To meet all your personal unexpected expenses from shopping to traveling, wedding, buying consumer items to some newly introduced gadget in market, home renovation to study expenses etc.
Personal Loan details for Individuals
Eligibility:
Almost all banks offer personal loans to individuals. You should be minimum 21 years of age to avail a Personal Loan.
For a self employed individual- he should be in business for last two years. His business should be in profit.
For a Salaried individual- he should be in service for at least one year in the current organisation.
Rate of interest
The rate of interest for personal loans is calculated according to the Base Rate of the respective bank. The rate varies as the profile, purpose and loan amount from customer to customer.
Repayment Period
The loan can be repaid from minimum 12 months to maximum 60 months depending on the loan amount and the bank norms.
Top 5 personal loan schemes for valuable customers
Letzbank.com would like to give you an overview of the personal loan scheme from top 5 banks in the market.
I-ICICI BANK Personal Loan Scheme
You can avail personal loan from ICICI if you are minimum 23 - 58 years of age. The repayment period ranges from 12 months to 60 months. ICICI Bank offers personal loan at a very low and attractive rate of 11.49%. The loan amount ranges from 50,000/- to 40 lacs.
Eligibility Criteria
Salaried individuals with minimum monthly income Rs.17, 500/- (Rs.25, 000/- for applicants residing in Mumbai & Delhi; Rs.20, 000/- for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata). Minimum 2 years in the current profession.
Self Employed individuals with minimum turnover of Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials. Years in current business should be not less than 4 years.
II STATE BANK OF INDIA Personal Loan Scheme
You can avail personal loan from State bank of india at the rate of 13. 20%. The quantum of finance is 10,000/- to 10 lacs. The loan should is repayable in maximum 48 months. The processing fees are 2.02% - 3.03% of the loan amount. No security is required, no prepayment charges, no hidden costs.
III BANK OF BARODA Personal Loan Scheme
You can avail personal loan from Bank of Baroda if you are minimum 21 years of age. You can comfortably repay your loan maximum up to 84 months in equated monthly instalments. Bank of Baroda offers a personal loan at an attractive rate of 14.15%. The quantum of loan ranges from 20,000/- to 10 lacs.
IV HDFC BANK Personal Loan Scheme
HDFC Bank offers a personal loan at the rate of 14.37% . The loan amount ranges from minimum 50, 000/- to maximum 50 lacs. The repayment tenure is 12 – 60 months
Enjoy triple benefits when you avail a personal loan from HDFC Bank:
- Quick personal loans-Experience express loan processing, easy documentation, quick disbursal and doorstep service
- Competitive pricing -Benefit from competitive loan rates and convenient repayment options
- Transparency -Zero hidden charges, reasonable processing fees and utmost clarity on the loan process with up-to-date information about the loan application at each stage
V AXIS BANK Personal Loan Scheme
Axis bank offers personal loan to its customers at the rate of 15.50% onwards. Loans are available from 50,000/- to 15,00,000/-. Repayment tenure is very comfortable from 12 to 60 months.
Eligibility Criteria
Salaried Doctors, employees of select MNCs, Public and Private limited companies, Government sector employees including Public Sector Undertakings and Central and Local bodies:
- Minimum age of applicant: 21 years
- Maximum age of applicant at loan maturity: 60 years
- Minimum Net Monthly Income: Rs 15,000
- Maximum loan available: Rs 15 lacs
So, the end use of the Personal Loan can be anything from House renovation, Holidays, Purchase of consumer durables, Education, Marriage, Short Term loan for equipment purchase, Short Term Working Capital to any other personal emergency. Check personal loan eligibility at Letzbank.
Source : articlesbase.com
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