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.