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Aditya Birla Personal Loan Interest Rates

Interest Rate Comparison Tool

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Highlights

  • Avail one of the best rate from a reliable Non-Banking Financial Company (NBFC).
  • Check out some of the ways in which you can get a low interest deal on the Aditya Birla Presonal Loan.

To start along the road to financial freedom, apply online for a personal loan from Aditya Birla Finance Limited right now. When it comes to meeting financial needs for events like weddings, trips, home improvements, or unplanned situations like medical operations, personal loans are the best option. With an easy and quick personal loan from Aditya Birla Finance Limited, you may put an end to all of your financial troubles.

Aditya Birla Personal loan interest rates include two types: Long Term Reference Rate (LTRR) at 20 bps to 20.45% p.a., and Short Term Reference Rate (STRR) at 20 bps to 19.45% p.a., effective March 1, 2024.

In this page, you will find out the vital part of figuring out the return on savings and the cost of borrowing which is the most crucial thing to consider when thinking about a personal loan is the interest rate. This rate has a big impact on your monthly payments and the overall cost of borrowing. The financial difficulties can finally be resolved with the Aditya Birla Personal Loan, which is the answer to all of your issues.

Aditya Birla Personal Loan Interest Rate Details

 
Particulars Details
Interest Rates 10% - 16% p.a
Loan Amount Max. Amount of upto INR 50 lakh
Tenure Upto 84 months
CIBIL Score 750 or Above

Advantages of Aditya Birla Personal Loan

A personal loan can be tailored to match the needs of applicants with a number of enticing features. The Aditya Birla Personal Loan plan offers the most customisable options, allowing borrowers to settle their debts over time and in accordance with their unique demands.

Some of the benefits are - 

  • Adaptable terms for repayment
  • Options for a flexible tenure of up to 7 years.
  • A maximum of Rs 50 lakh could be borrowed.
  • Options for repayment: NACH/ECS.
  • To apply for the loan, there is no need for collateral or security.
  • To improve eligibility, the applicant may pool the income of co-applicants.
  • Interest rates don't fluctuate during the course of the loan.

Factors Affecting Aditya Birla's Personal Loan Interest Rate

Here are some of the factors that may affect your personal loan interest rate.

  • Credit Score - To get a low interest rate on a personal loan from Aditya Birla, your credit or CIBIL score should be 750 OR ABOVE.
  • Income - The current income you are earning cannot be changed, but you can obviously look for a good hike and better opportunities because your income is the only source to repay your loans faster. 
  • Type of Employment - Personal loan interest rates are significantly influenced by the type of work. Due to their more steady income, salaried employees often receive cheaper interest rates than self-employed persons. 
     
  • Employment Stability - Aditya Birla determines interest rates based on your employment stability. Therefore, in order to avail a lower rate, you need to have a stable and solid work history.

Calculating EMIs on Aditya Birla Personal Loans at Different Interest Rates

Once you know the interest rate and decide on the loan amount you wish to take out, the next step is to calculate your monthly EMIs. This helps you understand how much you will need to pay each month. To make this calculation easy, you can use the Aditya Birla Personal Loan EMI Calculator provided by Wishfin.

Simply input the following details:

  • Principal Amount
  • Interest Rate
  • Loan Tenure

After entering these details, you'll instantly see both the total interest you'll be paying and the monthly EMI for your car loan. This helps you understand your financial commitment right away.

The table below highlights the EMIs for a personal loan of Rs. 1,00,000, calculated at interest rates of 10% and 16% over periods ranging from 1 to 5 years. You can adjust the loan amount and other details as per your needs.

Tenure (In Years)

EMI (at 10% interest rate)

EMI (at 16% interest rate)

1

₹8,792

₹9,073

2

₹4,614

₹4,896

3

₹3,227

₹3,516

4

₹2,536

₹2,834

5

₹2,125

₹2,432

 

What Should You Do in Order to Fetch the Lowest Interest Rate from Aditya Birla?

If you keep in mind the below-mentioned factors, you have a chance of seizing a low-interest deal from Aditya Birla:

  • Increasing your credit rating: You will receive a better interest rate on your personal loan if your credit score is high. You must have a credit score of at least 750 or better to qualify for a personal loan with a low interest rate. The likelihood of having your loan approved is reduced if it is lower. 
  • Repayment arrears should be prevented at all costs: Even if you are late on a loan payment or credit card bill, it will negatively impact your credit score. To determine the interest rate on your personal loan, lenders and loan providers typically closely monitor your repayment history and habits.
  • Always be on the lookout for deals: Banks, financial institutions, and loan lenders run special promotions and bargains during the holiday season. To obtain a better bargain, you must make sure you keep an eye out for all the holiday seasons and events. Additionally, you can get discounts and offers on the anniversary of the business or the owner's birthday.
     
  • As much as possible, compare: Determining your interest rate requires careful consideration of various offers, banks, financial institutions, and other factors that may affect you. 
     
  • Your rapport with the lender - The creditworthiness of your lender or financial organization is another element influencing your loan's interest rate.

Documents Required for a Personal Loan for Salaried Individual

Minimal documentation is required to take up a personal loan these days. It’s a hassle-free process these days. Here is the checklist of the required documents ➖

  • KYC Documents - These documents include - a PAN Card, Aadhaar Card, Driving Licence, etc. 
     
  • Proof of Income - Salary slips for the last 3 months showing all deductions and Form 16.
     
  • BANK STATEMENT WHERE INCOME IS CREDITED - Last 6 months
     
  • PROOF OF OTHER INCOME - Salary certificate or salary slips for the last three months, bank statement for the last six months showing a direct salary credit, and the most recent Form 16.

Documents Required for Self-Employed Individual

If you own a business or work for yourself, you might also need to submit additional documentation with your loan application apart from the ones that are already listed above. These are the listed documents that you need to submit -

  • Photo Identity Proof (Any one) - Passport, PAN Card, Voter’s ID, Aadhaar Card, Driving License.
     
  • Address Proof (Any one ) - Passport, Aadhaar Card, Driving License, Utility Bill (telephone, water,  electricity,  gas) – less than 2 months old, Ration Card.
     
  • Proof of Residence Ownership - Property documents, Maintenance bill, Electricity bill.
     
  • Proof of Office Address and Ownership (Any one) - Maintenance bill Property documents, Electricity bill.
     
  • Proof of Business Existence (Any one) - Copy of GST registration, Company registration license, Shop establishment proof.
     
  • Age - Minimum age should be above 23 years and the maximum age to apply for the loan is 65 years.
     
  • Income Proof - Previous two years' income tax returns, together with an income computation duly verified by a chartered accountant. An audited balance sheet and profit and loss accounts, including the tax audit report if applicable, and a bank statement or bank passbook for the previous year pertaining to savings or current accounts.

Other Charges of Aditya Birla Personal Loan

Here are a few of the most well-known fees and charges applicable to personal loans:-

Fee Type 

Details

Processing Fee

Up to 3% of the loan amount

Cheque Return Charges

Rs. 500

Charges for Cancellation of Loan

4% of loan amount disbursed + taxes

CIBIL report retrieval fee 

Rs. 100 + GST per instance

Charge for exchanging PDCs/ECS 

Rs. 750 + GST per instance

Loan Reschedule Charges

Rs. 5,000 + GST per instance

Pre-closure Quote 

Rs. 1,000 + GST per instance

Part Pre-payment

For Term Loan facility

Charges:

 
  1. No fees if a portion of the upfront payment is 20% of the total amount paid out over the course of a year.
 
  1. 4% + GST on the balance of the loan, if the partial prepayment exceeds 20%


 

Foreclosure

Conditions:

 

a) No prepayment is permitted within the first 12 months following the date of distribution;

 

 b) The amount of a partial prepayment must equal or exceed the sum of the three EMIs.

 

Regarding Flexi Loan Programs

There are no fees associated with using a mobile app or site to make payments. Loan facility partial prepayment towards limit reduction is not offered.

Annual Maintenance Charges

The fees associated with a term loan are 

4% of the principal amount owed plus GST.

 

Fees for a Flexi Loan are 

4% of the total amount that can be withdrawn* plus GST.

 

Conditions:

Repossession is only permitted after 12 months from the loan disbursement date.

Any other charges 

As per actual if applicable

*Withdrawable amount: The principal that is still owed on the date of charge levy in accordance with the loan disbursement payback schedule, or the dropline balance on that date.*

Aditya Birla Personal Loan Contact Number

A dedicated team has been set up by Aditya Birla to tackle any queries or doubts with regard to personal loans. Whether it is about Aditya Birla Personal Loan interest rate or any other query related to the loan, all your doubts will be resolved in no time by dialing the toll-free number 1-800-270-7000.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

Bank of India Personal Loan Interest Rates Axis Bank Personal Loan Interest Rates
Bajaj Finserv Personal Loan Interest Rates Bandhan Bank Personal Loan Interest Rates
Bank of Baroda Personal Loan Interest Rates Muthoot Finance Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates Canara Bank Personal Loan Interest Rates
Central Bank Of India Personal Loan Interest Rates DCB Bank Personal Loan Interest Rates
Federal Bank Personal Loan Interest Rates SMFG India Credit Personal Loan Interest Rates
HDFC Personal Loan Interest Rates HSBC Personal Loan Interest Rates
ICICI Personal Loan Interest Rates IDBI Bank Personal Loan Interest Rates
IndusInd Bank Personal Loan Interest Rates IDFC First Bank Personal Loan Interest Rates
Karur Vysya Bank Personal Loan Interest Rates Kotak Bank Personal Loan Interest Rates
J&K Bank Personal Loan Interest Rates Nainital Bank Personal Loan Interest Rates
Punjab and Sind Bank Personal Loan Interest Rates SBI Personal Loan Interest Rates
Tata Capital Personal Loan Interest Rates YES Bank Personal Loan Interest Rates
PNB Personal Loan Interest Rates RBL Bank Personal Loan Interest Rates
Standard Chartered Bank Personal Loan Interest Rates Union Bank Personal Loan Interest Rates
UCO Bank Personal Loan Interest Rates Indian Bank Personal Loan Interest Rates

Frequently Asked Questions

1. What is the Interest rate of Aditya Birla?

With interest rates ranging from 10% to 16% per annum, Aditya Birla Finance personal loans are now available at low interest rates with minimal or less documentation requirements.

2. Who is eligible for the Aditya Birla loan?

Every salaried individual aged from 23 years to 60 years is eligible for this personal loan with a fixed interest rate. Aditya Birla is here to fulfill your immediate financial requirements and on the desired goals. 

3. What is the Minimum Income for Aditya Birla Personal Loan?

The monthly income of a person seeking a loan should be Rs 15,000 is required to be eligible for a loan.

4. How to check Aditya Birla's personal loan details?

By visiting the Aditya Birla Capital ABC portal, applicants can access information on the status of their personal loan accounts. Applicants can check the status of their personal loan accounts by sending a "Hello" message to 8828800031 on WhatsApp.

5. What is the age limit for Aditya Birla personal loan?

The age limit for Aditya Birla Personal loan is 23 years to 60 years.

6. What is the minimum income for Aditya Birla personal loan?

In order to qualify for this online personal loan, you must have one year of work experience and a minimum monthly income of INR 15, 000. 

7. What is the minimum CIBIL score for Aditya Birla Finance?

To apply for an Aditya Birla Personal Loan, you do not need to have a certain CIBIL score. However, since it can increase your chances of obtaining inexpensive financing, it's a good idea to maintain your score above 750.

8. How to calculate a personal loan limit?

It is determined by taking into account a number of variables, including income, loan tenure (amount), and outstanding debt. Note: The maximum eligible amount may vary depending on an individual's CIBIL score.

9. What is the formula for calculating EMI on a personal loan?

The following mathematical method will help you determine how much your EMI will be: [P x R x (1+R)^N]/[(1+R)^N-1] is the EMI amount, where the variables are P, R, and N. It also implies that each time you adjust one of the three factors, the EMI value will likewise alter. 'P' represents the 'Principal Amount'.

10. Does Aditya Birla provide a loan?

Aditya Birla Finance Limited (ABFL) provides personal loans up to Rs. 50 lakhs; however, the maximum loan amount that you qualify for will vary based on your unique situation, including your employment status, credit score, debt-to-income ratio, and income.

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