Plan your next Personal Loan with these two fantastic lenders

When it comes to deal with a financial strain, a personal loan is probably one of the best tools to deal with it. However, The fact is many  people know which lender to select to get a loan. Due to its easy process, borrowers tend to fall into lenders’ trap getting bad deals.

This could be easily changed if you knew the lenders are good, transparent. Today, In this short post, we will focus on such two lenders. One of them is a bank and another is an NBFC. They are RBL Bank’s personal loan and Bajaj Finserv’s personal loan. We will discuss them one by one-shedding light on their details.

RBL Bank Personal Loan

RBL Bank’s personal loan is good due to its reputation. The loan is offered with a competitive interest rate transparent process. If you have a financial emergency, it could prove to be a reliable lender.

• The loan amount is offered from Rs 1 lakh to Rs 20 lakhs.
• RBL Bank personal loan interest rate starts at 14% per annum, going up to 23% per annum.
• The processing fee is 3% of the loan amount.
• The loan tenure is up to5 years.
• The foreclosure charge is from 3% to 5% of the principal outstanding loan amount.
• The delayed payment charge is 2% additional interest per month.
• The dishonor charge is Rs 250 per instance.
• The convenience charge is Rs 999.
• The stamp duty charge is 0.2% of the total loan amount.
• The cheque swapping charge is Rs 250.

Why you should RBL Personal Loan?

• RBL Bank personal loan offers a high loan amount up to Rs 20 lakh.
• The lender does not require collateral to give the loan.
• The document requirement is minimal.
• The loan is payable in easy installments.

The Eligibility Criteria for RBL Bank Personal Loan

• The applicant’s age should be at least 25 years to apply. the maximum age requirement is 60 years.
• The applicant should have minimum of 3 years of work experience while working in the current organization for at least 1 year.
• The applicant’s minimum income should be at least Rs 25,000 per month.

Documents Requirement for RBL Bank Instant Loan

You will need these documents for RBI Bank personal loan. It will vary from borrower to borrower.

• Proof of identity – Aadhar card, PAN card, Driving license, Voter ID Card
• Proof of address – Telephone bill, lease agreement, electricity bill
• Bank statement for last 6 months
• Form 16
• Pay slips for the past 2 months
• Income documents for any other revenue source

How to Apply for RBL Bank Personal Loan?

Here are the steps to follow.

• First, head to RBL Bank’s personal loan official website.
• There, click on apply, fill out the loan application form.
• Once you submit, it will show whether you are eligible or not.
• If you agree, click on submit. A representative will contact you for further process.

If you are not comfortable applying for RBL Bank personal loan online, walk into any branch to complete the process. Now, let’s check out the next lender.

Bajaj Finserv Personal Loan

Bajaj Finserv offer a personal loan with zero foreclosure charges. It aims to help people begin in a financial distress.

• The loan amount is offered up to Rs 25 lakh.
• The rate of interest starts at 12.99% onwards.
• The loan tenure is up to 5 years.
• The structural fee is Rs 4499.
• The penal interest rate is 2% of the monthly EMI.
• The bonus charge is between Rs 600 and Rs 1200 per bounce.

Types of Bajaj Finserv Personal Loan

• Personal loan for wedding
• Flexi loans
• Persona loan for travel
• Personal loan for self-employed
• Personal loan for doctors
• Personal loan for a medical emergency

Fee & Charges

Similar to RBI Bank personal loan, Bajaj Finserv has these charges.

• The penal interest is 2% of the EMI amount per month.
• The foreclosure charge is 4% on the principal outstanding loan amount.
• The part-payment charge is 2% of the amount prepaid.
• The outstation collection charge is Rs 65.

Bajaj Finserv Personal Loan Eligibility Criteria

• The borrower’s age should be minimum of 23 years to apply.
• The borrower should be an Indian residence.
• The applicant should be a salaried individual or self-employed professional.
• The applicant’s salary should be at least Rs 25,000 per month.

Documents Required for Bajaj Finserv Personal Loan

• The loan application form
• Identity proof – Aadhar card, PAN card, Driving license, Passport
• Address proof – Lease agreement, utility bill, water bill, telephone bill
• Income proof – Bank statement, ITRs for last 2 years, Salary slips

How to Apply?

To apply, you can visit Bajaj Finserv official website or head to its nearest branch. The application process is easy and quick to proceed.

Conclusion

Both, RBL Bank personal loan and Bajaj Finserv personal loan offer excellent deals. Their interest rate will depend upon creditworthiness. So do the pre-eligibility check to know which will be better for you. Overall, it is an ideal deal.