At some point in life, everyone goes through a phase where we might need some extra funds. In such a scenario, a personal loan is considered one of the safest options. Aditya Birla is among the popular personal loan lenders in India, who offer it at a low-interest rate. Personal loan from Aditya Birla comes at an interest rate ranging from 14% p.a. to 26% p.a. All details about the personal loan include the rate of interest, EMI amount, processing fees, etc. are informed in advance. This effort is to ensure complete transparency in loan processing.
Features of Aditya Birla personal loan
Some of the major features of Aditya Birla Personal Loan are:
- A borrower can avail Aditya Birla Personal Loan up to Rs. 50 Lakhs.
- Aditya Birla Personal Loan processing fee is 2%.
- There is an option of pre-paying the loan amount.
- Aditya Birla Personal Loan offers flexible repayment tenure up to 60 months as per the borrower’s convenience.
- The online application process of Personal Loan makes it easy to apply from the convenience of home.
- The rate of interest of the Aditya Birla personal loan ranges from 14% to 26%.
- The entire Loan approval process of Aditya Birla is hassle Free.
- The approval of the Personal Loan is very quick, and an applicant gets the cash in a short period.
- Aditya Birla Personal Loan fulfills the financial requirements of every range.
- It is an unsecured loan that means no need for collateral or security.
- An applicant can club the income of co-applicant to increase loan eligibility.
- The documentation procedure is very simple and minimal.
- Aditya Birla Finance Limited provides borrowers with the balance transfer option.
- The online eligibility calculator on the ABFL website lets the applicant know whether you are eligible for Aditya Birla Personal Loan in few minutes.
- The minimum Personal Loan tenure of Aditya Birla is 12 months.
A large number of people are choosing to apply online for an Aditya Birla personal loan counting on these advantages:
- Fast Documentation: Aditya Birla personal loan is known for its fast and minimal documentation. The loan approval process takes very little time, especially in the online process. Aditya Birla team is so efficient that it includes a short period in the loan sanctioned procedure.
- High Loan Amount: A borrower can avail of Aditya Birla’s loan amount maximum of Rs. 50 lakhs.
- Low-Interest Rate: Aditya Birla’s loan provides the borrower with a competitive rate of interest. Every borrower can avail of a personal loan from the Aditya Birla whether he/she is a salaried, working professional or self-employed individual. Aditya Birla personal loan interest rate ranges from 14% to 26%. The offered interest rate to the borrower depends on his/her CIBIL and eligibility. The existing customers of Aditya Birla can even get benefited from the best rates for a personal loan.
- Flexible Repayment Tenure: A borrower can enjoy the flexibility in loan repayment terms of personal loans. He/she facilitate with the option of choosing the repayment tenure up to 60 months which suits them best.
- Quick Approval: The online loan application process has made loan processing faster than earlier times. The quick loan approval and disbursal of the amount have made the Aditya Birla personal loan one among the preferred choices of the borrowers. If a borrower meets all the eligibility criteria and has accurate documents, then he/she can even get the loan sanctioned within one business day. Getting a personal loan from Aditya Birla is usually a matter of a few hours.
There are a few factors that affect the Aditya Birla personal loan interest rate. Let’s have a quick look at them:
- Income: Higher-income attracts a low rate of interest. With the high income, an applicant is considered as a reliable candidate by the lenders as the chances of defaulting on the loan repayments are low. For example, if one’s income is Rs. 25,000 per month, the lender might offer personal loan @14% interest rate and if one’s income is Rs. 70,000, he/she might get a personal loan at the interest rate of 12% from the same lender.
- The Existing Relationship with the Lender: Most of us prefer to open our savings accounts and fixed deposits in one bank, thereby becoming the bank’s loyal customers. Due to this loyalty, one can manage to share an interpersonal relationship that is likely to fetch an attractive rate of interest when the need for a personal loan arises. As an existing customer, one surely has some leverage as he/she is an existing bank customer and the bank would not want to lose him/her to some other bank.
- Defaults: If the lender finds out any defaults in an applicant’s credit profile, he will either charge a very high-interest rate or might reject the loan application. Most lenders prefer applicants with no defaults.
- The Employer’s Reputation: The reputation of the company an applicant is working with also plays an important role in determining the personal loan interest rate. The more renowned and stable organization attracts a lower rate of interest on a personal loan. This is because banks perceive the employees of reputed organizations to have a stable career and consider them more responsible for paying off the debt.
- Credit score: The credit history is among the most important factor taken into consideration while processing the personal loan application and it is maintained by the credit bureaus. A credit score of 750 or above falls under the category of good credit score. If an applicant has a low credit score, there are chances that his/her personal loan application may get rejected or get a personal loan at a high-interest rate.
- Credit Repayment History: If an applicant has a good repayment history, it will work well in terms of rate of interest and loan approval. As the lenders can see that he/she has been disciplined with the repayments and will not hesitate to offer a personal loan at a low rate of interest.
Eligibility Criteria for Aditya Birla Personal Loan
- An applicant needs to fulfill the below-provided criteria for availing Personal Loan from Aditya Birla. The criteria are:
- The applicant should be a salaried professional with a regular source of earning.
- If in case an applicant is self-employed professionals and businesses, Aditya Birla offers business loans to those.
- The applicant’s minimum age should 23 years.
- An applicant’s maximum age should be 60 years to eligible for Aditya Birla Finance Personal Loan.
Required Documents
Following are the list of documents required for availing Aditya Birla Personal Loan:
- PAN Card: It is required to check the credit information of an applicant.
- Proof of Identity: A borrower needs to submit proof of identity such as PAN card, Aadhaar card, passport, etc.
- Address Proof: An applicant is required to submit the address proof.
- Bank statements: ABFL require bank statements to provide the best possible offer.
