Steal Deals on Personal Loans for Millennials in India
Over 57% of the total Personal Loans disbursed in the financial year 2019 were serviced to millennials in India. The trend is speculated to grow at an accelerated pace in the coming years as well.
Millennials are people who fall in the age bracket of 18 to 36 years. Currently, the millennial population comprises 35% of the total population in the country.
Banks and other lending institutions are aware of this increasing demand for Personal Loans amongst the nation’s youth and are therefore leaving no stone unturned to lure them. Right from offering competitive interest rates to requiring minimal documentation, from offering sufficiently high loan amounts to reducing or even waiving off prepayment charges, lenders are doing everything in their power to provide steal deals on Personal Loans to the young and raring population of the nation.
Let us take a quick look at some of the top Personal Loan offers.
1. HDFC Bank Personal Loan
HDFC Bank offers Personal Loans to salaried individuals working for Private Companies as well as Public Sector Undertakings. These loans can be availed by applicants who are between 21 and 60 years of age and have a work experience of at least 2 years (with at least 1 year with the current employer). The applicant should enjoy a minimum monthly income of Rs. 20,000 if living in a Tier 1 city, or Rs. 15,000 if residing in any other place.
Offered at a low-interest rate of 10.75% to 21.30% per annum, HDFC Personal Loans accrue a processing fee of up to 2.5% of the loan amount.
2. ICICI Bank Personal Loan
ICICI Bank Personal Loan can be conveniently availed by salaried individuals who enjoy a minimum monthly income of Rs. 17,500 for residents of Tier 2 and Tier 3 cities, Rs. 20,000 for residents of major cities and Rs. 25,000 for residents of metro cities.
The bank levies a competitive interest rate of 11.25% to 17.99% per annum, with a processing fee of 0.99 to 2.25%. The applicant can avail of a loan amount of up to Rs. 20 Lakh, for a period of 1 to 5 years, depending on their repayment capacity.
3. Bajaj Finserv Personal Loan
Bajaj Finserv offers Personal Loans to salaried Indian residents, who are in the age bracket of 23 and 55 years of age. The lender offers loan amounts of up to Rs. 25 Lakh at an interest rate of 11.99% to 15.50% per annum. The processing fee levied on this loan ranges from 1.5 to 3%. As is the case with other Personal Loan offers on this list Bajaj Finserv requires the applicant to have a minimum monthly income of Rs. 28,000 for those residing in major cities, Rs.30,000 for applicants living in Ahmedabad or Kolkata, and that of Rs. 35,000 for the applicants who are residents of Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, or Thane.
4. Citibank Personal Loan
Citibank offers Personal Loan amounts of up to Rs. 30 Lakh for a period of up to 5 years. The bank levies an interest rate of 10.99% – 17.99% per annum, along with a processing fee of up to 0.50% of the loan amount. To make it convenient for the borrower in cost-effectively repaying the loan, the bank offers full as well as part prepayment options.
5. Axis Bank Personal Loan
Known for its minimal documentation, the Axis bank offers Personal Loans for interest rates ranging from 11.25% to 24.00% per annum. The bank levies a processing fee of 1.5 to 2% of the amount. A borrower can easily avail a loan amount of up to Rs. 15 Lakh with Axis Bank, for a period of up to 5 years.
6. IndusInd Bank Personal Loan
IndusInd Bank readily offers Personal Loans to both salaried as well as self-employed individuals at the rate of 11% to 20% per annum.
In the case of salaried applicants, the minimum monthly salary should be Rs. 25,000, and the applicant should be at least 21 years of age. The age of the borrower at the time of maturity should not be more than 60 years.
In the case of self-employed individuals, the minimum annual income should be Rs. 4.8 Lakh and the applicant must be at least 25 years of age. The age of the borrower at the time of maturity should not be more than 65 years.
7. Kotak Bank Personal Loan
Kotak Mahindra Personal Loans are offered at a fairly low rate of 10.50% to 19.99% per annum, with a processing fee of up to 2.5%. The bank offers these loans to salaried individuals who are between 21 and 58 years of age, have a minimum work experience of 1 year, and draw a net monthly salary of Rs. 20,000 or more.
It is crucial to note that this loan is only available for applicants with graduation as the minimum educational qualification, and has been an active resident of a city for a minimum of 1 year.
8. Standard Chartered Bank Personal Loan
While Standard Chartered Bank is known for its low-interest Personal Loans starting from 10.99% per annum, a notable limitation is that the bank offers a minimum loan amount of Rs 1 Lakh, as against other loan providers who provide Personal Loans of Rs. 50,000, and more. The bank levies a processing fee of 3% and offers repayment tenure of 12 to 60 months.
9. Tata Capital Personal Loan
Yet another low-cost Personal Loan provider, Tata Capital, offers Personal Loans at interest rates ranging from 11.25% to 19%. The NBFC charges a processing fee of Rs. 1,499 + taxes onwards. An eligible applicant can avail of a loan amount of up to Rs. 25 Lakh, for a period of up to 5 years.
10. Mahindra Finance Personal Loan
Mahindra Finance is a lender for borrowers who are looking forward to smaller loan amounts, as the NBFC offers loans of up to Rs 3 Lakh only. When it comes to the interest rates on this loan, it varies from one borrower to another, based on monthly income, credit score, and repayment history.
11. Indian Bank Personal Loan
As is the case with Mahindra Finance, even Indian Bank is ideal for borrowers with comparatively smaller obligations to fulfil. The bank offers loan amounts of up to Rs. 1 Lakh, which must be repaid within a maximum span of 3 years. The interest rates of Indian Bank Personal Loan are 14.20% onwards, while the processing fee is 0.51% of the loan amount.
12. IDBI Bank Personal Loan
IDBI Bank offers Personal Loans to Salaried Individuals, Self Employed Individuals as well as to Pensioners. To be eligible for this loan, a salaried applicant should have a minimum monthly income of Rs. 1.8 Lakh per annum, a self-employed professional, should have an income of Rs. 3.6 Lakh per annum, while a self-employed business owner should have an income of Rs. 5 Lakh per annum.
The bank offers a maximum loan of Rs. 10 Lakh for other applicants, while that of Rs. 5 Lakh for pensioners.
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