- Living in New Delhi and wanting funds quickly to meet your instant requirements?
- Compare the lucrative offers of banks and NBFCs for Delhites and choose the one for you
New Delhi, the capital city of India, has a unique blend of people from different cultures, backgrounds, languages, etc. People come to Delhi so that they can fulfill their dreams. And sometimes, in the pursuit of those dreams, people find themselves in a situation where they need urgent funds. In such situations, a personal loan comes handy. With the help of a personal loan in New Delhi, people can get the required loan amount and meet their respective financial needs. It doesn’t matter what type of income (low, medium, and high) an individual has, a personal loan in New Delhi is available to everyone easily at affordable interest rates.
To ensure you get the best personal loan in Delhi, you should choose the one that can give you several benefits such as Instant Loan Approval, Higher Loan Amount, Minimal documentation, etc.
We will cover all the important details related to a Personal Loan in Delhi like interest rates, Processing fee, Eligibility Criteria, EMI Calculator, Documents that you will require, etc. So, it could be the perfect read for you if you are a resident of New Delhi. Keep reading!
Personal Loan Bank List in New Delhi
In the Personal Loan Bank List in New Delhi mentioned below, you can see some of the important things related to personal loans such as Interest Rates, processing fees, etc. Check them so that you can make a better decision.
|Bank Name||Main Branch Address||Personal Loan Interest Rates||Processing Fee||Total Number of Branches in New Delhi|
|HDFC Bank||8A, Milap Niketan, BSZ Marg, ITO, New Delhi, Delhi 110002||10.25% - 17.00%||NIL - 2.50% of the loan amount plus applicable GST||286|
|ICICI Bank||Videocon Tower, Rani Jhansi Road, Block E 1, Jhandewalan Extension, New Delhi, 110055||10.50% onwards||INR 1,999 - 2.25% of the loan amount GST||210|
|Bajaj Finserv||Off. No. 1251, 12th Floor, Aggarwal Metro Heights Plot - E5, Netaji Subhash Place, Pitam Pura, Delhi, 110034||14.00% - 16.00%||Up to 3% of the loan amount||-|
|Fullerton India||Shop No.203, Sanchi Building, Nehru Place, New Delhi, Delhi 110019||12.00% - 25.00%||0% - 6.00% of the loan amount||-|
|IDFC First Bank||Metro Station, No 25, Lower Ground Floor Birla Tower, Barakhamba Rd, opposite Barakhamba, New Delhi, Delhi 110001||10.49% - 30%||2.00% - 2.50% of the loan amount||-|
|Kotak Mahindra Bank||Narain Manzil Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba Road, New Delhi||10.25% Onwards||0.99% - 2.25% of the loan amount + GST||103|
|RBL Bank||Gopal das Building, Indra Chowk, Connaught Place, New Delhi, Delhi 110001||17.50% - 26.00%||2% - 2.5% of the loan amount||-|
|Tata Capital||2nd & 3rd Floor, Prem Doli Sadan, Rajender Place, New Delhi 110008.||10.49% - 14.25%||INR 999 - 2.50% of the loan amount||-|
|Standard Chartered Bank||Narain Manzil, 23, Barakhamba Rd, Delhi 110001||11%-12.50%||2.00% - 2.50% of the loan amount + GST||16|
|YES BANK||YES BANK Limited, 48,|
Nyaya Marg, Chanakyapuri,
New Delhi - 110021, India
|10.49% Onwards||Up to 2.50% of the loan amount subject to a minimum of INR 999 + taxes||191|
|IndusInd Bank||Pocket 7, Sector B, Vasant Kunj, New Delhi, Delhi 110070||11.00% Onwards||1% - 3% of the loan amount + GST||65|
|State Bank of India (SBI)||1, Jai Singh Marg, Police Colony, Connaught Place, New Delhi, Delhi 110001||9.60% - 13.60%||Nil - 1% of the Loan Amount + GST||468|
|Axis Bank||2nd Flr, Red Fort Capital ParsvnathTower, Bhai Veer Sing Marg, New Delhi, Delhi, 110001||10.25% - 21.00%||1.50% to 2.00% of the loan amount + GST||195|
|Bank of Baroda||16, Janpath, Connaught Place, New Delhi, Delhi 110001||10.00% - 15.60%||2% of the loan amount|
Minimum: INR 1,000
Maximum: INR 10,000
|Canara Bank||7th Floor, 38 Ansal Tower, Nehru Place, New Delhi, Delhi 110019||11.25% - 13.30%||0.5% of the loan amount + GST||186|
Note – The number of branches shown against lenders is approximate and as per the data till July 21, 2020. Also, there are some lenders whose branch in New Delhi could not be found, so the “-” sign was marked against such lenders.
How to Get an Instant Personal Loan in Delhi?
Several lenders provide an Instant Personal Loan in Delhi. With this facility, the loan amount is disbursed into your account instantly. But do you know the process by which you can avail of it? Well, the thing is that you cannot apply for it. Instead, the lender decides your eligibility for an instant personal loan by checking factors like your existing relationship with the lender, your repayment history, your credit score, long history of salary account, etc.
If a person has been paying his or her credit card dues timely for a long time, the lender may offer you an instant personal loan in Delhi. The reason behind this is the excellent repayment behavior that makes lenders trust you. Apart from this, a long-period of Salary account can also help you in getting an instant personal loan in Delhi as the lender has records of your salary being credited into your account.
Above all, an instant personal loan in Delhi is free from any documentation; so you just need to say ‘YES’ to the lender and the loan amount will be disbursed into your account instantly.
Personal Loan EMI Calculator
While choosing the personal loan in New Delhi, an individual should have an early estimate of the EMI amount. The EMI Amount is needed to repay the loan amount within a fixed tenure. So, how can you estimate the EMI amount? Well, you can use this amazing tool Personal Loan EMI Calculator.
To use it, you only need a few basic details that are mentioned below. Have a look.
- Required Loan Amount
- Interest Rate
On feeding these details into the tool, you will get the EMI amount instantly. Other than this, you will also get Interest Outgo and the total amount payable. To understand this more clearly, we are providing you an example showing the process of EMI Calculation. You can check it below.
For your better understanding, below is a table showing the calculations for a loan amount of INR 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|
Personal Loan Eligibility Criteria
One of the most important things that you need to know while opting for a personal loan in Delhi is the Eligibility Criteria. This is nothing but a set of conditions that you need to meet so that you can get the required loan amount. These conditions are usually related to your age, monthly income, residing city, employment type, employment history, your Credit Score, etc.
It is important to check your eligibility before applying for a personal loan in Delhi so that you won’t have to face rejection from lenders. If you want to know the general eligibility criteria for a personal loan in Delhi, you can check the below table. Have a look at it and prepare accordingly.
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
“What is the maximum amount that I can get?” – This is one of the common questions that an individual asks before applying for a personal loan. Do you know that you can get the answer to this question by using the Personal Loan Eligibility Calculator? You just need to feed the details mentioned below and you will get the due results.
- Date of Birth
- Residing City
- Monthly Income of the Individual
- Monthly Expenses
- Existing Obligations such as any other EMIs
As soon as you feed these details into the calculator, you can see the eligible loan amount instantly on your screen. When you have a maximum eligible loan amount, you will be in a better position to choose the best personal loan in Delhi.
- 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 Delhi and How Much Can You Save with it?
Looking to transfer your outstanding principal amount to a different lender at lower interest rates? Well, you can opt for the Personal Loan Balance Transfer facility in Delhi and reduce your EMI amount and interest outgo. You will only need to pay a Balance Transfer processing Fee, which will be according to your outstanding principal amount.
To be eligible for this facility, you must be paying your ongoing EMIs on time and your credit score must be 700 and above. Lenders will check these conditions and determine your eligibility.
You must want to know how much money you can save by reducing your EMI amount and interest outgo when you opt for this facility. We will be showing you an example so that you would understand it properly. Here we are talking about a person who has a 5-year personal loan of INR 10 lakh at 15% per annum.
He has been paying INR 23,790 as the EMI for the last two years. Now, he wants to switch his loan to a new lender offering him a lower interest rate of 10.35% per annum. So, to know how much money he will save, you can see the below table where all the details are provided.
|Original Loan Amount||INR 10 lakh|
|Interest Rate||15% per annum|
|Tenure||5 years (60 months)|
|EMI at the current interest rate of 15.00% per annum||INR 23,790|
|Estimated Interest Outgo at 15.00% per annum||INR 4,27,396|
|Interest Paid till now ( 2 Years )||INR 2,57,233|
|Outstanding Balance at the end of 2 years||INR 6,86,274|
|EMI at the new interest rate of 10.30% per annum||INR 22,241|
|Interest Outgo at the new interest rate of 10.30% per annum||INR 1,14,399|
|Interest Paid till now + Interest for the remaining 3 years||INR 3,71,632|
|Estimated EMI Saving||INR 1,549 (23,790 - 22,241)|
|Estimated Interest Savings||INR 55,764 (4,27,396 - 3,71,632)|
So, you can see that the individual can save around INR 1,500 on EMI and INR 55,000 on Interest using the balance transfer facility in Delhi. You can do all these calculations using the Personal Loan EMI Calculator.