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Features of Aditya Birla Personal Loan

  • Quick disbursal of loans.
  • Flexible repayment tenure from 6 months up to 36 months.
  • No collateral required.
  • Fast online approval of loans.
  • Nominal interest rates.
  • No documentation required for sanction of loans.
  • Application process is hassle-free.
  • No change in interest throughout the tenure of the loan.
  • Loan amount of up to Rs.15 lakh.
Interest RateMinimum: 11% p.a.
Maximum: 13.75% p.a.
Loan AmountMinimum: Rs.25,000
Maximum: Rs.30 lakh
BenefitsOnline approval within half an hour with minimal documentation

Fees and charges

The fees and charges which are applicable to Aditya Birla Finance Personal Loan are listed below:

Processing FeeUp to 2% of the loan amount
Cheque return chargesRs.750 + GST
Loan cancellation charges4% + applicable taxes on the loan amount
Loan reschedule charges0.50% + GST
Pre-closure chargesRs.1,000
Foreclosure charges3% (12th month onwards)
Part payment charges20% of the principal amount in 1 year.

 

Eligibility criteria

Before you can apply for this personal loan, there are certain eligibility criteria that you will need to conform to. These factors are:

  • The applicant will have to be a salaried professional with a regular source of income.
  • In case of self-employed professionals and businesses, business loans are offered.
  • The minimum age required to be eligible for Aditya Birla Finance Personal Loan is 23 years.
  • The maximum age up to which an applicant will be eligible for Aditya Birla Finance Personal Loan is 55 years.

 

Documents required

Some of the documents that will be required for applying for a personal loan are listed below:

  • Credit information: ABFL will require your PAN card to check the information in relation to your credit history.
  • Proof of Identity: You will be required to submit your proof of identity such as PAN card, Aadhaar card, passport, etc.
  • Proof of address: You will be required to submit your proof of residential address. For this purpose, you can submit your Aadhaar card, PAN card, ration card, and so on.
  • Bank statements: ABFL will require your bank statements to provide you with the best possible offer. ABFL also makes initial offers without a bank statement.

In addition to the documents mentioned above, you might be required to submit a few more documents as per the requirement put forward by Aditya Birla Finance Limited.

 

How the EMI calculation works for Aditya Birla Finance personal loans? 

The EMI calculation for Aditya Birla Finance personal loan can be best explained with the help of an example. Consider a scenario where you take a personal loan of Rs.1 lakh from the company. The company charges you an interest rate of 14% for a loan tenure of one year. The loan repayment schedule and EMI details for this loan can be given as follows: 

Months Principal Interest EMI amount (principal + interest) Balance amount Percentage of loans paid to date 
Apr Rs.7,812 Rs.1,167 Rs.8,979 Rs.92,188 7.81% 
May Rs.7,903 Rs.1,076 Rs.8,979 Rs.84,285 15.72% 
Jun Rs.7,995 Rs.983 Rs.8,979 Rs.76,289 23.71% 
Jul Rs.8,089 Rs.890 Rs.8,979 Rs.68,201 31.80% 
Aug Rs.8,183 Rs.796 Rs.8,979 Rs.60,018 39.98% 
Sep Rs.8,279 Rs.700 Rs.8,979 Rs.51,739 48.26% 
Oct Rs.8,375 Rs.604 Rs.8,979 Rs.43,364 56.64% 
Nov Rs.8,473 Rs.506 Rs.8,979 Rs.34,891 65.11% 
Dec Rs.8,572 Rs.407 Rs.8,979 Rs.26,320 73.68% 
Jan Rs.8,672 Rs.307 Rs.8,979 Rs.17,648 82.35% 
Feb Rs.8,773 Rs.206 Rs.8,979 Rs.8,875 91.12% 
Mar Rs.8,875 Rs.104 Rs.8,979 Rs.0 100.00% 

 

How Aditya Birla Finance compares with other lenders? 

Fees and charges Aditya Birla Capital Bank of India Personal Loan Kotak Mahindra Bank Personal Loan HDFC Bank Personal Loan 
Interest rate 11% p.a. onwards 12.90% p.a. onwards 10.50% p.a. onwards 11.25% p.a. onwards 
Processing fee 2% + GST 2% + GST 2.5% + GST 2.5% + GST 
Foreclosure charges 3% of the outstanding loan amount N/A Up to 5% of the principal outstanding 2% to 4% of the outstanding loan amount 
Late payment fee 2% of the overdue amount per month Contact the bank for details 3% of the overdue amount per month 2% of the overdue amount per month 

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