Aditya Birla Personal Loan

Aditya Birla Finance Limited (ABFL), a part of Aditya Birla Capital Limited, offers personal loans to meet various financial needs. Whether you’re planning a dream wedding, an international vacation, home renovation, or need funds for medical emergencies, ABFL personal loans provide a hassle-free solution.

This comprehensive guide will explain everything about ABFL personal loans, including interest rates, eligibility, the application process, repayment options, fees, charges, and benefits.

What is an Aditya Birla Finance Personal Loan?

An Aditya Birla Finance Personal Loan is an unsecured loan designed to cater to individual financial needs without requiring any collateral or security. It provides quick access to funds, making it an ideal solution for immediate expenses like medical emergencies, travel, home improvement, or debt consolidation.

With an easy online application process and minimal documentation, ABFL ensures that you get funds without unnecessary delays.

WFeatures and Benefits of ABFL Personal Loan

Aditya Birla Finance personal loan come with a range of attractive features that make them a preferred choice:

1. High Loan Amount

• You can avail a personal loan ranging from ₹1 lakh to ₹40 lakh.

2. Flexible Tenure

• The repayment period ranges from 1 to 7 years, allowing borrowers to choose a tenure that suits their financial situation.

3. Competitive Interest Rates

• Interest rates are fixed, ensuring stable EMI payments.
• The minimum annualised percentage rate (APR) starts from 13% and can go up to 28%, depending on the applicant’s profile.

4. Quick and Hassle-Free Processing

• The entire application process is online, ensuring quick disbursal of funds.
• Minimum documentation is required, reducing paperwork hassles.

5. Balance Transfer Facility

• You can transfer your existing personal loan or credit card debt to ABFL at an attractive interest rate.

6. No Collateral Required

• ABFL personal loans are unsecured, meaning you do not have to pledge any assets as security.

7. Fixed Interest Rate

• The interest rate remains unchanged throughout the loan tenure, ensuring predictable repayments.

8. Multiple Usage Options

• You can use the loan for any personal need, including weddings, vacations, medical emergencies, home renovation, or even consolidating existing debt.

Aditya Birla Finance Personal Loan Interest Rate

Aditya Birla Finance Limited offers competitive interest rates based on multiple factors like credit score, income, and loan amount.

• Minimum Interest Rate: 10% per annum
• Maximum Interest Rate: 32% per annum
• Annualized Percentage Rate (APR): 13% to 28%
• Loan Tenure: 12 months to 84 months

Additionally, ABFL revises its reference rates periodically:

• Long-Term Reference Rate (LTRR): Increased by 20 bps to 20.45% p.a. (effective from March 1, 2024).
• Short-Term Reference Rate (STRR): Increased by 20 bps to 19.45% p.a. (effective from March 1, 2024).

ABFL Personal Loan Eligibility Criteria

To be eligible for an ABFL personal loan, you need to meet the following criteria:

For Salaried Individuals:

• Age: 23 to 60 years
• Minimum Monthly Income: ₹25,000 (varies based on location and employer)
• Employment Type: Full-time employment with a reputed company
• Work Experience: At least 1 year of total work experience with a minimum of 6 months in the current organization
• Credit Score: A good credit score (preferably 700+)

Documents Required for ABFL Personal Loan

To apply for an ABFL personal loan, you need to submit the following documents:

1. Identity Proof:

• Aadhaar Card / PAN Card / Passport / Voter ID / Driving License

2. Address Proof:

• Aadhaar Card / Utility Bill / Passport / Rental Agreement

3. Income Proof:

• Last 3 months’ salary slips
• Last 3 months’ bank statements showing salary credits

4. Employment Proof:

• Offer letter / Employee ID card (if required)

How to Apply for an ABFL Personal Loan Online?

Applying for an ABFL personal loan is quick and simple. Follow these steps:

Step-by-Step Process:

1. Visit the Official Website: Go to Aditya Birla Finance’s personal loan page.
2. Click on Apply Now: Select the personal loan option.
3. Enter Mobile Number: Provide your Aadhaar-linked mobile number.
4. Verify OTP: Enter the OTP received on your phone.
5. Fill in Personal Details: Provide your name, date of birth, employment details, and income information.
6. Choose Loan Amount and Tenure: Select your preferred loan amount (₹1 lakh - ₹40 lakh) and repayment tenure (1-7 years).
7. Upload Documents: Submit the required KYC and income documents.
8. Submit the Application: Click on the "Submit" button to complete your application.

Once submitted, ABFL will review your details and disburse the loan amount upon approval.

Repayment Options for ABFL Personal Loan

ABFL provides multiple repayment options to ensure easy loan repayment:

• Equated Monthly Installments (EMI): Fixed monthly payments over the loan tenure.
• Electronic Clearance Service (ECS) or NACH: Auto-debit facility for hassle-free payments.

Fees and Charges Associated with ABFL Personal Loan

While ABFL offers personal loans at attractive rates, some charges may apply:

Example Calculation:

• Loan Amount: ₹1 Lakh
• Interest Rate: 10% - 32%
• Processing Fee: ₹3,000 + GST
• Tenure: 60 months
• Total Interest Payable: ₹36,518
• Total Repayment Amount: ₹1,36,518
• EMI: ₹2,275 per month

Where Can You Use an ABFL Personal Loan?

You can use the ABFL personal loan for:

• Medical Emergencies – Cover hospital bills and medical expenses.
• Home Renovation – Upgrade your home with new furniture or renovations.
• Wedding Expenses – Fund your dream wedding.
• Travel and Vacation – Plan an international or domestic holiday.
• Debt Consolidation – Repay existing loans or credit card dues.
• Education – Finance higher studies or skill development courses.
• Business Expansion – Invest in your business needs.

Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the ABFL website or contact them.

FAQs About ABFL Personal Loan