Axis Bank and HDFC Bank are well-known private financial institutions across the United States, famous for their outstanding loan services. But with regards to personal loans, they have distinct characteristics that allow one to be more appropriate to the other, based on your individual needs. To appreciate the differentiating features of the personal loan options, it is essential to comprehend the idea of personal loans on their own.
Personal loans refer to cash individuals can borrow from financial institutions for various reasons. They can cover moving or medical costs, wedding expenses, and consolidating debts. Before deciding to take out loans, it’s essential to be familiar with the products offered by each bank and figure out which is more suitable for your requirements.
In this post, we’ll examine the features of Personal Loans provided through Axis Bank and HDFC Bank.
1. Interest Rates & Charges for Personal Loan
Interest rates and costs are among the most crucial factors regarding personal loans.
2. Eligibility Criteria
Different banks require various criteria to be met for personal loans. Here’s a comparison of requirements for personal loans at Axis Bank and HDFC Bank for salaried employees:
For self-employed individuals, The eligibility requirements for personal loans offered by Axis Bank and HDFC Bank are as follows:
3. Documentation Required for Personal Loan
There’s a commonality with the documentation needed for personal loans at HDFC Bank or Axis Bank. However, there are a few distinctions. For instance, no documents are required for Pre-approved Personal Loans offered by Axis Bank. Check out the following article to learn more about the conditions.
4. Benefits of Availing Axis Bank Personal Loan
With the Axis personal loan from the bank, you can choose what amount of personal loans you’d like, ranging from Rs. 50,000 to Rs. 40,00,000.
Axis Bank offers significant benefits when you apply for personal loans, including the bank’s assistance to ensure you get the required funds. Furthermore, you’re given a hefty time frame for repaying your Axis Bank personal loan, between 12 and 60 months.
The interest rate for these loans begins at 10.49 percent; however, If you have a long-term connection with your bank, you might be eligible for a less expensive interest rate during promotional times. The Axis Bank personal loan lets you repay the borrowed amount in Equated monthly installments (EMIs). This option eases the burden of settling the total loan at once, reducing financial strain. Additionally, paying on time for your Axis Bank personal loan can improve your credit score, which will further help you.
You can also transfer existing loans currently at high-interest rates to Axis Bank by obtaining this loan.
Axis personal loan process is quick and easy, with minimal documentation requirements.
5. Benefits of Availing HDFC Personal Loan
There are numerous benefits to using HDFC personal loans. HDFC personal loan, as well. The benefits include the following:
With HDFC personal loans, customers can receive quick financial aid by confirming their eligibility or using the eligibility calculator before applying. If you’re a pre-approved client with the lender, you can get your loan within minutes. For regular customers, personal loan distribution takes 3 to 4 days following verification of documents.
HDFC Bank offers the benefit of loan insurance via Sarv Suraksha Pro for its loans. The insurance covers your credit, thereby protecting the outstanding loan amount. Insuring your loan provides significant benefits.
Additionally, HDFC Bank has streamlined the process of applying for loans by moving entirely into an internet-based platform. This process is online and guarantees a swift and efficient loan distribution.
Both banks have a straightforward application procedure for personal loans. They are handled directly by their banks. Before you begin the application, deciding which is the most suitable for your requirements is essential. Based on your preferences, it is possible to choose any bank.