Exploring the personal loan of a bank and an NBFC

When you are looking for a personal loan, perhaps the biggest challenge is to choose between a bank and an NBFC. If you are asking someone, they would probably go with a bank. However, doing your research might give a better idea about which one is better.

To clear out the confusion today, we have brought together two giants in the personal loan industry. They are Tata Capital personal loan and HDFC Personal loan. You will get to know everything there is to know to make the essential decision.

How much they offer, what are their eligibility criteria? How to apply for Tata capital personal loan online or HDFC personal loan.  Once you have all the information, choose the one lender to use for a personal loan. We shall begin TATA capital.

TATA capital personal loan online

TATA Capital is an NBFC ( Non-Banking financial corporation) offering loans and other financial services.  The loan is multi-purposed, does not require collateral to get it, and has instant approval. Here are the loan details.

  • Tata capital offers personal loans up to Rs 25 lakhs.
  • The rate of interest starts at 10.99% P.A
  • The processing fee is up to 2.5% of the loan amount.
  • The prepayment charge is allowed after 6 EMIs at 2% on the outstanding loan amount.
  • The penal charge is 3% on the overdue loan amount.
  • The loan cancellation charge is 2% of the loan amount to Rs 5750, Whichever is higher.
  • The loan re-booking charge is Rs 1,000.
  •  The swapping charge is Rs 550.
  • The payment dishonor charge is Rs 600 per incident.

HDFC personal loan

HDFC personal loans are suited to everyone’s needs. The loan is quickly processed, does not need collateral, and have a competitive rate of interest. To apply for HDFC personal loan online, one could visit its website or download the HDFC app.

  • HDFC bank offers a personal loan from Rs 50,000 to Rs 25 lakhs.
  • The rate of interest begins at 10.75% Per annum.
  • The processing fee is up to 2.5% of the loan amount. The minimum fee is Rs 1,999.
  • The prepayment charge is between 2% and 4% of the loan amount.
  • The EMI overdue is 2% per month over the principal loan amount.
  • The cheque swapping fee is Rs 500.
  • The schedule fee is Rs 200.
  • The cheque bounce fee is Rs 550. HDFC personal loan online
  • The lowest EMI is Rs 2,187 per lakh.

The eligibility criteria for TATA capital personal loan online.

The eligibility is different for Salaried individuals and Self-employed professionals in TATA capital personal loan online.

For Salaried Individual

  • The applicant should be an employee of a private, public, or government organization.
  • The applicant’s age should be between 21 years and 58 years.
  • The applicant’s minimum salary should be at least Rs 20,000 per month.
  • The applicant should have a minimum of 2 years of work experience,
  • The applicant has to be working in the current organization for a minimum of 1 year.

For self-employed professional

  • The applicant should be in a profession like Doctor, Consultant, or C.A.
  • The applicant’s age should be minimum of 25 years and a maximum of 65 years to apply.
  • The applicant’s minimum income should be at least Rs 2 lakh per annum.
  • The applicant should have a minimum of 3 years of post-qualification work experience.

The eligibility criteria for HDFC personal loan

  • The borrower’s age should be minimum 21 years to apply.
  • The borrower should be a salaried individual.
  • The borrower should be an employee of a central, private, or state organization.
  • The borrower’s minimum salary should be at least Rs 15,000 per month.
  • The borrower should be working in the current company for a minimum of 1 year while having a minimum of 2 years of work experience.

Types of TATA capital personal loan

  • Tata capital wedding loan
  • Tata capital home renovation loan
  • Tata capital medical loan
  • Tata capital travel loan

Types of HDFC personal loan

  • HDFC doctor loan
  • HDFC personal loan for salaried employee and self-employed individuals
  • HDFC marriage loan
  • HDFC Personal loan top-up
  • HDFC personal loan for Home renovation
  • HDFC Personal loan for travel
  • HDFC personal loan pensioners
  • HDFC Personal loan govt employee

Documents required for TATA capital business loan

  • The application form
  • The proof of identity ( Aadhar card, PAN Card, Driving license)
  • Proof of residence ( Registered rent agreement, utility bill)
  • Proof of income ( salary slips, bank statement, passbook statement, ITRs)
  • Post-dated cheque
  • Audited balance sheets
  • Profit and loss statement for the previous 2 years
  • Qualification proof required for Doctors, Company secretary, or other professionals

Documents required for HDFC Personal loan

  • The applicant form
  • Passport size photographs
  • Identity proof ( Aadhar Card, Passport, Voter ID card, Driving license)
  • Address proof ( Ration card, Utility bill, rent agreement, postpaid bill)
  • Income proof ( Bank statement, Salary slips, and ITRs for the last 2 years)

How to apply for a TATA capital personal loan?

To apply for its personal loan, visit their website. There enter the loan amount you want to borrow. The next step would be filling out personal and professional information.

Then next upload the required documents mentioned in the form. Submit the loan application.  Now, the verification process will begin. Once it is completed, the loan amount is disbursed.

How to apply for HDFC personal loan online?

There is HDFC Personal loan website and dedicated app to apply for HDFC Personal loan online. If you are not comfortable with using it online, you could visit the nearest HDFC branch to do it.

Wrap up

So, now you have the complete necessary information you needed to know to apply for both personal loans. After reading,  choose one as per your current financial needs. Lastly, one more thing, when you are ready to sign the loan papers, do take a few minutes to read the term and conditions. Make sure there are no unfavorable terms mentioned in the contract.

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