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Aditya Birla Capital Limited – A Brief History
Aditya Birla Capital Limited is an Aditya Birla group company. The Aditya Birla group was founded in the 19th century by Seth Shiv Narayan Birla in Pilani a small town in Rajasthan. His successor Mr Ghanshyamdas Birla expanded the business by diversifying & setting up industries in textiles, aluminium, cement & chemicals.
With a formidable lineage Mr Aditya Birla at the young age of 24 had a vision of setting up a global business empire. He single-mindedly worked towards establishing the Birla Group as an International business house.
Today the Aditya Birla group is a part of the Fortune 500 league. Operating out of 35 countries, the Aditya Birla group has a mammoth work force of 120,000 employees.
About – Aditya Birla Capital Limited
Previously known as Aditya Birla Finance Limited, today Aditya Birla Capital Limited is the holding company for all the financial services of the Aditya Birla Group. It has a nationwide reach , aggregate assets worth Rs. 3057 billion and has a lending book of Rs. 536 billion as of June 30th, 2018, placing it among the top 5 private diversified NBFCs in India (Source: CRISIL).
Aditya Birla Capital limited has a strong presence across all financial & allied products including insurance, structured finance, corporate lending & wealth management. Today ABCL qualifies among the leading NBFC’s: with a diversified portfolio it encompasses all the lifestyle needs of customers.
Aditya Birla Capital Limited –Personal Loans
Aditya Birla Capital Limited is now creating a niche for itself in the arena of unsecure loans; Personal loans for the Salaried & Business Loans for the Self Employed.
Individuals aspiring to get convenient finance to fulfil personal needs can apply for a Personal Loan to Aditya Birla finance Limited ;To be eligible for a Personal Loan the applicant must fulfil the following basic criteria.
The applicant must be an Indian citizen above the age of 21 years whilst submitting his application, the maximum age till which the instalment is to be paid back is 60 years.
The net emoluments earned by the applicant should be above 20k per month. A net salary of 25k per month is mandatory for applicants working for companies not included in the preferred company list.
The applicant must hold a Bank account in her/his name to which the salary is transferred by the employer electronically month on month. Individuals receiving their salary n cash or by a payee cheque are not eligible to apply for a Personal Loan from Aditya Birla.
To be eligible for a personal loan from Aditya Birla Capital Ltd the applicant must be gainfully employed for 24 months. The job continuity in the present company should be of 3 months or if the applicant has changed jobs there should not be a break in the job continuity.
The applicant must be regularly employed with an employment vintage of above 24 months. The company the applicant is employed with should be approved as per the criteria of ABCL.
The minimum educational qualification required by Aditya Birla Capital is that the applicant should be a graduate from a recognised university.
To be eligible to for a personal loan from Aditya Birla Capital Limited the applicant must hold a credit record or history; a CIBIL record or history is generated when an individual obtains credit of any kind from a recognised institution, it could be in the form of a credit card, home loan, Auto loan, personal loan or a consumer loan. All transaction done by the holder is recorded by the CIBIL (credit bureau of India Ltd). A score is generated as per the usage & timely payback of the credit used.
When an individual applies for a Personal loan the CIBIL score or history is checked to determine as to how the customer behaves with credit. If Aditya Birla Capital is satisfied with the applicants credit history the personal loan will be approved or else denied.
PERSONAL LOAN FEATURES
PERSONAL LOAN IS AN UNSECURE LOAN
Personal Loans from Aditya Birla Capital Limited are forwarded without any security or guarantees. An applicant needing a Personal loan can apply on the basis of the current profile proved by the requisite documentation.
LOAN AMOUNTS THAT ARE GIVEN AS A PERSONAL LOAN
An applicant can apply for a minimum loan amount of ₹50k; maximum loan amount that can be achieved as Personal loan from ABCL is ₹20 lakhs. The loan amount to be disbursed to an applicant is calculated on the basis of the income of the applicant & the current obligations which include the monthly expenses & instalments for other credit availed.
TENURE FOR A PERSONAL LOAN
The tenure or the time period for which the Personal Loan is granted is from 12 months to 60 months. The tenure for the Personal loan is fixed as per the loan amount required & the monthly installement payable by the applicant.
RATE OF INTEREST FOR A PERSONAL LOAN
The Rate of Interest for a Personal loan from Aditya Birla Capital is fixed at the time of disbursal & remains constant throughout the entire tenure. It is charged @ monthly reducing balance: the principal amount reduces with the payment of each monthly installement, the interest will be charged on the current principal amount balance of the personal loan.
PRECLOSURE & PART PAYMENT CLAUSE OF A PERSONAL LOAN
Aditya Birla permits the loan holder to pay back the loan amount taken before the completion of the Loan tenure. A partial amount can also be repaid towards the principal, if surplus funds are available;
Thus the applicant has the freedom & flexibility of running his personal loans on his own terms.
WHAT ARE BENEFITS OF A PERSONAL LOAN WITH ADITYA BIRLA CAPITAL LIMITED?
PERSONAL LOANS OFFERED TO A WIDE SPECTRUM OF PROFILES.
Aditya Birla finance makes it easy for applicants of all profiles to fulfil their aspirations & dreams via a personal loan. Loan amounts are offered as per requirement of the customers the eligibility of the applicant &the company category or employment profile as follows;
As per the company category list – Companies included in the list of approved entities are divided as per CAT A /CAT B/ CAT C/ CAT D, in order of priority.
Companies listed as CAT A are given the facilities of priority processing & best in class rate of interest.
Government employees earning income of above 30 k per month & are treated as cat A company with special rate of interest from 12.75% onwards. Government employees of grade 4 earning an income of 30k & above are forwarded personal loans as per their requirement.
FAMILY MEMBER CAN COME AS A CO APPLICANT.
Earning family members getting a regular income can be taken as a co applicant, benefits of a co applicant is that the salary of the both the applicant & the co applicant can be clubbed together to enhance the total income. If the loan amount required is more the increased income can justify the eligibility for the loan amount.
The main applicant will be primarily responsible for the payment of the EMI & the profile of the main applicant will be considered for the terms & conditions applicable for the personal loan.
ENHANCED LOAN AMOUNT OFFERED
High income applicants can get increased loan amount, Aditya Birla allows them to pay up to 75% regular income as the monthly installement. This condition gives the gives the applicant an option of paying back the loan with a shorter tenure & saving on the interest amount.
ADITYA BIRLA PERSONAL LOAN PROCESS IS TRANSPARENT WITH FLEXIBLE TERMS & CONDITIONS.
An applicant can repay the Personal Loan from Aditya Capital with flexible terms & conditions, as per The tenure granted from 12months to 60 months or pre pay a partial amount of up to 40% per year, Without any extra charges, the minimum that can be repaid is 25000/- at a time. The loan amount can be paid back by ECS (electronic clearing system) or through PDC’s (post dated cheques) the time taken to process the personal loan is 72 hours within which the applicant is informed about the approval or decline of the request. On approval of the loan the applicant will need to sign the agreement, which clarifies all the terms & conditions of the Personal loan.
THE PROCESS FOR A PERSONAL LOAN FROM ADITYA BIRLA CAPITAL LTD IS QUICK & HASSLE FREE.
Finance from a personal is for funding of urgent requirements. Aditya Birla processes your requirement with speed & efficiency so that funds can be disbursed within 2, 3 days. All process systems are designed to work in co ordination giving priority to the customer needs.
TAKE A BALANCE TRANSFER OF YOUR PERSONAL LOAN TO ADITYA BIRLA CAPITAL LTD.
With a transfer of your existing personal loan to Aditya Birla Capital Ltd, get additional benefits.
An applicant running a personal loan with an external bank can avail a Balance transfer of the existing personal loan to Aditya Birla Capital ltd & lower the existing rate of interest; any additional loan amount required will be disbursed at the same rate.
END USAGE FOR A PERSONAL LOAN FROM ADITYA BIRLA CAPITAL LIMITED.
Aditya Birla Capital Limited provides personal loans for all kinds of personal usage as per follows:-
WHAT ARE CHARGES FOR A PERSONAL LOAN FROM ADITYA BIRLA CAPITAL LTD?
Personal loan charges from Aditya Birla Capital are the lowest as per competition, making it a viable proposition for the salaried class to borrow finances to fulfil their personal needs. Primary charges are as per follows:
The Rate of Interest (ROI) –
The rate of interest is the interest charged at which the loan is given to the applicant, it is applicable as per the following-
The net salary of the applicant-
The income of the applicant is one of the key factors influencing the interest at which the loan amount is disbursed, minimal salary requirement being 25k per month to be credit in the bank account.
The company the applicant is currently employed with –
The rate of interest offered to the applicant is applicable as per the category of the company the applicant is working with. If the company is listed under category A/B the rate of interest offered will be discounted as compared an applicant employed with category C/D.
Personal Loan amount required-
The amount required as a personal loan has an important role to play in the rate of interest applicable for a personal loan. Aditya Birla Capital ltd offers the lowest rate of interest of 11.75% for increased loan amounts. Applicants with a salary of 50k or more per month are eligible to apply for ₹ 5 lakhs or more: a discounted rate of interest will be offered on approval of the loan request.
Prestigious organisations & companies with a healthy turnover, offer a promising future to well qualified candidates. Their employees are paid handsomely who feel financially secure & can take on credit which they can pay back easily. Such candidates are considered the premier segment for the distribution of personal loan. Aditya Birla Capital ltd offers special terms & conditions to the employees of these organisations for their personal loan requirement.
The processing fees are the file charges paid to the Bank for dispensation of the loan amount. The charges applicable are deducted from the loan amount sanctioned. No charges need to be paid upfront while submitting the document as the charges only apply if the loan is sanctioned & disbursed.
PRE CLOSURE & PART PAYMENT CHARGES
Part payment of a personal loan is the pay back of a partial amount of the total loan taken to the creditor, the terms & conditions of the loan taken will govern the amount an applicant can pay back at a time. As per Aditya Birla the loan holder can pay back up to 20% of the loan amount per year free of charge any additional amount paid will be charged at 2%.
Pre Closure of a personal loan entails the total payback of the loan amount taken & closure of the personal loan account. A loan holder can pay back the loan amount free of any charge 12 months after the disbursal of the loan, if the finance is arranged from personal funds but if the applicant wishes to take a balance transfer of the existing personal loan with Aditya Birla Capital to another Bank or NBFC then an additional charged will be levied on the principal amount repaid.
ELIGIBILITY CALCULATOR FOR A PERSONAL LOAN
The loan amount required by the applicant to fulfil his needs may vary from the loan amount the applicant is eligible for or the lending institution is willing to forward.
Following factors are taken into account when deciding the loan amount to be sanctioned to an applicant.
|Loan amount||the loan amount applied for|
|Category of Employer||if the employer is listed under cat A/cat B/cat C/cat D.|
|Work experience||minimum 2 years of total work experience required|
|Net income||the net salary credited to the bank account|
|Obligations||Emi being paid currently for other loans & credit card usage|
|Tenure||the no’s of years from 1 to 5 for which the loan is sanctioned|
|EMI payable||The monthly installement affordable to the applicant|
|eligibility ratio||Applicable as per the monthly earnings & company category.|
THE RATE CHART FROM ADITYA BIRLA CAPITAL LTD FOR PERSONAL LOANS
The cost for a personal loan from Aditya Birla is applied as per the chart below:
|LOAN AMOUNT||CAT A||CAT B||CAT C||Processing fees|
|LOAN AMOUNT||CAT D||Processing fees|
|> 8 lakhs||15.00%||1.75%|
Standard Schedule of Charges – Personal Loan
|Cheque Return Charges||₹750/- + GST instance|
|Default Penal Interest RateS||2% per month + GST|
|Charges for Cancellation of Loan||4% + applicable taxes of loan amount disbursed|
|CIBIL report retrieval fee||₹50/- per instance|
|Charge For Exchanging PDCs / ECS||₹750/- per instance|
|Loan Re-schedulement charges||0.50% + GST|
|Stamp duty||As per Actual if applicable|
|Insurance Premium||As per Actual if applicable|
|Pre-closure Quote ₹1,000 per instance|
|Any other charge As per Actual if applicable|
|Foreclosure allowed after 12 Months||Applicable charges from 12 months onwards – 3%|
|Part –payment||20% of the Principal Amount in 1 year, allowed to be paid as Part-Payment upon Nil charges|
|Passport size photograph|
|Current Residence Proof||Driving Licence/Passport /Voter ID/Utility Bill/Aadhaar Card|
|ID Proof||Driving Licence/Passport /Voter ID/Aadhaar Card|
|Pan Card Copy||Date of Birth Proof|
|Owner Ship Proof||if Residence is self owned|
|Bank Statement for 3 Months||Form 16 for the Current Year|
|Salary Slip for 3 Months||Proof of for 2 years job continuity|
PERSONAL LOAN FAQ’S FROM ADITYA BIRLA CAPITAL LTD
ABFL takes 2 to 3 days to process a personal loan after submitting all documents.