Why You Should Apply for SBI Personal Loan

transcript

SBI Xpress power personal loan is available to employees working with Central &

State Government, Quasi-Government, Defence Establishments, PSUs, Educational

Institutions of National Repute, and Select Rated Corporates.

The employees should have a minimum gross monthly income of Rs. 50,000 and

there is no requirement of maintaining a salary account with SBI.

If you are thinking to take a personal loan for educational then you should �rst check

the best bank for an education loan in India (https://www.cashover�ow.in/best-bank-

education-loan-india/)

SBI Personal Loan Interest Rates

Ranges from 11.30% to 15.55%

Other Personal Loan Details

Loan Amount Up to 15 Lakh

Processing Fee Up to 1% + Applicable Tax

Late Fee 24% p.a

Pre-closure Charges 3%

Loan Tenure Up to 60 months

No pre-closure charges if the account is closed from the proceeds of a new loan

account opened under the same scheme.

Why You Should Apply for SBI Personal Loan

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SBI Xpress Credit

Minimum NMI of Rs.

5000

EMI/NMI ratio

should not exceed

50%

SBI Xpress Power

Minimum gross

monthly income of

Rs. 50,000

EMI/NMI ratio up to

50%

SBI Pension Loan

Not more than 76

years of age

EMI/NMP ratio

should not exceed

50%

Lowest net monthly income requirement (Rs. 5000 for Xpress Credit)

Three categories of personal loan- SBI Xpress Credit, SBI Pension Loan, and

SBI Xpress Power Personal Loan.

The wide network of SBI branches makes service availability for people

residing anywhere in the country.

Concerns

Loan allowed only upto Rs. 15 Lakhs.

Eligibility Criteria

Abbreviation Used:

NMI- Net Monthly Income

EMI- Equated Monthly Installments

NMP- Net Monthly Pension

Documents Required

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#2. HDFC Bank Personal Loan

You have options to borrow from Rs. 50,000 to Rs. 40 Lakhs without having a

guarantor or collateral security.

HDFC personal loan is available for a salaried individual across corporate and

government institutions.

Once the documentation is complete, your personal loan will be disbursed within 4

hours. The existing HDFC customers can get loan approvals in 10 seconds.

Along with loan, you can also avail an accident or critical illness insurance cover at a

nominal premium.

HDFC Personal Loan Interest Rates

Ranging between 15.50% to 21.50%

Application Form or online application through SBI web portal

PAN Card

ID Proof & Address Proof

Latest Salary Slip with Form 16, Salary account statement for last 6 months,Audited/ Certi�ed ITR for last 2 years for Professionals

Your salary/ pension account number with SBI for Xpress Credit & Pension Loan.

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Processing Fee Up to 2.5% + GST

Late Fee 24% p.a

Pre-closure Charges

Up to 12 months- not allowed

13-24 months – 4%

25-36 months-3%

>36 months- 2%

Preclosure can be made a�er the payment of 12 EMIs.

Part payment allowed up to 25% of the principal outstanding.

Why You Should Apply for HDFC Personal Loan

2% pre-closure charges (a�er 36 months) is lower than other banks

Zero hidden charges, and convenient repayment options

Minimal paperwork and documentation.

Concerns

Interest rate is comparatively on the higher side.

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Particulars Eligibility

Employees of Pvt Ltd, PSU including central, state and local bodies

Age Between 21 and 60 years

Work PeriodJob for at least 2 years,

with a minimum of 1 year with the current employer

Net income

per monthMinimum of Rs. 15,000

Minimum net income of Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai,

Hyderabad, Pune, Kolkata, Ahmedabad and Cochin.

Documents Required

#3. Axis Bank Personal Loan

If you are not sure about the repayment period then the Axis bank is a good option.

Axis bank o�ers no foreclosure or part payment charges on personal loans.

Application Form or online application through HDFC web portal

ID Proof, Address Proof

3 Month bank statement (Passbook of previous six months)

Latest salary slip or current dated salary certi�cate with the latest Form 16.

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At the time of application, you can choose to repay the loan in 60 months. In case if

you want to repay the loan earlier then you don’t have to bear any pre-closure

charges.

Personal Loan Interest Rates Axis Bank

Ranging from 15.75% to 24%

Personal Loan Details

Processing Fee 1.5% to 2% + GST

Late Fee 24% p.a

Pre-closure Charges NIL

Why You Should Apply for Axis Bank Personal Loan

No preclosure charges.

No part payment charges

Quick approval with minimum documents

You can earn reward points while applying for a personal loan

Concerns

High Interest rate.

More preference for salaried persons

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Particulars Eligibility

Employees ofGovt (including PSU, central, state and local bodies),

Pvt Ltd and salaried doctors

Minimum Age 21 years

Maximum Age 60 years at the time of maturity of the personal loan

Net monthly income Minimum of Rs. 15,000

Documents Required

You may also like to read – Best Bank for Home Loan in India

(https://www.cashover�ow.in/best-bank-for-home-loan-india/)

#4. Bajaj Finserv Personal Loan

Application form

Photograph

Age proof

ID proof, & Residence proof

Income proof and Bank statement

Signature veri�cation proof

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Bajaj Finserv o�ers personal loan only to salaried professionals. The loan procedure is

entirely online, which means you can get instant online loan approval and the loan

amount is disbursed within 24 hours.

Bajaj FinServe is the only �nancial institution that lets you repay whole of the

outstanding loan amount a�er the �rst EMI.

Bajaj Finserv Personal Loan Interest Rates

Starting from 12.99% onwards

Processing Fee Up to 3.99%

Late Fee 24% p.a.

Preclosure Condition – preclosure can be made a�er the payment of �rst EMI.

Secure Fees (for online approvals): Rs. 4499

Annual maintenance charges: 0.25%

Why You Should Apply for Bajaj Finserv Personal Loan

Get instant approval and the loan amount is disbursed within 24 hours.

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You can repay loan amount even a�er the �rst EMIs.

Concerns

High preclosure charges

High minimum salary requirement

Focused only on salaried class.

Secure fee for online approvals

Eligibility Salaried

Age 23 to 55 years

Monthly IncomeRs. 25,000 to Rs. 35,000 per month

(depending upon the city you are residing in)

Documents Required

#5. Bank of Baroda Personal Loan

Online Application at Bajaj�nserve web portal

KYC Documents

Employee ID Card

Salary Slip of the previous 2 months

Previous 3 months Bank account statement of salary account

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Bank of Baroda o�ers a personal loan to both salaried and self-employed individuals.

Depending upon your eligibility, the loan amount can be up to Rs. 10 Lakh for a

maximum tenure of up to 60 months.

Bank of Baroda is a good option for those who want to take a personal loan for a

small amount of Rs. 20,000.

Personal Loan Interest Rates Bank of Baroda

Bank of Baroda does not explicitly discloses the interest rates.

Personal Loan is charged at One year MCLR+SP*+3% to one year MCLR+SP+8%

based on the risk rating of applicants.

One year MCLR for March 2019 is 8.65%.

*SP- Strategic Premium

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Processing Fee 2%. Maximum Rs. 10,000

Late Fee 24% p.a.

Pre-closure Charges NIL

Why You Should Apply for Bank of Baroda Personal Loan

No preclosure charges

Lower loan amount

Concerns

Max loan amount Rs. 10 lakhs

Rate of interest not indicated

Eligibility Salaried Self Employed/Business

Age 21 to 60 21 to 65

Minimum Work Experience/ Service 1 year 1 year of stable business.

Insurance Agents: minimum of 2 years of business

Speci�c guidelines for loan eligibility:

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Parameter Salaried employees* Others**

Repayment Capacity 60 % of GMI 40% to 60% of GMI

Period Maximum 60 months Maximum 48 months

*Means: Salaried employees with 1-year service and having salary account with

Bank of Baroda

**For others:

Loan Amount up to Rs. 2 Lakhs: Satisfactory account relationship with Bank of

Baroda or any other Bank.

Above Rs. 2 Lakhs: Satisfactory account relationship for at least 6 months with

Bank of Baroda.

Documents Required

Salaried Self Employed/Business

Application Form Application Form

ID Proof, Address Proof ID Proof, Address Proof

Last 3-month payslip Last 2 years RTI

6 Month bank statement 6 Month bank statement

Best Bank that gives Lowest InterestRate for Personal Loan

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#6. Standard Chartered Bank Personal Loan

Standard Chartered Bank charges one of the lowest starting interest rates of 10.89%.

The interest rates on personal loans range from 10.89% to 21% for the loan amount of

up to Rs. 30 Lakhs.

Standard Chartered Bank Personal Loan Interest Rates

Processing Fee 3%

Late Fee 24% p.a.+ Rs. 495

Pre-closure Charges

0 to 12 EMI- 5%

12 to 24 EMI- 4%

25 to 36 EMI- 2%

> 36 EMI – 1%

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Why You Should Apply for Standard Chartered Personal Loan

Lower interest rate starting at 10.89%

You can take loan up to Rs. 30 Lakh

No securities, collaterals, or guarantors required

Easy process to apply online.

Concerns

High processing fee

High preclosure charges

Bank branches are not available everywhere

The bank provides with the facility of EMI Calculator for eligibility. The Loan

Amount is sanctioned depending on the borrower’s repayment capacity, income,

location and age.

Eligibility Salaried Self Employed/Business

Age 21 to 58 21 to 58

Income/Pro�t Rs 22000 pm Rs 2 Lakh p.a

Min. Work Experience 1 year1 year at least

in the current business.

Document Required

Application Form

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You can also check out the list of best bank for education loan in India

(https://www.cashover�ow.in/best-bank-education-loan-india/).

#7. CitiBank Personal Loan

Citibank gives preference to the salaried class for personal loans. The salaried person

can get a personal loan at a lower interest rate compared to the self-employed person.

In addition, Citibank personal loan starts at the lowest rate of 10.99% especially for

Citibank’s salaried borrowers employed with reputed companies.

CitiBank Personal Loan Interest Rates

Ranging from 10.99% to 18.99%

Other Speci�cation

Age Proof

Signature Proof

3 Months Bank Statement

Latest ITR or Form 16 for salaried and Income report for self-employed/ businesspersons.

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Processing Fee Up to 3%

Late Fee There are no late payment charges

Why You Should Apply for CitiBank Personal Loan

Lower interest rate for salaried persons depending upon net take-home

salary

Loan amount from Rs. 25,000 to Rs. 30,00,000

Get quick approval on loan within 48 hours

Citibank customer get a rebate on interest rate

Concerns

4% pre-closure charges

Citibank does not explicitly speci�es eligibility criteria but the personal loan is based

on factors such as your income, quantum of loan, loan tenure and credit score.

The website only discloses that the following persons are eligible for Citibank

Personal Loan:

All salaried individuals, self-employed professionals and business owners

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Existing Citibank customers with a Suvidha, Branch or a Mortgage relationship

The quantum of loan and interest rate vary based on:

Net take-home salary in case of a salaried person and

Annual gross take-home income for professionals and non-professionals.

Documents Required

Salaried Self Employed

Proof of Identity & Residence Proof of Identity & Residence

Proof of Age Proof of Age

Length of employment/ Continuity of

business:

1.Letter from employer

2. Old pay slip/ Form 16

Length of employment/ Continuity of

business:

1. Lease Deed

2. Ownership documents

3.Utility Bills

4.Tax returns from the same city

5. 3-year-old bank statement

Proof of income & occupation:

1. Latest 1 or two salary slip

2. Latest Form 16

3. Last 3 month Bank Statement

Proof of income & occupation:

1. Last 2 year IT Returns

2. CA certi�ed P&L and BS

3. CA certi�ed Audit Report

4. Last 6 month Bank statement

You can also read – Best car loan in India (https://www.cashover�ow.in/best-car-loan-

india/)

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#8. ICICI Bank Personal Loan

ICICI bank personal loans interest rates start at just 10.99%. You can avail loan up to

Rs. 20 Lakhs without any guarantor or collateral security.

For existing ICICI Bank customers, there are attractive bene�ts such as reduced

documentation and automatic pre-eligibility condition.

The above bene�ts are based on your relationship with the bank, which can be via a

bank account, credit card, or any other loan account.

ICICI Bank Personal Loan Interest Rates

Late Fee 24% p.a

Pre-closure Charges 5% + GST

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Salaried

Age: 23 to 58 years

Monthly Income: Minimum of Rs

17,500

(Rs.25,000 for applicants residing in

Mumbai & Delhi and Rs.20,000 for

applicants residing in Chennai,

Hyderabad, Bangalore, Pune &

Kolkatta)

Total years in job/profession: 2 Years

Years in current residence: 1 Year

Self Employed

Age: 25 to 65 years

Minimum Turnover: Rs. 40 Lakhs

(Non-Professionals) Rs. 15

Lakhs(Professionals)

Minimum PAT: Rs. 1 Lakh (Non-

Professionals) Rs. 2 Lakhs for self-

employed individuals

Business Stability: At least 5 years, 3

years for doctors

Existing relationship with ICICI

Bank: Minimum 1 year

Pre-closure charges waived o� if 12 or more EMIs have been paid.

Why You Should Apply for ICICI Personal Loan

Lowest starting interest rate of 10.99%.

Loan disbursed within 72 hours of documents submission( if approved)

Concerns

High preclosure charges of 5%

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Documents Required

Salaried Self Employed/Business

Application Form Application Form

ID Proof, Address ProofID Proof, Address Proof.

Proof of Residence or O�ce ownership

Latest 3-month salary slips &

Bank Statement

Audited Financial for the last 2 years,

6 months Bank Statement,

2 Passport size photographs Proof of continuity of business

#9. Kotak Mahindra Bank Personal Loan

Kotak Mahindra bank extends personal loans to all individuals whether they are

salaried or self-employed. You can take a personal loan from Rs. 50,000 to Rs. 15

Lakh with an interest rate ranging from 10.99% to 24%.

Kotak Mahindra Bank Personal Loan Interest Rates

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Late Fee 36% p.a

Pre-closure Charges Up to 12 months- not allowed

> 12 months – 5%

Why You Should Apply for Kotak Mahindra Personal Loan

Personal loan from Rs. 50,000 to Rs. 15,00,000

Can re�nance any existing personal

Concerns

High preclosure charges.

3% per month late payment charges

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Employee of MNC, Public or Pvt limited company

Age Between 21- 58 years

Net salary Rs. 20,000/- per month

Min. educational quali�cation Graduate

Min. work experience At least 1 year

Document Required

#10. Tata Capital Personal Loan

Tata capital o�ers personal loan of up to Rs. 25 Lakh. You can have lower EMI as the

personal loans are for an extended period of up to 72 months.

Tata Capital Personal Loan Interest Rates

Ranging between 11.25% to 19%

3 Month bank statement with income details

Salary slip for the last 3 months

2-3 Passport size photograph

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Processing Fee vary depending on the loan amount

Late Fee 24% p.a.

Pre-closure Charges 4.5%

Pre-payment can be done a�er 6 months of availment without any penalty or

additional fees. Fees of 2% is charged if you prepay more than 25% of the outstanding

principal.

Why You Should Apply for Tata Capital Personal Loan

Minimal paperwork and documentation

The loan amount ranges from Rs. 75,000 to Rs. 25,00,000

Repayment tenures ranging from 12 to 72 months

Concerns

High preclosure charges.

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Eligibility Details

Age 22- 58 years

Minimum monthly income Rs. 15,000

Job Should be in the same job for six months

Work experience Minimum of one-year

Documents Required

#11. Yes Bank Personal Loan

You can get personal loans ranging from Rs. 1 Lakh to Rs. 40 Lakhs from Yes Bank

and that too at the lowest interest rate starting from 10.75%. Yes Bank does not require

you to bring in any collateral for availing personal loans.

The personal loan eligibility can be checked in 60 seconds through an online

eligibility calculator or mPowered Bot.

Photo Identity Proof & Address Proof

Income Proof: Bank statement for last 6 months

Salary slips for last 3 months

Employment certi�cate stating one year of continuous employment

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Yes Bank takes approximately 5 days (a�er all documentation has been completed) for

appraisal decision and if sanctioned the funds are disbursed in a matter of hours.

Yes Bank Personal Loan Interest Rates

Starting from 10.75%

Late Fee 24% p.a

Pre-closure Charges

Up to 12 months- not allowed

13-24 months-4%

25-36 months-3%

37-48 months-2%

> 48 months – NIL

Why You Should Apply for Yes Bank Personal Loan

Personal loan amount from Rs. 1 Lakh to Rs. 40 Lakhs

Lowest interest rate, starting from 10.75%

1-minute eligibility calculator (Online + mPowered Bot)

Concerns

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Interest rate not transparent

Pre-part payment charges

Yes Bank uses an online eligibility calculator and mPowered Bot for assessing

personal loan eligibility. You need to provide the following information to check

eligibility:

Document Required

Best Personal Loan Interest RatesComparison

Age

Monthly income

PAN no and contact details

EMIs and other recurring expenses

Employer details

Employment history

Residence details like rented/or owned and the period of residence

Application form

3 Month bank statement with income details

Salary slip for the last 3 months

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NameInterest Rate

(Min)

Interest Rate

(Max)

Processing

Fee

Pre-closure

Charge

SBI 11.30% 15.55% Up to 1% 3%

HDFC Bank 15.50% 21.50% Up to 2.5% 2-4%

Axis Bank 15.75% 24% 1.5 to 2% NIL

Bajaj Finserv 12.99% N.A. Up to 3.99% 4%

Bank of

Baroda11.65%+SP 16.65%+SP 2% NIL

SCB 10.89% 21% 3% 1-5%

Citibank 10.99% 18.99% Up to 3% 4%

ICICI Bank 10.99% 21% Up to 2.25% 5%

Kotak Bank 10.99% 24% Up to 2.5% 5%

Tata Capital 11.25% 19% vary 4.5%

Yes Bank 10.75% N.A. Up to 2.5% 2-4%

Factors Affecting Interest Rate ofPersonal LoanPersonal loan interest rates are not �xed even for customers of the bank. The interest

rate for every personal loan application is based on various factors such as CIBIL

score, applicant’s profession, income level, and relationship with the bank.

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