Personal loan interest rates in Bhopal start from 10.25% p.a. onwards, for loan amounts of up to Rs 40 lakh and tenures of up to 5 years. Public Sector Banks may provide personal loans at lower interest rates and for longer tenures. Banks/NBFCs also offer pre-approved instant personal loans to select customers with minimum documentation.
Personal Loan Features
- Interest rates usually offered @ 10.25% p.a. onwards
- Tenure: generally up to 5 years; may range up to 7 years for some lenders
- Loan Amount- Up to Rs 40 lakh
- Processing Fees is up to 4%
- No collateral security
- For personal purposes, other than speculation
- Pre-approved personal loans to select customers
- Instant loan disbursal
Income Requirements
Rs 15,000 p.m. required for salaried applicants; might be higher for some banks/NBFCs
Eligibility for Personal Loan in Bhopal
- 21-70 years of age
- Indian residents are eligible
- Salaried employees, self-employed professionals, self-employed non-professionals, public and private sector employees, employees of State/Central/Local government
- Credit Score: 750 and above can enhance the possibility of availing personal loan and at lower interest rates
Documents Required for Personal Loan in Bhopal
- Application form with photographs attached
- Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
- Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
- Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills/gas connection bills
- Salary slips for last 3 months
- Form 16/ITR for last 3 years
- Bank account statement for past 6 months