- Living in Noida and needing a personal loan to meet your financial needs?
- Read this page that tells you the lenders that offer personal loans to people residing in this modern city
New Okhla Industrial Development Authority, or commonly known as Noida, is a destination of many top-notch IT as well as financial companies. With a wide range of leading banks and NBFCs, this city leaves no stone unturned in fulfilling your financial needs with a personal loan in case you do not have adequate savings.
You can avail of this unsecured loan without any collateral and enjoy easy repayment options. Also, minimal documentation is required for getting a personal loan in this top city. If you meet the eligibility criteria, you can get the fastest approval on your personal loan application.
But do you know the number of branches that lenders have in Noida for this loan facility? No! We can help you know the same, along with several other critical details. So, keep reading!
Table of Contents
- 1 Top Banks Offering Personal Loans in Noida
- 2 Apply for a Personal Loan in Noida
Top Banks Offering Personal Loans in Noida
|List of Banks||Personal Loan Interest Rates||Processing fee||Main Branch Address||Total Number of Branches in Chennai|
|HDFC Bank||10.25% - 17.00%||NIL - 2.50% of the loan amount plus applicable GST||Central Market, Jain Rd, B Block, Sector 50, Noida, Uttar Pradesh 201303||47|
|ICICI Bank||10.50% onwards||INR 1,999 - 2.25% of the loan amount GST||A 3 13, Sector 110, Noida, Uttar Pradesh 201304||21|
|IDFC First Bank||10.49% - 30%||2.00% - 2.50% of the loan amount||Plot No A/34, 1st Floor, Block H/1|
Noida - 201301
|YES BANK||10.70% Onwards||Up to 2.50% of the loan amount subject to a minimum of INR 999 + taxes||Ground floor A - 356, sector 19 Noida Uttar Pradesh - 201301||13|
|IndusInd Bank||11.00% Onwards||1% - 3% of the loan amount + GST||B - 11, Vardhman Plaza, Gautam Budh Nagar, sector 16 Noida||16|
|RBL Bank||17.50% - 26.00%||2% - 2.5% of the loan amount||ground floor, b 258, sector -50, noida -201301||-|
|Kotak Mahindra Bank||10.75% Onwards||0.99% - 2.25% of the loan amount + GST||Kotak Mahindra Bank Ltd. Ground floor, H - 1/A - 16, Sector 63, Noida - 201301||4|
|Fullerton India||12.00% - 25.00%||0% - 6.00% of the loan amount||Second Floor, B-16, Sector-16, Gautam Buddha Nagar, Noida, Uttar Pradesh - 201 301||1|
|State Bank of India (SBI)||9.60% - 13.60%||Nil - 1% of the Loan Amount + GST||B-19, Sector 30, Dist.Gautam Budh Nagar, Noida, Uttar Pradesh 201301||38|
|Bank of Baroda||10.00% - 15.60%||2% of the loan amount|
Minimum: INR 1,000
Maximum: INR 10,000
|Shop No.334-338, Ganga Shopping Complex, Indraprastha, Sector 29, Noida, Uttar Pradesh 201301||9|
|Canara Bank||11.25% - 13.30%||0.5% of the loan amount + GST||Sector 6, Noida Complex, Noida - 201301||11|
|Standard Chartered Bank||11%-12.50%||2.00% - 2.50% of the loan amount + GST||Noida branch, plot. K - 3, Brahm Datt Tower, Ground and first floor, sector - 18, Noida - 201301||1|
|Axis Bank||10.25% - 21.00%||1.50% to 2.00% of the loan amount + GST||K-21 & K-22, 2nd Floor, Captain Vijyant Thapar Marg, K Block, Sector 18, Noida, Uttar Pradesh 201301||9|
Note – The number of branches which is shown against lenders is approximate and as per the data till August 5, 2020. Also, the total number of branches in Noida for some lenders could not be found, so the “-” sign is marked in the respective space.
Personal Loan EMI Calculator Noida
You can use the Personal Loan EMI Calculator and generate your EMI amount before the repayment. It helps you manage the loan payments. And you can also save on your interest outgo as you know personal loan interest rates are quite high compared to secured loans. To use an EMI calculator, you just need to insert details like loan amount (P), interest rate (r) and tenure (n). The calculator functions according to the mathematical formulae P × r × (1 + r)n/((1 + r)n – 1).
For example, you need a loan amount of INR 5 lakh for a medical emergency. And you thought of getting a personal loan to meet your expenses. Before you apply for the loan, you estimate how much EMI you need to pay for the loan if the interest rate is 11.25% per annum. Check out the table that shows the repayment estimates for you.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11.25%||1||₹ 44,249||₹ 30,990||₹ 5,30,990|
|₹ 5,00,000||11.25%||2||₹ 23,362||₹ 60,688||₹ 5,60,688|
|₹ 5,00,000||11.25%||3||₹ 16,429||₹ 91,430||₹ 5,91,430|
|₹ 5,00,000||11.25%||4||₹ 12,984||₹ 1,23,210||₹ 6,23,210|
|₹ 5,00,000||11.25%||5||₹ 10,934||₹ 1,56,019||₹ 6,56,019|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 78,942||₹ 52,262||₹ 4,21,057|
|2||₹ 88,295||₹ 42,908||₹ 3,32,762|
|3||₹ 98,757||₹ 32,447||₹ 2,34,005|
|4||₹ 1,10,458||₹ 20,745||₹ 1,23,546|
|5||₹ 1,23,648||₹ 7657||₹ 0|
Personal Loan Eligibility
To apply for a personal loan in Noida, you need to meet the eligibility criteria first. What is the eligibility criterion for personal loans in Noida? Personal loans are unsecured loans, so you don’t need to pledge collateral to get them. The lender provides you a personal loan based on your income, age, employment status, job history, residing city, and CIBIL score. If you meet these factors only then you can borrow a personal loan in Noida. Check out the table below and know what is the eligibility criterion of a personal loan in this city.
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|
There are lenders that show the personal loan eligibility calculator on their website. The device generates the loan amount. You just need to insert a few details like-
- Monthly income
- Monthly expenses
- Credit card bills
- Current loan EMIs
- Employer name (if salaried)
Documents Required for Personal Loan in Noida
- 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
You can transfer your personal loan in Noida from one lender to another using the balance transfer facility. With this, your outstanding loan balance is transferred to the new lender and EMI starts at a new rate of interest. What benefits does it provide? With the balance transfer of your personal loan, you can save on your EMI payment and reduce the interest outgo. When to do a balance transfer? If you are unable to manage the EMI payments due to the high EMI, it’s time for you to switch the lender. See the example and know how balance transfer will help in your loan repayment.
Suppose you borrowed INR 10 lakh personal loan. And due to the high rate of interest of 18% per annum, you are finding it difficult to pay your EMIs. So, after 2 years of its payment, you find a lender that provides an interest rate of 12% per annum. Look at the table below and know how much you’ll save after the balance transfer of your personal loan.
|Original Loan Amount||INR 10,00,000|
|EMI @ 18%||INR 25,393|
|Estimated Interest Outgo @ 18%||INR 5,23,606|
|Interest Paid Till 2 Years||INR 3,11,842|
|Outstanding Balance at the End of 2nd Year||INR 7,02,399|
|EMI @12.00% for the Remaining 3 Years||INR 23,330|
|Interest @12.00% Over 3 Years||INR 1,37,470|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 4,49,312 (3,11,842+1,37,470)|
|Estimated Savings in Terms of EMI||INR 2,063 (25,393-23,330)|
|Estimated Savings in Terms of Interest Payment||INR 74,294 (5,23,606-4,49,312)|
Apply for a Personal Loan in Noida
To borrow a personal loan, you just need to follow a simple procedure. There are two ways by which you can borrow a personal loan.
Online Personal Loan
- Go to the official website of the bank or NBFC you want to apply at
- Apply for a Personal Loan by going to its products section
- Click to ‘Apply Now‘
- Fill the form by mentioning your personal details
- Submit the form and upload the necessary documents
Offline Personal Loan
- Visit your nearest bank or NBFC branch
- Ask for a personal loan from the representative
- You will get an application form
- Fill up the form
- Submit the form with passport size photographs and necessary documents
After that, you just need to wait for the lender to respond. If all goes well, the loan would be disbursed to your bank account within 7 days of the approval.