All About Aditya Birla Personal Loan

Aditya Birla is one of the largest private Non-Banking Financial Institution. In order to meet the financial requirements of customers, Aditya Birla is offering Personal Loan. 

Personal Loan is an unsecured loan which is used to meet financial requirements like- home renovation, medical emergency or wedding. You don’t have to keep a mortgage as security with the lending institution. 

Aditya Birla Personal Loan involves fast loan approval process, no collateral, flexible loan tenure, and hassle-free loan disbursement process.

Features of Aditya Birla Personal Loan

  1. Customers with low income are eligible for Aditya Birla Personal Loan.
  2. Aditya Birla provides the personal loan at a low rate of interest.
  3. The option of National Automated Clearing House payment solution and Electronic Clearance Service can be used to repay the loan.
  1. There is no hidden cost or administrative charges for the processing of the loan.
  2. If the borrower is an existing customer of Aditya Birla Financial Services Group, he won’t have to pay the processing fee for the loan.
  3. Without paying any prepayment penalties, you can pay partial prepayments.
  4. Aditya Birla provides special offers for the pensioners.
  5. Minimum documents are required to apply for the personal loan.
  6. Aditya Birla Personal Loan can be used to pay off other loan.
  7. The option of partial prepayment is available without paying any prepayment penalties.
  8. After the disbursal of loan, if you cancel the loan then you have to pay 4% of the amount disbursed.

Eligibility Criteria

  • Minimum age of 21 years and maximum of 60 years.
  • Applicant must be salaried individual.
  • Minimum net monthly income of Rs. 25,000
  • Minimum CIBIL score 750

Documents required

  • KYC DOCUMENTS:
  • Pan Card
  • Adhaar Card
  • Voter’s ID
  • Passport  Size Photo
  • INCOME DOCUMENTS:
  • Last 3 years of PAYSLIPS, 6 months salary account bank statement.
  • Installments applicant is currently paying , all the   numbers of credit cards and credit limit applicant has.

PROOF OF EMPLOYMENT

  • Salaried: Form 16 or appointment letter of 2 years earlier.

Interest Rates

Aditya Birla Personal Loan
Amount of LoanMinimum- Rs. 25000
Maximum- Rs. 15 lakhs
Rate Of Interest14%-26%
Tenure of LoanMinimum- 1 year
Maximum- 5 years
Pre-closure chargesPre-closure is applicable after 6 months.
4% of the principal outstanding in the 1st year, 3% in the 2nd year and 2% thereafter.
Processing Fees1% of the loan amount
Guarantor required      No

Approval & Disbursal

Aditya Birla Personal Loan ensures quick loan approval process and easy disbursement mechanism.

Firstly, you need to fill up the personal loan application form of Aditya Birla Finance. Then you need to specify your basic details and also your required loan amount. Along with the loan application form, you need to submit all the required documents and 2 passport size photograph. After the  successful submission of your application form, Aditya Birla Finance professionals will verify the documents. After positive verification of your documents, the loan approval process starts. Then, the bank professional will contact you for the disbursal process. And finally, the loan amount gets credited to your account, which you can use it to fulfill your requirements. You can easily repay your loan amount through Equated Monthly Installments or EMIs.

FAQs 

Prepayment is not applicable for the first 6 months of the loan tenure.

  1. What is EMI? EMI is abbreviated form of Equated Monthly Installments. EMI is the fixed payment amount that the borrower pays to the lender at a pre-specified date of each month.
  2. What is the processing fees? Only 1% of the processing fees for personal loan is charged.
  3. What is the repayment process? You can schedule your repayment through monthly installments via Equated Monthly Installment. You can also pay more than the EMI, without paying any prepayment penalties.
  4. Is it possible to include the income of my spouse to calculate the loan amount? Yes, it is possible to include your spouse’s income given the condition that the loan is taken jointly, your spouse guarantees the loan.
  5. Will I be able to choose between the floating or fixed interest rates? Yes, you will be able to choose between the floating or fixed interest rates.
  6. What are the documents required to submit for Aditya Birla Personal Loan?

The following are the set of documents which are required to submit for applying for Aditya Birla Personal Loan-

  • Income Documents- 6 months salary account bank statement and last 3 years payslip, Installments that the applicant is currently paying , all the   number of credit cards and credit limit applicant has.
  • KYC Documents- Pan Card, Aadhar Card, Voter’s ID card, Passport  size photo.
  • Employment Proof- Form 16 or appointment letter of 2 years earlier.
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Interest rate start 10.75% * Upto 40 Lacs
Loan Duration: 12 - 60 months*

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