Aditya Birla

ADITYA BIRLA PERSONAL LOAN

Years

Apply Aditya Birla Personal Loan

About Aditya Birla

Aditya Birla Group is a multi-national company operating in 34 countries. There are about 1,20,000 employees working for the group worldwide. The head office of Aditya Birla Group in India is at Mumbai. The origin of the group dates to the year 1857, and it was founded by Shri Seth Shivanarayan Birla.

The holding company of Aditya Birla Finance Limited, which undertakes the lending activities, is Aditya Birla Capital. The lending activities include housing finance, Personal Loans, commodity and equity broking, wealth management, etc.

Aditya Birla Finance extends personal finance only to salaried individuals. Self-employed professionals and individuals can Avail Business Loans.

Aditya Birla Personal Loan Interest Rate - Apr 2020

Interest rate

14.0 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

0.75 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,327  Per Lakh

What is a Personal Loan?

Personal Loans, both secured and unsecured, provided by lending institutions are very versatile in nature. The more popular category of Personal Loan is the unsecured Personal Loan since it does not require any collateral security. Persons who do not have a credit score to suit the norms of the lending institutions can go for secured Personal Loans, which are sanctioned against securities like LIC policy, fixed deposit, gold jewellery, and so on. Personals Loans are versatile because they can be used for any purpose as the end-use of these loans is not defined.

Features of Aditya Birla Personal Loan

Following are the features of Aditya Birla Personal Loan:

  • Purpose of the loan: The loan can be used for any purpose as the end-use for the loan is not defined. It can be used for consolidation of debt, renovation of your existing house, wedding expenses, travel expenses, purchasing high-value consumer durable articles, and so on.
  • Quantum of loan: The quantum of the loan ranges from 25,000 to 15 Lakhs, depending upon the income, CIBIL score, and repayment capacity. You can apply for the loan online and get an approval within 30 minutes, subject to compliance of the norms stipulated for the loan.
  • Interest: The interest charged for the loan ranges from 14% to 26%. The interest depends on the employment status, credit score, and the relationship with the institution. The interest rate is fixed on a case to case base within the said range. The Personal Loan Rate of Interest remains unchanged throughout the repayment tenure.
  • Repayment: The loan has to be repaid within a maximum period of 36 months. Repayments can be made through ECS or auto-debit option.
  • Security: No collateral security is required to acquire this loan
  • Processing fees: A processing fee of up to 2% of the loan amount will be charged at the time of disbursing the loan.

Why Aditya Birla Personal Loan?

The benefits of availing Aditya Birla Personal Loan are:

  • Quick disbursal of loan
  • On applying online for the loan, approval will be given within 30 minutes, provided the eligibility criteria are complied with.
  • No collateral security is required
  • Minimal documentation
  • Simple and hassle-free processing
  • No multiple visits to the institution for follow-up
  • Nominal processing fee
  • Competitive rate of interest is fixed based on the creditworthiness of the applicant. The interest rate remains constant throughout the tenure of the loan.
  • Flexible repayment period between 6 months to 36 months, which helps you plan your EMIs as per your affordability. The EMI for 1 Lakh loan at 14% interest for a period of 36 months works out to 3,417, which is inclusive of the processing fees of 2% of the loan amount.
  • The income of the co-applicant can be clubbed to avail a higher quantum of loan.

Eligibility for Aditya Birla Personal Loan

The following are the eligibility criteria for Aditya Birla Personal Loan:

  • The age of the applicant should be between 23 to 55 years
  • The applicant should be a salaried individual and drawing the salary through a bank account
  • The individuals should be employed in reputed companies
  • Work experience of a minimum of 2 years is required to ensure income stability
  • The applicant should not have defaulted on any loan repayments in the past and should have a good CIBIL score, preferably above 700.

Documents Required for Aditya Birla Personal Loan

The following documents are required for Aditya Birla Personal Loan:

  • Address Proof, like the Aadhar Card, Voter's ID, Driving Licence, Utility bills, etc.
  • Photo ID Proof, like PAN Card, Aadhar Card, Passport, Voter's ID card, Driving Licence, etc.
  • Income Proof, like latest salary slips, ITR, etc.
  • Bank Statement for the last 6 months of the account where the salary is being credited.

Why Apply for a Personal Loan through MyMoneyMantra?

Since its inception, MyMoneyMantra's only objective is to provide the best deal for the customers for a wide range of loan products. Our association with leading banks and financial associations is what makes us so popular. We are consistently striving to increase their partner base in order to provide the best of best deals to our customers.

You can compare the rates of different lending institutions on our website and choose the best deal from among them. You can even consult our Personal Loan Specialists who can guide you to avail the best deal to suit your affordability as well as requirement.

The team at MyMoneyMantra will guide you through the entire process from the documentation to the approval level. The list of required documents will be collected from your doorstep and handed over to the lender you have chosen to bank with.

With our thrust for perfection, you can expect the best service from MyMoneyMantra.

How to Apply for Personal Loan from MyMoneyMantra?

To apply for a Personal Loan from MyMoneyMantra, you will have to access our website and provide the following information:

  • Your name and email address
  • Specify your employment status, whether salaried or self-employed
  • From the options given you will have to specify the city where you are located
  • Details of your current employment
  • Provide income details
  • Specify the quantum required
  • Provide the mobile number on which MyMoneyMantra can contact you

With the information that has been provided, MyMoneyMantra team will advise you about the products and services. They will help you choose the best option after analysing your income, repayment capacity, and credit score.

Wherever there are highly attractive offers, MyMoneyMantra will help you understand the fine print under the terms and conditions and all this at no cost. On receiving the loan approval, you will have to accept the terms and conditions and execute the loan documents. Our team will be with you throughout the process until the disbursal of the loan and will give you any clarifications required.

How to Calculate Aditya Birla Personal Loan EMI?

You can use MyMoneyMantra's EMI Calculator to calculate your Aditya Birla Personal Loan EMI instantly. The tool is given under the Financial Tools tab on our website. All you have to do is enter some information like loan amount, interest rate, and tenure of repayment. Then hit the 'Calculate' button for an instant result.

Aditya Birla Personal Loan - Processing Fees and Other Charges

Following are the processing fees and charges associated with the Aditya Birla Personal Loan:

Name of the Charge Amount

Processing fee/Administration fee

2% of the loan amount

Part prepayment charges

  • If part prepayment is equal to 20% of the total disbursed amount in a year: Nil.
  • If part payment is above 20% of the total disbursed amount in a year: 3% + applicable GST on the remaining loan amount.
  • Part prepayment is not allowed in the first 6 months from the disbursement date.
  • Part prepayment amount should be equal to or more than a total of 3 EMIs.
  • Part prepayment is allowed only once in the first year of the loan tenure.

Foreclosure charges

  • 4% of the principal outstanding + applicable GST
  • Foreclosure is permitted only after 12 months from the disbursement date of the loan.

Charges for cheque return

500 + GST per instance

Penal charges for default

3% of the pending loan amount per month

Loan cancellation charges

4% of disbursed loan amount + applicable taxes

Fees for CIBIL report retrieval

100 + GST per instance

Loan reschedule charges

5,000 + GST per instance

Exchanging PDCs/ ECS charges

750 + GST per instance

Preclosure quote

1,000 + GST per instance

Stamp duty/ Insurance premium/ Any other charges

As per actual, if applicable

Aditya Birla Bank Customer Care Numbers

You can contact the following number for any queries regarding Aditya Birla Personal Loan:

1800-270-7000

OR

You can write to abc.secretarial@adityabirla.com

Other Products Offered By Aditya Birla

The products offered by Aditya Birla Finance Limited are:

SME Finance

  • Line of Credit
  • Unsecured Business Loans
  • Secured Business Loans
  • Working Capital Demand Loan
  • Supply Chain Financing Solutions-Invoice Discounting

Loan against Securities

  • Loan against shares
  • Loan against Mutual Funds
  • Loan against Life Insurance
  • ESOP Financing
  • IPO Financing
  • Promoter Funding
  • Margin Trade Funding

Real Estate Finance

Corporate Finance

  • Project Finance
  • Structured Finance
  • Working Capital
  • Term Loans

DCM and Loan Syndication

  • Conventional Corporate Bonds
  • Short-term Financing
  • Credit Enhancement Structures
  • Securitization
  • Collateralized lending
  • Mezzanine Funding
  • Acquisition Finance

Deposit Accounts

  • Savings Account
  • Fixed Deposit

Other Products

  • Insurance
  • Shopping Cards

FAQs

How to access the Aditya Birla Personal Loan Account online?

There is a unique service platform designed to access loan accounts and it is called the ABFL Connect. With this platform, you can:

  • Access your loan account from anywhere at anytime
  • The amortization can be downloaded and saved for future reference
  • Make a disbursement request online
  • The ECS mandate can be altered
  • A request for a top-up loan can be given
  • A request for a new loan can be given

Does Aditya Birla Finance Limited provide Personal Loans to self-employed professionals/individuals?

Personal Loans are provided only for salaried persons drawing salary through a bank account.

Why should I avail a Personal Loan from Aditya Birla Finance Limited?

You should avail a Personal Loan from Aditya Birla Finance Limited owing to the following reasons:

  • There are no hidden charges
  • The whole loan processing is transparent
  • If all the documents and information provided are accurate, you can get an online approval within 30 minutes.
  • The whole application process is paperless, and if all the information and documents provided are accurate, the loan will be disbursed within no time.
  • You have the option to choose either structured payments or easy EMI
  • A balance transfer option is also available. You can consolidate all the debts and opt for a balance transfer.
  • The solutions are customised and the whole loan process is hassle-free
  • The rate of interest is competitive

Whichever is the repayment option available for Aditya Birla Personal Loan?

Repayment of the Personal Loan can be made between 6 months to 36 months.

What is the rate of interest and is it negotiable?

The rate of interest is in the range between 14% and 26% and will be on a case to case basis. It depends on the income, repayment capacity, and credit score. In brief, the interest rate applied will depend on the creditworthiness of the applicant. If you have all the factors in place, you can negotiate for the best rate.

Are prepayment and foreclosure allowed for Aditya Birla Personal Loan?

The Personal Loan cannot be prepaid/preclosed before 12 months from the date of the first disbursement of the loan. If closed before 12 months from the date of the first disbursement of the loan amount, interest for the lock-in period will be charged.

Since the loan is given only to salaried individuals and on a fixed rate, there will be no charges if the loan is closed out of own source. If the loan is taken over, then a pre-closure charge at 4% of the outstanding amount in the loan will be collected.

Should collateral security or personal guarantee be provided for Aditya Birla Personal Loan?

No. Personal guarantee or collateral security need not be provided for Aditya Birla Personal Loan.

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