Nowadays you can easily find everything online from the smallest thing to the biggest one. Similarly, you can find a large number of personal loan lenders that offer and facilitates the borrowers from online loan processing. Like you can get online personal loans by HDFC Bank or personal loan from ICICI Bank. You must be thinking that why we have given the example of only these two banks because nowadays it is the most trendy and preferred lenders in the market by the borrowers. And also in this article, we will only be discussing these two lenders. So, let’s start.
ICICI Bank Personal Loan
A personal loan from ICICI Bank can be applied for the maximum loan of Rs.20 Lakhs. The rate of interest ranges from 11.25% to 22.00% p.a. there are various other customized offers also provided b the ICICI bank to meet the diverse needs of the customers.
Advantages of ICICI Personal Loan
- A personal loan from ICICI Bank is best suited for emergency situations like medical expenses, unplanned travel expenses, and others.
- ICICI personal loan can be availed through online loan processing due to which you can acquire it from anywhere at any time.
- The ICICI Bank online portal is so efficiently designed & developed that the first time visitor can also use it without any problem and confusion.
- When it comes to personal loan documentation can be considered as one of the major hurdles but ICICI has considerably reduced this inconvenience as well, as it only requires basic documents like the ID proof, proof of residency, and income proof.
- The constant efforts of ICICI Bank have reduced the turnaround-time of the loan amount disbursement.
- ICICI Bank also offers EMI calculator to ease the borrowers with the EMI calculation.
Eligibility for availing ICICI Personal Loan services
- The eligibility criteria for the ICICI Personal Loan vary based on category, salary and many others, but here are the generic criteria mention below:
- The applicant’s age should be 23 years to 58 years.
- An applicant living in the city Delhi & Mumbai should have a minimum monthly salary of Rs.17, 500.
- If an applicant lives in the cities Chennai, Hyderabad, Bangalore, Pune & Kolkata then the minimum monthly income criteria rise to Rs. 26, 000.
- An applicant should have 2 years of working experience in the current organization.
HDFC Bank Personal Loan
Online persona loan by HDFC work with the mission is to provide financial support with the high ethical standards to make the personal loan process simpler. HDFC personal loan variously benefits the borrowers.
Advantages of HDFC Bank Personal Loan
- HDFC has responsible financial service partners with a wide pan India presence.
- A borrower can also easily check the HDFC personal eligibility and monthly EMIs with the online available calculator.
- It focuses on innovative financial solutions to provide personal loans for both the salaried and self-employed borrowers.
- Customized solutions are provided to the borrowers which suit their requirements and the repayment abilities.
- HDFC serves with high ethical standards for all personal loan borrowers.
- The HDFC personal loan amount can be used for any purpose like vehicle purchase, higher education, grand weddings, debt repayment or even luxurious vacation.
- HDFC personal loan interest rate starts at 11.49% (t&c apply).
- Simple and hassle-free documentation is done in HDFC personal loan process.
- Flexible repayment tenure of 60 months is offered in HDFC personal loan to the borrower.
- HDFC allows the fast disbursement of the loan amount.
- A borrower can easily apply online for the HDFC personal loan.
- Additional benefits can be enjoyed by the borrower if he/she is an existing customer of the HDFC.
Eligibility for an HDFC Personal Loan
HDFC personal loan has flexible eligibility criteria based on many factors. The generic eligibility requirements on which an applicant must stand on to make sure that the application is complete is given below:
- A borrower should be either self-employed or a salaried individual working with a private or a public-sector undertaking like central, state or local bodies.
- The minimum age of a borrower should be of 21 years and a maximum of 60 years at the time of personal loan application.
- A borrower should have at least 2 years of working experience and must be working in the current organization for a minimum of 1 year.
- Applicant monthly income should not be less than Rs. 15,000. In case he/she is residing in the city metro like Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, Kolkata and Cochin, the income should be a minimum of Rs. 20,000 per month.
Tips for getting Personal Loan on Low Rate of Interest
Here are the few tips which may help you to get a low personal loan interest rate.
- Loan Repayment Term: The loan repayment tenure plays a significant role in the interest rate offered by the personal loan lenders.
- Credit Score: A credit score of 750 or above is considered a good credit score and attracts a low-rate of interest on personal loans.