To start along the road to financial freedom, apply online for a personal loan from Aditya Birla Finance Limited right now. When it comes to meeting financial needs for events like weddings, trips, home improvements, or unplanned situations like medical operations, personal loans are the best option. With an easy and quick personal loan from Aditya Birla Finance Limited, you may put an end to all of your financial troubles.

Aditya Birla Personal loan interest rates include two types: Long Term Reference Rate (LTRR) at 20 bps to 20.45% p.a., and Short Term Reference Rate (STRR) at 20 bps to 19.45% p.a., effective March 1, 2024.

In this page, you will find out the vital part of figuring out the return on savings and the cost of borrowing which is the most crucial thing to consider when thinking about a personal loan is the interest rate. This rate has a big impact on your monthly payments and the overall cost of borrowing. The financial difficulties can finally be resolved with the Aditya Birla Personal Loan, which is the answer to all of your issues.

Aditya Birla Personal Loan Interest Rate Details

What Should You Do in Order to Fetch the Lowest Interest Rate from Aditya Birla?

If you keep in mind the below-mentioned factors, you have a chance of seizing a low-interest deal from Aditya Birla:

• Increasing your credit rating: You will receive a better interest rate on your personal loan if your credit score is high. You must have a credit score of at least 750 or better to qualify for a personal loan with a low interest rate. The likelihood of having your loan approved is reduced if it is lower. 

• Repayment arrears should be prevented at all costs: Even if you are late on a loan payment or credit card bill, it will negatively impact your credit score. To determine the interest rate on your personal loan, lenders and loan providers typically closely monitor your repayment history and habits.

• Always be on the lookout for deals: Banks, financial institutions, and loan lenders run special promotions and bargains during the holiday season. To obtain a better bargain, you must make sure you keep an eye out for all the holiday seasons and events. Additionally, you can get discounts and offers on the anniversary of the business or the owner's birthday.
   

• As much as possible, compare: Determining your interest rate requires careful consideration of various offers, banks, financial institutions, and other factors that may affect you. 
   
• Your rapport with the lender - The creditworthiness of your lender or financial organization is another element influencing your loan's interest rate.

Documents Required for a Personal Loan for Salaried Individual

Minimal documentation is required to take up a personal loan these days. It’s a hassle-free process these days. Here is the checklist of the required documents ➖

• KYC Documents - These documents include - a PAN Card, Aadhaar Card, Driving Licence, etc. 
   
• Proof of Income - Salary slips for the last 3 months showing all deductions and Form 16.
   
• BANK STATEMENT WHERE INCOME IS CREDITED - Last 6 months
   
• PROOF OF OTHER INCOME - Salary certificate or salary slips for the last three months, bank statement for the last six months showing a direct salary credit, and the most recent Form 16.

Documents Required for Self-Employed Individual

If you own a business or work for yourself, you might also need to submit additional documentation with your loan application apart from the ones that are already listed above. These are the listed documents that you need to submit -

• Photo Identity Proof (Any one) - Passport, PAN Card, Voter’s ID, Aadhaar Card, Driving License.
   
• Address Proof (Any one ) - Passport, Aadhaar Card, Driving License, Utility Bill (telephone, water,  electricity,  gas) – less than 2 months old, Ration Card.
   
• Proof of Residence Ownership - Property documents, Maintenance bill, Electricity bill.
   
• Proof of Office Address and Ownership (Any one) - Maintenance bill Property documents, Electricity bill.
   
• Proof of Business Existence (Any one) - Copy of GST registration, Company registration license, Shop establishment proof.
   
• Age - Minimum age should be above 23 years and the maximum age to apply for the loan is 65 years.
   
• Income Proof - Previous two years' income tax returns, together with an income computation duly verified by a chartered accountant. An audited balance sheet and profit and loss accounts, including the tax audit report if applicable, and a bank statement or bank passbook for the previous year pertaining to savings or current accounts.

Other Charges of Aditya Birla Personal Loan

Here are a few of the most well-known fees and charges applicable to personal loans:-

*Withdrawable amount: The principal that is still owed on the date of charge levy in accordance with the loan disbursement payback schedule, or the dropline balance on that date.*

Aditya Birla Personal Loan Contact Number

A dedicated team has been set up by Aditya Birla to tackle any queries or doubts with regard to personal loans. Whether it is about Aditya Birla Personal Loan interest rate or any other query related to the loan, all your doubts will be resolved in no time by dialing the toll-free number 1-800-270-7000.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

Frequently Asked Questions

1. What is the Interest rate of Aditya Birla?

With interest rates ranging from 10% to 16% per annum, Aditya Birla Finance personal loans are now available at low interest rates with minimal or less documentation requirements.

2. Who is eligible for the Aditya Birla loan?

Every salaried individual aged from 23 years to 60 years is eligible for this personal loan with a fixed interest rate. Aditya Birla is here to fulfill your immediate financial requirements and on the desired goals. 

3. What is the Minimum Income for Aditya Birla Personal Loan?

The monthly income of a person seeking a loan should be Rs 15,000 is required to be eligible for a loan.

4. How to check Aditya Birla's personal loan details?

By visiting the Aditya Birla Capital ABC portal, applicants can access information on the status of their personal loan accounts. Applicants can check the status of their personal loan accounts by sending a "Hello" message to 8828800031 on WhatsApp.

5. What is the age limit for Aditya Birla personal loan?

The age limit for Aditya Birla Personal loan is 23 years to 60 years.

6. What is the minimum income for Aditya Birla personal loan?

In order to qualify for this online personal loan, you must have one year of work experience and a minimum monthly income of INR 15, 000. 

7. What is the minimum CIBIL score for Aditya Birla Finance?

To apply for an Aditya Birla Personal Loan, you do not need to have a certain CIBIL score. However, since it can increase your chances of obtaining inexpensive financing, it's a good idea to maintain your score above 750.

8. How to calculate a personal loan limit?

It is determined by taking into account a number of variables, including income, loan tenure (amount), and outstanding debt. Note: The maximum eligible amount may vary depending on an individual's CIBIL score.

9. What is the formula for calculating EMI on a personal loan?

The following mathematical method will help you determine how much your EMI will be: [P x R x (1+R)^N]/[(1+R)^N-1] is the EMI amount, where the variables are P, R, and N. It also implies that each time you adjust one of the three factors, the EMI value will likewise alter. 'P' represents the 'Principal Amount'.

10. Does Aditya Birla provide a loan?

Aditya Birla Finance Limited (ABFL) provides personal loans up to Rs. 50 lakhs; however, the maximum loan amount that you qualify for will vary based on your unique situation, including your employment status, credit score, debt-to-income ratio, and income.