Personal Loans in Coimbatore

  • Bajaj Finance
  • ICICI Bank
  • INDUSIND Bank
  • FULLERTON
  • IDFC
5.0 / 5 (5 Reviews)

Why apply through CreditMantri

Quick and easy approval for Personal Loans in Coimbatore CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Coimbatore, based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Coimbatore Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Coimbatore.

max tenure

5 yrs

processing fee

0.5%*

best rate

12.99%*

  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

5 yrs

processing fee

2.25%

best rate

14.75%

  • Maximum loan - 25 lakhs
  • 5-minute online personal loan approval and cash in bank in 72 hours
  • Interest rate - 12% to 15%
  • Processing fee - 2.25% to 3% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 999/- for instant approval online
  • Online application, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

max tenure

5 yrs*

processing fee

999₹*

best rate

11.49%*

  • Maximum loan - 20 lakhs (salaried)
  • Maximum loan - 30 lakhs (self employed)
  • Fixed interest rate
  • Direct credit of the loan amount through Fund Transfer (FT)
  • Simple repayment options such as ECS, AD or PDC
  • Interest rate - 13% to 18%
  • Processing fee - Up to 2.5% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

max tenure

4 yrs

processing fee

2%

best rate

17.25% *

  • Personal Loan up to 20 lacs.
  • Easy Repayment over 12 to 48 months.
  • Quick and easy approval process
  • Balance transfer of an existing Personal loan
  • Interest Rate: 17.25% onwards
  • Processing Fee: 2% onwards
  • Application form with a recent photograph
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Age proof - PAN Card, Passport, any other certificate from a statutory authority
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months’ salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque
  • Previous 2 years’ experience letter without any gap (if current work experience < 1 year)

max tenure

5 yrs

processing fee

2%

best rate

15%

  • Ability to save on interest
  • Quick and transparent processing
  • Customized loan as per your requirement
  • Simpler documentation
  • Interest Rate – 15%
  • Processing Fees - 2%
  • PAN Card
  • Address Proof -Any one of Aadhaar/Driving licence/Passport/Voter ID/NREGA Card
  • Age Proof
  • Last 3 months’ salary slips
  • Last 6 months’ bank statement

Personal Loan in Coimbatore

Do you live in Coimbatore? Are you looking for a personal loan in Coimbatore and wondering what your options are? Read on!

Personal Loans in Coimbatore

What is a personal loan?

A personal loan is an unsecured loan, meaning you do not have to offer any collateral or security to the bank. There are no restrictions on how you can use the loan amount, unlike an auto or housing loan. You could spend money from a personal loan for anything ranging from home renovation, credit card debt consolidation, a vacation, business expansion, to recover from sudden income loss or a medical emergency. Before approving your loan application, banks do a background check on your professional details, your financial credibility and your credit history to arrive at a solution—whether you can repay the loan or not.

A personal loan is one of the costliest loans in the market. Since it is an unsecured loan, its interest rates could go up to as high as 32% or even more depending on your credit situation. Those who have a clean credit history can get a personal loan in Coimbatore with lower interest rates.

Some NBFCs even offer personal loans for CIBIL defaulters in Coimbatore, although at high interest rates. You might also be asked to pledge collateral in addition to the loan (if approved) being approved at high interest rates.

Features of a Personal Loan:

  • Speedy approvals and over-the-counter loan disbursals with some banks, ifyou are an existing customer
  • Speedy processing and less documentation (nil documentation if you are an existing customer)
  • No restriction on the end-use of the loan amount
  • No collateral required
  • Can be used as a debt consolidation tool

Disadvantages of a personal loan:

  • High interest Rate
  • Unfavorable terms and conditions offered to those who are not able to prove their credit worthiness.

Personal Loans in Coimbatore

All major banks and NBFCs offer personal loans in Coimbatore. Popular banks and NBFC’s that offer personal loans in Coimbatore include but is not restricted to: Lakshmi Vilas Bank, ICICI Bank, State Bank of India, Axis Bank, Tata Capital, Fullerton, Bajaj Finance, Punjab National bank, Karur Vysya Bank, HDFC Bank, Standard Chartered Bank, TamilNadu Mercantile Bank, IDBI Bank, Citibank, etc. Avail of the best personal loan offers in Coimbatore if you have a good credit score and a clean credit history.

Personal loans in Coimbatore for salaried, self-employed and business people are available.

Personal Loan in Coimbatore With Low Interest

If you want to avail a personal loan in Coimbatore at low interest rates, then you should have a good credit score and history. Those who have a good credit score are usually the ones offered personal loans at competitive terms.

A credit score of 750 or above is generally viewed as a good score. The entire loan approval process will be quicker and simplified if you have a healthy credit score.

Is it possible to get a personal loan in Coimbatore with bad credit?

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and your lender’s policy. It is important to share a good relationship with your existing lender. If you have a high net annual income, then your bad credit score might be disregarded and you might be approved for a personal loan albeit at high interest rates. Keep in mind that you might be asked to pledge collateral as a form of security as well.

It is recommended that you raise your credit score to a healthy number, like 700 or above, so that you can avail of the loan at the best terms and conditions and reduce your monthly EMI outflow.

Eligibility for Personal Loan in Coimbatore

  • Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
  • Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
  • Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
  • Should be staying in the same address / city for at least 1 year
  • Total work experience should be at least 2 years
  • Should have a stable employment history

You can check your eligibility for a personal loan in Coimbatore online, on the lender’s website.

Documents Required for Personal Loans in Coimbatore

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Coimbatore:

  • Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
  • Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
  • Income Proof Documents – Last 6 months salary slip and latest Form 16
  • Bank Statements: Past 6 months bank statement with salary credit
  • Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

  • Degree Certificate / educational documents for self-employed professionals.
  • Proof of business existence
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
  • Any other documents as directed by the Bank or NBFC

Personal Loan in Coimbatore FAQS

What is Personal Loan Interest Rate in Coimbatore?

The interest rate varies with each lender and each customer and depends on various parameters like income, individual credit history and credit score.

What is the minimum and maximum loan amount for salaried people?

The loan amount varies from as low as a few thousands and could go up to many lakhs.

Do I have to pledge any collateral in order to secure a personal loan?

No collateral or security is required for obtaining a personal loan in Coimbatore.

How do I repay the loan?

You can repay the loan amount in convenient EMIs (Equated Monthly Instalments).

What is an EMI?

EMI stands for Equated Monthly Installment. It is the fixed monthly amount you need to pay your lender. It includes principal amount as well as interest.

I have already availed a loan from my bank. Do I get any offers from my lender for availing a loan from them again?

Yes, if you are an existing customer, you will get additional benefits like an Instant Loan or at the least, a speedy loan approval process and better interest rates.

How to apply for Personal loan in Coimbatore:

There are several ways to apply for a personal loan:

  • You can apply directly online at the bank / NBFC's website;
  • You can go in person to your nearest branch and apply with the required documentation

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you and match you with the loan offer that best suits your unique credit profile.