Which Personal Loan Is Suitable For You? Check it Out Now

Are you bound to fulfill personal responsibilities towards your family? Worried, whether you will be able to fulfill them or not due to the paucity of funds. Don't worry but look for personal loans that are designed  to cover up all your personal requirements whether it is relating to purchase of consumer durable items like LCD, refrigerator, laptop to conducting a wedding in the family, paying school fees of your children or  for financing costly medical treatment. Whatever may be your reasons, Personal loans are the ideal solution till the time it doesn't prove costly on your pocket.

Look for lowest interest rates with flexible tenures where you get ample of time for settling your equated monthly installments at ease. A better idea where you can rescue yourself from the loan settlement anxiety on a shorter duration. The best approach for availing Personal loan come from having a glimpse of what top banks have to offer for Personal loan in India.

Top Banks Providing Personal Loans in India

SBI Personal Loan

SBI Personal loan is offered without any collateral security. The interest rates are offered by the bank ranging from 11.90%-16.55% per annum (unsecured), 10.55%-15.65% per annum (secured). The maximum loan amount that can be obtained is ₹ 15 lakhs with the flexible tenure of up to 5 years.

ICICI Personal Loan

This is one such multi-purpose loan offered by ICICI Bank without any collateral or security to salaried and self-employed professionals. A salaried person can get a loan up to ₹ 20 lakhs whereas a self-employed person can get the maximum loan of ₹ 30-40 lakhs. Also, the interest rate on the loan starts from as low as 11.59% per annum which comes with a flexible tenure facility of up to 5 years.

HDFC Bank Personal Loan

HDFC Bank has attractive rates to offer for instant approval at competitive interest rates ranging from 15.75% to 20% per annum subject to the profile of the borrower and the repayment capacity. An individual need to possess a minimum monthly income of ₹ 12,000/- within the age of 21 years to 60 years and can easily get this credit facility. 

Axis Bank Personal Loan

Axis Bank is one of the best lenders in the financial market of India in terms of the personal loan as well. Axis Bank loan provides the maximum loan upto ₹ 15 lakhs with interest rates ranging between 15.50%-24.00% per annum. The bank also offers flexible loan tenure of 12 months to 60 months.

Bajaj Finserv Personal Loan

Bajaj Finserv offers a personal loan to all the salaried applicants of India at attractive interest rates which start from 12.75% per annum The maximum loan tenure and maximum funding from Bajaj Finserv are 1-5 years and ₹ 25 lakhs, respectively.

Kotak Mahindra Bank Personal Loan

All Indian residents who are employees of the reputed company are eligible to obtain the personal loan from Kotak Mahindra Bank. The age limit should be between 21 years and 58 years. The maximum loan amount is ₹ 15 lakhs with the interest rates ranging from 11.29% to 14.29% per annum.

Personal Loan Eligibility

The salaried class employees and self-employed professionals are entitled to apply for personal loans. The Personal loan eligibility criteria differs from bank to bank when it comes to providing personal loans which are as follows:

Eligibility for Salaried Individuals

• Minimum age of the borrower: 21 years
• Maximum age of the borrower: 58 years
• Minimum work experience: 1 Year
• Minimum Net Monthly Income: ₹ 20,000/-

Eligibility for Self-employed Individuals

• Minimum age of the borrower: 24 Years
• Maximum age of the borrower: 65 Years
• Minimum work experience: 3 Years
• Minimum Net Annual Income: ₹ 1 lakh

Personal Loan Application Form

In order to avail personal loan, the borrower has to fill the details which are required in the application form. The borrowers can also apply online by filling in the following details:

   

• Personal Details along with the photograph
• Details of Co-obligant/ Guarantor along with recent photograph    
• Profession Details
• Income Details
• Details of Assets and Liabilities    
• Purpose of taking the loan    
• Repayment Details

Documents Required for a Personal Loan

Salaried employees and self-employed professionals are required to produce the following documents:

For Salaried Employees

•    Loan Application Form
•    2 Passport size photos
•    Salary Slips for last 3 months
•    Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
•    Residence Proof (Driving License/Voter ID Card/Aadhaar card, etc.)
•    Last 3 months Bank Statements
•    Employment Proof
•    Signature Proof

For Self-employed Individuals

• Loan Application Form
• 2 Passport size photos
• Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
• Office Residence Proof
• Income Proof: Audited financials for the last 2 years
• Last 6 months Bank Statements
• Employment Proof
• Signature Proof

Take Personal Loan Rate into Account Before Choosing Your Lender

Personal Loans are a hit amongst those looking for money on loan urgently without the hassle of paperwork and collaterals. They are one of the most widely known and used form of borrowing money. But because these loans are for a shorter period of time, the lenders tend to increase the Personal Loan Rate of Interest so as to maximise their profit. Picking out the best Personal Loan Rates could take in a lot of hard work and research. Hence before finalising the lender of your choice, it is advised to take a look what various banks have on offer.

Usually, the banks agree upon a Personal Loan Rate ranging between 11.59% to 25%. If an applicant has a good CIBIL score, the rate of interest for the Personal Loan usually drops down as well. Also, providing a collateral can help you shrink the interest rates considerably. Let us take a look at the Personal Loan Rates offered by the top 6 banks of the nation:

HDFC Bank: HDFC bank is known to offer a Personal Loan Rate between 15.75% to 20%. The loan amount on offer for a Salaried Individual is upto ₹25 lakhs and upto ₹15 lakhs for the Self- Employed. A processing fee of up to 2.50% of the loan amount or a minimum of ₹1,000 to a maximum of up to ₹25,000 is levied on the Salaried Individuals. In case of a prepayment, a prepayment charge of up to 4% of the outstanding principal amount is charged along with the service tax.  

ICICI Bank: ICICI bank is currently offering a Personal Loan Rate between 11.59% to 22%. The loan amount on offer for a Salaried Individual is upto ₹20 lakhs and upto ₹30 lakhs for the Self- Employed. A processing fee of up to 2.25% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 5% of the outstanding principal amount is charged along with the service tax.  

Bajaj Finserv: Bajaj Finserv is known to offer a Personal Loan Rate of 12.75% onwards. The loan amount on offer is upto ₹25 lakhs and is only available for Salaried Individuals. A processing fee of 2.25% to 3% of the loan amount is levied on the borrower. In case of a prepayment, a prepayment charge of up to 4% of the outstanding principal amount is charged along with the applicable taxes.  

SBI Bank: SBI bank is currently offering a Personal Loan Rate between 11.90% to 16.55% for the unsecured Personal Loan and 10.55% to 15.65% for the Secured Loan. The loan amount on offer is upto ₹15 lakhs for an individual. A processing fee of up to 1% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 3% of the outstanding principal amount is charged along with the service tax.  

Kotak Mahindra Bank:  Kotak Mahindra  bank is known to offer a Personal Loan Rate between 11.29% to 14.29%. The loan amount on offer for a Salaried Individual is upto ₹15 lakhs for tan individual. A processing fee of up to 2% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 5% of the outstanding principal amount is charged along with the service tax.  

Axis Bank:  Axis bank is currently offering a Personal Loan Rate between 15.59% to 24%. The loan amount on offer for a Salaried Individual is upto ₹15 lakhs for an individual. A processing fee of about 1.50% to 2% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, there happen to be no prepayment charges to be paid by the borrower.

While opting for a Personal Loan, it is highly recommended to explore all the options and be certain of the interest rates and EMIs. It is prudent to plan out one’s expenses in advance and for the rest, we have Personal Loans!

HDFC Personal Loan Apply Online- Say Bye to Financial Worries

Hi! Are you in urgent need of money? Do you have plans of having a destination wedding? Are you looking for a personal loan so as to wash out all financial tensions? Well, HDFC Personal Loan is one of the best personal loans in the Indian market today. HDFC Bank offers affordable rates on personal loans so as to make it more people-friendly. In addition to this, the bank also gives you the opportunity to get a higher loan amount which is an add-on to this loan.

It is also important to note that the interest rate offered by HDFC Bank is one of the lowest interest rates on personal loans. So, what are you waiting for? Apply for HDFC Personal Loan But first, check the eligibility criteria below:

HDFC Personal Loan Eligibility-

HDFC Bank offers personal loans on the basis of certain parameters which decide the loan amount and interest that they are going to offer to the applicant. Similarly, to get a personal loan with the desirable loan amount and attractive interest rates, you must have the below-mentioned eligibility criteria. If your profile matches the criteria set by the HDFC Bank, the chances of getting desirable loan amount and interest rates are higher for you, so let us have a look:

• Your minimum age should be 21 years
• Your maximum age should be 60 years
• An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
• The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

Personal Loan Eligibility Calculator-

You must know that the interest rates and the loan amount are calculated with the Personal loan eligibility calculator of HDFC Bank. So, to check eligibility, follow the below steps:

• Click on ‘Check Eligibility’ on the personal loan page
• A Digital Application Form would appear
• Mention if you are an existing customer of the bank or not
• Continue with the mobile number you use
• Mention the Net Banking Details like the Customer ID Number and Mobile Number
• Fill in the OTP you receive here

Once you fill up the above details, a loan application form would appear. Fill in the details in the form.

How to Apply for HDFC Personal Loan Online-

You can apply for a personal loan at HDFC Bank both online and offline. However, online process is more convenient and time-saving. So, to apply online, you can follow the below steps:

Step1: A person must fill up the personal loan application form with correct personal, professional and loan details.

Step2: To get a hassle-free personal loan, a borrower must keep the required documents ready at the time of applying for a personal loan.

Step3: Once the above steps are completed, a person can submit the scanned documents along with the loan application form (with photos) online.

HDFC Personal Loan Interest Rates-

The interest rate on a personal loan is accumulated on the basis of the MCLR with the present scenario of 1 Year MCLR= 8.15%. On the basis of the new MCLR rates, HDFC bank offers personal loan interest rates starting from 11.49% per annum up to 19.50% per annum which is one of the lowest interest rates in the present market today.

Documents Required-

HDFC personal loan is an unsecured loan and there is no asset verification involved in the documentation process. So, the documentation required is lesser and hence the process is hassle-free and time-saving for sure. Here is the list of documents that you must have:

• Identity Proof – Voter ID Card/Driving License/PAN Card/Copy of Passport
• Address Proof- Copy of Ration Card/Telephone or Electricity Bill/Rental Agreement/Passport
• Last 3 months bank statements
• Last 6 months bank passbook
• Latest salary slip/current dated salary certificate with the latest Form 16

Benefits of HDFC Personal Loan

• Affordable interest rate
• Flexible tenure option
• Free Insurance Cover
• 24X7 customer care service
• Special offers for women applicants- Diva Personal Loan
• Pre-approved personal loans of ₹3 lakhs and more than 100 Diva offers across premium brands and products (for women applicants)
• Sarv Suraksha Pro-credit shield cover equal to the outstanding loan amount, accidental hospitalization cover of up to ₹8 lakhs, accidental death/permanent disablement cover of up to ₹1 lakh, and critical illness is ₹1 lakh