Aditya Birla Finance Personal Loan – Interest Rate, Eligibility and Documentation
Aditya Birla Finance Personal Loan – Aditya Birla Finance, part of the reputed Aditya Birla Group, is one of India’s leading non-banking financial companies (NBFCs) that provides loans for personal needs. Suppose you are planning to take a personal loan from Aditya Birla Finance.
In that case, this comprehensive guide will provide detailed information on various aspects of personal loans, including how to apply, eligibility criteria, interest rates, tenure, customer service, and much more.
Steps to Apply for Personal Loan from Aditya Birla Finance
Applying for a personal loan from Aditya Birla Finance involves a straightforward process that can be initiated online or by visiting the nearest branch office. Here are the key steps:
- Check Eligibility Criteria – The first step is to review your eligibility based on the following criteria set by Aditya Birla Finance:
- Age should be between 21 years to 60 years.
- You should be employed with either public/private company or a self-employed professional
- The minimum net monthly income requirement is Rs. 20,000 for salaried and Rs. 25,000 for self-employed
- It would help if you had a credit score of 750 and above for optimal terms
Aditya Birla Finance Personal Loan Documents Required Before starting the application procedure, keep copies of the below documents handy
- Identity proof (Aadhaar card, driver’s license, etc)
- Address proof
- Latest salary slips
- Bank statements
- Photographs
- Any other documents, if asked
Ways to Apply You can submit your loan application through either of three ways
- Online Application: Visit the Aditya Birla Finance website or download their app and apply online by filling details in the application form.
- Branch Application: Walk into an Aditya Birla Finance branch near you and meet the executive to submit documents and application forms.
- Through Intermediary Services – Various fin-tech companies and financial intermediaries also offer services for Aditya Birla personal loan application on their platforms.
Provide Additional Information if Required
Based on your profile, Aditya Birla Finance Personal Loan may require some additional details or documents from you to process the application. Share any such extra information promptly to quicken the processing.
Aditya Birla Personal Loan Approval
The approval decision will be communicated to you within a few days. The disbursal tenure ranges from 48 hours to a maximum of 2 weeks based on how soon you complete all documentation formalities.
Aditya Birla Personal Loan Key Features and Benefits
Some of the major benefits and offerings of Aditya Birla Finance personal loan include:
Quick Approval and Attractive Interest Rates
The loan approval decision is generally quick as credit underwriting parameters are laid out. Further, personalized interest rates starting from 10.99% p.a. to 21% p.a. are offered based on the applicant’s credit score, income stability, and overall profile.
Flexible Tenure Options
You can repay comfortably by choosing an ideal repayment tenure from 12 to 60 months per your financial plan. The equated monthly installment will vary basis the tenure.
Online Account Management
Through their website or mobile app, you can easily access your loan account to track repayment schedules, get online EMI details, make part payments, etc., without visiting the branch.
No Collateral or Guarantor Needed
Aditya Birla personal loans are unsecured. So, you do not need to provide any assets or arrange a guarantor to enhance your eligibility.
Minimal Documentation
Aditya Birla Finance needs the bare minimum documentation per their new-age processes. You must provide basic KYC documents, income proof, and bank statements.
Foreclosure Without Penalty
You can prepay part or full loan anytime without any prepayment or foreclosure charges, subject to only the interest amount to date being paid.
Top-Notch Customer Service
The customer services team of Aditya Birla Finance can guide you at every step of the loan process swiftly. Multiple ways via call, email, online chat or branch visit are available ease of customers.
Aditya Birla Personal Loan Interest Rates and Charges
Following are the applicable rates and charges for personal loans at Aditya Birla Finance:
- Interest Rates: 10.99% p.a to 21% p.a basis your credit profile
- Processing Fee: Up to 2.5% of loan amount + applicable taxes
- Foreclosure Charges: NIL
- Late Payment Charges: 2% per month on overdue EMIs
- Cheque Bounce/ECS Failure: Up to Rs. 500
Interest rate is the prime cost payable based on your credit score, and no prepayment or foreclosure penalty. Only processing fees in the 2% to 2.5% of loan amount are applicable.
Loan Amount and Tenure Offered
You can avail following personal loan amount and term options from Aditya Birla Finance:
- Loan Amount: Minimum Rs. 50,000 to Maximum Rs. 25 Lakhs
- Loan Repayment Tenure: 12 months to 60 months
The monthly EMI amount will depend on factors like loan quantum, interest rate, and tenure chosen. Use a personal loan EMI calculator to estimate your monthly installment.
Documents Required for Aditya Birla Personal Loan
When applying for Aditya Birla personal loan, keep scanned or photocopies of below key documents handy:
Identity and Age Proof:
- Aadhaar Card
- Voter ID Card
- Driving License
- PAN Card
- Passport
Address Proof:
- Aadhaar Card
- Voter ID Card
- Electricity/ Utility Bill
- Rental Agreement
Income Proof:
- Latest Salary Slips (3 months)
- Form 16
- Bank Statements
Work Experience Proof:
- Offer Letter
- Experience Letter
Photo Identity Proof:
- Passport Size Photographs
PART PAYMENT Feature of Aditya Birla Personal Loan
Aditya Birla Finance allows you to pay a part of your loan anytime during the tenure without any extra charges. This helps accelerate your loan repayment. You can choose to part-pay either through:
- Visit the branch
- Netbanking
- Cheque Pick Up
Foreclosure of Aditya Birla Personal Loan
You can foreclose or prepay your outstanding personal loan anytime without penalty. However, when doing so you need to pay the interest amount accrued till the foreclosure date.
On submitting a foreclosure request, your loan account with Aditya Birla Finance will be closed immediately with a No Dues Certificate issued. This helps save significantly on interest costs.
Aditya Birla Finance Customer Care
For any queries, assistance, or information related to personal loans, you can get in touch with Aditya Birla Finance customer service through the following ways:
- Toll-Free Number: 1800 270 7000
- Email: care.loans@adityabirlacapital.com
You can also visit your nearest Aditya Birla Finance branch and talk to a customer support executive regarding loans.
How to Track Your Loan Application Status?
It is easy to track your personal loan application status with Aditya Birla Finance through:
- Registering on their website using the application number
- Using a mobile app and checking status
- Calling up the customer care toll-free number
You will receive regular updates over SMS and email regarding loan approval decisions and disbursal.
Conclusion
Aditya Birla Finance offers attractively priced personal loans ranging from Rs. 50,000 to Rs. 25 lakhs for salaried and self-employed individuals through a digital process. The eligibility criteria, interest rates, charges, documents needed, etc., are specified with a high degree of transparency.
With an optimal mix of digital convenience and personalized services, getting a personal loan from Aditya Birla Finance will perfectly meet your instant credit needs and empower your dreams and goals!
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