Friends, let’s talk about the Aditya Birla Digital Business Loan and look at the detailed information regarding this loan, along with how interest rates vary across different banks. Aditya Birla Finance Limited offers personal loans starting at an annual interest rate of 10.99%. Salaried individuals can avail loans up to ₹50 lakhs for a tenure of up to 7 years. These personal loans can be used for various personal needs, including medical emergencies, children’s education, weddings, travel, home improvements, and the purchase of electronics or household items.
Comparison of Interest Rates
Here’s a comparison of interest rates across different banks and lending institutions:
| Bank/Loan Institution | Interest Rates (Annual) |
|---|---|
| HDFC Bank | Starting from 10.50% |
| SBI | 11.15% – 15.30% |
| Punjab National Bank | 10.40% – 17.95% |
| ICICI Bank | Starting from 10.80% |
| Axis Bank | Starting from 10.49% |
| Kotak Mahindra Bank | Starting from 10.99% |
| IndusInd Bank | Starting from 10.49% |
| IDFC First Bank | Starting from 10.99% |
| Bajaj Finserv | Starting from 11.00% |
| Tata Capital | Starting from 10.99% |
| Money View | Starting from 15.96% |
| Federal Bank | Starting from 11.49% |
| DMI Finance | 12.00% – 40.00% |
| L&T Finance | Starting from 12.00% |
| CreditBee | 16.00% – 29.95% |
| MoneyTap | Starting from 13.00% |
| Piramal Capital | Starting from 12.99% |
| Aditya Birla | Starting from 13.00% |
| Rupeek | Starting from 27.00% |
Types of Aditya Birla Personal Loans
Aditya Birla offers different types of personal loan products to cater to various needs:
1. Standard Personal Loan
- Purpose: Designed for salaried individuals to cover personal expenses like home improvement, electronic purchases, education, weddings, and medical emergencies.
- Loan Amount: Up to ₹50 lakhs
- Tenure: Up to 7 years
2. Flexi Personal Loan
- Purpose: This is a personal loan with an overdraft facility, allowing borrowers to withdraw funds based on their credit profile and repay according to their cash flow.
- Tenure: Up to 7 years
Fees and Charges
Let’s look at some of the fees and charges associated with Aditya Birla Digital Business Loans:
- Processing Fee: Up to 3% of the loan amount
- Pre-closure Fee: ₹1,000 + GST
- Loan Cancellation Fee: 4% of the loan amount + GST
- Part Prepayment Fee:
- For Term Loan: 0% for up to 20% of the loan amount; 3% + GST for amounts over 20%
- No prepayment allowed in the first 12 months of disbursement
- Foreclosure Fee:
- For Term Loan: 4% + GST on the outstanding amount
- For Flexi Personal Loan: 4% + GST on the withdrawn amount
Eligibility Criteria for Aditya Birla Personal Loan
Friends, let’s talk about the eligibility criteria for applying for an Aditya Birla Digital Business Loan:
- Age: 23-60 years
- Employment: Salaried individuals
Required Documents
The documentation required for this loan includes:
- Fully filled application form with a photograph
- Proof of identity, address, signature, office, and qualification
- Non-refundable fee cheque, copy of PAN card, repayment track record, and bank verification records
- Last 3 months’ salary slips or salary certificate, and last 6 months’ bank statements where the salary is credited, along with the latest Form 16
- Financial documents for the past 2 years, partnership deed/MOA/AOA, income calculation, balance sheet, profit and loss account with ITR, tax audit report, certified list of directors/shareholders by CA/CS, current VAT/sales tax return, and last 12 months’ bank statements (business and savings)
Friends, if you’re considering taking a loan from Aditya Birla, it’s important to review all the terms and conditions, as well as the interest rates from various banks, to ensure you make the best decision for your financial needs.