Sat. Feb 27th, 2021

The best lenders to get a personal loan during an emergency

When you face an emergency, The first thing that comes to your mind is getting

When you face an emergency, The first thing that comes to your mind is getting enough money to face the situation with out worrying about finances. It could be to pay a medical bill, home EMI, getting a car repair, or your children’s education fee.

During these situations, a personal loan is an excellent way to have backup money. However, choosing a dependable lender is a hard choice since there are many of them.  So, today we wanted to let you know about a few lenders who could help you out.

Those lenders are ICICI bank personal loan and HDFC bank personal loan. We will get to know every detail to make sure you know everything.  How to check ICICI Bank personal loan status, use ICICI bank personal loan EMI calculator, etc.

ICICI Bank personal loan

The ICICI banks offer a multiple-purpose loan with a flexible interest rate, loan tenure, and EMIs. The process to apply for the loan is quick and transparent. Here are its details.

  • ICICI bank offers loan amounts up to Rs 20 lakhs depending upon the borrower’s eligibility.
  • The rate of interest ranges between 11.25% and 21% P.A
  • The loan tenure could go up to five years.
  • The loan cancellation charge is Rs 3,000.
  • The loan-processing fee is up to 2.25% of the loan amount, excluding taxes.
  • The pre-payment charge is 5% P.A of the remaining outstanding loan amount.

The eligibility criteria to ICICI Bank personal loan

  • The applicant’s age should be between 23 years and 58 years.
  • The applicant’s minimum salary should be at least Rs 30,000.
  • The applicant should be a self-employed professional or salaried individual.
  • The borrower should have at least two years of work experience while living in the current residence for at least one year.
  • For self-employed, the minimum business turnover should be a minimum of Rs 15 lakhs.
  • The business should be up and running for at least three years.
  • The business should be in profit.

Required documents for ICICI bank personal loan

  • KYC Documents ( Identity proof, Address proof, etc.)
  • The passport size photograph
  • Bank statement for the previous three months
  • Salary slips for the last three months
  • Proof of office address
  • Proof of continuity of business
  • Audited financial statement for the last two years

ICICI Bank personal loan EMI Calculator

Before you apply for an ICICI personal loan, you may want to look at the monthly EMI And the loan’s total cost. For this, use the ICICI Bank personal loan EMI Calculator.

It is free to use. Here how to do it. Open the calculator, enter the loan amount, rate of interest, and the loan term.  It will calculate automatically, showing monthly EMI and total payable interest.

How to apply for an ICICI bank personal loan?

You can go to ICICI official website to apply for the loan. Fill out the form submit it. Afterward, they will contact you. 

How to check ICICI Personal loan status

Once you have applied, you might want to check the status. To do this asset portal, login, and then look to track your application status. Enter the mobile number and Date of birth. Enter the OTP received on your registered mobile number. The latest status will appear.

We can see ICICI Personal loan is fantastic with a large loan amount and low-interest rate.   The loan process is completed in 2 to 3 days. Now, let’s move on to HDFC personal loan.

HDFC bank personal loan

HDFC personal loan became borrowers favorite due to its low pre-payment charges, transparent process, and competitive interest rate.

  • HDFC bank offers a loan amount from Rs 50,000 to Rs 40 lakhs.
  • The rate of interest is between 10.75% and 21.45% per annum.
  • The pre-payment charge ranges from 2% to 4% of the loan amount.
  • The loan tenure is from one year to 5 years.
  • The lowest EMI is Rs 2,187 per lakh.

The HDFC Bank personal loan eligibility criteria 2021

  • The applicant should be a salaried individual or self-employed professional.
  • The applicant’s age should be between 21 years and 60 years.
  • The applicant’s minimum salary should be at least Rs 15,000 monthly.
  • The applicant should have two years of work experience.
  • The applicant should be working in the current organization for a minimum of 1 year.

Documents required for HDFC personal loan

  • The application form
  • The identity proof ( Passport, Aadhar card, Voter ID card, Driving license)
  • The address proof ( Rent agreement, passport, ration card)
  • Income proof (ITR, bank statement, salary slip)

How to apply?

You can visit the HDFC official website to apply for a personal loan. Submit the loan application form. They will contact you for further process.

Wrap up

Both lender’s turnaround time is 2 to 4 days depending upon the loan processing time. You can compare the details to know which lender is better for your emergency money to need. I hope this post will help you in making a decision.

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