Coimbatore also called Kovai, is a prominent city in the state of Tamil Nadu. This city is a pretty and pleasant place with modern amenities. This city is surrounded by the beautiful Western Ghats. It is a popular hub for a number of sectors including healthcare, education, textiles, commercial activities, and information technology. The population of Coimbatore is over 15 lakh .
Coimbatore is home to several different banks that cater to a diverse customer base of people seeking personal loans and other financial products. One of Tamil Nadu’s major cities, Coimbatore has a plethora of banks and financial institutions that offer personal loans for as low as 11% interest and tenures as long as 5 years. With minimal documentation and paperless approval, you can get a personal loan instantly.
In case you are looking for financial support for any of your personal requirements, you can apply for an economical personal loan in Coimbatore. The city has many prominent lenders that provide trustworthy personal loans at competitive interest rates. Personal loans are usually unsecured loans. However, if you want a lower rate of interest, you could apply for a secured loan by securing it against your shares, gold, or even mortgage.
Personal Loan in Coimbatore documents required
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Coimbatore Personal Loan Interest Rates
Coimbatore Personal Loan Details
|Interest Rate (Monthly reducing balance)||10.99% – 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% – 5%|
|Guarantor Requirement||No guarantor required|
Personal loans in Coimbatore
Coimbatore has many banks and NBFCs that offer personal loans to customers. There are two types of personal loans namely, secured loans and unsecured loans. While most banks offer secured personal loans with much ease, they follow stringent procedures for sanctioning unsecured loans.
Few of the leading banks in Coimbatore offering personal loans to customers include HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, etc. It is advisable that you compare the personal loan offerings of different banks before making a final decision.
Personal Loans offered by Various Lenders in Coimbatore
A few of the top lenders that offer personal loans in the city of Coimbatore include:
- Axis Bank
- HDFC Bank
- IndusInd Bank
- Kotak Mahindra Bank
- City Union Bank Ltd
- UCO Bank
- State Bank of India (SBI)
- Karur Vysya Bank
- Indian Overseas Bank
- ING Vysya Bank
- Standard Chartered Bank
- Deutsche Bank
- Tata Capital
- Canara Bank
- IDBI Bank
- Aditya Birla
- Punjab National Bank
- Corporation Bank
- South Indian Bank
- Karnataka Bank
- Tamilnad Mercantile Bank
How to get Personal Loan with the lowest interest rate in Coimbatore?
Generally, people apply for unsecured personal loans where they maintain their salary account or savings account to have higher chances of loan approval. But if you have a good credit history then it is recommended that you compare the loans products of different banks before choosing any particular one.
A number of factors decide your personal loan eligibility, which also determine the rates of interest offered to you. Given below are some of the main factors that affect your personal loan approval:
- Credit history of the borrower: Ensure that you have cleared all your outstanding loan payments before applying for a new loan. Also, ensure that your credit history is updated by the lending organization once you have cleared the payments. With a good credit score, the chances of availing a personal loan are higher. Generally, a credit score above 750 is considered good.
- Down payments: Paying an amount upfront while availing a loan can have a significant impact on your EMIs. An amount higher than 20% of the loan value is likely to bring down your interest rates considerably.
- Debt-to-income ratio: Debt-to-income-ratio is the ratio of how much you owe the bank each month to your monthly income. It is one of the key factors which decide your personal loan eligibility. Check your debt-to-income ratio before applying for a personal loan.
- Comparing loans: A knowledge of the best loan products available in the market can help you when shopping for loans. Through third-party websites like BankBazaar, you can check the interest rates of different banks and compare the features side-by-side.
- Tenure: Your loan tenure is directly proportional to your Equated Monthly Installments (EMIs). So, choose a shorter loan tenure to avail a lower rate of interest.
- Employment status: Companies also check your employment history while approving personal loans. If your employer is listed with the bank you approach for loan, then it’s not just easy to avail the loan but you can also get a lower rate of interest.
- Personal loan negotiation: Do not settle for the interest rates offered by the bank. Always try to negotiate and reduce the EMIs. If you are applying for a loan at the bank where maintain your salary account, then you can easily negotiate as you are a preferred customer of the bank.
|Bank||Processing Fee||Interest Rate||Loan Amount||Tenure|
|Citibank||1% to 2.5%||9.99% – 16.49% (Fixed)||Rs.30 lakh||1-5 years|
|IDFC FIRST Capital||Up to 3.5% (OTF*)||10.49%-22%||Rs.40 lakh||1-5 years|
|Standard Chartered||Nil||11.49% p.a. onwards||Rs.50 lakh||1-5 years|
|HDBFS||At the discretion of the lender||Up to 36% p.a.||Rs.20 lakh||1-5 years|
|TATA Capital||2.75%||10.99% onwards||Rs.25 lakh||1-6 years|
|IndusInd Bank||2.5% of the loan amount||11.00% onwards||Rs.15 lakh||1-5 years|
|HDFC Bank||Up to 2.5% (OTF)||10.5%-21% (Fixed)||Rs.40 lakh||1-5 years|
|Aditya Birla||Up to 2% of the loan amount||14% to 26% (Fixed)||Rs.15 lakh||1-3 years|
|Fullerton||0% to 6% (OTF)||11.99% – 36%||Rs.25 lakh||1-5 years|
|HDBFS Business Loan||2% (OTF)||10.5% p.a. onwards||Rs.30 lakh||1-4 years|
|Kotak Mahindra||Up to 2.5%||10.25% onwards||Rs.20 lakh||1-5 years|
|Bank of India||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included)||10.35% – 12.35%||Rs.2 lakh||1-3 years|
|Bank of Baroda||2% of the loan amount subject to Rs.1,000 to Rs.10,000 (GST not included||10.50% – 12.50%||Rs.50,000 to Rs.15 lakh||1-5 Years (Max)|
|BOM||1% (Min. Rs.1,000)||9.45% p.a. -12.80% p.a.||Rs.20 lakh||1-7 years|
|Central Bank||1% of the loan amount||9.85% -10.05% p.a.||Rs.10 lakh||4 years|
|IDBI Bank||1%+S.T. (OTF)||Up to 10.90% (Floating)||Rs.50,000 to Rs.5 lakh||1-5 years|
|IOB||Up to 0.5% of the loan amount||10.50% p.a.||Up to Rs.5 lakh||1-5 years|
|Karur Vysya||1.5% (OTF)||11.00% to 19%||Up to Rs.10 lakh||1-5 years|
|SBI||1.5% (OTF)||9.60% – 15.65%||Up to Rs.20 lakh||Up to 72 months|
|Union Bank||At the discretion of the bank||9.30% p.a. onwards||Rs.15 lakh Max.||1-5 years|
|UCO Bank||1% (Min. Rs.750) OTF||10.05% to 10.30%||Rs.15 lakh||5 years|
|RBL Bank||Up to 3.5% of the loan value||14% p.a. – 23% p.a.||Up to Rs.20 lakh||1-5 years|
|Yes Bank||Up to 2.5% (OTF)||10.99% onwards (Fixed)||Rs.40 lakh (Max)||1-5 years|
Personal Loans in Coimbatore Salary requirements:
The income requirements to avail a personal loan differs from one lending institution to another. Therefore, compare various personal loan products and choose the one that suits you the best. Generally, banks offer loans to customers who meet the following income requirements:
- For salaried individuals – Generally, banks offer personal loans to applicants who are above 21 years of age and earn a monthly income of Rs.15,000 or above.
- Self-employed individuals – If you are self-employed, then your business must make a profit of Rs.1 lakh to Rs.2 lakh annually to be eligible for personal loans.
FAQs on Coimbatore Personal Loan
What are the additional charges applicable on personal loans?
Banks charge you a processing fees, which is normally 2% of the loan amount.
Will my credit history affect the interest rate on my loan?
Yes, your credit history directly affects your interest rate the bank or NBFC offers you on your personal loan. The higher your credit score, the lower will be the interest rate and vice versa.
Can I transfer my personal loan amount from one bank to another?
Yes, you can transfer your loan from one bank to another. However, make sure that you have cleared all your outstanding EMIs before applying for a loan transfer.
How long does it take to get a loan approved?
The approval time depends from one bank to another. Some banks approve your personal loans within 24 hours.
What is the tenure range of personal loans?
Most banks offer loans for a tenure of 1 to 5 years. The tenure decides the interest rate, the EMIs to be repaid to the bank monthly, etc.