Personal loan in Delhi is easily available as various financial institutions provide it at a pocket-friendly interest rate. In a metropolitan city like Delhi, the monthly expenses may go higher than the income. In such a situation, a personal loan can be your best financial option to choose from.
As mentioned above many banks and NBFCs offers personal loan, and this increasing number of lenders has facilitated the loan seekers with a range of options to choose the best personal loan for themselves. So, let’s have a look at some of the popular and favorable personal loans in Delhi.
HDFC Bank Personal Loan
HDFC Bank personal loan comes with various features and benefits to the customers, few of them are mentioned below:
- HDFC personal loan comes at an attractive interest rate that starts from 10.75%.
- The flexible loan repayment term is provided ,from which you can choose the best suited for you as per the need.
- You can easily check your loan eligibility in one minute online with HDFC personal loan eligibility calculator.
- A low processing fee is charged on HDFC personal loan up to 2.50% of the borrowed amount subject to the minimum of Rs. 2,999.
- You can apply online for a personal loan with a few simple steps.
- HDFC Bank also offers an accidental cover with a personal loan to its customers.
- SBI Bank Personal Loan
State Bank of India (SBI) provides a range of personal loans in Delhi that broadly has been divided into three loan schemes namely, Xpress Credit personal loan, Xpress Power personal loan, and SBI Pension loan. Let’s have a quick look at the features to have a clear understanding of the loan schemes:
Xpress Credit Loan
- Xpress credit personal loan comes at a budget-friendly interest rate.
- Zero hidden costs and low processing fees are charged under this loan scheme of SBI.
- You can avail of a high loan amount up to Rs. 20 lakhs without any security or guarantor under the Xpress Credit loan scheme.
SBI Pension Loan
- This loan scheme has been specially designed for retried loan seekers.
- Quick loan processing with minimal documentation is involved in this loan scheme.
- You can pay easy EMI through SI.
- No hidden charges and low processing are offered under the SBI pension loan.
SBI Quick Loan
- This loan scheme is for those who don’t have their salary account with SBI.
- You can easily apply for a personal loan through a contactless lending platform (CLP).
- Quick loan approval with minimal documentation is offered in this loan scheme.
- ICICI Bank Personal Loan
ICICI is among the prominent names and is considered as one of the best personal loans which is available in the Indian financial market. It offers a personal loan that can be used for any purpose. The ICICI personal loan comes with various benefits and added perks, some of them are mentioned below:
- The attractive rate of interest on personal loans starts from 11.25% per annum.
- A flexible loan repayment tenure is offered to range from 1 year to 5 years.
- It is an unsecured loan.
- It is a multipurpose loan as it can be used for any personal purposes.
- A simple, quick, and easy documentation is the processing of a personal loan.
- You can also get funds within 3 seconds (t&c apply) with ICICI Bank quick online services.
There are many aspects and offers that come with a personal loan. One of them is a personal loan balance transfer. A personal loan balance transfer is a process of transferring the existing loan amount from one lender to another. Nowadays almost every lender offers this option.
Eligibility Criteria for Personal Loan Balance Transfer
Like a personal loan the eligibility criteria for a personal loan balance transfer may differ based on an applicant profile and lender. Following is the generic eligibility criteria:
- Age:An applicant’s age should be a minimum of 21 years and a maximum of 60 years at the time of personal loan application.
- Working Experience:A borrower should have at least 2 years of working experience and must be working in the current organization for a minimum of 1 year.
- Employment:A borrower should be either self-employed or a salaried individual working with a private or a public-sector undertaking like central, state, or local bodies.
Apart from personal loan balance transfer, there is another important thing that you should always consider or face is the interest rate. You must know that the interest rate plays a crucial role in the overall loan budget. This makes it important to get a low rate of interest on a personal loan. we have provided some of the ways that can help you to get a personal loan at a low-interest rate:
Tips to avail Personal Loan at Low Interest
- Improve Credit Score:As mentioned above, it is crucial to maintain a good credit score of 750 or above as it reflects your creditworthiness. If your credit score is below 750, you will have to make some extra efforts to improve it. The simplest ways to do so are to keep paying the EMIs of the existing loans and credit cards on time and keep checking the credit report for any defaults.
- Pay Existing Debts:The DTI (Debt to Income Ratio) is calculated by dividing the monthly debts by one’s monthly income. This helps you to get a low rate of interest.
- Compare the available offers:Don’t go with the first personal loan offer you get or see.
- Apply with a co-applicant:If your credit score is not good or below 750, lenders might sanction your loan but at a high-interest rate. Under such circumstances, you can apply for a personal loan with a co-application having a good credit score of 750 or above.
- Consider Pre- Approved offers: Lenders may offer you a pre-approved loan after considering the repayment history.
The various offers of personal loans have made it more difficult to choose the best personal loan. So, to help you a little following are a few tips to choose the best personal loan:
- Approach a Shortlisted Lender
- Do an EMI Calculation
- The Loan Amount
- Know about all the Costs & Penalties
- Check for the Required Documents
Common Eligibility Criteria for a Personal Loan
- An applicant should be a salaried employee.
- The age of the applicant should be a minimum of 23 years and a maximum of 60 years at the time of loan processing.
A generic list of documents for a Personal Loan
- Duly filled personal loan application.
- Identity Proof
- Address Proof
- Latest salary slips
- Last 6 months bank statements
- Form 16
- Income tax returns
Conclusion
It is important to do in-depth research in order of choosing the best personal loan. And also remember that you will find “n” number of personal loan options in Delhi but always go for the one that suits and fits your budget.
