Personal loans offered by banks/NBFCs in Kochi usually start from 10.25% p.a. onwards for loan amount of up to Rs 40 lakh and for tenures of up to 5 years. Public Sector Banks (PSBs) may, however, offer personal loans at lower interest rates and for longer tenures. Pre-approved instant personal loans are also offered by some lenders to select customers.
Kochi Personal Loan Features
- Interest rates- 10.25% p.a. onwards
- Loan amount- Up to Rs 40 lakh
- Tenure- Up to 5 years; may range up to 7 years for some lenders
- No collateral security required
- To meet any personal requirements other than speculative purposes
- Pre-approved instant personal loans
- Processing fee up to 4% of loan amount
Income Requirements
Minimum Monthly Income Requirements: Rs 15,000 (for salaried); can be higher for some lenders
Eligibility for Personal Loan in Kochi
- Indian Resident
- Eligible applicants: Salaried employees, self-employed professionals and self-employed non-professionals, public and private sector employees, employees of State/Central/Local government
- Age: 21years (at the time of loan application) to70 years (at the time of loan maturity)
- Credit Score: 750 and above for better possibility of availing personal loan and at lower interest rates
Documents Required for Personal Loan in Kochi
- Application form duly filled with photographs attached
- Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
- Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills /gas connection bills
- Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
- Income Tax Returns or Form 16 for last 3 years
- Salary slips/salary certificate for last 3 months
- Bank account statement for past 6 months