Personal Loan in Visakhapatnam


Visakhapatnam is one of India’s fastest growing cities making it the economic hub of Andhra Pradesh. It is a thriving city known for its natural beauty, bustling port, emerging industries and developing IT sector. Being a fast developing city, residents will need to meet diverse financial needs. So, if you need urgent money on interest in Visakhapatnam you can avail of a personal loan in Visakhapatnam that will cater to all your financial requirements.

With a Visakhapatnam personal loan, you can enjoy customisable repayment tenures, affordable interest rates and high loan amounts of up to 50 lakhs. Avail a personal loan today and address all your financial goals and aspirations.

Get an Instant Personal Loan in Visakhapatnam

Loan lenders in the city offer the residents an instant cash loan in 1 hour in Visakhapatnam. You can avail the instant loans from various NBFC websites such as Bajaj finance personal loan in Visakhapatnam. You can also get a loan from various local and national banks that offer personal loans along with various advantages for you to benefit from. Here are some of the general loan terms that banks and NBFCs offer:

Type of Loan Unsecured Loan
Minimum Salary Required 15,000/-
Maximum Loan Amount ₹ 50 Lakhs
Interest Rates 11.99% p.a. onwards
Tenure 3 to 60 Months
Approval 24 Hours approx
*Note: The interest rates are dynamic and subject to change based on your credit history and credit worthiness.

Personal Loan Interest Rates & Charges in Visakhapatnam

In Visakhapatnam, lenders offer attractive interest rates and feasible charges for a personal loan. Your interest rate for a personal loan in Visakhapatnam will depend on various factors such as your loan amount, credit score, loan tenure, etc. Below is an overview of the general rate of interest and charges given by loan providers in Visakhapatnam:

Interest rate 11.99% p.a onwards
Stamp duty 0.5% onwards
Processing fee Up to 3%
Prepayment charges 0% - 3%
Late payment charges 1% - 2%

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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!

Personal Loan Providers in Visakhapatnam

There are various banks and NBFCs that offer personal loan services in Visakhapatnam. This gives you the freedom to choose the personal loan agents in Visakhapatnam that offer the best loan terms. To get the right loan it is crucial for you to compare them between various lenders. Below is a list of different lenders and their interest rates to help you make an informed decision.

Banks in Visakhapatnam for Personal Loan

Various banks offer personal loans in Visakhapatnam, these are:

Personal Loans by Banks Interest Rate
Axis Bank Personal Loan 10.49% p.a. onwards
SBI Bank Personal Loan 11.05% p.a. onwards
Yes Bank Personal Loan 10.99% p.a. onwards
HDFC Bank Personal Loan 10.50% p.a. onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

NBFC in Visakhapatnam for Personal Loan

To get instant cash loans in 1 hour in Visakhapatnam you can visit various NBFC websites. Here are the various NBFCs operating in the city along with their interest rates:

NBFCs Interest Rate
Buddy Loan 11.99% p.a onwards
L&T Finance 12.00% p.a onwards
Muthoot Finance 13.50% p.a onwards
Navi 9.9% p.a onwards
Note- The interest rates mentioned are subject to change. Do visit the website for more information.

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

Visakhapatnam Personal Loan Eligibility Criteria

Citizenship Indian
Age 21 - 65 years old
Minimum monthly income ₹15,000
Credit score 650 above
Employment Must be salaried or self employed

Documents Required for a Personal Loan in Visakhapatnam

Lenders require a set of documents for verifying the borrower’s credibility and identity. Here are some of the documents that lenders usually ask for:

Identity proof Aadhaar card, PAN card
Age proof Birth certificate, Voter ID
Address proof Rental agreement, Utility bills
Employment proof Employment letter
Salary proof Salary slips for the last 3 months, bank account statements for 6 months, Form 16.

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

Calculate EMI for a Personal Loan in Visakhapatnam

The equated monthly instalments (EMI) are a very important part of your loan. They help make the repayment process more efficient and convenient. Therefore, it is important for you to know your EMI before applying for a loan as it will help you manage your finances better.

%
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 (%)

To calculate your EMI, you can use two methods; by using the EMI formula or using an online EMI calculator.

Here is how you can calculate your EMI using the formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

Where,

  • EMI stands for equated monthly instalments
  • P is the principal amount.
  • R is the rate of interest.
  • N is the tenure in months.

Another simpler method is to use an online EMI calculator which you can find from different bank or NBFC websites. Simply input your loan details, like the amount, interest rate, and tenure, click calculate, and the estimated EMI will be given to you.

Different Types of Personal Loan in Visakhapatnam

A personal loan in Visakhapatnam is a valuable financial support that you can take to fund your various needs. It offers flexibility and convenience to address various personal and business goals. Let’s take a look at the different types of personal loan:

Personal Loan for Marriage: Getting the wedding you have always wanted is possible with the help of a personal loan. It can help cover the cost of the venue, catering, photography and more.

Personal Loan for Travel: Travelling and experiencing new cultures and cuisines is now easy if you take a personal loan. Cover the cost of your trip and explore India or the world with a personal loan in Visakhapatnam.

Personal Loan for Home Renovation: If you are looking to upgrade your living room or kitchen, you can get a personal loan. It will fund any repair or renovation work that you wish to make.

Personal Loan for Medical Emergencies: Getting a personal loan for medical emergencies will help you pay for any unexpected health issue. It will cover any sudden surgery or medical bills. Availing the loan is a good option if you need urgent money on interest in visakhapatnam.

Personal Loan for Business: Starting a business or expanding it will require capital. To help fund your goals you can get a personal loan for business purposes at affordable interest rates.

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

Features & Benefits of Personal Loans in Visakhapatnam

In Visakhapatnam, lenders offer personal loans with various attractive features and benefits that are tailored to your financial requirements, these are:

Customisable Loan
Amount

Get a maximum loan
amount of up to 50 lakhs.

Low Interest Rate

Get personal loans
at low interest rates
of 11.99% P.a.

Flexible Tenure

Enjoy tenures of up
to 60 months.

Improve Credit Score

Make regular payments
on time to improve your
credit score.

Fast Approvals

Get your loan approved
in just a few hours.

Zero Collateral

No need for security
with a personal loan
in Visakhapatnam.

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

How To Get a Personal Loan Without Eligibility in Visakhapatnam?

Meeting the eligibility criteria for a personal loan is crucial as it determines your creditworthiness and ability to repay the loan. Therefore, to get a personal loan without meeting the eligibility requirements will be challenging. However, there are certain steps you can take to get a personal loan without eligibility, these are:

Improve your credit score: A good credit score will make you more eligible for getting a loan. so, if you have a low credit score you can work to improve it by paying off existing debts, ensuring timely payments and reducing credit card balances.

Build a strong financial profile: Lenders usually look for existing financial commitments, employment stability, income and financial stability when approving loan applications. To get a personal loan in Visakhapatnam without eligibility you can increase your income and reduce other debts.

Apply with a co-signer: Getting a co-signer with a strong credit score and good income will strengthen your chances of getting a loan.

Pledge collateral: Offering your assets like property, gold, or fixed deposits to secure your loan will make it easier for you to get your loan approved.

Explore alternative lenders: Non-banking financial companies and local credit unions often have flexible eligibility requirements. Borrowing from these alternative lenders will increase your chances of getting a loan approved.

Borrow a small amount: Apply for a smaller loan amount as lenders will be more willing to approve your loan without eligibility requirements.

Peer-to-peer lending: Some people lend money to individuals through P2P platforms. While the eligibility criteria will be there, they might be more lenient compared to traditional lenders.

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Tips for Choosing the Right Personal Loan in Visakhapatnam

Getting a personal loan in Visakhapatnam is a big financial commitment. It will impact your financial health as well as credit score. So, choosing the right loan with terms that suit your financial circumstances is crucial. If you want to choose the right loan for you, consider the following tips:

Loan purpose: Ensure that your loan aligns with your specific financial goals. Some lenders offer specified loans for medical, travel or wedding purposes. Getting a specified loan that suits your purpose will benefit you as they come with tailored features and terms.

Credit insurance: Consider getting a loan that offers credit insurance. The insurance will provide financial protection in case of unexpected accidents that cause disability, job loss, or even death.

Compare interest rate: Different lenders offer different interest rates, so you can research and compare the rates given by them. By doing so, you will be able to get the most affordable interest rate.

Repayment flexibility: Some lenders offer flexibility in repayment like prepayment, or even an option to skip and reschedule an EMI in case of financial difficulties. Finding such lenders will provide a safety net during unexpected setbacks.

Read the terms and conditions: Carefully read the loan agreement and the terms and conditions of your loan. This will ensure you avoid any hidden clauses or fees.

Additional perks: Research for lenders who offer unique perks like interest rate discounts, processing fees discount, loyalty programs or referral bonuses. As they can provide an added value to the loan.

Steps to Apply Online for an Instant Personal Loan in Visakhapatnam

Steps To Apply For a Personal Loan with Buddy Loan

Step 1: - Visit buddyloan.com 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

Yes, it is possible to get a personal loan in Visakhapatnam with bad credit, however, the interest rate might be higher.

No, you do not need to pledge collateral for a personal loan as they are unsecured loans.

he interest rate for personal loans in Visakhapatnam starts at 9.99% p.a.

No, you do not need to pledge collateral to secure a personal loan in Visakhapatnam as these loans are unsecured loans.

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