy Kolkata is surrounded by numerous banks and other financial institutions where you can apply for a personal loan and fulfill your monetary needs. Here are some of the top banks offering affordable rates on personal loans exclusively to help the people of Kolkata get best deals.
Table of Contents
Top Banks Offering Personal Loan in Kolkata
|Bank Name||Bank Name||Processing Fee|
|State Bank of India (SBI)||9.60% - 13.60%||NIL-1% of the Loan Amount + GST|
|HDFC Bank||10.25% - 17.00%||NIL-2.50% of the loan amount + GST|
|ICICI Bank||10.50% onwards||₹999-2.25% of the loan amount + GST|
|Axis Bank||10.25% - 21.00%||1.50%-2.00% of the loan amount + GST|
|Punjab National Bank||8.95% - 14.00%||0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000|
|Bank of India||10.35% - 12.35%||2% of the loan amount|
|Bank of Baroda||10.00% - 15.60%||2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000|
|Central Bank of India||9.85% - 10.05%||₹500 + GST|
|IDBI Bank||9.50% - 14.00%||As applicable by the bank|
Personal Loan Interest Rates in Kolkata
|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
You can calculate the EMI on your personal loan using the –EMI calculator online. 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
|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|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|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|
- 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 Statements
How to Apply for a Personal Loan in Kolkata?
It can be done in a few minutes online. All you need to do is visit the website of the lender you wish to apply at. Mention your personal and professional details in the loan application form and submit the same online. The details so submitted will be checked by the lender. It will give an in-principle approval if you are found to meet the eligibility criteria. Subsequently, an executive will come to your office or residence to collect your documents. The lender will verify again and approve the loan only when the details are authenticated successfully. However, if you are not comfortable applying online, you can visit the nearest branch with your documents and apply there.
About Personal Loan in Kolkata
A personal loan is the best option when you have a finance related emergency. Since this loan is generally unsecured, you can get instant approval and funds within 72 hours. The disbursal will happen later and, as and when that takes place, you’ll get both SMS and email intimation. While the SMS will give you a brief of the loan, the email will have extensive details of the same. The email will show the net loan disbursement post the processing fee, the tenure you are given to pay off the loan, the applicable rate of interest, etc.