Tagged: Personal Loan

Realise all you dreams with ICICI Personal Loan

There are many dreams on which you have to apply a brake because of financial issues. Do you wish to go on a long trip to New Zealand? Want to give the best education to your daughter? Need funds for your sister marriage? Have plans to renovate your dream house? Have a medical emergency in your family and need immediate financial assistance? If you any of these situations apply to you, then I have a good news for you. ICICI Personal loan is there to make you accomplish all your wishes and needs.

ICICI bank is one of the renowned private sector banks in the country which has created a name for itself.  The product can be availed by a anyone in the country who is a salaried employee or a self-employed individual. The maximum loan amount for a salaried employee is Rs. 20 Lakhs, for self-employed is Rs. 30 Lakhs and for doctors is Rs. 40 lakhs. You can secure the given amount for a period of one to five years. Gain a better understanding about the product by reading this article.

 

personal loan

Eligibility criteria:

Check out the eligibility norms for both self-employed and salaried individuals here-

Salaried employee:

  • The applicant should be between the age group of 23 to 58 years. he/she should not exceed the age of 58 years when the loan matures
  • The applicant should be a salaried employee earning a monthly income of a minimum of Rs. 17,500. For residents of cities like Mumbai and New Delhi the minimum salary should be Rs. 25,000. Applicants based in Kolkata, Bengaluru, Hyderabad, Pune and Chennai need to earn a monthly income of at least Rs. 20,000
  • Working experience of at least two years is mandatory
  • The applicant should be living in his current residence for a period of at least one year

Self-employed:

  • The applicant should be at least 28 years old at the time of application of loan and 65 years old when the tenure expires. For doctors, the minimum age has been kept at 25 years
  • A turnover of at least Rs. 40 Lakhs and Rs. 15 Lakhs is required for a non-professional and a professional respectively
  • A business stability of five years is important. Doctors have to be employed in their current profession for at least three years
  • The minimum profit after tax for  self- employed/proprietorship firm and non-professionals should be Rs. 2 Lakhs and Rs. 1 Lakh respectively
  • The applicant needs to have a liability or asset relationship for a period of at least one year with the bank in the previous 36 months

Documents required for the loan:

Applicants are required to deposit certain documents to the bank if they desire to secure finance from the bank. Check the list of important documents here-

For Salaried individuals

  • Identity Proof:- Driving License /Aadhar card/Passport /Voters ID card/PAN Card
  • Two Passport size Photos
  • Proof of Address:- Utility Bill (telephone or electricity/)Passport/Leave and License Agreement
  • Salary slips of the previous three months.
  • Bank Statement of the latest three months in which the applicant’s salary is credited

For Self-employed individuals:

  • Identity Proof- PAN card/Aadhar card/Passport/Voter ID card/Driving license
  • Proof of Age- School leaving certificate/PAN card/Birth certificate/High school marksheet
  • Proof of Address- Electricity bill/ Leave and License Agreement/ Telephone Bill/ Passport
  • Bank statement of the latest six months
  • Proof of Business continuity
  • Proof of Income- Income Tax returns of the previous two years along with Audited balance Sheet and Profit & Loss Account
  • Proof of ownership of Office
  • Proof of Office Address

Interest Rate and Processing fee:

It is very important to keep in account the interest rates offered by the bank before availing a loan. In case you secure a high interest rate, you will have to pay a higher EMI. The current interest rates for a ICICI Personal loan is 11.59% to 22%. The processing fee levied by the bank is 2.25% of the sanctioned loan amount along with the applicable service taxes.

In case, the applicant wants to prepay his loan, then a prepayment charge of 5% per annum of the outstanding principal is levied along with the service taxes applicable.

ICICI Personal Loan EMI Calculator:

If knowing about the interest rates is important, then having knowledge about the monthly installments is as important. You cannot ignore the EMIs you will have to pay each month. There is no point of availing a loan with high EMIs, which can easily burn a hole in your pocket. You must be thinking how can the installments be calculated, isn’t it? The process of EMI calculation can be confusing and time taking. ICICI Personal loan EMI calculator has been specifically designed to make the entire process easier and hassle free. All you have to do is feed in the details of your loan amount, rate of interest and tenure. And then wait for the magic to begin. You will get instant information relating to your monthly EMI and total interest payable.

 

 Article Source: http://wishfinblogs.kinja.com/realise-all-you-dreams-with-icici-personal-loan-1792380635?rev=1487158127895

Know Where You Can Get Cheap Personal Loan in India

Personal loan is a loan product that is designed to meet all the personal requirement of the people. People can use the amount disbursed under this loan for any purpose such as the wedding of the daughter, education of the children, home renovation, business requirements or even for tours and travels. It is the fastest and quickest means of arranging funds on the credit basis.

As it is an unsecured loan, no collateral or security is to be presented. Also, the borrower doesn’t have to specify the end use of the loan amount. Very fewer documents are required to avail this loan facility. Therefore, it is considered a hassle-free loan and is known as signature loans. There are various lenders that provide a personal loan in India.

Each lender has the different lending policy and eligibility criteria. The borrower must check the eligibility parameters before applying for a personal loan. The personal loan eligibility criteria of few banks are given below:

Personal Loan SBI-

SBI offers a personal loan to the salaried and pensioners to serve their needs under the names- Xpress Credit Personal Loan and SBI Pension Loan. The eligibility criteria and documents required for both the schemes are mentioned below:personal loan india

Xpress Credit Eligibility Criteria:

  • The minimum age of the applicant should be 18 years but not more than 58 years
  • Minimum net income of the applicant must be ₹ 7,500 per month
  • The applicant must have 2 years working experience
  • The applicant should be employed in any of the following sectors:
  • Central and State government
  • Selected Corporates
  • Quasi-Government
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute

     Documents Required:

  • Completely filled application form
  • Two photographs of  passport size
  • Identity Proof- Aadhar Card, Voter ID Card, Passport, PAN Card, Driving License
  • Income Proof- For salaried employees: Latest Salary slip, bank statement of the last six months and Form 16. For self-employed individuals Bank Statement of the past six months, Income Tax returns for the past two years and Form 16

Pension Loan:

  • The age of the applicant should not be more than 76 years
  • An applicant should be a central, state or defence pensioner

Documents Required:

  • Application form with two photographs of passport size
  • Proof of Identity- Aadhar Card, Passport, Voter ID Card, Driving License, PAN Card
  • Proof of Address- Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Passport, Gas Bill

Personal Loan HDFC-

The applicants meeting the following standards are eligible to avail personal loan from the HDFC Bank:

  • The minimum age of the loan applicant is 21 years age
  • The maximum age of the applicant is 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  

Documents Required:

  • 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

Personal Loan Axis Bank-

The personal loan eligibility criteria are as follows:

  • The minimum age of the applicant should be 21 years at the time of application
  • The age of the applicant should not be more than 60 years at loan maturity
  • Minimum net monthly income of the applicant be ₹ 15,000
  • The eligible segments to avail the benefit of the personal loan are:
  • Salaried Employees
  • Salaried doctors
  • Employees of Public and private limited companies
  • Public and private limited companies
  • Government sector employees including Public Sector Undertakings and central and local bodies

Documents to be submitted-

  • Application form
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof

Personal Loan ICICI Bank

The ICICI bank personal loan to both the salaried and self-employed individuals. The eligibility criteria and rate of interest for the categories are mentioned below-

Eligibility Criteria & Documentation for Salaried

  • The applicant’s age should be within the age bracket of 21 years to 58 years
  • The minimum net income of the applicant should be ₹ 17,500. Whereas, for residents of Mumbai and Delhi it should be ₹ 25,000 and for applicants living in Hyderabad, Chennai, Bangalore, Pune and Kolkata the minimum net income should be ₹ 20,000
  • The candidate should have minimum job/ profession experience of 2 years
  • The applicant must have spent at least 1 year in the current residence.

Documents Required:

  • Proof of Identity: Passport / Driving License / Voters ID / PAN Card
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Latest 3 months Bank Statement (where salary/income is credited)
  • Salary slips for last 3 months
  • 2 Passport Size photographs

Eligibility Criteria & Documentation for Self-Employed

  • The minimum age for self-employed individuals should be 28 years and for doctors, it should be 25 years. However, the maximum age should not be more than 65 years.
  • The minimum turnover for professionals should be ₹ 15 lacs and for non-professionals, it must be ₹ 40 lacs.
  • At least 5 years of business continuity is required in the current line of business and for doctors 3 years work experience is mandatory.
  • The applicant should have an existing relationship with the bank

Documents Required-

  • KYC Documents: Proof of Identity, Address proof, Age proof
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of business continuity

Article Source: http://wishfin.weebly.com/blog/know-where-you-can-get-cheap-personal-loan-in-india

Render all your dreams with Axis Bank Personal loan

Do you need immediate funds for your daughter’s marriage? Do you want to go on a mini vacation to Milan but don;t have enough money? Do you wish to provide your child with the best education? Want to repair your old house? Do you require urgent money for medical treatment of your family member? Is shortage of finance is forcing you to put everything on hold. If yes, don’t let your dreams and wishes die when axis bank personal loan is there to fulfil them. Yes you read it correctly. Axis bank offers timely loan to eligible applicants who are in need of a financial assistance. The maximum and minimum amount that can be secured from the bank is Rs. 15 lakhs and Rs. 50,000 respectively. The tenure for the same lies in the range of one to five years. You even have the provision to carry over your existing loan from any other bank to Axis bank. You can earn reward points when you obtain a loan from the bank. Check out this article for more information about the product.

personal loan

Eligibility criteria:

In order to eligible for the loan, the applicant should belong to any of these-

  • Salaried employee
  • Employee of any Public or Private limited company
  • Salaried doctor
  • Government sector employee including Central or local bodies or any Public sector

undertaking

  • Public and Private limited company
  • The applicant needs to be at least 21 years old at the time of loan application
  • 60 years is the age when the loan matures so the applicant should not be more than 60 years old when the tenure expires
  • A monthly income of at least Rs. 15,000 is required if anyone wants to avail finance from the bank

Documents required:

Completing the documentation work is a very important task while availing a loan. Have a look at the documents needed for a personal loan here-

  • Completely filled application form
  • Photographs of passport size
  • Proof of Age- Birth certificate/ High school mark sheet/Passport
  • Proof of Address- Passport/Telephone bill/Electricity bill/Allotment letter
  • Proof of Identity- Aadhar card/PAN card/ Voter ID card/Passport/Driving license
  • Proof of Income- Salaried individuals: Latest salary slip, Form 16, Income Tax returns of the past two years
  • Bank statement of the last six months
  • Proof of signature verification

The documents that are needed post- sanction and pre- disbursal are as follows-

  • Loan agreement which is duly signed
  • Standing Instruction (SI) request or ECS form is required.  Security cheques are needed for SI and ECS.

Interest rates and processing fee:

Axis bank offers a personal loan to suitable applicants at an interest rate between 15.50% to 24%. The processing fee for the same is up to 1.5% to 2% of the loan amount availed along with the applicable service taxes. There are no prepayment or foreclosure charges as such.

Axis bank personal loan EMI calculator:

A wise man has said to always look for the EMI before obtaining a loan. This holds a lot of prominence. After all, you need to be aware about the amount of installments you will be paying each month to repay the amount you have taken. What if the EMI causes a hole in your pocket and disturbs your monthly budget? Calculating the EMI can turn out to be a very complex process for anybody. But why to worry when Axis bank personal loan EMI calculator has been made to calculate your installments. The tool gives you information related to your EMI within few seconds. And the best part is you have to simply do nothing but enter your desired loan amount, rate of interest and term period. Then you have to wait for the magic to begin. You will soon get to know about your EMI. still not clear with the tool, let’s make it easier with the help of an example.
Suppose Ria Jain, an English Literature professor at the University of Delhi wants to go on a trip to Paris. She approaches Axis bank for a finance of Rs. 2 Lakhs. The bank gives her the same after completing all the formalities, at an interest rate of 16% for a period of five years. Now, let’s check out the magic of this tool. After the instant calculation, you can find out that Ria will have to pay an EMI of Rs. 4,864 each month to fully repay her loan. This hassle free calculation has been only possible due to this very useful EMI calculator.

 

Article Source: https://wishfin.blogspot.in/2017/02/render-all-your-dreams-with-axis-bank.html

Open the Door of Your Dreams with SBI Personal Loan

Human beings have many wishes which they eagerly wait to come true. You too must have some wishes, right? Whether it’s a long vacation to your favourite foreign location or a destination wedding or to provide your child the best education. Keeping this mind, State Bank of India has designed SBI personal loan so that finance does not act as an obstacle in the path of your dreams.  With its affordable EMIs and easy documentation work, the product has become one of the most popular amongst loan applicants. Both self-employed individuals and salaried employees can fulfil their desires by availing finance from the bank.  To gain more knowledge about the product, have a key look at this article.

personal loan

Types Of SBI Personal Loan:

  • Xpress Credit Loan
  • Festival Loan
  • Pension Loan
  • Saral Personal Loan

Xpress Credit Loan-  If you require funds that can be available at your disposal whenever you need then this scheme is perfect for you. Whether it is an all of a sudden vacation or a medical emergency in your family, Xpress Credit loan is there to fulfil your needs. You are not required to furnish any kind of security.

Loan Amount: An applicant can secure a minimum loan amount of ₹24,000 and the maximum amount that can be taken is ₹ 15 Lakhs.

Eligibility Criteria: Following are the eligibility norms imposed by SBI. Check them out-

  1. The applicant should fall in the age bracket of 21 to 58 years
  2. The applicant should earn a net income of a minimum of ₹ 7,500 each month. EMI/NMI Ratio must not exceed 50.
  3. Working experience of a minimum of two years is important
  4. The applicant must be salaried employee in any of the below sectors-
  • Central and State government
  •   Selected Corporates
  •   Quasi-Government
  •   Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute        

Documents needed: Check out the list of documents needed to avail a loan here-

  • Completely filled application form
  • Two photographs of  passport size
  • Identity Proof- Aadhar Card, Voter ID Card, Passport, PAN Card, Driving License
  • Income Proof- Salaried employees: Latest Salary slip, bank statement of the last six months and Form 16. Self-employed individuals Bank Statement of the past six months, Income Tax returns for the past two years and Form 16

Repayment Tenure: The minimum tenure period is six months and it goes up to a period of five years i.e. 60 months.

Interest rate and processing fees:  The interest rate is charged on a daily reducing balance by the bank and lies in the range of 12.90% to 14.90%. The bank also charges a processing fee up to 1% of the loan amount sanctioned along with the service taxes. No penal interest is charged on loans up to ₹ 25,000.

SBI Pension Loan:

This scheme has been specially designed for the State or Defence or Central pensioner who is drawing his/her pension through a SBI branch. The loan can be availed for any sort of personal requirement.

Loan Amount:

  • The minimum amount for Central and State Government Pensioners is ₹ 25,000. The maximum amount for those who are below or equal to 72 years is ₹ 14 Lakhs. ₹ 12 Lakhs can be obtained if the person is above the age of 72 but equal to the age of 74.. In case they are above the age of 74 but equal to 76 years, then a loan of ₹ 7.50 Lakhs can be availed.
  • Defence Pensioners can secure a minimum amount of ₹ 25,000. The maximum amount for pensioners above the age of 56 but equal to 72 years is ₹ 14 Lakhs. In case the applicant is above the age of 72 years but equal to 74 years, then a loan amount of ₹ 12 Lakhs can be taken. A finance up to ₹ 7.50 Lakhs. Can be taken if somebody is above the age of 74 but equal to 76 years

Eligibility Criteria:

  • The applicant should not be more than 76 years old
  • The applicant has to be a pensioner in any one of the following of fields- Central, State or Defence

Documentation work:

  • Proof Of Identity- Aadhar Card, Passport, Voter ID Card, Driving License PAN Card
  • Proof of Address- Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Passport, Gas Bill
  • Application form with two photographs of passport size

Repayment Tenure:

  • The repayment tenure for Central and State Government Pensioners if they fall in the age bracket of up to 72 years, 72-74 years and 74-76 years is is five years, four years and two years respectively.
  • In case of Defence Pensioners, the tenure goes up to seven years, five years, four years and two years if they belong to the age group of up to 56 years, more than 56 but equal to 72 years,  more than 72 but equal to 74 years and  more than 74 but equal to 76 years respectively.

Interest rate and processing fees: An interest rate of  12.45% is charged for the scheme. Defence pensioners are not required to pay any processing fees. Central and State Government Pensioners have to pay a processing fees up to 0.25% of the sanctioned  amount plus the service taxes.

SBI Personal Loan EMI Calculator:

It is essential to keep a check on the amount of EMIs you will have to pay to the bank for repaying your loan. SBI personal Loan EMI calculator is the perfect tool when it comes to calculating your monthly installments. You have to enter the details like the desired loan amount, rate of interest and tenure. After that, you will receive information about your EMI and total interest payable. This will allow you to design your monthly budget accordingly as you can keep the EMI out of your income each month.

 

Article Source: https://wishfin.blogspot.in/2017/02/open-door-of-your-dreams-with-sbi.html

Know the Personal Loan Amount You are Eligible For

When there is an urgent need of funds people generally opt for personal loans as the processing time is less and no collateral is required to avail this loan. Also, the personal loan can be used for any purpose. There is no restriction on usage of the amount disbursed under a personal loan. But the concern is how much can you borrow on a personal loan. Since the requirement of all individuals is not same, therefore it is important to ascertain the value required and the amount the lender can grant.

As personal loan is an unsecured loan the bank lends the loan after evaluating the repayment capacity of the individual. This value is determined by the bank on the basis of your income and savings. So, your salary plays a vital role in deciding the loan amount you are eligible for. After referring to the information provided by you regarding the earning and expenses the bank calculates the eligible loan amount using the personal loan eligibility calculator.

apply personal loan

Personal Loan Eligibility Calculator:

Eligibility calculator is a methodical way of calculating the loan amount an individual is eligible to receive. It is a systematic way of computing the amount a lender can disburse to the borrower based on his repayment capacity. The income of the customer, savings, rate of interest and tenure of the loan are taken into consideration while computing the eligible loan amount.

Let’s use an example to learn how is the eligibility amount decided by the banks and other lending institutions.

Illustration: The monthly income of an employee working in a reputed company is ₹ 80,000. He wants a personal loan for some reason. After meeting all his expenses he is able to save 50% of his income which is ₹ 40,000. He applied for the personal loan in a bank. The bank after verifying his net income will calculate the eligibility amount using the below mentioned formula:

Personal Loan Eligibility Amount = ₹ 1,00,000 x Savings/Per Lakh EMI

Per Lakh EMI for –

Tenure – 4 years

Interest Rate – 14.50% p.a.

EMI Amount = ₹ 2,758

So, the eligibility amount = 1,00,000 x Savings/EMI

= 1,00,000 x 40,000/2,758

= ₹ 14,50,327

Therefore, the candidate having a monthly income of ₹ 80,000 can avail a loan of up to ₹ 14.50 lacs.

But before calculating the eligibility amount the bank evaluates an individual’s performance and checks whether an applicant is suitable to avail the loan facility. This evaluation is done on the basis of certain parameters. These factors decide whether an individual is capable of getting a loan or not.

Factors Affecting the Loan Eligibility: The factors that affect the loan eligibility are:

  • Monthly Income
  • Age
  • Monthly Expenses
  • Any Other Loan
  • Credit History
  • Job Stability
  • Relationship with the Bank
  • Category of your Employer

Once your application has been logged in and you receive the approval letter it is important to determine the installment amount you will be paying each month in order to pay off the debt. This will help you set aside the funds out of your income and help in timely payment of the loan. You can calculate the EMI amount using the calculator.

Personal Loan EMI Calculator:

PL EMI calculator is an online device designed for making the calculation of EMI easy. EMI stands for Equated Monthly Installment. It is the convenient monthly amount that the borrower has to pay to settle the loan availed.

The EMI consists of both principal and interest amount. This amount can be computed using the EMI calculator. It’s working is very simple. The user just needs to enter the loan amount, tenure and the personal loan interest rates. It will automatically calculate the result. And will reveal the total interest amount charged on the loan. This will help you know the installment amount you have to pay each month and the total repayment amount you will be paying by the end of the tenure.

Values you need to enter in the calculator-

  • Loan amount
  • Tenure
  • Rate of Interest

Output displayed after calculating-

  • Equated Monthly Installment (EMI) Amount
  • Total interest amount
  • Total repayment amount

Using the calculator you can even compare the various loan offers provided by different lenders and select the lender that provides best deals at reasonable rates.

 

Article Sourcehttps://wishfin.blogspot.in/2017/01/know-personal-loan-amount-you-are.html

Axis Bank personal loan: Know more about it

Are you in need of cash? Are you not able to go for a holiday? Want to buy an expensive accessory for your home? Need money for the marriage expenses? Lack of fund is holding you back to fulfill your whims and desires. The answer to all the worries is Axis Bank Personal Loan, which is designed to give you funds for your personal needs. You can use the amount for all kind of needs and emergencies. The axis bank provides the minimum loan amount of ₹50,000 and the maximum amount of ₹ 1,50,000. The repayment tenure ranges from 12 to 60 months.

The bank being one the most trusted private sector bank with its network spread in many cities of India. It is the third largest private bank of India. It provides the Personal Loans on the basis of cities that has been categorized in tier 1, 2, and 3. On the basis of your location they offer you the interest rate. It gives the best rate of interest to its customer starting from 15.50% onwards. You can also transfer your existing high- interest loan from another bank to Axis Bank.

Axis Bank Personal Loan

Eligibility criteria-

Age- The minimum age required at the time of application is 21 years and the maximum age at the time of loan maturity should be 60 years.

Nature of job– You should be a salaried individual. The salaried doctors, an employee working in Public and private limited companies, central government sector employees, state government employees, public sector undertaking employees can avail the personal loan.

Minimum monthly income- The minimum monthly income is required by the bank to see your earning and how much you can pay as EMI. It also determines the amount that can be sanctioned to you. Your minimum net salary should be ₹ 15,000 per month.

Credit Score- It is important for you to have a good credit score in order to avail the personal loan from the bank. It determines the credit history of the borrower and show if the borrower is trustworthy or not.

Documents required-

Once you meet the eligibility criteria, the next step is to be ready with all the documents required for the sanctioning of the personal loan. The documents required to avail the amount is mentioned below-

  1. Signed application with recent passport size photographs.
  2. Age Proof- PAN Card/ Aadhar Card/ Passport
  3. ID Proof- Pan Card/ Passport/ Aadhar Card/ Driving licence.
  4. Residence Proof- Utility bills/ allotment letters.
  5. Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
  6. Income Proof- Latest salary slip/ ITR/ Form-16.
  7. Signature verification proof.

Post- sanction/ pre- disbursal documents are-

Once the above documents are provided, few other formalities needs to be completed so that the process of filing for the personal loan can be completed. For the post- sanction and pre- disbursal the documents required are-

  • Duly signed Loan Agreement
  • Standing Instruction Form/ ECS form.
  • Processing fee cheque.

Interest Rate of Axis Bank Personal Loan-

The charges that are levied on the borrower by the Axis Bank Personal Loan at the time of lending the amount is mentioned below-

Rate of interest- 15.50% to 24%

Processing fee- 1.50% to 2% + applicable service tax.

Prepayment Charges- Nil

Cheque Bounce Charges- ₹ 500 per cheque bounce + applicable service tax.

EMI Calculator-

The EMI Calculator helps you to determine the monthly installment that you as a borrower are going to pay to the Axis bank. You can visit the site of the bank to calculate your EMI’s. It helps you to make a decision for yourself and taking or rejecting a personal loan becomes a relatively easy decision for you.

Features and Benefits-

The Axis bank has several features and benefits that a customer can enjoy by associating with it.

  • Quick approval and disbursal of the loan amount.
  • Less paperwork and documents.
  • Easy and hassle- free.

To fulfill your wishes or to meet with the emergencies, the lack of fund is no your problem. All of the needs and desire will be taken care of with the Axis Bank Personal Loan. The bank will assist you to get your loan quick and hassle-free.

Know all about ICICI Personal Loan Interest Rates

Planning to go on holiday to France? Thinking of renovating your home? Need a loan for your wedding? Whatever may be the situation, you can look up to ICICI Personal Loan for fulfilling your wishes. However there is no point of availing a loan without knowing anything about the interest rates.

It is very necessary for you to know about the interest rates since it plays a key role in deciding the amount of EMIs you will pay every month. Incase you don’t know much about  ICICI Personal Loan Interest Rates, you need not worry because this article will solve all your queries.

icici personal loan

Anybody who meets the eligibility criteria, be it a salaried employee or a self-employed can avail a personal loan from ICICI bank . ICICI Personal Loan Interest Rates lie between the range of 11.59 to 22%. You are also required to pay a processing fee, which is 2.25% of the loan amount you have taken.

Salaried employees and self-employed people can take a maximum personal loan of Rs. 20 Lakh and Rs. 40 Lakh respectively from ICICI Bank. You should keep in mind that you can avail the Personal Loan for a maximum tenure of five years.

It is very important for a loan applicant to carefully look at the current interest rates and then decide because he has to repay the loan amount as well. Many people without thinking twice directly go for availing the loan overlooking the interest rates. This proves detrimental in the long run. Let’s take the help of an example to throw light on this point-

Suppose Abhishek wants a personal loan for his elder sister’s wedding. He approaches ICICI Bank for the same and after checking if he is eligible or not the bank offers him a loan of Rs. 5 lakh. He requires the funds instantly and doesn’t care to check the interest rates. For Abhishek, ICICI Personal Loan Interest Rate is fixed at 16% for a tenure of four years i.e. 48 months.

Now let’s calculate the amount of EMI he has to pay every month. After calculation the monthly EMI turns out to be Rs. 14,171.

But what if he negotiates with ICICI to get same loan amount but at a lower rate of interest. The bank charges him an interest rate of 12% per annum for the same tenure. Now the situation will be quite different. Let’s calculate the monthly EMI which he has to pay under this scenario.

He will now have to shell out a monthly EMI of Rs. 13,167 which is Rs. 1004 less than the previous EMI amount which he had to pay. This means he will save Rs 1004 every month if he manages to avail the loan at a lower interest rate. So it proves the fact that knowing the interest rates is a very important point  which must be kept in consideration while availing a loan.

So now that you are well-known about the ICICI Personal Loan Interest Rates you can confidently avail a loan from the bank.

 

HDFC Personal Loan: Know Your Eligibility

HDFC is one of the most popular private banks of India. It is the fifth largest bank in India by an asset. It provides its customer with one of the best deal in form of personal loan. It does not need any co- applicant or a guarantor.

The Personal Loan is provided to both salaried professionals as well as self-employed. The loan amount ranges minimum from  50,000 and exceeds up to 25 lakh, the maximum limit for self- employed is 15 lakh. The tenure of repayment of a personal loan is 12- 60 months. The reason to get a personal loan can be anything, to meet the personal needs or buying a horse or an expensive appliance.

hdfc personal loan

The processing fee ranges from 0.25% to 1.5% with applicable service tax. The foreclosure charges are accepted after 12 EMI’s for salaried while 6 EMI’s for self- employed. The pre payments vary by years, for 2nd year 4%, 3rd year 3% and after 3 rd year 2% charges are charged to the borrower. It has one of the best competitive rate of interest that ranges from 11.49% to 20%.

The eligibility criteria to determine your chances:

Age- The minimum age required is 21 years while the maximum age limit is 60. The maximum age at the time of loan maturity is 65 years.

Category of Work- The applicant should be a salaried individual or a self- employed.

Monthly Income- The minimum net monthly income should not be less than INR 15,000. It determines your loan amount as well as the EMI.

Job Stability- The work experience of the salaried individual should not be less than 12 months, of which not less than 1 month of the current employee. For the Self-employed, the minimum of 5 year in current business or profession. Working with well reputed company further enhances your chance to get a personal loan easily.

Cibil Score- Your past credit history, repayments of previous loan and credit card history are all very important in determining your credit score. It directly affects your eligibility to get a personal loan.

Documents- To get instant Personal loan approval following documents are needed to be kept handy-

  • An application with recent colour passport size photographs.
  • Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card.
  • Residential Proof- Leave and License / Registered Rent Agreement/Utility bills (up to 3 months),  Passport and Business Address proof (in the case of self- employed).
  • Income Proof – For salaried- Salary Slip and Current dated Salary certificate with Form-16
  •  – For self- employed Bank Statement and ITR/ FORM-16 Office.

HDFC has a wide- spread network of branches in the country. It provides it’s customer with the best quality service both online as well as offline. They are one of the best quality service provider in the country. It gives a HDFC Personal loan with minimal documentation and has complete transparency.  It has special offers for women as well as corporate professionals.

Know Your Eligibility for State Bank of India Personal Loan

State Bank of India is one of the most trustworthy bank of India. It provides its customer with the Xpress Credit Personal loan and Loans to Pensioner. The Personal loan can be used for different purposes from managing emergencies to spending in any occasion. It does not need any co-applicant or security. It provides an individual with low interest and low processing fees. It doesn’t charge any prepayment penalties. The tenure of the repayment ranges from 6-60 months. The minimum amount that can be availed in this category is 24,000, and can extend up to the amount of 15,00,000.

personal loan

Eligibility criteria needed for SBI Personal Loan:

Xpress Credit Personal Loan:

Age- The minimum age required is 21 years, and the maximum age is 58 years.

Nature of Job- Applicant must be a salaried individual with minimum work experience of 2 years or self- employed with the experience in current business for at least 2 years.

The salaried should be from one of the employees of these sectors-

  • Central/ State government.
  • Quasi-government
  • Central PSU’s
  • Profit making State PSU’s
  • Educational Institutions of National Repute
  • Selected Corporates

Monthly Income – Applicant should have at least an income of ₹ 7,500.

                            – EMI/NMI should not be over 50%.

Be Ready With These Documents:

  • A filled application form with recent colour photographs.
  • Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card
  • Residential Proof- Electricity Bill, Water Bill, Mobile Bill, Aadhar card etc.
  • Income Proof – For salaried- Salary slip/ Form-16
  • For self employed- Bank Statement and ITR/ FORM-16

SBI Pensioner Personal Loan:

A special personal loan is introduced by State Bank Of India to provide funds to the pensioners whose pension comes in their bank. A step taken by the SBI to ensure that lack of funds should not be a hindrance in achieving their Personal loan needs and expenses or meeting any emergency. It provides them peace of mind in their old age and enjoy the life after retirement without any worries. The maximum amount of pension directed to avail a loan is 50%. The minimum loan amount that is available is 25,000 while maximum loan amount available is 14 lakh(below 72), 12 lakh(72-74 yrs.), 7.50 lakh(74-76 yrs.). It has low processing charge and no prepayment fees are charged.

The Eligibility Criteria for SBI Pensioner Personal Loan:

Age- The maximum age of the pensioner should be 76 years.

Nature of Job – The Pensioner should be from either of the following sector as an ex-employee

                        – Central/ State Government.  

                        – Armed Forces.

Documents Needed Before Applying:

  • A filled application with recent color photographs.
  • Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card
  • Residential Proof- Electricity Bill, Water Bill, Mobile Bill, Aadhar card etc.

The State Bank of India  have ensured that the personal needs and aspiration of the people are met through their SBI Personal Loan scheme. It requires less documentation and has hassle- free methods to avail the required loan amount in less time.

SBI Personal Loan EMI Calculator: One Tool Many Use

State Bank of India (SBI), one of the leading names in Indian banking sector, is known for offering a wide range of financial products to one and all, thus fulfilling the needs of many. This is the reason that over the years, the bank has created its own niche and has become the most trustable brand, especially when it comes to offering personal loan in India. Yes, SBI Personal Loan is no doubt one of the top selling financial products that come to you with plenty of remarkable features and benefits.

But, before availing the loan have you ever paid attention to SBI personal loan EMI calculator? Just like other factors such as interest rate, loan amount or the name of the lender, it is also important for you to consider the EMIs that you are paying each month to repay your loan.

sbi personal loan

After all, you are putting your hard earned money to get the finance for your personal needs. Thus, knowing the EMIs is a crucial or you can say a deciding factor while choosing the best lender.

Apart, from comparing the lenders on the factors mentioned above, it would be beneficial for you to compare them on the basis of EMIs as it can make a huge difference in your financial life cycle. But the question is how to calculate the EMIs? What is the best possible way to know the same? Curious to know the answer? Read the article further as the suspense is about to reveal.

If you are someone who wants to avail a personal loan from SBI, but at the same time eager to know how much will it cost i.e. whether that loan gonna be pocket-friendly for you or not, all you need is an SBI Personal Loan EMI Calculator. Yes, you read that absolutely right! This magical and smart device can solve all your worries by helping you in knowing the EMIs in a better way. All it needs just a few seconds of your life and rest it will do on its own.

You can use this tool anytime anywhere by just feeding few details such as loan amount, interest rate and tenure in it.

Now, the moment it will receive the data from your end, it will fetch the results for you in a hassle-free manner. It is time-saving, user-friendly and gives you the output with ease. That’s why one should always use this device while comparing the lenders on the EMI basis. However, to make you understand better, let’s take the help from an example below.

Just imagine, Praveen Sharma, a Senior Sales Executive wants to buy an SBI Personal Loan of Rs.2,00,000 to travel to Singapore. Well, his loan eligibility matches and the bank is ready to avail him a loan at an interest rate of 11.50% per annum for 4 years.

Now, what’s gonna be more interesting here is the fact that to know whether the EMIs that he is going to pay will suit his wallet or not? Can he actually afford to pay the EMIs of the same loan amount? This is where SBI Personal Loan EMI Calculator comes into play, helping him in knowing the exact amount of EMIs, which is Rs.5,218. With the help of an EMI calculator, he is now aware of the exact amount of EMIs needed to repay the personal loan.

So, let’s just hope, Praveen will take a calculative decision and have an enjoyable loan journey now!