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Eligibility and Interests of Personal loans
by Properties Loans Personal LoansPersonal loans are kind of unsecured loans, where you do not have to keep anything as collateral to get your loan sanctioned by a bank or any other financial institution. You can apply for a personal loan to fulfill your current short term financial obligation. The things for which you can get a HDFC personal loan are buying an air conditioner, getting your household repair or get a top up on your loan. The eligibility for personal loans is as follows:
A lot of options are offered by many banks and other such financial institutions in the country. The precise criterion is though not available for all the banks as these vary from one bank to another. But there are still a few basic points that are followed by all the banks. Here are parameters that determine a person’s eligibility to get a personal loan sanctioned:
Age: - The age criteria though vary from one bank to another, but the general guidelines state that a salaried person should be between 21 to 60 years, and a self-employed person should be between 25 to 65 years.
Employment: - A salaried employee must have at least 2 years of job experience with at least one year of experience in the current job and a self-employed person must be working for at least 5 years with at least 2 years of work experience in the current profession. The criterion is flexible depending on the lender.
Financial Condition:-It is a major eligibility criteria on which the banks pay special attention. A person’s income has been pre specified by all the banks. Which includes the person’s capacity to repay the loan is the key aspect. The banks are very cautious about this before lending a personal loan in Delhi which is unsecured.
Credit Score:- This aspect plays a very important role in getting your personal loan sanctioned by the bank. If you ever delay in paying your loan EMI, or fail to repay the loan, it affects your credit score and thereby your chances of getting a loan. On the other hand if your credit score is good you might even get a chance to bargain the rate of interest with the bank.It also increases the amount of loan you are eligible for.
Credit Liability:- If there is any outstanding liability, this may result in the reduction of the loan amount you are actually eligible for, as the loan amount is calculated on the basis of the EMI that an individual can pay.
Personal Loan Interest rates of few banks are as follows:
Personal loan interest rates are more than the usual loan rates, as it is unsecured and a fear of repayment is much more than usual loans.
|
Bank |
Salaried |
Self Employed |
Professional |
|
Axis Bank |
13.99%-20% |
15%-22% |
13%-15% |
|
Standard Chartered |
15%-22% |
16%-19% |
14.5%-16% |
|
HDFC |
Transfer 12.99% onwards: Fresh 14-16% |
Transfer 12.99% onwards: Fresh 14-16% |
Transfer 12.99% onwards: Fresh 14-16% |
|
Kotak |
15.75%-19.25% |
18%-19% |
14.5%-16% |
|
Fullerton India |
21-36% |
24%-36% |
18%-27% |
|
Citi |
14%-16% |
|
|
|
ICICI |
14-21% Floating |
16%-19% |
14.25%-16% |
|
Bajaj Finserv |
15.25% |
18%-20% |
14.25%-16% |
|
SBI |
14.25%-18.5% |
|
|
Mr. Tejinder Singh runs the website www.propertiesandloans.com this site gives all the information regarding home loans in Delhi as well as the overdraft facility that is available with the bank. He has a team of trained professionals.
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The eligibility criteria and interest rate of personal loans vary form one bank to another. The interest rates of personal loans are higher than that of other loans that are available in the market. This is because these loans are unsecured.
Jul 26th 2013 04:26