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Personal loans from Aditya Birla Finance are loans that provide quick access to finances for medical emergencies, debt consolidation, home redecoration or any other large financial requirement. These loans last up to a maximum of 5 years and do not require collateral. These loans are an ideal option if the nature of expense is large and cannot be met by spending from your savings.
Aditya Birla Finance provides loans to any salaried individual within the 23 to 60-year-old age group. The applicant is required to provide three months’ salary slips as well as the bank statements of the last 6 months. This is to ensure the repayment capability of the applicant. The eligibility of an applicant is determined based on these factors. These loans are repaid through EMIs every month that are calculated according to the applicable rate of interest.
Personal Loan Charges
Personal loan charges for salaried individuals are given as below.
| Interest Rate | 11.5% to 13.25% |
| Processing Fee | Up to 2.0% of loan amount |
| Tenure of Loan | 12 months to 60 months |
| Loan Amount | ₹1 lakh to ₹50 lakh |
What is Personal Loan Foreclosure Charges?
A set tenure is determined for every loan during which the loan must be repaid. The total monthly interest to be paid is calculated according to the tenure and the amount being borrowed. Aditya Birla Finance offers a facility to foreclose or pre-close an existing loan. Foreclosure of a loan is essentially paying the outstanding amount of the loan before the loan tenure ends.
Personal Loan Foreclosure at Aditya Birla Finance
Aditya Birla Finance allows the foreclosure of loans after 12 EMIs have been successfully made. As with other competing banks, Aditya Birla Finance levies a foreclosure charge based on the outstanding amount of the loan. Aditya Birla Finance charges a foreclosure fee of 3% of the outstanding loan amount. There is an additional charge of ₹1,000 per instance for a foreclosure quote which should also be taken into account when considering a foreclosure of the loan.
Different options to foreclose the loan
After successful payment of 12 EMIs, an applicant is eligible to foreclose their loan with Aditya Birla Finance. To repay the loan from Aditya Birla Finance, the applicant has the option of availing ECS or NACH facility to make the payment. Both facilities are similar in how the transaction is processed. The applicant can set up the bank account to automatically carry out the payment of the outstanding loan amount.
The applicant may also choose to foreclose the loan with Aditya Birla Finance through Demand Draft or Cheque. In either case, the bank will provide an acknowledgement letter for the loan foreclosure. This letter will be followed by Aditya Birla Finance sending your loan agreement after pre-closing the loan.
Conclusion
Aditya Birla Finance provides personal loans for any financial need that you may have. Loans up to ₹50 lakh are available for salaried individuals for any financial needs. The interest rates offered on the loans are competitive with other banks offering personal loans. Aditya Birla Finance allows foreclosure of loans after 12 EMIs have been repaid, after which a maximum charge of 3 per cent of the outstanding amount will be charged as a foreclosure charge.