Personal Loan
Personal Loan: How to Apply for It?
In many situations, we might have witnessed some crucial periods where the shortage of cash increases the difficulties of life and you wish to get some additional financial help to get rid of the cash crunch. At that time for a small amount, a 20000 personal loan can help you get some relief. And for your requirement which is lower than 20,000, you can use the amount as one of the best solutions. However, there are some limitations and eligibility criteria for getting an urgent loan and getting benefits of the personal loan always depends on your eligibility criteria, and then only you can get approval and disbursal in a few hours, without any difficulties.
Personal Loan
Any event needs financial arrangement for better accomplishment as per the desire and a wedding is one of the prominent events of life that anyone will try to manage with all the steps. It often happens that for a better arrangement, your budget gets exceeded and then you might have requirements of instant financial support. The personal loan for a wedding becomes the best component for that time where you can get the cash instantly in a few hours. You can apply for the wedding loan without any documents because it is approved based on your transactional history and credit score, therefore, you can get the approval and disbursal easily.
Things to Keep in Mind while Selecting the Best Banks for your Personal Loan Requirements
1. SBI Personal Loan
| SBI Personal Loan Interest Rate Highlights |
|
| SBI Xpress Credit Personal Loan | 11.45%-14.60% p.a. |
| SBI Xpress Elite Scheme | 11.45%-11.95% p.a. |
| SBI Xpress Flexi Scheme | 11.70%-14.85% p.a. |
| Pre-approved Personal Loans (PAPL) to Non CSP Customers | 14.10%-14.60% p.a. |
2. Bank of Baroda Personal Loan
Bank of Baroda offers personal loans for customers residing in urban and semi-urban areas up to Rs.10 lakh at attractive interest rates between 11.40% p.a. – 18.75% p.a. with flexible repayment tenures up to 60 months. The processing fee charged on the loan amount is 2%, subject to a minimum of Rs.1,000 and a maximum of Rs.10,000. The loan repayment period can be extended up to 60 months.
| Particulars | Salaried/Self-employed |
| Interest Rate | 11.40% p.a. – 18.75% p.a. |
| Processing Fee | 2% of the loan amount (Minimum of Rs.1,000 and maximum of Rs.10,000) |
| Loan Tenure | Maximum of 48-60 Months |
| Loan Amount |
|
| Age criteria |
|
| Employment Status | Salaried, self-employed, insurance agents, etc. |
| Credit Score | 750 |
| Lowest EMI per Lakh | Rs.2,177 |
| Pre-Payment/Foreclosure Charges | As per the terms and conditions set by Bank of Baroda |
| Overdue EMI Interest | 2% of the due amount |
3. HDFC Bank Personal Loan
Rates offered to customer during the period of Q2-FY’24-25 – Jul’24- Sept’24*
| Rack Interest Rate | 10.75% p.a. – 24.00% p.a. |
| Loan Amount | Rs.50,000 to Rs.40 lakh* |
| Benefits |
|
(*Loan amount can vary depending on your eligibility and is solely at HDFC’s discretion)
Fees and Charges
The various fees and charges that are levied by HDFC Bank are:
| Loan processing fee | Up to Rs.4,999 |
| Pre-payment/Part-payment charges |
|
| Overdue EMI interest | 2% per month will be charged on the principal or EMI that is overdue |
| Stamp duty and other statutory fees | As per the laws of the state that the applicant resides in |
| Cheque swapping fee | Rs.500 |
| Amortization schedule fee | Rs.200 |
| Cheque bounce charges |
|
| Incidental or legal charges | At actual |
4. Axis Bank Personal Loan
When considering a Personal Loan it’s essential to examine the low interest Personal Loan options available to you.Axis Bank offers Personal Loans with interest rates that begin at a competitive margin of 4.65% over the 1-year MCLR, resulting in an effective rate of interest (ROI) that ranges from a modest 11.25% to a maximum of 22%. This ensures you have access to some of the lowest interest rate Personal Loans available in the market.
| Product | Rate of Interest disbursed Apr’24- June’24 | Mean Rate | |
|---|---|---|---|
| Min ROI | Max ROI | ||
| Personal Loan | 10.25% | 22.00% | 13.18% |
5. Bajaj Finserve Personal Loan
Check the latest personal loan interest rates offered by Bajaj Finance Limited, ranging from 11% to 32% p.a. The interest rates on personal loan depend on many factors including credit score, monthly income, employment, etc. Know the best personal loan interest rates, other applicable fees and charges before applying for a loan.
| Type of fee | Applicable charges |
| Rate of interest | 11% to 32% p.a. |
| Processing fees | Up to 3.93% of the loan amount (inclusive of applicable taxes). |
| Flexi Fee | Term Loan – Not applicable
Flexi variant – A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
| Bounce charges | Rs. 700 – Rs. 1,200 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason |
| Pre-payment charges | Full Prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
| Penal charge | Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 – Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
|
Annual maintenance charges |
Term Loan: Not applicable
Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
| Broken period interest / Pre-monthly Instalment interest | Broken Period Interest/Pre-monthly instalment Interest” shall mean the amount of interest on loan for the number of day(s) which is (are): Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan. Method of recovery of Broken Period Interest/pre-monthly instalment interest:
Scenario 2: Less than period of 30 (thirty) days from the date of disbursement of the loan, interest on first instalment will be charged for actual number of days. |