Personal Loan in Hyderabad

While banks in Hyderabad have served customers for long with their attractive personal loan offers, it’s time to move beyond them. Today, you can also avail these loans from financial institutions like NBFCs at favourable terms and conditions. 

Some of the well-known NBFCs bring you these advances at the lowest personal loan interest rates in Hyderabad along with numerous other benefits. 

For example, lenders like Bajaj Finserv offer you loans at affordable rates of interest. They also bring several other features that make repayment of these loans convenient and well within your budget. 

You can utilise their flexi loan facility, a feature that lets you withdraw the loan from a pre-sanctioned loan amount. It allows you to pay interest-only EMIs, which reduce the instalment amount by up to 45%. You can also opt to prepay at any time during the loan tenor without paying any additional charges. 

It brings into question the applicability of other charges along with the personal loan interest rate in Hyderabad. So, when looking for the best personal advance in Hyderabad, you must also consider other applicable charges that may ultimately increase the cost of the loan. 

Other charges to consider for a personal loan

Processing fees – 

It is one-time fee lenders charge while processing your loan amount. As it is charged on the total loan amount, an increase in even 1% can shoot up the cost considerably. 

Penal interest – 

If you miss out on EMI payment within the due date, penal interest is charged on the missed EMI amount. 

Part-prepayment and foreclosure charges – 

Also check these charges which are applicable on prepayment of your loan amount before the tenor ends. 

EMI bounce charges – 

You need to pay an EMI bounce charge if your EMI cheque bounces. 

The best lender will charge the least of these fees, penalties and other charges along with the lowest interest rate. So, you need to make a comparison of various lenders based on all these charges when choosing a personal loan in Hyderabad. Once you find your lender, proceed with the application procedure.

Must Read: When Are Personal Loans a Good Idea?