Description

Aditya Birla Capital is among the most popular NBFCs in India for personal loans. Such loans can be taken to provide for a financial emergency such as emergency hospitalization, wedding, vacation or to meet a temporary shortage of funds. Aditya Birla Capital offers personal loans at a competitive rate of interest along with the benefits of easy approval and quick disbursal.

Aditya Birla Personal Loan Interest Rate

14% to 26% per annum

Processing Fee

Up to 2% of the loan amount + taxes

Loan Amount

Rs. 25,000 to Rs. 50 Lakh

Loan Tenure

Up to 5 years

Aditya Birla Personal Loan Interest Rate is linked to its Reference Rates. As of October 2018, the LTRR and STRR of the NBFC are:

Long Term Reference Rate (LTRR)

17.85% per annum

Short Term Reference Rate (STRR)

16.85% per annum

Factors that Affect the Interest Rate on Aditya Birla Personal Loans

The rate of interest offered by Aditya Birla Capital to its personal loan customers varies on the basis of a lot of factors. They assess the borrower’s credit profile, income, and employment along with multiple other parameters to determine the right rate of interest for him. Though the final rate of interest is at the sole discretion of the bank, here are a few factors that may impact the rate one gets on personal loan:

Loan Amount and Tenure- The rate of interest differs on the basis of loan amount and the term for which it is taken.

Income of the Borrower- The lenders look at the monthly income of the borrower to decide his repayments capacity and accordingly determine his eligibility for the loan. By comparing his income with existing financial obligations, they determine the right interest rate for the person. People with high income are more likely to get a lower rate of interest as they pose lesser risk for the lender.

Credit Score- A good credit score shows that a person is financially more responsible and handles his credit better. This imparts confidence in the lender about the borrower. Hence, borrowers with better credit score have better chances of getting a lower rate of interest. On the other hand, people with high credit utilization ratio or recent defaults would have a low credit score which, in turn, would give them a higher interest rate on loans.

Employment Status of the Borrower- Lenders are more confident about the borrower if they have a stable job with a reputed company say an MNC, private limited company or a government organization. Therefore, such borrowers will get a lower rate of interest.

Apart from these, there are several other factors that impact the rate of interest. The final decision rests with the lenders as per their internal policies.

Aditya Birla Personal Loan EMI Calculator

Interested applicants can check the EMI beforehand to get a fair understanding of the amount they would have to shell out every month if they opt for Aditya Birla Personal Loan at a given rate of interest. Afinoz offers Aditya Birla Personal Loan EMI Calculator for this purpose.

In order to check the EMI, one needs to enter- 

  • Loan Amount
  • Loan Tenure
  • Rate of Interest

Users can enter multiple values to find the right balance of interest and tenure.

Key Features of Aditya Birla Personal Loan

Aditya Birla Capital offers personal loan to meet any emergency requirement of cash. Following are the main benefits of getting a personal loan through Aditya Birla Capital:

Multipurpose Loan- This loan can be taken for multiple use including vacation, wedding, hospitalization, consumer durables purchase, education, home renovation, etc. The lender does not monitor the usage as long as the money is utilized for legal non-speculative purposes.

Unsecured Loan- No collateral security is needed for this loan and hence there would be no risk on any personal asset of the borrower.

Fixed Rate- The interest rates on Aditya Birla Personal Loans are fixed throughout the tenure of the loan. Any changes in the economic conditions or lending rates do not bring about changes in the offered rate.

Flexible Tenure Options- Aditya Birla personal loan can be taken for tenure up to 60 months. The user can choose a tenure that suits his requirements and budget.

Multiple Repayment Options- The lender offers multiple ways to pay the loan EMI which makes it easier for the borrowers to service the loan regularly.

Hassle-free Process- The application and disbursal process is quick and hassle-free. For loans below Rs. 15 Lakh, the application process is completely online and paperless. No physical paperwork is required for sanction.

Attractive Rate of Interest- Aditya Birla Personal Loan Interest Rate is quite competitive. The users can get a rate as low as 14% depending on their credit profile.

Joint Application Facility- For personal loans of bigger amounts, Aditya Birla Capital also allows the borrowers to club the income of a co-applicant to enhance the eligibility.

Personal Loan Fees and Charges of Aditya Birla

In addition to the Personal Loan interest rates, there are several other fees and charges applicable to Aditya Birla Personal Loans, as mentioned below:

Fee/Charge Type

Amount/Rate

Processing Fee

Up to 2% of the loan amount plus taxes

Default Penal Interest Rate

2% per month plus taxes

Loan Cancellation Charges

4% plus applicable taxes

Pre-closure Quote

Rs. 1,000 per instance

Foreclosure Charges

3% of the amount outstanding

CIBIL Report Retrieval Fee

Rs. 50 per instance

Charges for Re-scheduling of Loan

0.50% plus applicable taxes

Aditya Birla Personal Loan Eligibility Criteria

Aditya Birla Capital offers personal loans to all salaried individuals. The following eligibility parameters have been set by the bank:

  • The applicant should fall in the age bracket of 23-60 years.
  • The applicant should be an Indian Resident.
  • He/she should have a regular source of income.
  • He/she should not have any recent loan defaults or delinquencies.

Interested applicants can also use Aditya Birla Personal Loan Eligibility Calculator to get a fair idea whether they would be eligible or not. If yes, what would be the approximate loan amount they may be eligible for?

For this, the user needs to enter the following information:

  • Loan amount they wish to borrow
  • Take home salary per month
  • Any other variable pay
  • Existing financial obligations
  • Loan tenure
  • Rate of interest

After entering all this, this tool will tell them whether they are eligible for Aditya Birla Personal Loan or not. If they are not eligible for an amount they wish to borrow, the tool will also show an amount the lender would be willing to give under the given financial circumstances.

Documents Required for Aditya Birla Personal Loan

The applicants are also required to submit a set of documents when they apply for Aditya Birla Personal Loan. This would include proof of identity, proof of address and proof of income.

The following documents may be accepted by the lender:

Proof of Identity

PAN Card

Aadhaar Card

Voter’s ID Card

Passport

Driving License

Proof of Address

Voter’s ID Card

Passport

Driving License

Ration Card

Any other government-approved address proof

Proof of Income

Bank statement (not more than 3 months old)

Salary Slip (not more than 3 months old)

How to Apply for Aditya Birla Personal Loan?

Individuals can apply for Aditya Birla Personal Loan through Afinoz.

Alternately, applicants can directly visit the Aditya Birla Capital’s website to submit an online application. They would be required to enter the details and proceed. Their loan officer will then give a call to the applicant and guide him through the rest of the process.  A field agent will be sent to collect the documents at the applicant’s home or office address. Once verified, the loan will be approved and disbursed in 3-5 business days.

Personal Loan Application Status of Aditya Birla

Aditya Birla personal loan status check process is very simple. Click here to check the application status. Enter the application number received at the time of application and the PAN and proceed. The status of your application will be displayed on the screen.

Any of the following results may appear:

  • Approved
  • Rejected
  • In process
  • Not found

Aditya Birla Personal Loan Login

Once the loan is approved and disbursed, the applicants can login to the ABFL portal and get complete online access to their personal loan account. By logging into this, they can check and download the loan statement, repayment schedule, etc. They can also pay their dues through this portal or set standing instructions for the same.

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