Comparing HDFC and Citibank Personal Loans: A Detailed Look at Interest Rates, Fees, Eligibility & More

Whenever people are short of cash or facing troubles financially, personal loans from any bank are convenient. All the banks in India provide personal loans, and the interest rates on personal loans of all the banks are contrasting. The processing charges beneficial to be eligible for a personal loan in all the banks differ from each other. Several banks may increase the base lending rate, even if the Reserve Bank of India does not hike the repo rate. To find out more about personal loans, you can look at the comparison between HDFC personal loans and Citibank personal loans.

Highlights of Citibank Personal Loan

ParticularsDetails
Interest Rates on Personal Loans10.75% – 16.49% per annum
Term of Personal LoansOne to five years
Loan AmountRs 50,000 to Rs 30 lakh
Processing FeesUp to 2% of the loan amount

The personal loan highlights shown in the table above are updated as of 6th January 2023

Highlights of HDFC Personal Loan

ParticularsDetails
Interest Rate on Personal Loans11.00% per annum onwards
Loan AmountUp to Rs 40 lakh
TermUp to 6 years
Minimum Monthly SalaryRs 25,000

Privileges of Citibank Personal Loan

The privileges of applying for a personal loan in Citibank are:

  • Minimum paperwork for current bank customers
  • Swift processing time is 48 hours.
  • The personal loan amount is high and approximately Rs.30 lacs.
  • Exclusive loans in partnership with Apple Inc. to buy Apple products.
  • Prompt personal loans for pre-approved account holders
  • Interest rates on personal loans are fixed in the case of monthly payments
  • Adjustable repayment terms ranging from 12 to 60 months
  • Borrowers can prepay loans with full payment at once and payments in installments.

Privileges of HDFC Personal Loan

The privileges of applying for personal loans in HDFC Bank are:

  • The online application process for HDFC personal loans is user-friendly.
  • Existing account holders of HDFC bank are eligible to access the loan amount within just a few seconds, while new customers can access the loan amount within a few hours.
  • No limited usage of funds.
  • The customer care services are available 24 hours.
  • Personalised personal loans.
  • No ancillary for personal loans.’
  • Effortless paperwork.
  • Reasonable repayment options.
  • Exclusive loan offers for working women.
People Also Look For  These Lenders Offer Personal Loans to Salaried Working in Proprietorship/Partnership Firms!

Eligibility Criteria for Citibank Personal Loans

The eligibility criteria for Citibank Personal Loan are:

  • Salaried Working Professionals
  • Self-Employed Working Professionals
  • Entrepreneurs or Business Owners
  • Current account holders of Citibank with home loans or any other relationship with the bank.

Eligibility Criteria for HDFC Personal Loans

The eligibility criteria for applying for a loan in HDFC bank are as follows:

  • Professionals working in private and public limited companies.
  • Individuals working in different government departments at the centre and state levels.
  • Employees working in several local establishments.
  • The age of the personal loan applicant should be between 21 and 60 years.
  • Working professionals with approximately two years of work experience and one year of work experience in the current organisation.
  • The applicant’s minimum annual and monthly income should be Rs. 25000.
  • The eligibility for HDFC personal loans might be based on the credit score of the applicant applying for personal loans in HDFC Bank.

Documents Needed for Citibank Personal Loan

The documents needed for applying for a personal loan in Citibank are:

Proof of Identity, Age, and Residence for Salaried and Self-Employed Individuals

  • Photographs in passport size
  • Passport
  • Voter Card
  • Driving License
  • NREGA-issued Job Card comprising a State Government Officer’s signature
  • Adhaar Card
  • National Population Register-issued letter.

Proof of Extra Identity, Age, and Residence for Expats

  • Valid Passport and VISA
  • A letter issued from the Indian Embassy or foreign institutions.
  • Documents issued by the Government Department of Foreign Jurisdiction.

Proof of Length of Employment for Salaried Individuals

  • Letter issued from the employer.
  • Pay Slips
  • Form 16 from the last and existing employer
  • HR audit from an authorised public accountant
People Also Look For  How to Avail a Personal Loan with Low Salary?

Proof of Continuity of Business for Self-Employed Individuals

  • Utility bills like electricity and telephone bills
  • Rent receipts
  • Beneficial ownership documents
  • Last three years’ bank statements
  • Tax returns

Proof of Income and Occupation of Salaried Individuals

  • Last two pay slips
  • Preceding three months’ bank statement

Proof of Income and Occupation of Self-Employed Individuals

  • One-year income tax returns
  • Audited one year profit and loss statement
  • Preceding three months’ bank statement
  • Estimating Income schedule

Documents Required for HDFC Personal Loan

The documents required for HDFC personal loan are:

Proof of Identity and Address

  • Voter Identification Card
  • Adhaar Card
  • Passport Driving License

Other Documents

  • Preceding three months’ bank statement
  • Preceding six months passbook copy
  • Salary slips or salary certificate
  • Form Number 16
  • Passport Size Photograph

How to Apply for a Personal Loan in Citibank?

Online Process

To apply for a Citibank Personal Loan online, follow the steps given below:

  • Go to the official website of Citibank and select the loan tab
    Tap on Apply for a Personal Loan.
  • Your application for Citibank personal loan will start processing if you have a salary account with Citibank.
  • You must enter your basic information in the space provided, such as name, contact information, etc.
  • Tap on Talk to Us Now.
  • You will receive a one-time password on your mobile phone.
  • You must enter the one-time password in the space provided and submit your application.
  • A bank representative will contact you about your loan.

Offline Process

To apply for a Citibank Personal Loan, you must visit a bank branch and request an application form for personal loans. Fill up the form and submit all the relevant documents. A bank representative will assist you throughout the entire process. When the bank finds that you fulfilled all the requirements, they will sanction your application for a personal loan.

People Also Look For  When is the Right Time to Prepay a Personal Loan?

How to Apply for HDFC Personal Loan?

There are two ways to apply for a personal loan in HDFC bank-online and offline. Both procedures are discussed below:

Online Procedure

To apply for HDFC personal loans online, follow the steps mentioned below:

  • Visit the HDFC bank website and log into your internet banking account.
    If you are a new customer, you should create your internet banking account on the HDFC portal.
  • Fill up the application form meant for applying for personal loans.
  • Submit all the necessary documents.
  • Wait for the funds to be credited to your account after approval from the bank.

Offline Procedure

To apply for personal loans in HDFC bank, you must visit a branch near you and ask for the personal loan application form. Fill out the form and submit the documents required for personal loans. A bank representative will help you to complete all the required paperwork. Once the bank finds that your documents are appropriate and you are eligible for HDFC personal loan, they will sanction your loan application, and the loan amount will be credited to your account.

Conclusion

Several banks offer personal loans with good interest. You can opt for personal loans from whichever bank you find convenient. Still, before opting for a personal loan in any bank, you must compare every bank’s characteristics, privileges, and other significant details. The article compares HDFC personal loans and Citibank personal loans. Read the article and check which bank you find more convenient. To find out more details about HDFC personal loans and Citibank personal loans, you can read the WishFin blogs.

People Also Look For

Comments are closed.

  • Personal Loan Interest Rates March 2023
    Fullerton India12.00% - 24.00%
    HDFC Bank10.50% - 24.00%
    ICICI Bank10.75% - 19.00%
    IndusInd Bank10.25% - 26.00%
    Kotak Bank10.99%
    RBL14.00% - 23.00%
    Standard Chartered Bank11.49%
    Tata Capital10.50% - 24.00%
  • /