If you are looking for one of the best personal loans, Aditya Birla Personal Loan is a great choice. One can use this loan during debt consolidation, medical emergencies, weddings, home improvement, and travel. Aditya Birla Finance provides it to employed people with good credit scores. This digital personal loan is accessible to salaried individuals aged 23 to 60.
Also, there are various repayment options if you get this online personal loan, and its tenure is up to 7 years. The loan amount reaches INR 50 lakh, providing substantial financial support without requiring security or collateral for approval.
Applicants can enhance eligibility by combining the co-applicant’s income, expanding possibilities for the desired loan amount. Importantly, interest rates maintain consistency throughout the loan tenure.
Prime Features & Benefits of Aditya Birla Personal Loan
Aditya Birla Personal Loan distinguishes itself through its best features. This loan stands uniquely positioned because it easily fulfills immediate financial requirements without unnecessary complexities. So, let’s see five features of this online personal loan.
1] Flexible Repayment and Tenure Options
Repayment and tenure options offer a hidden advantage – the possibility to negotiate a grace period during unexpected financial challenges. With a tenure period extending up to 7 years, you can choose a repayment period.
2] Generous Loan Amounts
With this, you can get a considerable amount of up to 50 lakhs. If you successfully manage this loan, it will positively impact your credit scores. You’ll also get to consolidate your existing debts with this amount. Ultimately, the amount that will be sanctioned will be based on eligibility.
3] Convenient Repayment Methods
You can now repay your online personal loan easily with Aditya Birla Finance, offering Electronic Clearing Service (ECS) and National Automated Clearing House (NACH) options. These repayment methods enhance convenience and help you manage your EMIs easily.
4] Collateral-Free Access
Collateral-free access means you can secure a loan without risking personal assets. Also, the loan approval process tends to be faster without collateral evaluation. This means that you can apply for the loan even if you do not have any assets to place as security.
5] Better Eligibility Criteria
You can clear the eligibility criteria for this fast personal loan as the age and income range is low. Also, your credit score should be at least 650, which means you need limited credit history to get this loan.
6] Hassle-free Online Process
Aditya Birla Personal Loan is a digital personal loan. This can be applied online without the need to visit any branch or meet any agent. With just a few clicks and simple steps, you can complete this loan process, thus saving you time and facilitating a better outcome.
7] Friendly Pre-payment Criteria
For loans, no pre-payment charges apply if the pre-payment within a year equals 20% of the total disbursed amount. However, for pre-payments exceeding 20%, a charge of 4% plus GST on the remaining loan balance is levied. Pre-payments are not permitted within the first 12 months following disbursement, and the minimum pre-payment must at least equal three monthly installments.
With such amazing features and benefits, this is one of the finest loans to apply for.
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Online Application Process for Aditya Birla Personal Loan
Getting an Aditya Birla personal loan is not challenging, as it’s an easy online platform. Follow these steps to fill out your application process on the Aditya Birla website:
Step 1: Open the Aditya Birla Loans Website
Start by opening the Aditya Birla Loans website on your web browser. You may open it on Opera, Chrome, and Firefox. Go to its home page and find the personal loan tab.
Step 2: Choose Loan Type and Complete Eligibility Verification
Navigate to the loan section within the app and select the preferred personal loan type. Proceed with the eligibility checks by providing essential information, including age, income, and personal details. The system will utilize your PAN or Aadhaar card.
Step 3: Input Loan Amount & Get KYC
Upon successful completion of eligibility checks, proceed with the application process. After specifying the amount and tenure, you can find the maximum loan amount you qualify for and preview your EMI. The final step entails a video KYC, ensuring prompt credit to your account within a day post-KYC completion.
Step 4: Loan Customization Options
Explore additional loan customization options available within the app. This step allows users to fine-tune loan features according to their preferences.
Eligibility of Aditya Birla Personal Loan
You must meet basic criteria such as age range and income to qualify. The application process involves providing personal information, and a credit check is conducted using the applicant’s PAN. There’s more. You must fulfill all the major criteria to get this digital personal loan.
Age Requirement: Age eligibility ranges from 23 to 60 years for this personal loan.
Income Criteria: A monthly income of a minimum of INR 15,000 and 1 year of work experience is required to get this online personal loan.
Credit Score: A credit score of 650 or above is important for meeting eligibility criteria.
Mandatory Identification: You must give identification documents like a PAN or an Aadhaar card.
Financial documents: Salary slips and bank statements for the last 3 months are needed.
Aditya Birla Personal Loan Fees & Charges
Understanding these fees is important to analyze the expenses. So, the primary charges associated with this fast personal loan are as follows:
Processing Fee
Aditya Birla charges a processing fee of up to 3% of the loan amount. It covers administrative expenses during the loan application process. This fee is commonly paid on personal lending and is the operational cost of processing, assessing, and disbursing the loan amount.
Pre-closure Charges
It refers to when you close the entire loan before its expected tenure. The pre-closure charge for this fast personal loan is INR 1,000 plus GST. This fee is meant to compensate for the income you, as a lender, lose when the loan is repaid early.
Cheque Return Charges
If a cheque bounces, you must pay a cheque return charge of INR 500 plus GST. This fee is applied to offset administrative expenses and the inconvenience the company has faced from the dishonored cheque.
Part Pre-payment Charges
No charges apply if the part pre-payment is 20% or less of the total disbursed amount. However, if the pre-payment exceeds 20%, a fee of 3% plus GST is imposed. This limitation is in place to handle the impact on the lender’s revenue.
Foreclosure Charges
A charge of 4% of the remaining principal plus GST is applicable for Term Loans. For Flexi personal loans, it is 4% of the withdrawn amount plus GST. Foreclosure is allowed only after 12 months from the loan disbursal date. So, the lender’s interests are protected, and income will be recovered.
There are a few other charges, like stamp duty and other charges applicable to the loan.
Important Insurance to Take with a Loan
When dealing with online personal loans, it’s smart to consider insurance. This will also ensure that your family is secure during unforeseen circumstances. The primary insurance that you should apply for is as follows:
EMI Protection Insurance
EMI Protection Insurance carries hidden advantages that are often overshadowed. In a distinctive turn, this insurance could include a feature that waives off a portion of outstanding EMIs in cases of critical illnesses. On the other hand, it may also include a built-in feature to cover specific additional costs related to events, like legal fees or documentation charges.
Life Insurance
In case of your passing, life insurance provides a guaranteed amount to your family. They can use a portion of it to clear their digital personal loan, as it will remove their financial load. The rest becomes a cushion, ensuring your family can navigate life without financial stress.
Critical Illness Insurance
This insurance might provide financial help while you recover from a serious illness. It covers different costs that come after the treatment. Additionally, it may incorporate a feature allowing for partial payouts upon diagnosing certain less severe but impactful illnesses.
Disability Insurance
Disability Insurance offers a home modification benefit, aiding in adapting living spaces to accommodate the needs arising from a disability. The plan might also cover caregiver training. Hence, it offers financial assistance for family members to gain support in such a situation.
One important thing to remember is that the insurance amount will be based only on the quotes.
Get Savings With A Balance Transfer
Shifting your loan balance can give you savings. Aditya Birla personal loan is an online personal loan that offers this balance transfer facility. You can transfer your current loan here and get a lower interest rate. This will also help in loan consolidation, allowing you to pay off your multiple loans at once. Also, with the balance transfer, you might get better tenure, which will be a boon.
