Personal Loan in Kerala, Interest rates from 10.49%

Looking for a personal loan in Kerala to manage unexpected expenses, consolidate debt, or fulfill a dream? You’ve come to the right place! Here’s a comprehensive guide to navigate the personal loan landscape in Kerala.


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Personal Loan in Kerala

Are you in need of financial assistance in Kerala? A Personal Loan could be the solution to your immediate cash requirements. Here’s a comprehensive guide to understanding Personal Loans in Kerala, including eligibility criteria, types of loans available, interest rates, charges, and application process.

Eligibility and Requirements for PL in Kerala

  • Age: Typically between 21 and 58 years old.
  • Minimum Income: Varies depending on the lender and loan amount. Generally, higher income increases eligibility.
  • Employment Status: Salaried individuals, self-employed professionals, or business owners (documents required will vary).
  • Credit Score: A good credit score (generally above 750) improves your chances of approval and secures a lower interest rate.
  • Documents: Proof of identity, address, income (payslips/ITRs, bank statements), and property ownership (for secured loans).

Comparison of bank Lenders in Kerala

InstitutionInterest ratesLoan amount
HDFCFrom 10.5%Upto 40 Lakhs
Axis BankFrom 10.49%`Upto 40 Lakhs
ICICI bank10.75%-19%Upto 40 Lakhs
Bank of Baroda10.75% – 18.5%Upto 5 Lakhs
SBIFrom 11%Upto 30 Lakhs
IndusIndFrom 10.49%Upto 50 Lakhs
Yes BankFrom 10.99%Upto 40 Lakhs
Standard CharteredFrom 11.5%Upto 50 lakhs
IDFCFrom 10.49%Upto 50 Lakhs
Kotak MahindraFrom 10.99%Upto 40 Lakhs
PNBFrom 11.40%Upto 20 Lakhs
Bandhan bankFrom 11.55%Upto 25 Lakhs

Comparison of bank NBFCs Lenders in Kerala

Institution Interest rates Loan amount
Tata Capital From 10.99% Upto 35 Lakhs
InCred From 18% Upto 3 Lakhs
Finnable From 16% Upto 10 Lakhs
PaySense From 16.8% Upto  5 Lakhs
Poonawalla From 9.99% Upto 30 Lakhs
Fullerton From 11.99% Upto 25 Lakhs
LendingKart From 12% Upto 3 Lakhs
Axis Finance From 13% Upto 25 Lakhs
L&T Finance From 12% Upto 7 Lakhs
Mahindra Finance From 10.99% Upto 10 Lakhs
Aditya Birla From 11.99% Upto 50 Lakhs
Bajaj Finance From 11% Upto 50 Lakhs

Types of Personal Loans Available in Kerala

  • Unsecured Personal Loans: Based on your creditworthiness, no collateral required.
  • Secured Personal Loans: Backed by an asset like a vehicle or property, often offering lower interest rates.
  • Top-up Loans: Extend your existing loan amount, subject to eligibility and lender’s policy.
  • Debt Consolidation Loans: Combine multiple debts into a single loan with potentially lower interest.

Interest Rates and Charges for PL in Kerala

FeatureDescriptionIndicative Range
Interest RatesThis is the annual percentage rate you pay on the loan amount.10.49% p.a. – 35.99% p.a.
Processing FeeUpfront fee for processing your loan application.Up to 4% of the loan amount + applicable taxes
Documentation FeeCost associated with verifying your submitted documents.Up to 0.50% of the loan amount + applicable taxes
Prepayment ChargesApplicable if you pay off all or a part of the loan before the term ends (may vary by lender).Up to 5% of the prepayment amount + applicable taxes
Late Payment ChargesPenalty charged for overdue payments.Varies by lender, typically a percentage of the overdue amount.
Bounce ChargesFee levied if your loan repayment cheque bounces.Around ₹ 500 + applicable taxes

Types of Personal Loans in Kerala

  • Debt Consolidation Loans
  • Education Loans
  • Emergency Loans
  • Salary Advance Loans
  • Secured Personal Loans
  • Travel Loans
  • Unsecured Personal Loans
  • Wedding Loans

Additional Tips for Obtaining a Personal Loan in Kerala

  • Compare rates and terms: Don’t settle for the first offer. Research different lenders and compare interest rates, fees, and repayment options.
  • Maintain a good credit score: Timely payments on existing loans and credit cards improve your creditworthiness and bargaining power.
  • Borrow only what you need: Personal loans can be expensive. Only borrow what you absolutely need and can comfortably repay.
  • Choose the right loan type: Secured loans offer lower interest rates but require collateral. Unsecured loans are quicker but may have higher interest rates.
  • Negotiate the terms: Once you have a good credit score and loan offers, try negotiating a lower interest rate with the lender.

How to Apply for a Personal Loan at Kerala?

Fincover.com is an online marketplace that allows you to compare loan quotes from various banks and NBFCs.

Mentioned-below is the process to apply for a Personal Loan at Fincover.

  • Visit https://www.fincover.com/banking/loan/personal/ 
  • Complete the loan application by filling up all the necessary details
  • Most popular quotes matching your requirement will be displayed.
  • Apply for the bank along with the requested documents and get a reference number. You can then check the status of the application from our dashboard.
  • Upon verification and approval, the loan will be disbursed to your account. The whole process takes just a few days, some even hours. The loan processing time varies from bank to bank
Personal Loans by Bank