Personal Loans From HDFC Bank, ICICI Bank, Axis Bank: Rates Of Interest, Repayment, Other Features

If you are getting married, or contemplating a vacation or facing a medical emergency, then you can avail personal loan to sail through these contingencies. The rate of interest in case of personal loan is generally on the higher side since it jumps as high as 24%, but you can get it for a lower rate also if your credit worthiness is high. The repayment is allowed in the time period that ranges between one year and five years. Some banks, including HDFC Bank, offer insurance cover, insurances cover along with the loan. While disbursing the loan amount, they deduct the premium so as to cover you for any accident, illness risk whatsoever. The banks generally charge a processing fee that ranges between 1% to 2.5%. Personal Loans from HDFC Bank, ICICI Bank, Axis Bank compared HDFC Bank: The financial institution says that a loan seeker can use a HDFC Bank personal loan for a variety of purposes, that include home renovation, travel, wedding expenses or a medical emergency or to even buy a gadget. The interest rates on personal loans range between 10.99% and 16%, says the bank website. You can take a loan upto Rs 40 lakh and the equated monthly instalments (EMIs) start at Rs 2,174 lakh. As the process is quick, the loan disbursal can be done in four hours, says HDFC Bank on its official website. For repayment, you can take anywhere between one to five years (12 months to 60 months). Another personal loan benefits include personal accident cover and personal loan security. For a premium, one can even get a personal accident cover of up to Rs 8 lakhs, and critical illness cover of up to Rs. 1 lakh. The premium for these policies will be deducted from the loan amount at disbursal. Applicable taxes and surcharge/cess will be charged extra. ICICI Bank: The interest rate for personal loan starts at 10.99% and goes upto 20%. The loan repayment schedule can be fixed for anywhere between 12 months and 60 months. The personal loan doesn't require any collateral against the loan. One can raise as much as Rs 20 lakh for any requirement whatsoever. In order to circumvent the possibility of missing the EMIs, the bank also offers you the option to give permission to the bank to auto-deduct the EMIs via ECS (electronic clearing service), PDC or auto debit. . Loan Processing Charges / Origination Charges (Non-Refundable) Upto 2.25% per annum of loan amount plus GST Prepayment Charges 5% per annum of principal outstanding plus GST Additional Interest on late payment 24% per annum Repayment Mode Swap Charges ₹ 500/- per transaction plus GST Amortisation Schedule Charges ₹ 200/- per schedule plus GST Statement of Account Charges ₹ 200/- per schedule plus GST Prepayment/Foreclosure Statement Charges ₹ 100/- per schedule plus GST Duplicate No Objection Certificate/ No Due Certificate ₹ 500/- per NOC plus GST/₹ 200/- per NDC plus GST Duplicate Prepayment/Foreclosure Statement Charges ₹ 200/- per schedule plus GST Loan Cancellation Charges ₹ 3000/- plus GST ^EMI Bounce Charges ₹ 400/- per bounce plus GST Legal and Incidental charges. At actuals Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. .Axis Bank: . Loan Processing Charges 1.50% to 2.00% + GST as applicable Cheque Bounce Charges Rs. 500 per cheque bounce + GST as applicable Cheque/ Instrument Swap charges Rs.500 per instance + GST as applicable Prepayment/ Forclosure Charges Nil Default Interest Rate @24.00% per annum i.e 2% per month on the overdue installment Duplicate Statement Issuance Charges Rs 250 per instance + GST as applicable Duplicate Amortization Schedule Charges Rs 250 per instance + GST as applicable Duplicate Interest Certificate (Provisional/ Actual) issuance Charges Rs 250 per instance + GST as applicable Cibil Report Issuance Charges Rs. 50/- per instance per set+ GST as applicable Stamp Duty Charges As per State Stamp Act Issuance Charges for Photocopy of Loan Agreement/ Documents Rs 250 per instance + GST as applicable .personal loan

Personal Loans From HDFC Bank, ICICI Bank, Axis Bank: Rates Of Interest, Repayment, Other Features

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