Compare Personal Loan Rates & Save your Money

Yes, it is important to save money. Money saved is the money earned. But what is the importance of money if it cannot be used to fulfill your wishes. We work day in and out to earn but have you ever realized that through it are we able to stay happy. The priority of the life should be to keep ourself and our family happy.

This happiness and joy can only be earned by fulfilling our wishes. The wish of having a trip to Rome, wish to give your child the best education or to start your work. Yes, these wishes call for a lot of expenditure and it may be quite difficult to arrange the whole amount together. But what if you achieve your dream and pay for it in parts. Sounds nice. It is possible to fulfill your wishes without burdening your pocket. How? By taking the loan. Where there is a loan for all necessary things like home and car, there is one such financial product named Personal loan that can be utilised for any need.

Personal loan is an unsecured form of loan that is quickly disbursed. It is offered by various banks and non-banking financial institutions. Each lender has its own different policy and eligibility. The Personal loan rates also differ from institution to institution. If you want to enrich your happiness opt for the bank that provides you with the loan at lowest rates. Check and compare the lending details before applying. The details of some of the top banks have been mentioned below for your reference.

SBI Personal Loan

SBI offers a personal loan to the salaried and pensioners under two different schemes namely, Xpress Credit and SBI pension loans. The rate of interest on the loan ranges from 11.90% p.a. to 14.90% p.a.  The eligibility criteria are as follows:

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

Pension Loan:

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

HDFC Bank Personal Loan

The HDFC Bank issues the personal loan only to the salaried individuals for meeting their personal expenses. The minimum age of the individual should be 21 years at the time of application and not more than 60 years at the expiration of the loan tenure. The rack interest of 15.75% p.a. to 20% p.a. is charged on the loan depending on the loan amount and tenure.

Eligibility Criteria-

  • 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  

ICICI Bank Personal Loan

The bank provides the loan to the diverse needs of the customer. The loan is sanctioned for the highest tenure of 5 years and that too without providing any collateral or security. The interest is chargeable on monthly reducing balance. The nominal rate of interest starting from 11.59% p.a. is charged on the loan. However, it ranges up to 22% p.a. based on the individual’s profile. The loan amount is repayable in the form of easy installments.

Eligibility Criteria 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.

Eligibility Criteria 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

Axis Bank Personal Loan

The applicant can avail a loan for the minimum amount of ₹ 50,000 and up to ₹ 15,00,000. The loan applicant can choose from the range of tenure varying between 1 year to 5 years. All the salaried employees within the age limit of 21 years to 60 years and earning at least ₹ 15,000 per month can apply for the personal loan. The interest rate of personal loan in Axis Bank begins from 15.50% p.a. and lasts up to 24% p.a.

Eligibility Criteria

  • 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.
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