Personal loans are a major financial tool offered by various banks and other lending institutions to help people meet expenses like weddings, home renovation, medical emergencies, among others. Personal loans are unsecured, meaning that they do not require any collateral, thus making them a highly accessible option for a wide range of borrowers.
Aditya Birla Capital, a leading financial services firm that has more than 1,300 branches and provides personal loans to manage multiple financial needs. These are offered with flexible repayment options and interest rates.
Here's an in-depth analysis of the personal loans provided by the company. Let’s take a look at key details about Aditya Birla personal loan, including eligibility criteria, application process and other details.
Aditya Birla Personal Loan Eligibility
You can apply for Aditya Birla personal loan online for a quick approval and easy disbursal. You can apply for an amount depending on your financial needs, income, credit score and repayment capacity. Here are the eligibility criteria for Aditya Birla Capital personal loan
Age: The age of the borrower must be between 21 and 60 years.
Employment: A steady income is required for both salaried and self-employed individuals.
Income: The minimum monthly income should be at least Rs 20,000.
Financial history: The borrower must have a stable financial record, which includes a repayment track record.
Credit score: A healthy credit score (typically more than 750) is needed to secure favourable terms.
Nationality: The borrower must be a resident of the country where the loan is sought.
Apart from the Aditya Birla Capital personal loan, potential borrowers can access multiple loan offers up to Rs 50 lakhs through the Moneycontrol app and website. Moneycontrol has partnered with eight different lenders to provide digital personal loans. Interest rates for these personal loans begin at a minimum of 10.5% per annum, while the complete application process remains 100% digital.
Aditya Birla personal loan: Key documents required
Those applying for a personal loan from Aditya Birla Capital will have to provide these documents:
1. KYC documents: These include identity proofs such as Aadhaar Card, PAN Card, Driving licence and others. Also, you need to give an address proof like passport, Aadhaar Card, Voter ID, or a rent agreement.
2. Individuals must submit the last three months of salary slips from the date of application.
3. The last three months’ bank statement is also required.
Aditya Birla personal loan: Interest rates, tenure and fees
Aditya Birla personal loan rates are decided by taking into consideration the income and credit profile of the applicant.
- Interest rate: The interest rate varies from 10% and 28% per annum in general. However, this varies from person to person depending on individual credit profiles and other eligibility factors. People are advised to consult the company to know the exact details.
- Total loan amount: Aditya Birla Capital offers a maximum personal loan of up to Rs 40 lakhs, with a flexible loan tenure of up to seven years.
- Processing fee: Up to 4% of the total loan amount sanctioned by the institution.
- Tenure: Typically goes up to 7 years. Borrowers have the option to choose the loan period.
- Foreclosure: People have the foreclose option for personal loans, allowing them to pay the remaining balance before the end of the term.
Aditya Birla Capital personal loan: Application process
The financial institution offers quick and easy access to personal loans by following these steps:
Step 1: Open the official page of Aditya Birla Capital on your mobile phone and click on the Apply Now button for a personal loan.
Step 2: Mention your 10-digit mobile number. Make sure it is linked to your Aadhaar Card account.
Step 3: Provide the OTP received on your number and register yourself.
Step 4: Search for the application form and fill it out correctly.
Step 5: Once you have carefully filled the form, click on the proceed button. Thereafter, you will be asked to provide a loan amount.
Step 6: The applicant will be asked to pick from one of the different personal loan options available.
Step 7: Select the tenure of repayment and go ahead with the application process.
Step 8: Complete your KYC details and provide all the relevant documents to submit the application.
Those seeking a personal loan through the offline mode can look for a branch of Aditya Birla Capital in their local area. It is advised to keep a track of the official website of the company to get the latest information on loan details.
Moneycontrol has a dedicated online lending platform that allows users to compare various types of personal loan options available. This can help in getting faster loan approvals for an amount up to Rs 50 lakhs. The interest rates start at just 10.5% per annum and the entire application process can be completed within a few minutes through the Moneycontrol app and website.
Disclaimer
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