Personal Loan In Vellore

Known for its historical monuments, including the Vellore Fort, which was built by the Vijayanagara Empire in the 16th century. Vellore is also a center for educational institutions, including the oldest and most prestigious medical colleges in India.

Vellore is a relatively affordable city with a standard of living. This makes it a popular destination for people looking to relocate, start a new business or pursue education. As the city continues to grow, the demand for personal loans is also increasing.

Here, personal loans are used for consolidating debt, paying for medical expenses, or funding a major purchase. Currently, various lenders are offering personal loans in Vellore under the interest rate of 11.99% per onwards for a tenure of up to 5 years.

Enjoy a smooth & stress-free loan journey while availing of a personal loan in Vellore.

Instant Personal Loan in Vellore

A hassle-free way to address your urgent financial needs is by an instant loan customized for the residents. Hence, the table below presents you the detailed information associated with availing personal loan in Vellore:

Loan Personal Loan
Loan Amount ₹10,000 to ₹15 Lakhs
Loan Tenure Up to 5 years
Interest Rates in Vellore 11.99% p.a. onwards
Minimum Salary ₹15,000/-
Note - The interest rates are dynamic and are subject to change based on your credit history & creditworthiness.

Personal Loan Interest Rates in Vellore

Its exceptional medical institutions delivering medical aid to a multitude of individuals underscore Vellore's prominence in the medical field. Availing personal loan will aid you in experiencing enhanced medical consultations in Vellore.

However, before you proceed it is necessary to keep yourself informed about the details on the various charges associated with availing personal loan in Vellore:

Processing Fees 0% - 6%
Interest Rate 11.99% p.a onwards
Pre-closure Charges 2% - 5%
Loan Tenure 1 to 5 years
Note - The interest rates are dynamic and are subject to change based on your credit history & creditworthiness.

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Personal Loan Providers in Vellore

Personal loans range for different reasons. They’ve customized loan tenures and repayment options that suit your financial needs. The instant personal loans in Vellore are strategically designed thereof. Venture into respected banks, reliable NBFCs, and personal loan agents in Vellore to locate the loan solution that fits your requirements perfectly in the dynamic cultural heart of Tamil Nadu.

Banks in Vellore for Personal Loan

With Vellore’s steady economic growth, the demand for personal financial support is on the rise. In response to this need, major banks & personal loan agents in Vellore have stepped up to offer personal loan services to help you overcome financial obstacles.

Hence, refer to the table below to get the information about the interest rate provided by these banks in Vellore.

Top Banks in Vellore Interest Rate
SBI Bank Personal Loan 11% onwards
HDFC Bank Personal Loan 10.50% onwards
IndusInd Bank Personal loan 10.49% onwards
Bank of Baroda Personal Loan 10.90% p.a
Kotak Mahindra Bank Personal Loan 10.99% onwards

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Ready to take the next step? Apply for a Personal loan now!

NBFC in Vellore for Personal Loan

Non-Banking Financial Companies in Vellore have emerged as key financial supporters as well, especially extending personal loan services for any sudden monetary constraint. Here are the top and most reliable NBFCs in Vellore, offering personalized financial services to help you arrive at your desired loan amount to cater to your requirements.

Refer to the table to understand the tenure period and processing fee offered by these NBFCs:

Banks Interest Rates (p.a) Processing Fees
Navi Personal Loan 9.9% onwards 3.99% to 6% of the loan amount
Bajaj Finance 11% onwards 3.93% of the loan amount
Tata Capital Personal Loan 10.99% onwards 3.5% of the loan amount
Money View 15.96% onwards 2% of the approved loan amount

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Personal Loan Eligibility in Vellore

The eligibility criteria for a personal loan in Vellore vary depending on the lender, but some common factors include:

Age: You must be at least 18 years old to apply for a personal loan.

Income: You must have a stable income that can support the monthly payments.

Cibil score: Your credit score should be at least 700.

Employment status: You must be employed full-time.

Residential status: You must be a resident of India.

Documents required to get Personal loan in Vellore

While planning to finance a personal loan in Vellore here are the documents required that you should keep handy for a smooth application process:

Proof of identity: This could be a passport, driver's license, or Aadhaar card.

Proof of address: This could be a utility bill, bank statement, or rental agreement.

Proof of income: This could be a salary slip, tax returns, or business documents.

Cibil report: This is a report that shows your credit history.

Ready to take the next step? Apply for a Personal loan now!

Calculate EMI for a Personal Loan in Vellore

Calculating the EMI for a personal loan in Vellore holds immense usefulness. Understanding the total repayment amount over the loan tenure provides a valuable long-term financial perspective, while also shedding light on the interest component's impact. Calculating EMI helps you to make well-informed borrowing decisions in Vellore's dynamic financial landscape. In order to know your payable EMI you have to either calculate it manually or you can also utilize any online EMI calculator.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

However, if you are planning to do it manually then you can use the formula below,

E = [P × r × (1+r)^n] / [((1+r)^n) - 1]

Here in the equation,

  • E stands for EMI
  • P stands for principal loan amount
  • R stands for the monthly rate of Interest
  • N stands for tenure period.

For example,
If you are planning to avail of a personal loan of ₹15 lakhs, with an l l interest rate of 10.25% p.a, for a loan the tenure of 5 years, then here's the payable EMI:

Now, let's understand these values by using the personal loan EMI calculator formula :

EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]

EMI = [15,00,000 * 0.00854 * (1 + 0.00854)^60 / (1 + 0.00854)^60 - 1]
EMI = ₹32,512.54

So, the payable EMI for a personal loan of ₹15 lakhs at an interest rate of 10.25% per annum for a loan tenure of 5 years is approximately ₹32,512.54.

Features & Benefits of Personal Loans in Vellore

For residents aiming to secure financial assistance for a variety of needs and aspirations, a personal loan in Vellore offers not only a solution but also brings along featural advantages

Instant loan upto ₹15L

Avail personal loan
from 10,000-₹15L in

Tenure Period

Handle your loan with
flexible tenures
extending up to 5 years.

Interest Rates

Now get personal loan
starting just 11.99%

Less Documentation

Attain the loan amount
you need with simplified
documentation requirements

No need for collateral

Get loan upto ₹15Lakhs
without any collateral

Quick Disbursal

Receive your loan within
24 hours

Types of Personal Loans in Vellore

When it comes to availing personal loans in Vellore, there are several types tailored to cater to your different needs and goals:

Personal loans for Medical expenses: Vellore's reputation for medical institutions attracts patients, and medical loans help manage healthcare expenses. Availing personal loan for financial support will help you prioritize your health and get the best treatment necessary.

Personal loan for Wedding Expenses: Celebrating a wedding in Vellore is an occasion filled with cultural richness, warmth, and a touch of tradition. Hence, availing personal loan for Vellore wedding expenses will support in bringing dream weddings into reality by eradicating financial obstacles.

Personal loan for Business/Start-up: If you are aiming to embark on a business venture then Vellore’s growing economic opportunities can be a favorable prospect. Availing a personal loan does help you start a business of your own.

Personal Loan for Education Loan: Vellore's renowned educational institutions make education loans popular among students seeking higher studies and career advancement. Now, enroll for your dream course in Vellore with personal loans for education expenses.

Personal Loan for Travel Loan: As Vellore attracts explorers and tourists, travel loans facilitate memorable journeys without straining finances. That’s when a personal loan for your travel expenses in Vellore is a straightforward process that can help you dream big, and travel destinations at ease.

Ready to take the next step? Apply for a Personal loan now!

Personal Loan in Vellore with Minimal Documentation

There can be many reasons why you can take a personal loan in Vellore with minimal documentation. The reason can be a sudden medical emergency or any unforeseen expenses. Thats, when a personal loan offers a swift and hassle-free way to secure the necessary funds in a simplified documentation process, that can provide the following advantages:

Online Application: Many financial institutions offer online application processes that streamline the submission of necessary documents electronically, reducing paperwork.

Pre-Approved Offers: Some lenders provide pre-approved personal loan offers based on your credit history, allowing you to avail of a loan with minimal documentation.

Existing Relationship: If you have an existing relationship with a bank or NBFC, they might require fewer documents due to your established financial history.

Good Credit Score: A strong credit score can lead to faster loan approvals and potentially require fewer documents, as it reflects your creditworthiness.

Verified Accounts: If you have verified accounts on certain platforms, they might require fewer documents when accessing a specific feature

Digital Verification: Lenders may use digital verification methods to authenticate your identity and financial information, eliminating the need for extensive physical documentation.

Apply Online for an Instant Personal Loan in Vellore

Steps To Apply For a Personal Loan with Buddy Loan

Step 1: - Visit or Download & install the Buddy Loan app (Android or iOS).

Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.

Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option

Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).

Step 5: Enter your work details (Including company name, years of service and Designation)

Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)

Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Take the next step? Apply for a Personal loan now!

Frequently Asked Questions

Availing personal loans at ease varies with creditworthiness. Some major banks in Vellore provide you with quick instant personal loans but compare eligibility and offers before applying.

The personal loan amount you can get with a salary of ₹15,000 in Vellore will depend on various factors such as your credit score, existing financial commitments, and the lending policies of the bank.

The cheapest personal loan in Vellore can vary based on credit score, interest rates, loan terms, and individual eligibility criteria. Banks, NBFCs, and other personal loan agents in Vellore often offer competitive interest rates.

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