Personal Loan in Pune

Highlights

  • Residing in Pune and feeling the need for a personal loan to meet your needs?
  • Read this post that tells you where to apply for a personal loan in Pune.

Pune, the cultural capital of Maharashtra, is not only known for its vibrant and colorful culture, but it is also a home to many top-notch IT as well as financial companies. When it comes to finance, this city will never disappoint its people as it has a wide network of public as well as private lenders, fulfilling the needs of all.

When it comes to a personal loan, it offers many features and benefits to the borrowers. Yes, it is easy to avail, comes with easy repayment options and can help meet your various needs. Yes, you can meet several financial needs like wedding, education, medical emergency, debt payment, high-cost purchase, vacation plan, with a personal loan. There are several banks and financial institutions that provide you a personal loan in Pune. Read the page below and know about the top lenders providing personal loans in Pune.

Apply Personal Loan @ 10.75%* Rate

List of Banks Providing Personal Loans in Pune

A large number of lenders provide a personal loan in Pune and you should know about them first before applying at any of these. Here, you will know details about the top lenders that offer a personal loan in Pune, such as personal loan interest rates, the number of branches available in this city and their addresses. Check out the below table.

List of BanksMain Branch AddressPersonal Loan Interest RatesTotal Number of Branches in Pune
HDFC BankSadhu Vaswani Road No 15A/1, Ground Floor, Hotel Gulmohar
Sadhu Vaswani Road
Pune-411001
10.75% - 21.30%20
ICICI Bank1194/8, Ramchandra Sabhamandap, Ghole road, Shivaji Nagar, Pune, Maharashtra, 41100510.75% - 18.49%39
IDFC First Bank3rd Floor, Amar Avinash Corporate City
Bund Garden Road
Pune - 411001
10.99% - 22.00%-
YES BANK101, Gr+ Mezz, Karan Selene, Bhandarkar
Road, Shivaji Nagar, Pune 411004
10.45% Onwards11
IndusInd Bank2401, Gen.Thimmayya Rd.(Cantonment), Pune - 411 001 , Maharashtra11.00% Onwards28
RBL BankCamp Branch Pune: RBL Bank Ltd, Ground Floor 1117.50% - 26.00%5
Kotak Mahindra BankThe City Jewel Mall, near Men's avenue, 709 Narayan Laxmi Road, Pune, Maharashtra-177510.75% - 17.99%52
Fullerton IndiaThird Floor, Relicon Capital, CTS No. 3670, Sr No. 51, Opp. Nexa Showroom,Pune Satara Road, Parvati, Pune - 41100914.00% - 24.00%-
Bajaj Finserv2ND Floor Near PNG Showroom Nashik Road Narayangaon-410504 Maharashtra10.99% - 16.00%-
Tata Capital9th Floor, IRIZ, Baner Pashan Link Road, Pune - 41104510.99% - 18.00%-
State Bank of India (SBI)Revenue Colony TAL: Shirur Sidt. Pune Maharashtra9.60% - 13.60%180
Bank of BarodaAdams Court, 1st Floor, Opp Mahabaleshwar Hotel, Baner Road, Baner, Pune, 41104510.25% - 15.60%108
Canara BankPb No. 21, Red Cross Building, 11 M. G. Road, Pune Camp, Pune 411 00111.25% - 13.90%60
Standard Chartered BankB2 The Cerebrum It Park, KALYANI NAGAR, Pune Maharashtra 0360917.99% Onwards2
Axis Bank201/D/1, Gr, 1st & 2nd Flr, Indra Pusti, Fergusson College Road, Pune, Maharashtra, 41100412.00% - 24.00%76

Note: The number of branches shown against lenders is approximate and as per the data till July 17, 2020. Also, there are some lenders whose branch count in Pune could not be found, so “–” sign was marked against such lenders.

Personal Loan EMI Calculator

Will it not be convenient for you if you find a tool that helps calculate your future installments? Yes, you can do so with the help of a personal loan EMI calculator. Just feed in your loan details inside this tool, and in just a few seconds, the EMI will be shown to you. To access the personal loan EMI calculator tool, you can visit the official website of banks or NBFCs.

The EMI calculator helps you know the EMI repayment across different tenures. See the example below and know how the EMI calculator works.

Example: Kaveri is a salaried employee and works in a corporate office for a minimum of 2 years. She earns a monthly income of INR 35,000. And suddenly there is an immediate need of cash because her credit card debts are high. So, she thinks to consolidate the credit card debt with a personal loan by which her credit bill reduces and it is easy for her to pay the EMI. But, before applying for a personal loan in Pune, Kaveri used the personal loan EMI calculator. Below is the result she gets when she inserts the loan amount of INR 5 lakh, the interest rate of 13.25% and tenure 5 years.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 5,00,00013.25%1₹ 44,717₹ 36,608₹ 5,36,608
₹ 5,00,00013.25%2₹ 23,830₹ 71,912₹ 5,71,912
₹ 5,00,00013.25%3₹ 16,907₹ 1,08,661₹ 6,08,661
₹ 5,00,00013.25%4₹ 13,476₹ 1,46,842₹ 6,46,842
₹ 5,00,00013.25%5₹ 11,441₹ 1,86,438₹ 6,86,438

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 75,514₹ 61,773₹ 4,24,485
2₹ 86,150₹ 51,137₹ 3,38,335
3₹ 98,284₹ 39,003₹ 2,40,050
4₹ 1,12,128₹ 25,159₹ 1,27,921
5₹ 1,28,046₹ 9366₹ 0

Personal Loan Eligibility Criteria

When you apply for a personal loan in Pune, you should check the eligibility criteria. Now, what are the eligibility criteria for a personal loan? You need to meet certain conditions of the lender so that the loan gets approved. Since personal loans are unsecured in nature, you don’t need to pledge any kind of collateral. Lenders will provide you the loan amount based on your monthly income, age, employment type, job history, residing city, and CIBIL score. Plus, you need to meet the personal loan eligibility criteria so that you can borrow a loan from the lender. Check out the eligibility criteria for a personal loan in Pune as mentioned in the below table.

For Salaried Employees

Eligibility CriteriaDetails
Age21 to 60 years
Monthly IncomeINR 15,000 to INR 50,000 (changes from one lender to another)
Overall Work ExperienceA minimum of 2 to 3 years
Work Stability with Current EmployerA minimum of 1 year

For Self-employed Individuals

Eligibility CriteriaDetails
Age24 to 65 years
Annual IncomeINR 1,80,000 to INR 2,00,000
Overall Experience in the Business/ProfessionA minimum of 2 to 3 years

Eligibility Calculator

If you want to borrow an instant personal loan in Pune, you need to know what amount you can borrow from a lender. And it can be easy for you to find out the eligible loan amount with the help of an amazing tool i.e. Personal Loan Eligibility Calculator. Using the eligibility calculator, you can know the loan amount you can borrow as per your income. To use the calculator, insert a few details which are as follows.

  • Age
  • City name
  • Monthly salary
  • Current obligations
  • Employer’s name

When you feed all these details into the personal loan eligibility calculator, you can know the maximum loan amount you can borrow.

Example: Reema earns INR 50,000 per month and needs a personal loan. She contacted her lender and knew about the product details. Before applying for the loan, she wanted to know about the loan amount the lender could provide her. So, Reema inserted the income and other details into the personal loan eligibility calculator from which she found a loan eligibility of INR 5 lakh.

Documents Required

  • 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

How to Get Personal loans Online in Pune?

To get an instant personal loan in Pune, you can even use the bank’s internet banking service. In this, you can fill up the online application form. The online application process is simple and easy and one can proceed with it in using their smartphone, desktop or laptop. You don’t need to go anywhere to apply for a personal loan in Pune when you have the online loan application service.

You can upload the documents for your personal loan online in a Pdf format for the verification. And after that, the bank or NBFC will check your loan request and approve it based on your income and credit history.

Balance Transfer

You can save on your personal loan in Pune by using a balance transfer facility provided by banks and NBFCs. Using the balance transfer, you can switch your existing loan to another lender at a lower interest rate, thereby reducing the EMI payments and interest outgo. And to do so first, you need to find a lender which provides you a comparatively lower rate of interest on the balance loan amount. If you are successful in finding a suitable lender, transfer your personal loan there ASAP. Banks and NBFCs charge a nominal fee for a personal loan balance transfer in Pune. The fee depends on your loan balance amount and is charged to close the loan account with the existing lender. See the example below to know the loan transfer facility better.

Example: If you have borrowed INR 15 lakh at an interest rate of 20.10% per annum for 5 years. And if it becomes hard for you to pay the EMI on time due to the high interest rate, it’s time for you to change the lender. When you get an interest rate of 17,00% on the balance transfer facility, how much could you gain? Check out the table below to know the same.

ParticularsDetails
Original Loan AmountINR 15,00,000
Interest Rate20.10%
Tenure5 Years
EMI @ 20.10%INR 39,824
Estimated Interest Outgo @ 20.10%INR 8,89,460
Interest Paid Till 2 YearsINR 5,25,911
Outstanding Balance at the End of 2nd YearINR 10,70,127
EMI @17.00% for the Remaining 3 YearsINR 38,153
Interest @17.00% Over 3 YearsINR 3,03,379
Interest Paid Till Now + Interest Payable Over the Next 3 yearsINR 8,29,290
Estimated Savings in Terms of EMIINR 1,671
Estimated Savings in Terms of Interest PaymentINR 60,170 (8,89,460 - 8,29,290)

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  • Personal Loan Interest Rates October 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 18.00%