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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
Banks
| Institution | Interest rates | Loan amount |
| DBS bank | From 10.99% | Upto 15 Lakhs |
| HDFC | From 10.5% | Upto 40 Lakhs |
| Axis Bank | From 10.49%` | Upto 40 Lakhs |
| ICICI bank | 10.75%-19% | Upto 40 Lakhs |
| Bank of Baroda | 10.75% – 18.5% | Upto 5 Lakhs |
| SBI | From 11% | Upto 30 Lakhs |
| IndusInd | From 10.49% | Upto 50 Lakhs |
| Yes Bank | From 10.99% | Upto 40 Lakhs |
| Standard Chartered | From 11.5% | Upto 50 lakhs |
| IDFC | From 10.49% | Upto 50 Lakhs |
| Kotak Mahindra | From 10.99% | Upto 40 Lakhs |
| PNB | From 11.40% | Upto 20 Lakhs |
| Bandhan bank | From 11.55% | Upto 25 Lakhs |
Comparison of bank NBFCs Lenders in Kerala
NBFCs
| Institution | Interest rates | Loan amount |
| Piramal Finance | From 12.99% | Upto 35 Lakhs |
| Shriram Finance | From 14% | Upto 35 Lakhs |
| 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
| Feature | Description | Indicative Range |
| Interest Rates | This is the annual percentage rate you pay on the loan amount. | 10.49% p.a. – 35.99% p.a. |
| Processing Fee | Upfront fee for processing your loan application. | Up to 4% of the loan amount + applicable taxes |
| Documentation Fee | Cost associated with verifying your submitted documents. | Up to 0.50% of the loan amount + applicable taxes |
| Prepayment Charges | Applicable 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 Charges | Penalty charged for overdue payments. | Varies by lender, typically a percentage of the overdue amount. |
| Bounce Charges | Fee 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
NBFCs
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- FOIR Calculator
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