Personal Loan

Your Path to Financial Flexibility

In comparison to other types of credit like credit cards and unofficial loans from friends, family, or dubious lenders, personal loans from NK Bank offer a quick and simple answer to all your immediate financial demands  

What Is a Personal Loan? 


A personal loan is a versatile borrowing option that allows you to meet various financial needs without providing any security or collateral. Here’s what you need to know:

  1. Purpose: You can use personal loans for anything—whether it’s home renovations, medical expenses, travel, education, or even debt consolidation. There are no limitations!
  2. Minimal Documentation:
    1. Personal loans require minimal paperwork, making the application process quick and hassle-free.
    2. Unlike secured loans (where you pledge an asset), personal loans are unsecured.
  1. Interest Rates:
    1. Interest rates vary based on factors such as your income, credit history, and the bank you choose.
    2. Shop around to find competitive rates that suit your financial situation.

Key Features:


Loan Amount:

    • The loan amount depends on your eligibility and income.
    • Typically, personal loans range from ₹50,000 to several lakhs.

Repayment Tenure:

    • Enjoy flexible repayment periods, usually up to 5 years.
    • Choose a tenure that aligns with your financial goals.

Processing Fees:

    • Banks charge a processing fee when you apply for a personal loan.
    • Negotiate based on your relationship with the lender.
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Top Banks Offering Personal Loans (Interest Rates as of September 2024)

 

  1. HDFC Bank:
    • Interest Rate: 10.75% onwards
    • EMI for ₹5 lakh loan (5 years): ₹10,809 onwards


  2. Tata Capital:
    • Interest Rate: 10.99% onwards
    • EMI for ₹1 lakh loan (5 years): ₹2,174 onwards


  3. State Bank of India (SBI):
    • Interest Rate: 11.45% to 14.85%
    • EMI for ₹1 lakh loan (5 years): ₹2,197 to ₹2,371
    • Processing Fee: 1.50% (Min. ₹1,000, Max. ₹15,000)


  4. ICICI Bank:
    • Interest Rate: 10.85% onwards
    • EMI for ₹1 lakh loan (5 years): ₹2,167 onwards


  5. Bank of Baroda:
    • Interest Rate: 11.15% to 18.75%
    • EMI for ₹1 lakh loan (5 years): ₹2,182 to ₹2,580
    • Processing Fee: Up to 2% (Min. ₹1,000, Max. ₹10,000)

Remember, a personal loan is a financial tool—use it wisely to achieve your goals! If you have any specific questions or need personalized assistance, visit our nearest branch or apply online. We’re here to help! 😊🌟


          

     Benefits 



Emergency fund


Pay via cheque bank transfer or cash


Extended timelines for repayment

Flexible usage of funds

Flexible repayment amount

NK Bank Personal Loan: Features

Employees of public or private organizations who have worked for at least one year continuously are eligible to apply for a personal loan. The same rule applies to professionals or business owners who work for themselves and want to qualify for personal loans; they must have been in operation for at least a year.

Co-applicants are not permitted, and applicants must be at least 21 years old to be eligible for a personal loan. At the end of the payback period, the maximum age for salaried applicants is 60 and for non-salaried applicants, 65.

Maximum Rs. 20,00,000,000 (related to the borrower's employment and bank account linkage). Minimum of Rs. 1,000,000 for the Metro and Urban Branch Rural and Semi-Urban Branch: Rs.0.50 lakh

For government employees who keep a salary account with Bank of NK Bank, the processing fees for personal loans are computed as follows: NIL

For others, it ranges from 1.00% to 2.00% of the loan amount plus GST, subject to Mini. Rs.1,000+GST Max. Rs.10,000+GST


NK Bank Personal Loan: Eligibility

For any purpose other than speculation.

Eligibility Borrowers

  • Employees of central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions with minimum continuous service for 1 year.
  • Employees of Private limited Companies, Trust, Limited Liability Partnership - with minimum continuous service for 1 year.
  • Insurance agents have been doing business for a minimum of the last 2 years.
  • Self-employed professionals (doctors, engineers, architects, interior designers, tech. and management consultants, practicing company secretaries, etc.) with minimum 1-year stable business.
  • Self-employed businesspersons with minimum 1-year stable business.
  • Staff members and NRI/PIO are not eligible

Co-Applicant

Applications to be considered on individual basis only. Co-applicants not to be allowed.

Age

  • Minimum: 21 years
  • Maximum:
    • For salaried persons: Age of borrower plus repayment period should not exceed retirement age or 60 years whichever is lower.
    • For non-salaried persons: Age of borrower plus repayment period should not exceed 65 years.

Quantum of Finance

    Maximum
  • Rs.20.00 lakhs (it is linked with borrower’s occupation and account relationship with Bank)
    • Minimum
  • Rs.1.00 lakh for Metro & Urban Branch Rs.0.50 lakh for Rural & Semi-Urban Branch 

Penal interest

Penal interest @2% shall be levied on loan outstanding amount

Processing Charges

For Govt. Employees who maintain salary account with Bank of NK Bank: NIL

For others: it ranges from 1.00% of loan amount to 2.00% plus GST, subject to

Mini. Rs.1,000+GST

Max. Rs.10,000+GST


NK Bank Interest rates & charges


ProductConditionsRepo Rate + SpreadEffective Rate of Interest
NK Bank Personal Loan
Conditions
Govt Employees / defence personnel maintaining salary account with our Bank under scheme code SB 182 & 186
Repo Rate + Spread
Linked with CIBIL Score of the individual BRLLR+SP+1.50% BRLLR+SP+2.00%
Effective Rate of Interest
From 10.90% to 11.40%
Conditions
Gold: Same target customers as mentioned in Silver Category, however, salary account must be with our Bank.
Repo Rate + Spread
Linked with CIBIL Score of the individual BRLLR+SP+2.00% BRLLR+SP+6.85%
Effective Rate of Interest
From 11.40% to 16.25%
Conditions
Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank
Repo Rate + Spread
Linked with CIBIL Score of the individual Ranges from BRLLR+SP+2.50% to BRLLR+SP+6.85%
Effective Rate of Interest
From 11.90% to 16.25%
Conditions
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with our Bank
Repo Rate + Spread
Linked with CIBIL Score of the individual Ranges from BRLLR+SP+3.25% to BRLLR+SP+6.85%
Effective Rate of Interest
From 12.65% to 16.25%
Conditions
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank
Repo Rate + Spread
Linked with CIBIL Score of the individual Ranges from BRLLR+SP+5.25% to BRLLR+SP+8.85%
Effective Rate of Interest
From 14.65% to 18.25%