A personal loan is a way to utilise the future’s income today. Unlike other loan products that you use to buy a house and pay education fees, the procedure for applying for personal loans is relatively uncomplicated. If you are an account holder with a bank, you will come across several offers for a personal loan. While personal loans are easily accessible and offer immediate pleasure, you should remember that the interest rates are much more competitive than other loans.
The reason is that personal loans are unsecured loans, and no asset supports them. Personal loans depend on income, repayment ability, credit, etc. The guide compares HDFC personal loans and PNB personal loans. It will help you decide which personal loan you should choose. Therefore, scroll down and see which one you find appropriate.
Highlights of HDFC Personal Loan
|Interest Rate on Personal Loans||11.00% per annum onwards|
|Loan Amount||Up to Rs 40 lakh|
|Term||Up to 6 years|
|Minimum Monthly Salary||Rs 25,000|
Highlight of PNB Personal Loan
|Interest Rate on Personal Loan||For Salaried and Self-Employed Individual 10.15% – 16.70% per annum|
For pensioners- 11.50% per annum
|Loan Amount||Up to Rs 20 lakh|
|Term of Personal Loan||For salaried and self-employed individuals-Up to 7 years |
For pensioners- Up to 5 years
|Processing Charges||Approximately 1%|
The interest rates on PNB personal loans shown in the table above are updated as of 16th January 2023
Characteristics of HDFC Personal Loan
The characteristics of HDFC personal loan are:
- No requirement of ancillary or security charges to take advantage of personal loans from HDFC bank.
- The loan amount gets credited to the borrower’s account within one day.
- The interest rates of HDFC personal loan varies between 10.50% per annum to 21.00% per annum.
- User-friendly online application procedure.
- Custom-built personal loans
- Easy documentation procedure
- Affordable repayment options
Characteristics of Punjab National Bank Personal Loans
The characteristics of a PNB personal loan are:
- The personal loan term might be approximately five years, and the Punjab National Bank offers reasonable interest rates.
- The Punjab National Bank offers personal loans to salaried and self-employed working professionals.
- A borrower can visit any branch of the Punjab National Bank to apply for a personal loan.
- Individuals can contact any Punjab National Bank branch to enquire about a PNB personal loan.
- A bank representative will go to the borrower’s residence to provide more details about personal loans and help them with all the paperwork.
Documents Needed for HDFC Personal Loan
The documents necessary for HDFC personal loan are:
Proof of Identity and Address (Know Your Customer Documents)
- Voter Card
- Adhaar Card
- Driving License
- Preceding three months’ bank statement
- Preceding six months passbook copy
- Preceding two months salary slip with current organisations; details
- Form Number 16
- Passport Size Photographs
Documents Necessary for PNB Personal Loan
The documents necessary for PNB personal loans are:
- Passport size photographs
- Filled application form
- Identity proof
- Proof of age
- Proof of residence
Documents Required for Defense Personnel
- Educational qualification proof
- Residence proof
- Income proof
Documents Needed for Salaried Working Professionals
- Form Number 16
- Current organisation verified salary slip
- Income tax returns for the previous three financial years
Eligibility Criteria for HDFC Personal Loans
The eligibility criteria for HDFC personal loans are as follows:
- Employees of the private and public sectors.
- Employees of different government departments at the centre and state levels.
- Individuals working in several local institutions
- The age of the personal loan applicant should be between 21 and 60 years.
- Working individuals with two years of work experience and one year of work experience with their current employer.
- The applicant’s minimum annual and monthly income should be Rs. 25000.
- The eligibility for HDFC personal loans may depend on the credit score of the applicant applying for HDFC personal loans
Eligibility Criteria for Punjab National Bank Personal Loan
The eligibility criteria for PNB personal loan are:
- In the case of salaried working professionals, the applicant’s age should be between 21 and 58 years. In the case of self-employed working professionals, the age should be between 21 years to 65 years.
- Salaried and self-employed working professionals should have a work experience of two years.
- Self-employed working individuals earn at least Rs. 20,000 monthly. Individuals working in metro centres should have Rs. 15,000 monthly salaries, Rs. 12500 monthly in urban centres, and Rs. 10,000 monthly working in semi-urban and rural centres.
- Salaried working professionals should spend one year in their current residence address.
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:
To apply for HDFC personal loans online, follow the steps mentioned below:
- Go to the official website of HDFC bank and log into your internet banking account.
- For new customers, you must sign up and create your internet banking account.
- Fill out the personal loan application form.
- Submit every relevant document
- It is best to wait for the loan amount to be credited to your bank account after it approves your loan application.
To apply for HDFC personal loan, you can go to a branch of the HDFC bank and enquire about the personal loan application form. Fill up the form and submit the relevant documents. A bank representative will aid you in finishing the documentation. When the bank sees that your documents are accurate and you are eligible to apply for a loan in HDFC bank, they will approve your loan application and get your loan amount.
What is the Application Procedure for PNB Personal Loans?
Individuals looking to apply for PNB personal loans can go to any bank branch near them with the relevant documents. Ask for the application form necessary for personal loans, fill up the form and submit the form with all the required documents. You can download the application form necessary for personal loans and submit it with the required documents.
You can evaluate which personal loan you find convenient based on the details, such as perks, features, and eligibility criteria, among others, of the HDFC personal loan and PNB personal loan. It would be best if you opt for HDFC personal loan. There are also multiple reasons you may want to apply for PNB personal loan. You can opt for any personal loan according to your preference.
If you are an employee working under the Central or State Government, a defence personnel, a practising doctor, and a pensioner with an account in Punjab National Bank, applying for PNB personal loan is advantageous because of the range of perks the Punjab National Bank provides to such people. For other salaried and self-employed working professionals, HDFC personal loans might be profitable.
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