Table of Contents HDFC Bank Personal LoanFinance Comany:-2. SBI Personal Loan Finance Company:- 3. Axis Bank Personal Loan Finance Company:- 4. BAJAJ Finance Personal Loan Finance Company:- 5. ICICI Bank Personal Loan Finance Companies:- Share this article Before I describe the top five Personal Loan Finance companies of India, I must describe in the article what is personal loan,& why personal loan is required in our life.What is a Personal Loan:- A personal loan is a loan that does not require collateral or security and is offered with minimum documentation. You may use the funds from this loan for any legitimate financial needs. Like any other loan, you may repay it according to the agreed terms with the bank. A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payment installments, typically over two to seven years. A personal loan is an amount of money you can borrow to use for a variety of purpose. For instance, you may use a personal loan to consolidate debt, pay for home renovations, and plan for dream wedding Student Loans, Personal Loans and Credit card loans are all examples of unsecured loans. HDFC Bank Personal LoanFinance Comany:- HDFC Bank Personal Loan Finance Company -2022 HDFC Bank Personal Loan offers highly competitive interest rates and has special offers and interest rates for HDFC Bank account holders. It also offers special loan offers for women employees. A personal loan is available based on a person’s credit history like his repayments history of other loans and credit cards. The process to apply for a loan is simple and requires documentation and a person can avail of a personal loan for various needs. This bank is one of the top personal loan finance companies in India. Featured HDFC Personal Loan Scheme:- 1. If you are a customer of HDFC Bank you can apply for a personal Loan. The Loan amount you will get in 10 seconds if you meet the required criteria. 2. You can apply for an HDFC Personal Loan by visiting the official website of the Bank. 3. Upon availing a personal loan from HDFC Bank, you can protect yourself by availing the insurance cover provided by the bank. 4. As a customer of HDFC Bank you will get to enjoy various special benefit charges and offers, if you avail a personal loan from them.If you are availing a personal loan from HDFC Bank for the first time, you will get your repayment tenure and EMI that you have to pay to be cheap and affordable rate. Factors affecting HDFC Personal Loan Interest Rates:- 1. Loan Tenure:- Short term loans may attract a higher rate of interest when compared to loans having higher tenure. 2. Repayment Capacity:- HDFC Bank checks a person’s repayment capacity before offering the loan and before deciding the interest rate. The borrower’s income, assets and creditworthiness will be looked into before the bank offers a rate to him. The CIBIL Score gives detailed information on his repayment capacity. It also gives all the details of the previous loan. 3. Borrowing class:- The age of the borrower plays an important role in deciding the interest rate .As a salary Individual HDFC Bank is the best personal finance company in India in 2022.4. Relationship with the Bank:- HDFC Bank offers a good offer to the customer, those have good track record of being their account holder in HDFC Bank. Women are offered a special Loan, HDFC Bank Personal Loan Diva. 5. Other Fees & Charges of HDFC Bank Personal Loan:-Cheque swapping charges are Rs.500Amortization schedule charges Rs. 200Cheque Bounce Charges Rs. 550 HDFC Bank Personal Loan Interest Rates:- · Fixed interest rates:– When a fixed rate is set on the personal loan and you have to pay a fixed amount of interest throughout the tenure. · The floating interest rate:-It will charge as per the change in the banks base lending rate. · To avail of an HDFC Personal Loan, you need not have a guarantor or provide security · When the repo rate will be going up, your interest rate will also go up. · HDFC Bank offers a personal loan to salaried individuals and they offer the interest rate based on the applicants’ credit score. 2. SBI Personal Loan Finance Company:- SBI PERSONAL FINANCE COMPANY OF INDIA -2022 The State Bank of India, commonly known as SBI, is one of the major banking institutions that provides financial solutions and caters for the needs of the people.SBI provides a personal loan based on some eligibility criteria and the repayment capacity of the customer. This bank is one of the top personal loan finance companies in India.Eligibility Criteria for SBI personal loans:- (I)For salaried Person:- Salary for Individuals working in Govt. Sector, private Sectors. Age Limit is 21-58 years. Employment status is at least 2 years and 1 year with current employment. Minimum Income should be Rs.24000.The maximum loan amount is eligible for Rs. 15,00,000. Tenure is From 6 months to 60 Months. (ii) For self employed professional persons:- Professionals like Engineer, Doctor, Lawer, CA etc. the age limit is 21-65 years. in a business at least 2 years and 1 year with the current business. The minimum Income Limit is Rs. 5,00,000 gross annual receipts. The maximum Loan Amount eligibility is Rs. 15,000,00. The minimum duration is 6 months to 60 months. Compulsory Testimonies for SBI Personal Loan:- Duly filled loan applicationPassport size photographID Proof-photocopies of AADHAR Card, PAN Card, Driving LicenseResidence proof –Utility Bills, Gas BillsBank Statement for six months IT Returns for Salary Form 16 and IT returns for the last 2 years. For self-employed for the last 3 years.Interest Rate SBI Personal Loan:- The State Bank of India Interest rate for personal Loans is 12.75% to 14.75% plus 1% processing fees for 5 years. Some of the Aspects affecting Personal Loan application of SBI:- FOIR:-Fixed obligation to Income, the Ratio is a very important attribute determining the eligibility of SBI Personal Loans. Co-applicant:- If you add a co-applicant, it will increase your repayment capacity thus enhancing the eligibility for a personal loan from SBI. Company Profile:-More the reputed company, the better the personal loan interest rate you will get. Negative Industry type:-SBI has a list of professionals and industry types that do not get a loan. Mode of Salary:-SBI sanctioned the loan if the salary is credited to the bank account. Location:- The location of the borrower also determines the loan eligibility of the borrower. It is high in urban areas and low in rural areas. 3. Axis Bank Personal Loan Finance Company:- Axis-Bank Personal Loan Finance Company, India-2022 Axis Bank Personal Loan offers fast processing of your loan. Personal loan used for the borrower for emergency purposes such as education, renovation of house, wedding in near & dear etc.They can be availed when planning a vacation, renovation of your home or arranging a dream wedding for yourself or somebody special in your family. You can get a Loan from Rs. 50,000 to Rs. 40,00,000 with minimum documentation and speedy approval from Axis bank. This bank is one of the top personal loan finance companies in India. Main Features of a Personal Loan:-The The minimum age should be 21 years and should be valid documents like ID, Income and Residental proof and other documents to avail the personnel from Axis Bank. · To easy the burden of paying off your personal loan immediately, you may opt for EMI (Equated Installments) repayment tenure between 12 and 60 months. If you are an Axis Bank Account holder, you will get the best rate of loan approval. · You can choose your tenure and the amount that you are comfortable repaying. each month for the chosen tenure. The following documents are required for AXIS Bank Personal Loan:- KYC Document:-Passport, DL, Adhar card, Voter ID Card, Job card with NREGADate of Birth proof:- PAN Card, Birth certificate, School living certificateSignature Proof:-Passport, Pan CardProof of Income:-Last two-month salary slip, Last two months Bank statement, One-year employment proof, Salary slipOther Documents:-Passport size photo, self-attention of borrowers on all documents.The minimum monthly Income should be Rs. 25000,The applicant must have a total experience of at least 3 years. Axis Bank Personal Loan Interest Rates:- · Personal Loan Interest rates are 10.49% to 21%· Associated charges are –Processing fees of up to 2% of the loan.· Foreclosure charges -5% for 12 months, 4% for 12-24 months & 3% from 24%-36%+GST.· Loan Tenure of the Axis bank personal loan is 12 months to 60 months 4. BAJAJ Finance Personal Loan Finance Company:- BAJAJ BANK PERSONAL LOAN FINANCE COMPANY INDIA-2022 This bank is one of the top personal loan finance companies in India.Eligibility criteria for Baja Finance Personal Loan:- The borrower should be an Indian citizen.He must be a salaried personAge must be a minimum of 21 years and maximum age up to 67 years Employment in MNC, Public and Private CompaniesThe salary should be a minimum of Rs. 22000.CIBIL The score must be 750 or higher. What documents are required for a personal loan for a salaried person:- · KYC document such as PAN, Aadhar, License Licence or PassportBank Account Details Employee ID CARD Features of Bajaj Finance Personal Loan:- · 45%lower EMI with Flexi Loan-Repay only EMI and reduce your installments with our Flexi facility. · 24 hours disbursal:-With a simple online application process, get money in your bank Account on the same day approval No collateral required:- No guarantors or collateral are needed to get approval on your loan applications. · Approval within 5 minutes:-Meet simple eligibility parameters and get instant approval on your application. Repay over 60 months:-Pick a convenient tenor ranging from one to five years to repay the loan. · Special offers for pre-approved customers:-Our existing customers get quicker processing with special offers and a range of benefits Interest Rates on Bajaj Finance Personal Loan:- · The interest rate is 13% onwards. The processing fees are up to 4% of the loan amount inclusive of GST. · Delay in payment of Installment shall attract penal interest at the rate of 3% per month on the payment installment outstanding. Part prepayment charges -2% inclusive of taxes. · Bounce charges Rs. 600-Rs. 1200 per bounces inclusive of GST Personal Loan foreclosure charges:-4% inclusive GST on the outstanding loan amount as on the date of full pre-payment. Foreclosure can be done after the deduction of 1ST EMI. Applying for a personal loan in Bajaj Finance is very easy:- · For apply loan, Click on “ Apply online to open the online application form Fill in the few details and verify the OTP sent to your mobile phone Enter your KYC and Income data.Choose the loan amount you want to borrow from the bankSubmit your applicationIt will only take 5 minutes for the approval of the Personal Loan. 5. ICICI Bank Personal Loan Finance Companies:- ICICI BANK PERSONAL LOAN FINANCE COMPANY IN INDIA-2022 ICICI Banks offers personal loans to salaried individuals. You may quickly check your eligibility if you are an existing ICICI Bank customer. Eligibility for pre-approved personal loans can be checked through mobile and online banking platforms. This bank is one of the top personal loan finance companies in India. Personal Loan in ICICI Bank eligibility criteria:- (i)For salaried individuals eligibility for personal loan age is 23 to 58 years. The total year of the job duration should be 2 years. & in current residence 1 years. (ii) Loan for eligibility for self-employed persons age should be 28 years and the maximum age should be 65 years. Minimum turnover of Rs.40 Lacs for non-professionals. Rs. 15 Lacs of audited financial Transactions. Business stability of at least 5 years and a minimum of 3 years for the doctor. Existing relationship with ICICI Bank minimum 1-year relationship What are the different required documents required for a Personal Loan with ICICI Bank:- (i)Proof of identity-Passport, Driving Licence, Voter ID, PAN Card (ii) Proof of Residence-Leave or Licence agreement, utility bills (not more than 3 months) (iii) Latest 3 month bank statement (where salary or income is credited) (iv)Salary slips for the last 3 months (v) 2 passport size photographs (vi) For Self employed person KYC document-proof of identity, Address proof and DOB proof (v) Income proof for the last two years (vii) Last 6 months Bank statement (viii) Office address proof (viii) Prof of residency or office ownership (ix) proof of continuity of business ICICI Bank Personal Loan Interest Rates:- ICICI Bank Personal Loan Interest rate is 10.75% onwards. Flexi cash overdraft facility to the salary account holder is 12%-14%. Type of Personal Loan in ICICI Bank:- (i)Personal Loan for NRI:-To meet the personal loans offered to select ICICI customers with loan disbursal within 3 seconds. Loan amount up to Rs. 50 Lacs. Tenure of Loan if 1-5 years. (ii)Pre-Approved Personal Loan:-Instant personal loan offered to ICICI Customers with loan disbursal within 3 seconds. The loan amount is RS. 50 Lacs. Tenure is 1 to 5 years. (iii) Top up Personal Loan:-Personal loan balance transfer facility from ICICI Bank to allow existing personal loan borrowers of other banks /NBFC to transfer their loan to ICICI Bank at a lower rate of interest. FAQs:- 1. Question:-Which bank is best for Personal loans? 1. Answer:-HDFC Bank is the best choice for you. it is the best bank till now for a Personal Loan. 2. Question:-How much Personal Loan can I get on my salary? 2. Answer:-In most cases individuals are eligible for a personal loan amount of up to 30 times their monthly Income. Additionally, to minimise the risk of default, lenders keep the EMI of the loan at about 45-60%of your monthly income. 3. Question:-Which bank has a lower rate of Interest rate? 3. Answer:-Presently low rate of Interest loans start at 8.9%p.a with IDBI Bank providing the lowest interest rate among the private sector. 4. Question:-Who is eligible for a personal loan in India? 4. Answer:-The eligibility for a personal loan in INDIA is that you need to be a residing citizen in India. You should be aged between 21 years to 67 years. You need to be employed in a Private, Public Sector Company or an MNC company. You should have a minimum CIBIL score of 750. 5. Question:-Which state has more loans in India? 5. Answer:-Punjab, Rajasthan, Kerala, West Bengal, Andhra Pradesh, Jharkhand, Madhya Pradesh, Uttar Pradesh and Haryana are the states with the highest debt burden in India. 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