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Major Personal Loan Lenders in the Market

Due to the massive demand for a personal loan, a large number of personal loan lenders are available in the market resulting in a variety of options for the loan seeker along with the big confusion of choosing the best for them. By understanding this and to help you out we will discuss two major lenders of personal loan lenders that are favorable and popular nowadays among the mass. So, let’s get started.

Aditya Birla Personal Loan

Aditya Birla is one of the famous financial services providers in India. Getting an Aditya Birla personal loan can be as quick as getting online ordered food. The rate of interest on Aditya Birla's personal loan ranges from 14% p.a. to 26% p.a. they perform complete transparency in the loan processing buy giving all details about the charges including interest rate, EMI amount, processing fees, etc. in advance. 

Features of Aditya Birla Personal Loan

Some of the salient features of Aditya Birla Personal Loan are:

  • Aditya Birla comes at the competitive rate of interest that ranges from 14% to 26%.

  • A low processing fee of 2% is charged on Aditya Birla's personal loan.

  • You can apply for a personal loan by sitting at home through online loan processing.

  • The loan prepayment option is also offered by Aditya Birla.

  • The flexible repayment tenure ranges from 12 months to 60 months is offered to you from whom you can choose as per your convenience.

  • Aditya Birla has the simple, easy and hassle-free loan approval process. 

  • You can get the disbursement of the loan amount in a short period.

  • If you want you can even club the income of co-applicant to increase loan eligibility.

Eligibility Criteria for Aditya Birla Personal Loan

The eligibility criteria of Aditya Birla personal loan keep on changing based on your profile and other factors. To give you an idea of the same here is the common criteria:

  • You should be a salaried professional in a good organization with a regular source of earning.

  • If you are self-employed or have your own business, then you can go for Aditya Birla business loan.

  • Your age should not be less than 23 years.

  • Your maximum age should be 60 years to apply for Aditya Birla personal loan. 

Citibank Personal Loan

If you are planning to go to an exotic destination for a vacation? Want to go abroad for studies? Have a dream for a big fat wedding? Do you want to renovate the home? Or any other thing you are willing can achieve with Citibank's personal loan. It is offered to meet the varied financial needs of the borrowers. The Citibank bank personal loan application is also available online which leads the fast loan process and also facilitates the borrowers with simplified documentation and quick approvals. 

Features of Citibank Personal Loan

  • The maximum loan amount of Rs. 30 Lakhs can be availed with Citibank's personal loan based on the applicant profile.

  • You can get your eligibility in just 4 hours

  • The flexible repayment tenure is offered on personal loans by Citibank ranges from 1 year to 05 years.

  • A fixed-rate of interest is charged for predictable monthly payments

  • The quick disbursement of the loan amount 

  • A borrower can merge the income of co-applicant to enhance eligibility.

  • Part pre-payment option is also available on personal loans.

  • No collateral is required for Citibank's personal loan.

  • Fast online personal loan approvals.

  • A pocket-friendly rate of interest is charged on Citibank's personal loan.

  • The application process is easy and hassle-free.

Eligibility Criteria for Citibank Personal Loan

You need to fulfill the below-provided criteria for availing a personal loan from Citibank. The criteria are:

  • You should be a salaried professional with a regular source of earning.

  • Your minimum age should 23 years and maximum age 60 years to eligible for Citibank personal loan.

 Factors affecting the Personal Loan Interest Rate

Depending upon the following factors two people may get a different rate of interest on a personal loan from the lender: 

  • Age: The age of the applicant can also have a major impact on the offered rate of interest by the lender. Individuals who are nearing the retirement age (like 58 years) may be charged a higher rate of interest.

  • Income: As personal loans are unsecured loans and do not involve any security against them and a high monthly income works as an assurance to the lenders. Almost all lenders believe that high-income borrowers will be able to repay the loan on time, hence offer a lower interest rate to them. 

  • Nature of Employment: Personal loan lenders may offer different interest rates to the applicants based on whether they are self-employed or salaried.

  • Relationship with the Lender: If an applicant has an existing relationship with the bank and shares a good credit repayment history, the bank is most likely to offer him/her a personal loan with a low rate of interest or processing fee. The bank might also offer them some additional benefits.

  • Employer Details: If one is working with a reputed organization, he/she is most likely to crack a good deal on the loan rate of interest. This happens because loan providers believe that such borrowers have a stable job and constant income and hence would be able to repay the EMIs on time. 

  • Credit Score: A good credit score not only helps a borrower to avail a personal loan but also contributes to reducing the interest rate. A credit score is a 3 digits number that shows how a borrower has handled the repayments of the credit cards and personal loans in the past. Every time he/she repay the EMI on time, points are added to the credit score and defaults or late EMI payments narrow down the credit score by a few points. It is important to maintain a good credit score of 750 or above, as it reflects a borrower’s creditworthiness and presents him/her as a reliable individual in consideration of personal loans by the lenders. Hence a lower rate of interest may be offered to them. 

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Joined: January 19th, 2020
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