Axis Bank and HDFC Bank are well-known private financial institutions across the United States, famous for their outstanding loan offerings. But about, personal loans, have distinct characteristics which make one better for a particular individual’s needs. Understanding the differences in the unique loan options is to comprehend the idea of personal loans.
Personal loans are cash individuals can take out from financial institutions for various reasons. They can be used to pay for relocation or medical expenses, wedding expenses, and consolidating debts. Before deciding on a loan, it’s essential to be familiar with the options offered by each bank and figure out which one is more suitable for your requirements.
In this article, we’ll look at the characteristics of personal loans offered by Axis Bank and HDFC Bank.
Interest Rates & Charges for Personal Loan:
LoanThe interest rates and costs are among the most crucial factors in personal loans.
Eligibility Criteria
Different banks require specific criteria that must be met to be able to get personal loans. Here’s a comparison of conditions for eligibility for Personal Loans by Axis Bank and HDFC Bank for salaried employees:
For self-employed people, The eligibility requirements for personal loans at Axis Bank and HDFC Bank are as the following:
Documentation Required for Personal Loan
There’s a commonality in the documents required to get personal loans, whether at HDFC Bank or Axis Bank. However, there are some differences. For instance, no records are needed for Pre-approved Personal Loans offered by Axis Bank. Check out the following article to learn more about the prerequisites.
Benefits of Availing Axis Bank Personal Loan
With the Axis personal loan at the bank, you can choose what amount of personal loans you’d like, and it could range from Rs. 50,000 to Rs. 40,00,000.
Axis Bank offers significant benefits when you apply for an individual loan, such as the bank’s help ensuring you get the required funds. Furthermore, you’re offered an extended time frame for repaying your Axis Bank personal loan, between 12 and 60 months.
The interest rate for these loans is 10.49 percent; however, If you have an established partnership with the institution, you could get a much lower interest rate during promotional times. The choice of Axis Bank personal loans Axis Bank personal loan enables you to pay back the loan amount via Equated monthly installments (EMIs). This option eases the burden of settling the total loan in one lump sum and reduces financial stress. Additionally, the timely repayment of your Axis Bank personal loan can increase your credit rating, which will further help you.
You may also transfer your existing loans with high-interest rates to Axis Bank by obtaining this loan.
The complete Axis personal loan process at the bank is easy and quick, with minimal documentation requirements.
Benefits of Availing HDFC Personal Loan
There are many benefits to using this HDFC personal loan, as well. These benefits are as follows:
With the HDFC Personal Loan, you can get quick financial aid by confirming your eligibility, using the calculator, and applying. If you’re an approved customer from the institution, you’ll be able to receive your loan in just minutes. For regular customers, the personal loan distribution takes 3-4 days after verification of the documentation.
HDFC Bank offers the benefit of loan insurance via Sarv Suraksha Pro for its loans. This insurance protects your credit and saves the amount of your loan. Insurance that secures your loan has many advantages.
In addition, HDFC Bank has streamlined the process of applying for loans by moving ultimately onto an online system. This process is online and guarantees swift and efficient loan distribution.
Conclusion
Both banks have a simple application procedure for personal loans. The process is handled directly by their banks. Before you begin the application, choosing which bank is the most suitable for your requirements is essential. Based on your preferences, it is possible to choose any bank.
