- 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.
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 Banks||Main Branch Address||Personal Loan Interest Rates||Total Number of Branches in Pune|
|HDFC Bank||Sadhu Vaswani Road No 15A/1, Ground Floor, Hotel Gulmohar|
Sadhu Vaswani Road
|10.75% - 14.50%||20|
|ICICI Bank||1194/8, Ramchandra Sabhamandap, Ghole road, Shivaji Nagar, Pune, Maharashtra, 411005||10.75% - 19.00%||39|
|IDFC First Bank||3rd Floor, Amar Avinash Corporate City|
Bund Garden Road
Pune - 411001
|10.50% - 25%||-|
|YES BANK||101, Gr+ Mezz, Karan Selene, Bhandarkar|
Road, Shivaji Nagar, Pune 411004
|11.05% - 20.25%||11|
|IndusInd Bank||2401, Gen.Thimmayya Rd.(Cantonment), Pune - 411 001 , Maharashtra||10.25% - 26.00%||28|
|RBL Bank||Camp Branch Pune: RBL Bank Ltd, Ground Floor 11||14.00% - 23.00%||5|
|Kotak Mahindra Bank||The City Jewel Mall, near Men's avenue, 709 Narayan Laxmi Road, Pune, Maharashtra-1775||10.99% Onwards||52|
|Fullerton India||Third Floor, Relicon Capital, CTS No. 3670, Sr No. 51, Opp. Nexa Showroom,Pune Satara Road, Parvati, Pune - 411009||11.99% Onwards||-|
|Bajaj Finserv||2ND Floor Near PNG Showroom Nashik Road Narayangaon-410504 Maharashtra||11.00% Onwards||-|
|Tata Capital||9th Floor, IRIZ, Baner Pashan Link Road, Pune - 411045||10.50% - 24.00%||-|
|State Bank of India (SBI)||Revenue Colony TAL: Shirur Sidt. Pune Maharashtra||11.00% - 14.00%||180|
|Bank of Baroda||Adams Court, 1st Floor, Opp Mahabaleshwar Hotel, Baner Road, Baner, Pune, 411045||10.90% - 18.25%||108|
|Canara Bank||Pb No. 21, Red Cross Building, 11 M. G. Road, Pune Camp, Pune 411 001||11.75% - 16.25%||60|
|Standard Chartered Bank||B2 The Cerebrum It Park, KALYANI NAGAR, Pune Maharashtra 036091||11.49% Onwards||2|
|Axis Bank||201/D/1, Gr, 1st & 2nd Flr, Indra Pusti, Fergusson College Road, Pune, Maharashtra, 411004||10.49% - 21.00%||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 Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||13.25%||1||₹ 44,717||₹ 36,608||₹ 5,36,608|
|₹ 5,00,000||13.25%||2||₹ 23,830||₹ 71,912||₹ 5,71,912|
|₹ 5,00,000||13.25%||3||₹ 16,907||₹ 1,08,661||₹ 6,08,661|
|₹ 5,00,000||13.25%||4||₹ 13,476||₹ 1,46,842||₹ 6,46,842|
|₹ 5,00,000||13.25%||5||₹ 11,441||₹ 1,86,438||₹ 6,86,438|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|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
|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|
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.
- 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.
- 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.
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.
|Original Loan Amount||INR 15,00,000|
|EMI @ 20.10%||INR 39,824|
|Estimated Interest Outgo @ 20.10%||INR 8,89,460|
|Interest Paid Till 2 Years||INR 5,25,911|
|Outstanding Balance at the End of 2nd Year||INR 10,70,127|
|EMI @17.00% for the Remaining 3 Years||INR 38,153|
|Interest @17.00% Over 3 Years||INR 3,03,379|
|Interest Paid Till Now + Interest Payable Over the Next 3 years||INR 8,29,290|
|Estimated Savings in Terms of EMI||INR 1,671|
|Estimated Savings in Terms of Interest Payment||INR 60,170 (8,89,460 - 8,29,290)|