Aditya Birla Personal Loan Review 2024

Numerous loan options are available to fulfill people’s demands for various factors. Aditya Birla provides loans that are both secured and unsecured. Whereas the latter requires no collateral, the former demands pledged collateral. The type of loan determines the interest rates and qualifying requirements.

Customers can achieve their financial goals with the help of Aditya Birla personal loans, which offer reasonable interest rates, clear terms, and a simple application process. In this thorough study, we examine the salient characteristics, qualifying requirements, loan specifics, application procedure, and advice on maximizing the advantages of Aditya Birla Personal Loans.

Find out how Aditya Birla Finance can assist you in reaching your financial objectives as a reliable partner.

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Aditya Birla Personal Loan

4.5

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Tenure

7 years

Maximum Loan amount

INR 50 lakh

Apply Now

On Aditya Birla’s secure website

Tenure

7 years

Maximum Loan amount

INR 50 lakh

Why We Picked It

Aditya Birla Finance, a division of Aditya Birla Capital Limited, offers speedy approval for personal loans that don’t require collateral or security. With our personal loans, you may finally fulfill all of your dreams, whether they involve a dream wedding or a vacation.

Aditya Birla Finance provides personal loans for various purposes, including medical emergencies, home or electronic goods purchases, children’s education, wedding costs, home renovations, and travel. These loans are available to salaried persons with good credit scores. In general, it addresses a person’s immediate financial needs. All salaried adults between the ages of 23 and 60 are eligible for the fixed-rate unsecured loan.

Several appealing features are available with the Aditya Birla personal loan to meet the various needs of applicants. The ability for consumers to customize the loan amount and repayment period to meet their unique needs is one of its most notable features.

Loan Amount and Tenure

• Borrow up to INR 50 lakh.
• Flexible repayment tenure of up to 7 years.

Interest Rates and Charges

• Competitive interest rates ranging from 19.25% to 28% p.a.
• Processing fees up to 3% of the loan amount.
• Pre-closure charges and CIBIL charges are applicable.

Application Process

• Simple online application process through platforms like Buddy Loan.
• Required documents include know your customer (KYC), salary slips, bank statements, and more.

Flexibility

• Part prepayment allowed.
• Option for balance transfer and top-up loans.

Additional Benefits

• No need for collateral or personal guarantee.
• Quick approval process and disbursal of funds.

Eligibility Criteria

You must meet requirements to be eligible for this personal loan before you can apply. These elements are:

• The candidate must be a professional who is paid on a salary and has a steady source of income.
• Business loans are available for self-employed individuals and businesses.
• Aditya Birla Finance personal loan eligibility requires a minimum age of 23 years.

Documents Required

Here is a list of some of the paperwork needed when submitting an application for a personal loan:

• Applicants must submit a completed application form and KYC papers, including ID, address, signature, proof of office, and qualification.
• Non-refundable fee cheque.
• Details of restrictions and loans available.
• Copy of the PAN card.
• Repayment track record.
• Bank verification form.
• Current loan outstanding statement for refinance instances.
• Please provide the last three months’ salary slips or certificate.
• As well as the last six months’ bank statement where the money was immediately credited.
• Latest Form 16.

Here are the procedures to apply for a personal loan online:

Determine Your Goal

Establishing the objective is crucial when submitting a loan application. For example, you may wish to apply for a personal loan to finance your child’s marriage or to pay for a vacation. You can choose the appropriate loan amount by figuring out the objective.

Check the Eligibility Requirements

The eligibility prerequisites differ among lenders. For this reason, you need to compare lenders and ensure they meet the eligibility standards. You can learn more about the qualifying requirements for a personal loan by visiting the lender’s website.

Make a Budget

You must pay back personal loans through installment payments. As a result, you need to figure out how much EMI you can pay. You ought to make a fresh financial budget based on this EMI amount. This will make it easier for you to pay back the personal loan.

Apply for a Personal Loan

You will need to apply for a personal loan when you have chosen the appropriate lender. You may apply online for a personal loan with most lenders. The first step is filling out an application form and providing the necessary information.

Submit the Necessary Documents

One of the most important steps in applying for a personal loan is this one. In most cases, you’ll have to provide paperwork such as pay stubs, bank statements, KYC, etc.

Verification Process

After you complete the loan application, the lender will begin the verification procedure. It will verify if you fulfill the eligibility prerequisites.

KYC

The KYC verification process is the next stage. Following application verification, the lender will begin reviewing your provided KYC documents.

Credit Score Verification

The lender will review your credit score upon completing the verification process. It will examine your previous loan payback history to determine your creditworthiness.

Address Verification

The lender may come to your house to verify your address. If you work for yourself, the lender may come to your place of business.

Approval of Loan

Your loan application may be approved swiftly if you meet the lender’s eligibility standards and have a decent credit score.

The Lender will Offer the Loan Amount, Interest Rate, and Tenure

The interest rate and loan amount the lender offers you will depend on several factors. These variables include age, employer, credit score, and the years one has left to work. Within the tenure range, the lender offers, you can select the length of the payments.

Payment of Processing Fee

A processing charge must be paid before the loan can be released. The loan amount will be released into your bank account as soon as the processing fee has been paid. While understanding these processes is essential, there are a few other things to be aware of when taking out a personal loan.

To sum up, Aditya Birla Personal Loans are a dependable financial option for people looking for easy access to money for various uses. Aditya Birla Finance Limited guarantees a smooth borrowing experience for its clients with reasonable interest rates, flexible repayment alternatives, and low documentation needs.

Aditya Birla Personal Loans offer the assistance people need to reach their objectives, whether they be debt consolidation, paying for schooling, meeting emergency needs, or pursuing personal ambitions. With a focus on financial inclusion and a customer-centric methodology, Aditya Birla Finance Limited distinguishes itself as a reliable collaborator in enabling people to confidently manage their financial journeys.