A Personal Loan can be a quick fix to cash – traps, also acting as a lifesaver for future plans, like a good friend. The benefits provided by a Personal Loan is a decrease in collateral damage, an open-ended financial facility, which, when repaid on time, will, in turn, improve the credit owing to the borrower. During these times of uncertainty, it is very difficult for an individual to walk – into a bank and take into account the rates provided by several banks and also take in the other factors in account, before opting for a Personal Loan. Other factors which are crucial to be looked upon are the processing fee, and prepayment or part payment charges, if applicable to make your calculations. In the case of Personal Loans, the two options best on the market are, the HDFC Personal Loan or SBI Personal Loan.
Why HDFC personal loan?
An overview:
| Fee | Amount |
| Processing Fee | Up to 2.50% to a min. amount of INR 1, 999 & INR 25, 000 for Salaried individuals |
|
Prepayment charges |
For salaried individuals: 13-24 months, with 4% of the Principal; Outstanding: 25-36 months, with 3% of the Principal; Outstanding>36 months, with 2% of the Principal |
| NOC | NA |
| Duplicate NOC | NA |
| Charges on late payment of EMI | 2% |
| Floating Rate | NA |
| Loan Cancellation Charges | NA |
The Personal Loans provided by the HDFC Personal Loan can be availed at attractive rates and comes with various product features. The reasons to opt for an HDFC Personal Loan,
- Affordable and flexible rates of interest
- Special interest rates for women
- Quicker loan approval
- Easy documentation and 100% transparency
- Maximum loans up to INR 25 lakhs for salaried individuals
- Flexible repayment options, ranging between 12 and 60 months
- No hidden charges and low processing fee
- Disbursal of money into the individual’s account within 2 days
For salaried individuals, at HDFC personal loan, the loan amount ranges between 50, 000 and 25, 00,000. The interest rates provided by HDFC Personal Loans also range between 10.99% – 20%. The processing fee ranges between 2.50% of the loan amount, which is between INR 1,000 and 25,000. The foreclosure charges provided by HDFC Personal Loan is after 12 EMIs, and the repayment charges vary year after year. The age eligibility to avail an HDFC Personal Loan is between 21 and 60 years.
The Eligibility Criteria at HDFC Personal loans,
- The eligibility of HDFC Personal Loans highly depends on the employment type of the individual. HDFC Personal Loans are granted to professionals, salaried employees, Chartered Accountants, doctors or any other profile salaried individuals belonging to a private or public sector.
- At HDFC Personal Loan, the individual’s job stability is very important. The individual should at least have a 2-year work experience and a minimum of a year spent on the current job.
- HDFC loans require an individual to have a minimum of 18,000
Documents required for HDFC Personal loan
- Online loan application which is complete
- An identity proof which can be any of your KYC documentations – Voter Id Card/Passport/Driving License/Aadhar Card
- Address proof- Aadhar Card/ Passport/ Telephone or Electricity bill/ Ration Card/ Rental Agreement. Any of these documents serve as your address proof
- Bank statement for the last 3 months or bank passbook of 6 months
- Salary slip of at least 3 months
- Form 16
Why opt for an SBI Personal loan?
An overview:
| Rate of Interest | 9.60% p.a. |
| Amount | Up to INR 20 Lakh |
| Min. Income | INR 15, 000 p.m. |
| Age | 21-60 years |
| Tenure | Up to 72 months |
SBI Personal Loans come in a spectrum of loans that it provides its customers, but the most attractive in the bunch is SBI Personal Loans. The SBI Personal Loan are an appropriate choice to make for business expansion, marriage, sudden medical emergencies, so on and so forth. Currently, SBI Personal Loans starts at INR 20 lakhs with the interest rates of 9.60% p.a.
Features of SBI Personal Loans
- Loan amount: SBI offers a loan amount of 20 lakh to fulfil various personal requirements within a single loan.
- Loan schemes: The schemes provided by SBI Personal Loans can be categorized based on the borrowers’ like Salaried, self-employed, Doctor, Chartered Accountant etc.
- Flexibility: The tenure offered by SBI Personal Loans range between 6 months and 6 years.
- Easy Application: SBI Personal Loans can be approved and availed online without any hassle. This process involves minimum documentation and quick processing.
Now that you are clear enough on the features and guidelines provided, you will have an easier choice to make.
