Personal Loan Apply Online6022 views
- Which are the top banks offering personal loans in Patna?
- Check out those banks, their interest rates, branch addresses and much more in this post
Everybody needs a personal loan at one point or the other in their lives. And when you need a personal loan, it doesn’t matter which city you are residing in. If you are living in Patna, which is one of the ancient and renowned cities of India, and facing some urgent financial needs, you can easily apply for a Personal Loan in Patna.
There are so many public and private banks that offer Personal Loan in Patna at affordable interest rates. And not only this, there are several other benefits that you can enjoy by opting for this, such as instant personal loan approval, minimal documentation, higher loan amount, etc.
If you want to know more about Personal Loan in Patna, this page could be the perfect guide for you as it will cover everything related to it – Top Lenders providing personal loan in Patna, their head office addresses, number of branches, eligibility criteria, documents, etc. So, keep reading!
Table of Contents
- 1 Top Banks Offering Personal Loans in Patna
Top Banks Offering Personal Loans in Patna
As we told you that there are several lenders that provide personal loans in Patna and to choose the best lender, you must want to have a look at the details of these lenders. In the below table, you can look at their main branch addresses, interest rates, and the total number of branches in Patna. Please have a look!
|Bank Name||Main Branch Address||Personal Loan Interest Rates||Total Number of Branches in Patna|
|HDFC Bank||HDFC Bank LTD Dhelwan, Ramkrishna Nagar, near New Bypass, Patna, Bihar 800020||10.75% - 21.30%||36|
|ICICI Bank||Canal Road, Sumitra Sadan, West Boring PatnaBihar, 800001||10.75% - 17.50%||34|
|Bajaj Finserv||1st Floor, P.Jha Complex, S P Verma Rd, Patna, Bihar 800001||10.99% - 16.00%||-|
|Fullerton India||Fifth Floor, Balajee Laxmi Enclave, Boring Canal Road, Patna, Bihar – 800001.||14.00% - 24.00%||-|
|IDFC First Bank||Shop No 14 & 15, GV Mall, Boring Rd, Patna, Bihar 800001||10.99% - 22.00%||-|
|Kotak Mahindra Bank||Exhibition Rd, Old Jakkanpur, Lodipur, Patna, Bihar 800001||10.75% - 17.99%||10|
|RBL Bank||Space No:1,2,3,4, Twin Tower, South Gandhi Maidan, Patna, Bihar 800003||17.50% - 26.00%||-|
|Tata Capital||2nd Floor, Part Ashtha complex Jagdeo Path, Bailey road, Pillor number 05, Patna, Bihar 800014||10.99% - 18.00%||-|
|Standard Chartered Bank||Bhagwati Dwaraka Arcade Plot No 830 P, Exhibition Rd, Patna, Bihar 800001||11.00% - 15.00%||1|
|YES BANK||Ground Floor, Rajendra Ram Plaza, Exhibition Rd, Patna, Bihar 800001||10.45% Onwards||10|
|IndusInd Bank||IndusInd Bank Ltd, Ground Floor- DS-20, Gayatri Mandir Road, Kankerbagh Colony, Patna, Bihar 800001||11.00% Onwards||13|
|State Bank of India (SBI)||Gandhi Maidan, Near S.B.I. Main Branch, Patna, Bihar 800001||9.60% - 13.60%||178|
|Axis Bank||PN 132 & 133, 134 & 178 , Basement, GF Khata No 409, 478 & 176, Dhakanpura, Patna, Bihar 800001||12.00% - 24.00%||34|
|Bank of Baroda||4th Floor, Anand Vihar, Panchamukhi Mandir, West Boring Canal Rd, Patna, Bihar 800001||10.10% - 15.20%||57|
|Canara Bank||Salimpur Ahra, Golambar, Patna, Bihar 800001||10.20% - 13.90%||55|
Personal Loan Interest Rates in Patna
|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 EMI Calculator
To estimate the repayment of your personal loan in Patna, you can take the help of the EMI calculator. The tool helps customers find the approximate EMI amount of their borrowed loan using loan details like principal borrowed amount, interest rate and tenure. Before you use the tool, you should know how it works. Read further to know the same.
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Where, EMI is Equated Monthly Installment
- P is Principal Amount
- i is the Interest Rate
- r is the rate of interest
The advantage of the EMI tool is that it helps you get the repayment schedule of your personal loan. See this example below and know how the tool will work for you.
Suppose you apply for a loan amount of INR 7.5 lakh and the lender charges an interest rate of 10.45% per annum. You are not sure if the EMI amount will fit in your budget or not. So, you should use the personal loan EMI calculator in Patna to get the repayment schedule before the loan payment begins. Below is the table showing the repayment schedule. Check it out.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 7,50,000||10.45%||1||₹ 66,094||₹ 43,128||₹ 7,93,128|
|₹ 7,50,000||10.45%||2||₹ 34,765||₹ 84,352||₹ 8,34,352|
|₹ 7,50,000||10.45%||3||₹ 24,359||₹ 1,26,930||₹ 8,76,930|
|₹ 7,50,000||10.45%||4||₹ 19,184||₹ 1,70,853||₹ 9,20,853|
|₹ 7,50,000||10.45%||5||₹ 16,102||₹ 2,16,111||₹ 9,66,111|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 1,20,510||₹ 72,711||₹ 6,29,489|
|2||₹ 1,33,725||₹ 59,497||₹ 4,95,763|
|3||₹ 1,48,388||₹ 44,834||₹ 3,47,375|
|4||₹ 1,64,659||₹ 28,562||₹ 1,82,715|
|5||₹ 1,82,854||₹ 10,507||₹ 0|
Personal Loan Eligibility Criteria in Patna
As you know the bank will lend you money if you are a creditworthy individual. And the lender will find out the applicant’s credibility for the loan using his income proof and credit history. So, before you apply for a personal loan in Patna, make sure you check your CIBIL score. The credit bureau allows you to check the score for free and it gives you an idea about whether you are eligible for a loan or not. Apart from the CIBIL score, the lender checks your income, age and work experience before sanctioning the loan amount. See the table below to know the eligibility for a personal loan in Patna.
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|
You can use an online tool to know whether you can borrow a personal loan or not. It is called the personal loan eligibility calculator. The tool shows the loan amount you are eligible for using your monthly income, work experience, monthly expenses and current obligations or EMI. The amount left after paying for expenses and any loan obligation will be the one that can decide your repayment capacity. Based on your repayment capacity, the lender can decide the loan amount for you.
- 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
Balance Transfer of Personal Loan in Patna
You can swap your lender for personal loans if you are not happy with your current personal loan interest rate. Yes, you can change the lender with the balance transfer facility. Using a balance transfer, you can save on interest payment and reduce the EMI as well. So, how does it work? You just need to find a lender that offers you a lower interest rate on the balance loan amount. For the loan transfer, you need to pay a nominal charge to your new lender which is used to close your loan account with the existing lender. See the example below to understand it better.
Suppose you have been paying a personal loan of INR 6 lakh for 3 years. But because of the high interest rate, you are finding it hard to service loan payments on time. So, you should look for a lender that can let you transfer your outstanding loan balance at a lower rate of interest. The new lender will charge a balance transfer fee. Suppose the balance transfer fee amounts to INR 5,000 and the new rate of interest is 9.80% per annum. Check out the table below to know what amount you’ll save.
|Loan amount||INR 6,00,000|
|Interest rate||16.00% per annum|
|EMI amount @ 16.00%||INR 14,591|
|Total interest outgo||INR 2,75,450|
|Balance loan amount after 3 years||INR 2,97,996|
|Interest paid for 3 years (INR)||INR 2,23,267|
|New interest rate (per annum) for the rest of 2 years tenure||9.80%|
|New EMI @ 9.80%||INR 13,724|
|Interest outgo @ 9.80% for 3 years||INR 31,368|
|Interest outgo @ 9.80% + Interest paid for 3 years (INR)||INR 2,54,635|
|EMI amount save (INR)||INR 867 ( 14,591 - 13,724)|
|Total savings = ( Total interest outgo - Interest outgo @ 9.80% + Interest paid for 3 years - transfer fee)||INR 15,815 (2,75,450 - 2,54,635 - 5,000)|
How to Apply for a Personal Loan in Patna?
To borrow a loan in Patna, you just need to visit the bank branch and fill up the application form. And now with digital banking services, some banks also provide online application services for the customers. In this, you don’t need to go anywhere, instead, you can use your smartphone or laptop to apply for a personal loan. Visit the bank official website, login to your account select the personal loan from the products category. Click on the apply button of the respective bank and fill up the online form and submit. You can then upload the required documents like ID proof and income details in jpeg or pdf format.
Once the application process is complete, it will take a maximum of 7 days to confirm the loan request, which will be notified to you on your registered mobile number or email address.