Personal Loan In Kolkata
Kolkata, the City of Joy, and the financial capital of Eastern India is now rife with opportunities for young workers in a myriad of sectors. It is also famous as one of the cities with a very affordable cost of living. Nevertheless, in today’s uncertain times, there are always situations where you may be pushed into a corner. There are times when you may require a personal loan in Kolkata to meet medical expenses, admission and tuition fees for your child’s further studies, or perhaps wedding and holiday expenses. While the most obvious solution till the 1980s would be to turn to the kabuliwala for a loan, today there are several other options before you.
There are several banks and NBFCs, including IIFL Finance, offering personal loans to individuals in need. You can avail a personal loan in Kolkata with relative ease. You can apply for an online personal loan sitting in the comfort of your home and obtain approval within a matter of minutes.
Personal Loan EMI Calculator
You can use the personal loan EMI calculator to help you calculate the EMI for a personal loan in Kolkata.
Features & Benefits of Personal Loan in Kolkata
Features of Personal Loan in Kolkata:
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You can apply for the loan online
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The loan amount that you can avail as a personal loan in Kolkata ranges from INR 5,000/- to INR 500,000/-
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Interest rates range from 12.75% to 44%, depending on your credit worthiness
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You can repay the personal loan in three months or opt for an extended tenure up to three and a half years.
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It is an unsecured loan, completely collateral free
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Processing Fees range from 2% to 6% of the loan amount
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GST on the loan in Kolkata is charged on the processing fee
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Fixed Convenience Fee of INR 500/-
Benefits of Personal Loan in Kolkata:
There are several benefits associated with the personal loan in Kolkata.
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It can be used for any purpose. No questions asked. No strings attached.
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Interest rates on the personal loan start as low as 12.75%
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Repayment terms are flexible and easy
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EMIs are flexible and depend on your monthly repayment ability
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Documentation is minimal
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Processing of a personal loan in Kolkata is simple and quick. The processing time for the loan could sometimes be just five minutes
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You do not need any collateral for this quick online loan
Eligibility Criteria for a Personal Loan in Kolkata
The eligibility criteria for a personal loan in Kolkata is fairly relaxed.
| Criteria | For Salaried Individuals | For Self-Employed |
|---|---|---|
| Age at Entry | 23 years | 25 years |
| Age at Maturity | Retirement Age or 60 years – whichever is earlier | 65 years |
| Financial Stability | Employment history of at least one year | Business should be at least 3 years old |
| Credit Score | 700 and above | 700 and above |
Documents Required For Personal Loan in Kolkata
The documentation required for an instant personal loan in Kolkata includes
Your PAN, Aadhar and Bank Statements is what you need for an instant loan in Kolkata. In addition, do ensure your mobile number is linked with your Aadhar card by the UIDAI. Your Loan Officer may request additional documents such as proof of employment and income.
Personal Loan Interest Rates in Kolkata
Interest rates on personal loans in Kolkata range from 12.75% to 44%. The table below will help you understand how interest rates and tenures affect your EMI and interest pay-outs on your instant personal loan in Kolkata.
| Loan amount (INR) | Tenure in Months | Interest Rate (% p.a.) | EMI (INR) | Total Amount to Repay | Total Interest Paid |
|---|---|---|---|---|---|
| 1,00,000 | 12 | 12.75 | 8,920 | 1,07,040 | 7,040 |
| 1,00,000 | 24 | 12.75 | 4,742 | 1,13,819 | 13,819 |
| 1,00,000 | 24 | 25 | 5,337 | 1,28,092 | 28,092 |
How to apply for Personal Loan in Kolkata:
Apply for an easy Personal Loan in Kolkata in a few simple steps:
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Click on the “Apply Online” button
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Fill in the requested details along with the OTP sent to your phone
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Fill in the loan amount
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Click on the “Submit” Button to complete your application.
Find the Right Personal Loan for You
When looking for a personal loan, it's important to find one that suits your specific needs and financial situation. Here are other personal loans offered by IIFL Finance.
Personal Loan in Kolkata FAQs
You can borrow anything ranging from INR 5000/- to INR 500,00/-, as long as you have the ability to pay the EMIs as per schedule.
In order to get an instant personal loan approved in Kolkata, you need to be a salaried individual of 23 years of age or more. You also should have been working for at least a year.
Alternatively, if you are self-employed and are at least 25 years of age, you could get a quick personal loan if your business is at least 3 years old.
Whether salaried or self-employed, a good credit score of 700 and above is of prime importance. Equally important is your ability to demonstrate that you are in a position to pay your EMIs in a timely fashion.
The EMI you will need to pay will depend on the loan amount, the interest rate as well as the time taken for repayment. For e.g., if you take a loan of INR 50,000/- at an interest rate of 25% and repayment tenure of 12 months, your EMI will be INR 4,752/-. However, if you take a loan of INR 500,000/- with the interest rate of 25% and repayment tenure of three and a half years, the EMI will be INR 17,979/-.
You do not need any collateral for a Personal Loan in Kolkata if you meet the basic requirements of age and income source. (Refer to Question 2 of the FAQs for more details).
A Personal Loan is an unsecured loan. However, if you do not meet these requirements of age and income source, some lenders will offer you the loan against a collateral.
The Instant loan in Kolkata comes with a tenure option ranging from three months to three and a half years. Most lenders will allow you to prepay the loan after a minimum of three months. Lenders may charge a penalty or pre-payment fee if you choose to repay your loan early.
Loan disbursement against a Personal Loan is almost instant once all the required documents are submitted and the loan agreement is signed by both you and the lender.
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