Things To Keep In Mind While Applying For Personal Loan In Kolkata


Personal loans are unsecured loans that you can avail of for fulfilling short-term responsibilities such as a child’s education, home renovation, medical bills, etc. Personal loans do not require any collateral and are the easiest to avail. Moreover, there are very few formalities for availing of personal loans. Also, urgent loans can take care of the most immediate financial requirements you may be facing without having to dip in your savings.

Different cities have a distinct set of rules and norms regarding borrowings. For example, Kolkata has several lenders providing personal loans on nominal interest rates. This article will look into the requirement for applying for a personal loan in Kolkata.

Personal Loan in Kolkata

Kolkata is a city that has seen recent growth, and as a result of development, many financial organizations have started providing loans with attractive interest rates and other bonus features. Therefore, if you plan to avail of a personal loan in the city, you can approach any bank or financial institution that provides this facility.

● The first step is to check whether you are eligible for a personal loan or not. For checking your eligibility, you can use an eligibility calculator offered by several websites. You have to enter a few personal details about yourself, and the calculator would generate accurate results of your qualification for a personal loan from your preferred lender.

● Next, you need to inquire about interest rates offered by different financial organizations. Finally, choose a lender which offers personal loans at the lowest interest rate. This could be an essential deciding factor in the process of selecting a bank or NBFC for availing of a personal loan.

● The tenure of your loan would tell you how much time you have to repay it completely. Most lenders give you an option to choose your preferred tenure. Choose a tenure that is neither too long nor too short.

● When applying for a personal loan in Kolkata, make sure you fulfill the credit rating standard of your chosen lender. Most lenders have a credit rating limit under which they do not approve personal loans.

Eligibility for Personal Loan in Kolkata

If you are looking to apply for an urgent loan for personal use, you must fulfill the following eligibility criteria. In Kolkata, lenders require the following criteria to be qualified by every applicant:

Income: For salaried individuals, the minimum income requirement is Rs.15,000. For self-employed individuals, the minimum requirement for income is Rs.1 lakh.

Credit Score: The credit score of all applicants must be a minimum of 750 or above.

Age: Applicants must be 21 years and above to avail of a personal loan in Kolkata.

Job Stability: You must have a stable job and work experience of at least one year.

Documentation for Personal Loan in Kolkata

While applying for a personal loan in Kolkata, you would have to submit a set of documents to your lender. It depends on the documentation whether your urgent loan would be approved by the lender or not.

The list of the necessary documentation is as follows:

● Passport size photographs

● Proof of age

● Proof of residence

● Proof of identity

● Duly signed personal loan application form

● Bank statement of last 6 months

● For salaried individuals: Salary slips of last 3 months, and Form 16 or Income Tax Returns

● For self-employed individuals: Last 3 years’ Income Tax Returns and computation of income, and audited P&L Account of last 3 years.

Interest Rates for Personal Loans in Kolkata

Like every other city in India, Kolkata offers different interest rates for personal loans. If you plan to apply for one in Kolkata, you should be aware of rates of interest for various lenders. However, rates keep on changing with market fluctuations.

The following table shows personal loan interest rates and some more details:

Rate of InterestVaries
Personal Loan TenureAnywhere between 1 to 6 years
Processing FeeDepends on the loan amount
Pre-Closure ChargesNot fixed
Guarantor RequirementNo guarantor is required


Kolkata is like any other city to apply for a personal loan. However, it has certain guidelines for prospective borrowers that they must qualify for. To meet urgent financial needs, a personal loan is a standard option that people opt for.

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