ABFL Personal Loan - Details you Must Know
When it comes to the urgent need of the cash, the people are left with only a few choices. Among those choices, the prime is the Personal Loans. While the personal loans have been the life-saving for many, there is a good percentage of the people, who take this availability to enjoy their life. Since the Personal Loan offers the customers with the instant availability of cash and with the freedom to spend the money on whatever they want to.
Gone are the Days, when getting the Personal Loan was a very hard task, and a person needs to pay numerous visits to the bank branch to get one. With several banks and NBFCs offering the Personal Loans with ease, and at the click of the mouse, the options are aplenty in front of the people.
Know about ABFL
ABFL or Aditya Birla Finance Limited is just one of the Non-Banking Finance Company, established in 1991 and ever since has involved itself in various offerings in different segments. The ABFL has lots of subsidiaries and is one of the top NBFCs in India. With Aditya Birla Finance Limited involved in the various loan offerings to the customers, the ABFL is one of the favorites among some top NBFCs destinations in the Country.
Loan Offerings by the ABFL
As stated above, the Aditya Birla Finance Limited offers several Loan products to the citizens of India, here is the list of some of the loan offerings by ABFL:
There are various other loan offerings by the Aditya Birla Capital, which has a range of loan offerings like:
Real Estate Finance
Loan against securities
ABFL Personal Loan
ABFL Personal Loans are a way to guide people towards meeting their goals and necessities of life, which could otherwise, would have been difficult to achieve. The ABFL Personal Loans are just a way to the instant cash availability and help people during emergency situations.
How to use ABFL Personal Loan Amount?
Since the Personal Loans come with the benefit to the people with an option to spend the loan amount, in a way they like, there are no restrictions at all, in how the loan borrowers spend the ABFL Personal Loan amount. Spend the loan amount, in a way as you like; but still, our suggestion is to spend it more responsibility. Since the Personal Loan is accompanied with the high rate of interest, borrow only when it's needed and spend every penny of it very carefully, as you have to repay it back with the interest in addition.
Thus, you can do all the needful task of the covering you and your family medical bills, for covering wedding costs, for paying tuition fees, for buying household important items, for home renovation, for home extension and even for planning a trip overseas and within India, for buying expensive gadgets, for spending lavish on marriage etc.
Eligibility Criteria for ABFL Personal Loan
Every Loan requires some passing criteria, which must be met in order to be successful in the application for that particular loan type, the same holds true for ABFL Personal Loan. Below mentioned is the Eligibility Criteria for InCred Personal Loan:
The Loan Applicant should be at least 23 years of age, while the maximum age cannot be more than 60 years
The Loan Applicant should be salaried or self-employed, thus a person opting for the ABFL Personal Loan must have a regular income
The Loan Applicant should be earning a minimum income as prescribed, based on the city. To know, the exact minimum income criteria, you need to visit the website
Documents Required for the ABFL Personal Loan
The Personal Loan requires the minimum documentation criteria for the approval. The following are some of the basic documents required for ABFL Personal Loan
Duly signed Application form
Proof of Address like Voter ID/Passport/Driver's License/Aadhar
Identity Proof like Voter ID/Passport/Driver's License/Aadhar
Age Proof like Voter ID/Passport/Aadhar etc as applicable
Passport size photograph
Processing fee cheque
Bank Statements justifying Income; for self-employed, audited financials for the last two years
For salaried, the salary slips for last 3 months
Details of ABFL Personal Loan
The following are the details of the InCred Personal Loan:
Rate of interest - 14% p.a. to 26% p.a
Loan Amount – Rs. 25,000 to Rs.15 lakh
Loan Tenure – 6 months to 36 months
Prepayment or Foreclosure Charges – 4% of principal outstanding in the 1st year; while, it goes down to 3% in the 2nd year and subsequently 2% thereafter, with the condition that the Preclosure is permitted after 6 months
Any Other Details – None
ABFL Personal Loan Fees and Charges
The ABFL Personal Loan comes with an additional burden of processing charge, which is, in fact, applicable at Personal Loans in almost all banks and NBFCs.
The Processing fee of 2% is applicable on each Personal loan processing
Factors that affect your ABFL Personal Loan
Monthly Income: The monthly income of the Personal Loan Applicant is a deciding factor on how much the loan amount will be sanctioned and at what rate of interest. The more is the monthly income of the loan applicant, the more stable, he/she is considered, and thus the more is the chance that the repayment will be done by the Personal loan applicant. The Monthly income decides the repayment capability of the loan applicant.
Age: The age is also a deciding factor in the rate of interest for the Personal Loans. The loan applicant belonging to very young age may be charged with the higher rate of interest as compared to the loan applicant belonging to the latter stages of life.
Monthly Expenses: It's the monthly income earned and the monthly expenses, combined together, that makes a difference in how much the loan amount will be sanctioned and at what rate of interest. Considering, if the Personal Loan applicant has lots of responsibilities on the shoulders, and the major portion of the monthly income goes towards covering those, the repayment capability of the loan applicant declines and thus the loan amount eligibility takes a nosedive.
Any Other Loan: If the person is carrying any other loan, there is a considerable impact on how much the Personal Loan applicant can borrow now.
Credit History: Bad borrowers are always riskier borrowers. The bad credit history owing to the defaulting on any EMI or loan in the past indicates the bad behavior of the person towards the repayment and thus might affect the rates of interest on Personal Loan. However, the ABFL Personal Loan doors are always open for all. The ABFL will evaluate each and every application on various other merits along with the credit history.
Job Stability: The more is the job stability, the more is the chance that the loan borrower will not default on the borrower Personal Loan.
Category of Your Employer: Considering the category of the Employer, the loan applicant's repayment capability is judged. If the employers are the well brand, and the ABFL enjoys doing business with it, such scenarios positively impact the borrowing capability of the Personal Loan Seekers. At the same time, the government employees ensure the less chance of defaulting on the Personal Loan, and thus the rate of interest will be on the lower sides on these employees.
Salient Features of the ABFL Personal Loan
The various salient features, which explain as to why the Personal Loan seekers must opt for the ABFL Personal Loan, are listed as below:
Quick Disbursal of the Personal Loan
Online Approval of Personal Loan within 30 minutes
No Collateral required
Zero Documentation required except some basic documents as identity proofs etc
Hassle Free Application Process
Flexible Loan Tenure from 6 months to 36 months
The Loan Amount disbursal begins from as low as 25,000, thus offering the people the chance to borrow less for the shorter needs
The maximum loan amount of 15 lacs ensures that all bigger cash requirements are fulfilled with ease
The loan tenure of 6 months to 36 months allows the people to close the loan deal within a shorter duration and offer the people with the availability of shorter loan disbursal
Personal Loan Borrowers are offered with the facility to use Electronic Clearance Service (ECS) and National Automated Clearing House (NACH) payment solution to repay the loan
Applicant can club income of co-applicant for enhancing the eligibility
Interest rates remain unaffected throughout the loan tenure and thus no market conditions can negatively affect the rates of interest
The ABFL Personal Loans are the perfect solutions for the people who are looking towards the easy Personal Loan Availability. With the NBFCs having lenient eligibility criteria, a Person must look towards ABFL for Personal Loans.
Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.
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