Personal Loan in Kerala
Personal loans are an amazing source to fund all of your financial needs, including marriage, vacation, debt consolidation, and so on. You can easily get a Loan in Kerala of up to Rs. 1 crore and the Personal Loan Interest Rates starting from just 10.50% p.a. The application and disbursal are instant and you require minimum documentation.
Best Personal Loans Banks in Kerala
| Bank/ NBFC | Loan Amount | Interest Rate (p.a) | Tenure | Prepayment Charges | Processing Charges |
|---|---|---|---|---|---|
| HDFC Bank | Rs. 50,000 - Rs. 40 lakhs | 10.75% | 1 - 5 years | 2% - 5% | Up to 2.50% |
| ICICI Bank | Rs. 50,000 - Rs. 25 lakhs | 10.80% | 1 - 6 years | 5% | Up to 2.50% + GST |
| Kotak Mahindra Bank | Rs. 50,000 - Rs. 20 lakhs | 10.99% | 1 - 5 years | 3% - 5% | Up to 2.50% + GST & other levies |
| Bajaj Finserv | Up to Rs. 25 lakhs | 14.50% | 1 - 5 years | 4% | Up to 4.15% + taxes |
| IDFC First Bank | Up to Rs. 1 Crore | 10.99% | 1 - 5 years | Up to 5% | Up to 3.5% + GST |
| Yes Bank | Rs. 1 lakh - Rs. 40 lakhs | 10.99% | 1 - 5 years | Up to 4% | Up to 2.50% + taxes |
| Tata Capital | Rs. 75,000 - Rs. 25 lakhs | 11.75% | 1 - 6 years | Up to 4.5% + GST | Up to 2.75% + GST |
Personal Loan Kerala Features & Benefits
Following are the key features and benefits of urgent cash loan in Kerala:
- Get instant personal loan online in Kerala with instant online application, processing, and disbursal of loan.
- Personal loans are multipurpose and can be used for any purpose.
- Personal NRI loan in Kerala can be availed to meet the financial needs of NRIs.
- No collateral, guarantor or security is required for personal loans as they are unsecured in nature.
- You can get an instant cash loan in 1 hour in Kerala disbursed to your bank account on successful approval.
- You can avail of a loan amount of as high as Rs. 40 lakhs subject to meeting the eligibility norms.
- The borrowed Kerala loan amount can be easily repaid in EMIs within 1 to 6 years tenure.
- Personal loan interest rate in Kerala is highly affordable.
Eligibility Criteria for Personal Loans in Kerala
- Applicants should be Indian citizens, residing in Kerala to get a marriage Loan in Kerala.
- Personal Loan for Salaried employees as well as self-employed professionals and non-professionals with a regular source of income can apply.
- Applicant’s age should be minimum 21 years (for salaried) and 25 years (for self-employed) at the loan application.
- Applicant’s age should not be more than 60 years when the loan matures. The maximum age requirement for self-employed applicants is up to 65 years to get a personal loan in Thrissur or other cities of Kerala.
- The Personal Loan for Self-employed applicants must have a minimum annual turnover of Rs. 15 lakhs and minimum Profit After Tax (PAT) of at least Rs. 2 lakhs as per audited financials.
- Salaried applicant’s monthly income should be minimum Rs. 25,000 to get a personal loan in Trivandrum or other city in Kerala.
- Salaried applicants must have a minimum work experience of 1 year, with 6 months served with the existing employer.
- Self-employed applicants must be in the current profession for at least the last 3 years.
- Applicant’s minimum credit score should be 750 or above to get a mini cash loan in Kerala.
Document Required for Applying Personal Loan in Kerala
- Recent 2 passport size photographs of applicants and co-applicants (if any) are required to avail of personal loan Ernakulam or other areas in Kerala.
- Identity proof, such as Passport, Driving License, Aadhaar Card, Voter ID, or PAN Card (any one).
- Residence proof, such as Leave & License Agreement, Electricity Bills, Gas Bills, Postpaid Mobile Bills, Passport (any one).
- Bank statements of salary account of the last 3 months for salaried.
- Salary slips of the last 2 months are needed for salaried applicants to get private finance in Kerala.
- Bank statements of savings or current account of the last 6 months for self-employed.
- Audited financials of the last 2 years, business continuity proof, office address proof and office ownership proof required for self-employed applicants.
How Do I Get a Personal Loan with the Lowest Interest Rate in Kerala?
Here are some tips to get the lowest interest rate personal loan in Kerala:
- Conduct a thorough research to get the list of Best Personal Loan App in Kerala.
- Compare all loan offers based on their interest rates, processing fees, charges, tenure, loan amount, and other essential features.
- Apply for a loan with a co-applicant who has high income and excellent credit score.
- Get a secured personal loan against collateral if you have any asset. You can opt for Personal loan against cheque in Kerala, loan against fixed deposit, LIC, and so on.
- Opt for a shorter repayment tenure to reduce the interest cost.
- Lower your credit utilization ratio and debt-to-income ratio.
- Improve and maintain an excellent credit score to get a personal loan Kochi or other city of Kerala.
How to Apply for a Loan in Kerala?
- Visit mymoneymantra.com and select Personal Loan given under the Loans tab to get the instant loan in Kerala.
- Fill in the online form by entering a few mandatory details.
- Verify your details by entering the OTP received on your mobile number.
- Enter your employment details.
- Enter some more details and then click on the “Submit and View Offers” tab.
- Select the preferred lending partner and click on the Econnect button beside it.
- Our personal loan team will contact you to complete the process for easy personal loan in Kerala.