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Aditya Birla Finance Personal Loan Details

Aditya Birla Finance 3.75 / 5.04 users
Aditya Birla Finance Personal Loan Details Updated on
Loan Amount Rs. 25,000 to Rs. 15 lakhs
Loan Tenure 7 years
Interest Rate 14% p.a. to 26% p.a.

Aditya Birla Finance Personal Loan is for salaried people and professionals. You can borrow for short-term up to 12 months, or higher up to 7 years. The minimum borrowing amount is Rs. 25,000 and the upper limit is Rs. 15 lakhs. You can use the funds for any personal expense such as travel, medical emergency, wedding, events, big-ticket purchase, education of children, etc. You can foreclose the personal loan personal loan after a year and make part payments after 6 months from the date of disbursement.

In this post, we will discuss Aditya Birla personal loan features, eligibility criteria, documents required, interest rates, EMI calculation, fees and charges, and frequently asked questions.

Features of Aditya Birla Finance Personal Loan

Here are the features of Aditya Birla Finance Limited (ABFL) personal loan:

  • You can apply as a single applicant or add a co-applicant to enhance eligibility
  • No collateral or security required to avail of the loan
  • Fixed interest rate starting from 14%
  • Online approval within 30 minutes
  • Paperless procedure and quick disbursal
  • Repayment options are ECS and NACH

Aditya Birla Personal Loan Eligibility Criteria

Here are the eligibility criteria for personal loan ABFL:

  • The minimum age of the applicant is 23 years
  • The maximum age of the borrower till the loan maturity is 55 years for self-employed and 60 years for salaried employees
  • For low-income groups, the individual must have a maximum credit card utilization of up to 25% only. He/she must have an official email ID. Also, he/she must have average banking of at least 1 year
  • Those working for CAT A and CAT B organizations should have proof of work experience of a minimum of 2 years. Only confirmed employees of CAT C and CAT D can take the loan
  • People working for CAT A and CAT B firms should have a net monthly income of at least Rs. 20,000. The same is Rs. 30,000 for those working for CAT C and CAT D companies
  • Individuals working for CAT C and CAT D organizations should have deductions under the provident fund. In case of lack of it, the company should at least have a registration for PF. If not, then the employees working for these firms, cannot apply for the loan

Documents to Apply for Personal Loan Aditya Birla Finance

Here are the documents you have to submit with the loan application form:

  • Proof of identity (any one of the following): Passport/Aadhaar Card/Voter ID/Driving Licence/Senior Citizen ID Card/Government ID Card
  • Proof of address (any one of the following): Telephone bill/Passport/Electricity bill/Bank statement with cheque/Post Office issued ID card/any other address proof documentation that the finance firm accepts
  • 2 passport-sized photographs of you and the co-applicant (if any)
  • Bank statement of the last 6 months
  • Monthly salary slips of the last 3 months
  • PAN Card

ABFL Personal Loan Interest Rates

Here are details about Aditya Birla Finance Personal Loan Interest Rates:

  • Short Term Reference Rate (STRR): There is an increase in STRR by 25 basis points (bps) to 16.85% per annum. The rate for loans on a floating rate of interest and tenure up to 12 months, and linked to Short Term Reference Rate will be revised likewise by 25 bps upwards. The margin and spread for such loans will not change.
  • Long Term Reference Rate (LTRR): There is an increase by 50 bps in LTRR to 17.85% per annum. The rate for loans on a floating rate with tenure of more than 12 months, and linked to the LTRR will be revised by 50 basis points, upwards. The margin and spread for such loans will not change.

Aditya Birla Finance Personal Fees and Charges

Here are the fees and charges for Aditya Birla personal loan:

Types of Charges Details
Processing Fees Up to 2% of the loan amount
Default penal charges 3% per month of the outstanding amount
Fees for CIBIL report retrieval Per instance: Rs. 100 + GST
Cheque return Per instance: Rs. 500 + GST
Loan cancellation 4% of the disbursed amount + applicable taxes
Loan reschedules Rs. 5000 + GST
Exchanging PDCs/ECS Rs. 750 + GST
Preclosure quote Per instance: Rs. 1000 + GST
Foreclosure(allowed after 12 months from the date of loan disbursal) 4% of the principal outstanding amount + GST
Part prepayment
  • Not allowed in the first 6 months from the date of disbursal
  • Part-payment must be equal to or greater than the sum of 3 EMIs
  • Part prepayment allowed only once in the 1st year of the loan tenure
  • No charges if the amount is equal to 20% of the total amount disbursed in a year
  • If part payment is more than 20% of the total amount disbursed, then charges are 3% + GST on the outstanding amount
Insurance Premium If applicable, then as per actual
Stamp Duty If applicable, then as per actual
Repayment schedule/Duplicate statement/Any other document with the company Per instance: Rs. 200
NOC issuance Rs. 500

Aditya Birla Finance Personal Loan EMI Calculation

You can use the EMI calculator online to immediately arrive at the exact monthly installment. The calculator will inform about the total repayment amount to pay through the tenure and at the end of it. You will understand the principal amount as well as the interest outgo over the period. But for better understanding, we will present to you an illustration as well:

  • For instance, you take a loan of Rs. 2 lakhs at 14% interest and 5 years tenure. Then the EMI, interest amount and total repayment (principal + interest) amount will be as follows:
Year Interest Outgo in INR Principal in INR Outstanding Amount in INR
1 26,142 29,701 1,70,298
2 21,706 34,137 1,36,160
3 16,608 39,235 96,925
4 10,749 45,095 51,829
5 4014 51,883 0
  • With the same example, here is a table showing the tenure, interest rate, loan amount, total interest outgo, EMI, and total amount:
Tenure in Years Interest Rate Loan Amount in INR Interest Outgo in INR EMI in INR Total Amount in INR
1 14% Rs. 2 lakhs 15,489 17,957 2,15,489
2 14% Rs. 2 lakhs 30,462 9603 2,30,462
3 14% Rs. 2 lakhs 46,079 6836 2,46,079
4 14% Rs. 2 lakhs 62,334 5465 2,62,334
5 14% Rs. 2 lakhs 79,219 4654 2,79,219

Aditya Birla Finance Personal Loan FAQs

Below provided are important questions about personal loan Aditya Birla Finance.

Here is why you should opt for a loan from ABFL:

  • ABFL offers complete transparency in its loan procedure and charges. It has trouble-free financing and customized solutions for the borrowers
  • The company offers quick approvals. You can apply for the loan online and check your eligibility instantly
  • You can select between structured repayments and simple EMIs
  • The service involved minimum processing, with doorstep facility and simplified documentation through relationship managers
  • This cuts down the disbursement time and you get the funds in your bank account immediately.
  • The finance firm also provides a balance transfer option. So, you can transfer an existing loan to ABFL in no time

ABFL provides a hassle-free experience to its customers. It gives borrowers complete control over their loan account. The platform, ABFL Connect helps in this facility. It is a secure service platform from where you can access your loan account. Enter your login credentials, and you are good to go.

This secured platform allows you to view the loan account at your convenience. You can put an online request for disbursement. You can also view and save the amortization schedule. You can apply for a new loan or ask for a top-up loan. You can also change your ECS mandate.

Cheques (any unused/unbanked i.e., undated/post-dated/security post-dated) in the custody of the finance firm will be destroyed/shredded after cancellation after the closure of the loan account. The customers need not wait for an intimation from the representatives, as there will be none. However, the borrowers can be assured that apt action will be taken to cancel and destroy the said cheques.

You can visit a nearby branch between 10:00 AM and 7:00 PM from Monday to Friday, and alternative Saturdays. Branches stay open on 2nd, 4th, and 5th Saturdays. The branch remains closed on national holidays and Sundays. You can also contact 1-800-270-7000 (helpline number) on Monday to Sunday between 9:00 AM and 9:00 PM. The helpline remains closed on national holidays.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Aditya Birla Finance.

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