The covid-19 has given us a lot of trouble this year. No matter where we live, we got affected by it. Those who are in the process of recovering would need financial help. So, if you are one of those families, a personal loan could certainly help you in the matter.
We are going to tell you about some lenders offering it rather we have chosen two best banks in India. They are Kotak Mahindra personal loan and Punjab National bank personal loan. Both are rated top tier banks offering every type of financial products a borrower requires. Here our primary focus is their personal loan product.
Kotak Mahindra personal loan
A Kotak Mahindra personal loan is certainly a good choice. It does not require collateral to offer the loan nor there is a restriction on the loan usage. The loan is easily dispersed when the verification process is completed.
- Kotak Mahindra offers personal loans from Rs 50,000 to Rs 40 lakhs.
- The personal loan interest rate starts at 10.99% P.A. It is one of the lowest interest rates for an instant loan in India.
- The loan repayment tenure is from 1 year to 5 years.
- The processing fee for the loan is up to 2.50% of the loan amount.
- The foreclosure charge is up to 4% of the outstanding loan amount.
- The prepayment charge is 5% on the part payment amount allowed after 1 year.
- The overdue interest is 3% compounded monthly.
- The cheque bounce charge is Rs 750 for every bounce.
Features & Benefits of Kotak Mahindra personal loan
- The rate of interest is quite affordable comparing the other lenders.
- There are multiple ways to repay the loan depending upon borrower comfort.
- The loan is multipurpose.
- It requires minimal documentation.
- Kotak Mahindra offers a personal loan balance transfer and top-up facility as well.
Kotak Mahindra personal loan eligibility criteria
- The borrower’s age should be minimum of 21 years and a maximum of 58 years to apply.
- The borrower should have a minimum salary of Rs 25,000 to be eligible for the loan.
- The borrower’s minimum CIBIL score should be at least 700.
- The borrower should be a salaried individual or self-employed professional.
Required documents for the Kotak Mahindra personal loan
- Identity proof ( Aadhar card, PAN Card, passport, driving license, voter ID card)
- Address proof ( Electricity bill, utility bill, water bill, gas bill)
- Loan application form
- Bank statement for the last 3 months
- Salary slips for the previous 3 months
How to apply for Kotak Mahindra personal loan?
There are three ways to apply for it. First, you can do it by visiting the nearest Kotak Mahindra branch. The second way is to visit its official website to complete the process. The third way is to download the Kotak Mahindra app from the Google play store.
Once you have applied, you can check out the personal loan application status by providing a reference number and registered mobile number. Now, let’s move on to the Punjab National bank personal loan.
Punjab National Bank personal loan
Punjab National Bank personal loan became famous due to offering flexible loan tenures, reasonable interest rates and minimal documentation.
- PNB offers personal loans from Rs 50,000 to Rs 15 lakhs.
- The rate of interest is from 12.60% onwards.
- The loan tenure is from 1 year to 5 years.
- The prepayment charge is 2% of the outstanding loan amount.
- The documentation charge is up to Rs 5000.
The eligibility criteria for PNB personal loan
- The borrower’s age should be minimum of 21 years and a maximum of 58 years to apply for the loan.
- The borrower should have a minimum of 2 years of work experience.
- The borrower CIBIL score should be between 600 and 750.
- The borrower should be a salaried individual or a self-employed professional or a business person.
- For a businessperson, the minimum turnover should be at least Rs 25 lakh per annum.
- The business should be profitable for the previous 1 year.
Required documents for PNB Business loan
- Identity proof ( Aadhar card, PAN card, Voter Identity card, driving license)
- Address proof ( Telephone bill, ration card, electricity bill)
- Bank statement for the last 6 months
- Salary slips for the last 3 months
- For business people, business documents are required.
How to apply for PNB Personal loan through Afinoz?
- Download the Afinoz app from the Google Play or iOS store.
- Register on the app.
- Check the eligibility by providing basic personal information.
- Fill out the personal loan application.
- Upload the necessary documents.
- The verification process will start.
- Once the verification process is completed, the loan amount is disbursed.
The bottom line
Both lenders are touted as the best bank in India. They have customer trust, offer transparent services, and process the loan quickly. However, you should be careful and read the loan agreement paper from cover to cover before you sign it.