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Aditya Birla Personal Loan

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Processing Fee

nil*

Max Tenure

nil*

Best Rate

11.75%

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Aditya Birla

Aditya Birla Fin​ance Lim​ited (AB​FL) is one of India's most re​puted non-ba​nki​ng fin​​ancial companies ​​(NBFC). Incorporate​d in 1991, th​​e company was certified as ISO 9001:2008 across all​ its core functional processes in March 2013 by BSI, a leading global independent business services organization. We offer c​customized solutions in areas of Capital Market, Corporate Finance, Commercial Real Estate & Mortgages and Infrastructure Project & Structured Finance.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Aditya Birla Personal Loans

Being one of the largest bank in India, Aditya Birla offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Aditya Birla.

Aditya Birla Personal Loan

Advantages of Aditya Birla

  • Low interest rate
  • No hidden costs and administrative charges
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement
  • Pensioners get attractive offers

Documentation Required for Aditya Birla Personal Loans

Important documents to be submitted while applying for personal loans with Aditya Birla

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Aditya Birla Personal Loans

Catering to the needs of various sections of people, tailor-made Aditya Birla personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Eligibility Criteria

The following are the criteria to quality for a personal loan from Aditya Birla

The applicant must be within the age group 23-57

The minimum net monthly income of the applicant should be INR 25,000 (twenty-five thousand)

Aditya Birla Finance Personal Loan Details

Interest Rate (Monthly reducing balance)11.75% to 13.75%
Processing Fees1% of the loan amount
Loan Tenure1 year to 5 years
Pre-closure Charges4% of principal outstanding in the 1st year; 3% in the 2nd year and 2% thereafter Pre-closure permitted after 6 months
Guarantor RequirementNo guarantor required

Documents Required

  • The first and foremost document will be the application form with a photograph.
  • KYC documents relating to a proof of identity and address will be needed too.
  • You will also have to provide your bank statements for the last 6 months.
  • Your salary slips for the last 3 months will also be needed.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. Aditya Birla offers two types of personal loans. They are Personal loan and Quick Loan.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

In some cases, security is required.

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

There is 1% processing fee for Personal loan.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Aditya Birla Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Aditya Birla offers personal loans at the cheapest rates of interest, with no security or collateral

Aditya Birla offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Aditya Birla personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the Aditya Birla personal loan?

You can either apply online or visit the nearest Oriental Bank of Commerce loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Aditya Birla personal loan?

There are no pre-payment charges levied towards the personal loan.

Aditya Birla Personal Loans Overview

Aditya Birla provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with 1% processing fees and no hidden charges makes Aditya Birla personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Aditya Birla personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (92 Reviews)
10 May 2019

good app

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