There comes a time when you require some funds to meet your personal aspirations or the contingency needs. This is where your old friend personal loan can come to help you. Banks and non-banking finance companies (NBFCs) provide a personal loan for various purposes like the wedding, education, medical emergency, purchasing a durable or car, etc. So, no dream is bigger with a personal loan. Let’s get through the journey of a personal loan from its basic features to the lender offers.
- Personal loan amounts range from ₹ 50,000-20,00,000
- Loan tenure equals to 5-6 years
- Interest rate 11%-25% per annum
- Both salaried and self-employed can apply for personal loan
- Processing fee amounts to 1-3% of the loan amount
- Prepayment charges calculated at upto 5% of the outstanding loan balance
Top Banks Providing Personal Loan In India-
SBI Personal Loan-
- State Bank of India (SBI), with more 14,000 branches across India, provides a personal loan at attractive interest rates of 11.90%-14.90% per annum.
- The maximum loan amount offered by the bank equals to 24 times the net monthly income, subject to a limit of upto ₹ 15 lakh.
- The amount of processing fee is calculated to be 1% of the loan amount plus service tax as applicable.
- Borrowers can prepay the loan without having to pay any penalty on the same.
SBI Personal Loan Eligibility-
- Both salaried and self-employed are eligible for a personal loan.
- The minimum net monthly income (NMI) required is ₹ 7,500.
- The ratio of EMI to NMI must not be over 50.
SBI Personal Loan Application-
You can apply for a personal loan by visiting the branches of SBI or the website. The latter option could well be the most convenient of the two. Being online allows you to get the receipt of the application form easily instead of asking for the same at the branches of the bank. You can easily fill the details online to submit your application to the bank, which would then process your case further. If all goes well, the bank would disburse the loan within 2 days to a week.
HDFC Bank Personal Loan-
- The personal loan from HDFC Bank is available to all the salaried professionals at an interest rate of 11%-20% p.a.
- The loan amount offered by the bank ranges from ₹ 15 lakh-25 lakh.
- You can avail a personal loan for a maximum period of 5 years.
- Processing fee charged upto 2.50% of the loan amount subject to a maximum of ₹ 25,000.
- Prepayment charges are calculated at 4% of the principal outstanding plus service tax as applicable.
HDFC Bank Personal Loan Eligibility-
- Individuals with an age of 21 years at the time of application and a maximum of upto 60 at the maturity are eligible for a personal loan.
- The total work experience should be a minimum of two years with a year of employment with the existing organization.
- The minimum net monthly income should be ₹ 12,000-15,000.
HDFC Personal Loan Apply-
Want to apply for personal loan at HDFC Bank? Visit any of the bank branches. If visiting the branches is not what you like, there is an option of going online to apply for a personal loan. Within 2 days to a week’s time, you would get the disbursal if there is no discrepancy in the documentation.
Axis Bank Personal Loan-
- You can also apply at the third largest private sector bank i.e Axis Bank for your personal needs.
- Axis Bank Personal Loan interest rates are in the range of 15.50%-24% per annum.
- The maximum loan tenure for the same is 5 years
- The processing fee is computed at 1.50%-2% of the loan amount along with applicable service tax.
- No prepayment charges
Axis Bank Personal Loan Eligibility-
- Both public and private sector employees are eligible for a personal loan at Axis Bank.
- The minimum age which you can apply is 21 years and the maximum age permitted at the time of loan maturity is 60 years.
- You should earn a minimum net monthly income of ₹ 15,000.
Axis Bank Personal Loan Apply Online-
Bring home the needed funds by applying for a personal loan at Axis Bank. You can either visit the branch or opt for the online option. The second option will add to your convenience as you can apply via your mobile or computer with the help of an Internet connection.
Calculator Personal Loan-
You can use the calculator to find out the loan servicing cost. The personal loan eligibility calculator will determine the amount of loan you are expected to receive based on your income and savings. The EMI calculator will show the amount of installment you need to be ready with to pay off the loan each month. The EMI constitutes a portion of both principal and interest amounts. The amortization calculator, on the other hand, gives a schedule of the interest and principal and interest repayment each year. It also shows the outstanding balance of the loan amount every year.
Now I guess, the path for a journey full of happiness is clear with the comprehensive know-how of a personal loan. Use this as a guide to steer yourself comfortably amid all the challenges that the life presents from time to time.