Lucknow, proudly called as the city of Nawab, is a vital centre for administration, commerce, finance, aerospace, technology, tourism, among others. When it comes to the economic growth, Lucknow is worth a mention as the city houses different industry segments such as aeronautics, furniture, distillery chemicals, machine tools, etc. To let these businesses flourish in Lucknow, banks and other financial institutions are scattered around the city with tailor-made loan products.
Want to meet your personal needs? Apply for a personal loan, which is a type of credit offered by the lenders to let consumers avail several purposes such as travelling abroad, buying consumer durables or cars, getting funds for medical emergencies, etc.
Top Banks Offering Personal Loans in Lucknow
| Bank Name | Bank Name | Processing Fee |
|---|---|---|
| State Bank of India (SBI) | 11.00% - 14.00% | NIL-1% of the Loan Amount + GST |
| HDFC Bank | 10.50% - 24.00% | NIL-2.50% of the loan amount + GST |
| ICICI Bank | 10.75% - 19.00% | ₹999-2.25% of the loan amount + GST |
| Axis Bank | 10.49% - 21.00% | 1.50%-2.00% of the loan amount + GST |
| Punjab National Bank | 11.40% - 16.95% | 0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000 |
| Bank of India | 10.35% - 14.85% | 2% of the loan amount |
| Bank of Baroda | 10.90% - 18.25% | 2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000 |
| Central Bank of India | 12.30% | ₹500 + GST |
| IDBI Bank | 10.50% - 13.25% | As applicable by the bank |
Personal Loan Interest Rates in Lucknow
| Particulars | Details |
|---|---|
| Interest Rate | 8.80% - 26.00% |
| Processing Fee | 1%-2.50% of the loan amount plus service tax, if any |
| Prepayment/Part-payment Charges | 3%-5% of the principal outstanding |
| Tenure/Repayment | 1-5 years |
| Lowest EMI | ₹ 2,204-2,935 |
Personal Loan EMI Calculator in Lucknow
Want to calculate your EMIs but don’t know how to do the same? Well, the simplest and fastest way is to use a personal loan EMI calculator online. This smart tool after taking into account-Loan Amount, Tenure and Interest Rate calculates the EMIs, Interest Outgo and Total Amount Payable on a personal loan. It fetches the values for you in just a few seconds, hence making your personal loan journey a hassle-free experience.
For your better understanding, below is a table showing the calculations of a loan amount of ₹2 Lakh, taken for a tenure of 5 years at an interest rate of 12.45% per annum.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 2,00,000 | 12.45% | 1 | ₹ 17,812 | ₹ 13,743 | ₹ 2,13,743 |
| ₹ 2,00,000 | 12.45% | 2 | ₹ 9457 | ₹ 26,963 | ₹ 2,26,963 |
| ₹ 2,00,000 | 12.45% | 3 | ₹ 6686 | ₹ 40,693 | ₹ 2,40,693 |
| ₹ 2,00,000 | 12.45% | 4 | ₹ 5311 | ₹ 54,931 | ₹ 2,54,931 |
| ₹ 2,00,000 | 12.45% | 5 | ₹ 4495 | ₹ 69,670 | ₹ 2,69,670 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 30,749 | ₹ 23,185 | ₹ 1,69,250 |
| 2 | ₹ 34,803 | ₹ 19,130 | ₹ 1,34,446 |
| 3 | ₹ 39,393 | ₹ 14,541 | ₹ 95,053 |
| 4 | ₹ 44,587 | ₹ 9347 | ₹ 50,466 |
| 5 | ₹ 50,512 | ₹ 3468 | ₹ 0 |
Eligibility Criteria
| Particulars | Salaried | Self-employed |
|---|---|---|
| Age | Minimum of 21 years at the time of loan application Maximum of 58 years by the time loan matures | Minimum of 24 years at the time of loan application Maximum of 65 years by the time loan matures |
| Income | A minimum net monthly income of ₹ 20,000 is needed | A minimum net annual income of ₹ 1,00,000 is needed |
| Stability | A minimum work experience of 1 year is needed | A 3-year continuation in the same line of business is needed |
Documents Required
- 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