A short guide to 2 best personal loans lenders

In a way, If you see, a personal loan is the future money which you are using today to sort out present problems. However, a lot of borrowers do not know where they should borrow it. Yes, many lenders are offering instant personal loans online & offline.

However, choosing the best lenders is quite a difficult task. So, today, we will make it easy for you to tell about 2 best personal loan lenders.

Those lenders are Kotak Mahindra and ICICI bank. In this post, you will know the personal loan details, eligibility criteria, and the required documents. Let’s start with Kotak Mahindra bank personal loan.

Kotak Mahindra bank personal loan

The Kotak personal loan is aimed at fulfilling any emergency a borrower might have. This loan does not require collateral or a co-signer since it is an unsecured loan. It is considered one of the best instant loans in the market because of its disbursal speed and transparency.

• Kotak Mahindra Bank personal loan offers loan amount up to Rs 40 lakhs.
• Kotak Mahindra personal loan interest rate starts at 10.99% P.A
• The loan repayment tenure is from 12 months to 60 months.
• The processing fee is up to 2.50% of the loan amount.
• The overdue interest is 3% monthly compounded monthly.
• The foreclosure charge is up to 4% of the principal loan amount.
• The prepayment charge is 5% on the part payment loan amount.

Kotak Mahindra personal loan eligibility criteria

The personal loan eligibility criteria depend upon a lot of different parameters. Before you decide to apply, first, you should look at those parameters.

• The borrower should be an employee in private, public, or MNC.
• The borrower should be a graduate.
• The borrower age should be between 21 years to 58 years.
• The borrower minimum salary should be at least Rs 25,000 monthly.
• The minimum CIBIL Score should be at least 650.

After reading the parameters, you are still unsure whether you will qualify for the loan. You should use the Kotak Mahindra bank personal loan eligibility calculator. It will instantly tell you if you qualify for the personal loan or not.

Kotak Mahindra personal loan required documents

• Proof of identity ( Passport, Aadhar card, PAN Card, Driving license)
• Proof of residence( rental agreement, utility bill)
• Bank statement for the last 3 months
• Salary slip for the last 3 months
• Passport size photographs

Why should you choose Kotak Mahindra bank personal loan?

• The rate of interest is low and affordable.
• It offers a high quantum loan amount.
• The repayment loan tenure is flexible.
• Customer care has a faster response.

How to apply for Kotak Mahindra personal loan at Afinoz/

1. First, download the Afinoz app from the Google play store.
2. Check your personal loan eligibility.
3. Choose the loan amount, upload the required document, and submit the application.
4. Wait for verification. Once the verification is done, the loan amount will be disbursed.

Kotak Mahindra Bank's personal loan has become popular due to its fantastic services and dedicated customer care who are ready to answer any query and resolve any issue. Now, it’s time to look at ICICI bank personal loan.

ICICI Bank personal loan

Whether you wanted to go on a vacation or need money for a wedding, ICICI personal loan could help you out. The loan is available for salaried individual, business personal, or self-employed professionals. It also balance transfers and top-up facility as well.

• ICICI Bank offers a personal loan from Rs 25,000 to Rs 20 lakhs.
• The rate of interest ranges from 10.99% to 18.49% P.A
• The loan tenure ranges from Rs 12 months to 60 months.
• The processing fee is up to 2.25% of the loan amount.
• The prepayment charge is 5% P.A of the principal loan amount.
• The late payment charge is 24% P.A
• The loan cancellation charge Rs 3000.

ICICI bank personal loan eligibility criteria

• The borrower age should be between 23 years to 58 years.
• The borrower’s minimum monthly salary should be at least Rs 17,500.
• The minimum work experience required is 2 years.
• The borrower should be living in the current location for 1 year.

Documents required for ICICI Personal loan

• Proof of identity ( Aadhar card, PAN Card)
• Proof of residence ( Utility bill, rental agreement)
• Bank statement for the last 3 months
• Salary slip for the last 3 months

How to apply for ICICI Personal loan at Afinoz?

1. Download the Afinoz app from the Google play store.
2. Register yourself.
3. Apply for a personal loan, submit the loan application.
4. Wait for the verification process.
5. Once the verification process is done, the loan amount will be disbursed.

Conclusion

The lenders offer the best personal loan deals to their respective borrowers. ICICI has special offers on Diwali for the personal loan, which you should check out. Kotak Mahindra Bank personal loan as also these offers, you should lookout. In short words, you won't be disappointed.

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