Personal loan from ICICI Bank

Reading Time – 10 min.

What you can expect in this article

  1. ICICI Bank personal loan introduction
  2. How can you use an ICICI Bank Personal Loan
  3. Why should you choose ICICI Bank Personal Loan
  4. Eligibility for ICICI Bank Personal Loan
  5. Documents required for ICICI Bank Personal Loan (Salaried and self-employed).
  6. ICICI Bank Personal Loan interest rates and other fees
  7. Calculation of EMI ICICI Bank Personal Loan.
  8. Personal Loan for NRIs.
  9. ICICI Bank personal loan insurance.
  10. ICICI Bank personal loan balance transfer.
  11. FAQs on ICICI Bank – Answers from Loanyantra.

ICICI BANK PERSONAL LOAN Instant Approval

ICICI Bank Personal loan offers the double benefit of quick access to funds and zero need for collateral to be put up as security. Personal loans have emerged as a great way to finance purchases that otherwise would have been challenging with a regular pay check.

Life is, and so are the requirements. What if you suddenly need some money. You will either ask your friends or tackle help from your relatives. What if you don’t have time for all this, for all such unplanned expenses and emergencies you have a personal loan. Whether you are getting married or planning an exotic vacation or any other emergency, you can take a personal loan. Personal loan offers dual benefit, firstly you get instant money and secondly there is no need to keep anything for security which is a must when it comes to other forms of loan.

When it comes to banking and financial institutions offering personal loan, there are a number of options to choose from. But it is always advisable to choose the one which not only offers good interest rate but also offers hassle-free loan application and approval process. ICICI Bank is one such bank offering quick and easy personal loan.

The bank has a strong foothold in the banking sector and is one of the most renowned banks and also much preferred bank in India. ICICI Bank was recognised as one of the ‘Prestigious Brands of India’ in a list published by Herald Global, a portal that features national and international news as well as brand reviews.

Coming to its various offerings, ICICI Bank is known to offer superior customer services, quick loan services, and hassle-free loan approval.  Apart from a personal loan, the bank also provides a home loan, car loan, etc., at attractive interest rates thus making it one of the popular choices amongst the individuals seeking various loans.

How can you use a personal loan?

What are the various reasons you can opt for personal loan.  Go for this if you place yourself in any of the below mentioned situations.

ICICI Bank offers personal loan for the following purposes :

  1.    Holiday expenses
  2.    Marriage
  3.    Buying large appliances like television, laptop, etc.
  4.    If you are willing to renovate your home

Note: Moreover, ICICI Bank also offers fresher funding loan which helps the people avail personal loan on their first salary.

ICICI Bank Personal Loan interest rates, eligibility, documents needed for instant approval
ICICI Bank Personal Loan via Loanyantra.com

Why should you choose ICICI Bank personal loan as your funding partner?

If you are looking for a bank that is able to comprehend your situation and provide easy loan approval services, then ICICI Bank is the name to trust. Here are the advantages why you should go with ICICI Bank personal loan

  1. The first is, ICICI Bank is the most trusted bank in the private sector with low interest rates as SBI in Public sector.
  2. You are free to use the personal loan amount as per your need
  3.  Flexible tenure for up to 60 months
  4.  The personal loan is available at the fixed interest rate, and it is charged on a monthly reducing basis
  5. You can set up auto repayment by ECS, auto-debit, and PDC
  6. There is no need to put something as a guarantee

Eligibility Criteria for ICICI Bank Personal Loan – 

The collateral is not required for Personal Loan. Hence, the banks ensure the eligibility criteria is met before approving the loan. Also you get detailed information about the bank’s requirements from Loanyantra’s experts. Loanyantra’s experts guide you to keep you safe with correct and reliable lender like ICICI Bank.

Eligibility Criteria for Salaried Individuals

 

Eligibility for Personal Loan ICICI Bank Salaried Individuals
Age 23 years – 58 years
Years in Job The applicant must be employed with the current company for at least 2 years
Years in current residence The applicant must be staying in their current residence for at least 1 year

Eligibility Criteria For Self-employed Employees For ICICI Bank Personal Loan – 

Eligibility for Personal Loan ICICI Bank Self-employed Individuals
Age Minimum Age – 28 years for self-employed individuals. 25 years for doctors.

Maximum Age – 65 years

Turnover in Business Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals; as per audited financials
Profit after tax deduction Rs. 2 lakh
Years in current business 5 years in case you are self-employed and if you are doctor then you must be practicing for at least 3 years

If you put yourself in a satisfied bucket based on the above criteria, then just go ahead for your instant loan approval through Loanyantra.

Documents Required for Personal Loan from ICICI Bank

For successful application and approval of a personal loan from ICICI Bank, the documentation for loan approval has to be as per the norms of the bank. Here is the list of documents you need to submit for a personal loan application :

Documents for ICICI Bank personal loan that salaried individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Aadhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Last three months’ bank statement
  4. Passport size photographs.

Documents for Personal Loan ICICI Bank that self-employed individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Adhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Proof of Income (audited income proof (audited financials for the last two years).
  4. Bank statement of last six months
  5. Address proof of the office
  6. Office ownership proof

ICICI Bank Personal Loan Interest Rates and Other fees – 

Interest rate for a loan determines your loan EMI and loan tenure. The interest rate varies for different categories.  Here is the quick view of the ICICI Bank Personal Loan interest rate, loan amount limit, tenure and extra fees to be paid after the disbursal.

ICICI Bank Personal Loan Salaried Person Self-Employed
Interest Rate 10.99% to 22.00% 10.99% to 22.00%
Minimum Loan Amount Rs. 50,000 Rs. 50,000
Maximum Loan Amount Rs. 20 lakhs Rs. 20 lakhs
Minimum Loan Tenure 12 months 12 months
Maximum Loan Tenure 60 months 60 months
Processing Fees Up to 2.25% of loan amount per annum + Applicable GST Up to 2.25% of the loan amount + Applicable GST
Prepayment Charges 5% of principal outstanding loan amount + applicable GST 5% of principal outstanding loan amount + applicable GST

Calculation of EMI ICICI Bank Personal Loan:

Today, it has become very easy to calculate the EMI of the home loan. On Loanyantra’s website, you have an easy-to-use EMI calculator which can be accessed by any loan applicant. All you need to do is feed in the data and based on it the calculator does the calculation

You will only have to key in your ICICI Bank personal loan details in this calculator. First, you will need to go to the ‘Finance Tools’ section in the main menu of the website. Here, you will have to select ‘EMI Calculator’ and then begin your calculation!

All you need to do is to fill in the data and based on the following formula the EMI is calculated:  E = P*r*[(1+r)^n/((1+r)^n-1)].

E is the EMI

N= Number of years

R = Personal Loan Interest Rate charged by the bank

ICICI Bank Personal Loans for NRI

If you are an NRI and want to apply for the personal loan, then ICICI Bank is a good choice. It can immediately take care of your needs.

The best part about ICICI is that you can apply for the personal loan online and submit all the documents for processing. Here are the benefits of ICICI Bank You apply online to avail the loan through the ICICI bank website. Here are some of the key benefits of the NRI Personal Loan Plan:

  1. There is no need for collateral to get the loan
  2. Simple application procedure
  3. Online application submission
  4. Interest rate starting from 15.49%
  5. The applicant has to be Indian, and the co-applicant NRI should be a family member or a close relative
  6. Easy loan sanctioning

ICICI Bank Personal Loan Insurance

Seeing the unpredictability of life, ICICI Bank has the provision of ICICI personal loan insurance. The objective of this feature is to provide protection to your family from the burden of payment on the loan in case of the death of the borrower. The ICICI Pru Loan Protect Plan will help you face the unforeseen situation. Under this policy, ICICI Bank provides a lump sum amount which is at par with the loan amount. If you opt for this policy, then you can pay a premium based on the number of years as chosen by you.

The policy gives you two options:

  • You can choose lump sum amount
  • Limited pay option

ICICI Bank Personal Loan Balance Transfer

Well, the best part about ICICI Bank that it has the feature which makes your life easy. If you have already taken the personal loan from other BANK or NBFCs, ICICI Bank has the provision for you to transfer the balance loan amount from your current bank to ICICI at the lower interest rate, lower EMIs, and higher loan tenure.

In case of a balance transfer, ICICI Bank offers the interest rate of 10.99 %.

FAQs on Personal loan from ICICI Bank

1.How much time does it take for personal loan approval from ICICI Bank?

ICICI bank offers easy and simple personal loan application and approval process. ICICI Bank responds to the loan application within 2-3 days if you go via Loanynatra.

2.What is the interest rate on personal loan offered by ICICI Bank?

ICICI bank offers an interest rate of 10.99%. If you have taken a personal loan at a higher interest rate than this, then you must do the personal loan balance transfer to ICICI Bank and reap the benefits of lower interest rate, higher loan tenure, and lower EMIs. Loanyantra’s experts will help you in every step and calculate your emi and decide instantly.

3. What are the minimum and maximum personal loan tenure by ICICI Bank?

The minimum loan tenure offered by ICICI Bank is 12 months and the maximum can go up to 60 months

4. How is the personal loan amount credited?

ICICI Bank will directly credit the fund using the Fund Transfer to your account. Also after disbursement, get cash back offer as Loanyantra’s customer by availing personal loan via Loanyantra from ICICI Bank

5. How can I repay my personal loan amount to the bank?

You can choose from the following Repayment options to make payment to the ICICI Bank:

  • Electronic Clearing Service (ECS),
  • Post-Dated Cheque (PDC)
  • Standing Instruction (SI)

6. What is the maximum personal loan amount that ICICI Bank gives?

The maximum loan amount is Rs. 20 lakhs.

7. Is there a provision for prepayment of ICICI Bank’s personal loan amount, if yes, then after how long can I prepay my personal loan?

Yes, ICICI Bank gives you the benefit of prepaying your personal loan amount. You can do so after completion of 6 months from the date of disbursement of the personal loan.

8.Does ICICI Bank require a guarantor for approval of personal loan?

No, you don’t need a guarantor for getting the personal loan from ICICI Bank.

9. I am an NRI, can I get the personal loan from ICICI Bank?

Yes, ICICI Bank offers the personal loan to NRIs. NRIs can get the maximum personal loan of 10 lakhs and the EMI should be paid in INR. You need not be present for the loan approval if you have a POA (Power of Attorney) in your bank’s branch place. Let Loanyantra know your details, all the process is done free with door step service. Let you POA enjoy the free customer service and avoid going around the banks on behalf of you.

10.What interest rate the bank charges from NRIs for ICICI Bank Personal Loan ?

The NRIs can get the personal loan from ICICI Bank at the interest rate of 15.49%.

11. What is the maximum loan tenure for NRIs applying for the personal loan from ICICI Bank?

The maximum loan tenure is 36 month.

12.Is there a provision for personal loan balance transfer to ICICI Bank?

Yes, you can transfer the balance personal loan amount to ICICI Bank.

13.Is there personal loan insurance provision in ICICI bank?

Yes, ICICI bank ICICI Pru Loan Protect Plus plan which gives your coverage on the personal loan and the amount is at par with the personal loan amount.

14.Is Credit score important for Personal loan approval?

Yes, credit score should be atleast 650 for your instant loan approval. the credit score determines your credit history and repayment capability. So, the lower the credit score, the tougher the loan approval process.

A word from Loanyantra – When it comes to applying for the personal loan or any other type of loan, people get usually stuck with tedious application procedures and lack of awareness adds to the burden of the entire process of loan application. To make the entire process easy for you, Loanyantra has developed this platform where you will get access to all the information related to different types of loan and interest rates offered by the banks and other financial institutions. You also get to know about the various interest rates, calculation of EMIs and other benefits that you can get by applying for the loan from a particular bank. Loanyantra helps with the entire process of loan application and instant approval. Moreover, Loanyantra lets you know about the bank and NBFCs which offers a lower interest rate and easy application processing and approval. You also get a SPOC who let you know about the entire details about the loan process. All-in-all we bring the entire services related to loaning at your doorstep. A reliable connect with us help you explore the loan process in the entirely new manner with the first ever fintech startup in India, Loanyantra.

 

ICICI Home Loan Interest Rates

ICICI bank home loan interest rate is at 8.65% (lowest when compared to other home loan lenders in the market)

Reading Time – 10 min

What you can expect in the article – 

  1. Why you should go with ICICI Bank home loan
  2. Key features of ICICI Bank home loan
  3. A glimpse of ICICI Bank home loan
  4. Eligibility criteria for ICICI Bank home loan
  5. Documents for Housing Loan from ICICI Bank (Salaried and self-employed)
  6. ICICI Bank home loan interest rates calculation with real examples.
  7. ICICI Bank home loan EMI calculator
  8. Extra Charges for ICICI Bank Home Loan
  9. CIBIL Score for ICICI Bank and factors affecting your score
  10. Our Answers about ICICI Bank Home Loan FAQs
  11. ICICI Bank Home Loan types and features

ICICI Home Loan – Why you should go with ICICI Bank Home Loan

Buying a home is a dream of every individual, thanks to the surge of banks and financial institutions that have made buying home easy. Home Loans are a popular way of fulfilling one’s dream of buying home. Most of the people opt for this method of purchasing a home, and the prime reason behind this is that home loan can be paid off in easy EMIs, and at the same time, it also offers various tax benefits. When it comes to banks and financial institutions offering home loans, ICICI Bank is a popular choice.

The ICICI bank is known for understanding its customer’s need and providing service accordingly. The ICICI bank offers home loan at a lower interest rate and higher repayment period. ICICI Bank is the best performed bank over years and is the first next bank after SBI to implement the RBI rules and rates. Additionally, the paperwork for a home loan is simpler for ICICI bank as compared to other banks. Also, ICICI bank offers doorstep service and smartphone applications thus making it the most preferred choice by the people looking for the home loan.

Going through Loanyantra for ICICI Bank Home Loan is an added advantage as you get discount on interest rates for the first year.

ICICI Bank Home Loan interest rates, eligibility, document home collection, instant approval
ICICI Bank Home Loan – Examples and Tips from Loanyantra

Key Features of ICICI Bank Home Loan:

  • ICICI bank offers doorstep service
  • Simpler paperwork
  • The ICICI bank also has a list of approved projects across India covering 12 cities thus making it easy for the home loan customer to choose an authentic plan.
  • ICICI Bank also provides loan against property which makes it easy for the user to get funds easily. The loan against property is available at an interest rate lesser than the Home loan interest rate.
  • Loan against property is available for both residential and commercial property.

A Glimpse of ICICI Bank Home Loan / Housing Loan Details – 

ICICI Bank Home Loan Interest Rate 8.75% to 9.00%
Processing Fees Housing Loan ICICI Bank 0.25% of the loan amount or Rs.11,500
Minimum Home Loan Tenure ICICI Bank 3 Years
Maximum Home Loan Tenure ICICI Bank 30 Years
Minimum Home Loan Amount ICICI Bank 30 Lakhs
Maximum Home  Loan Amount ICICI Bank 5 Crores
Pre-closure charges of Home Loan 0
Guarantor Requirement Not Required
Partial Pre-Payment Charges 0
Women Borrowers Home Loan Interest Rate ICICI Bank 0.05% lesser than the normal interest rate
Credit Score Required for Home Loan in ICICI Bank Minimum 650

Eligibility Criteria for ICICI Bank Home loan – 

  1.    The age of the borrower should be between 21 and 60 years
  2.    The borrower must have the minimum income of Rs. 25,000 and above
  3.    The salaried individuals must have been employed for a minimum of 2 years with their current company.
  4.    The maximum EMI can be up to 65% of the income.
  5.    The maximum loan as a percent of property value is up to 80%.

Documents for Housing Loan from ICICI Bank – 

For processing of Home Loan in ICICI Bank, it is important that you must submit all the documents. Here is the list of documents that you need to submit to ICICI Bank for home loan approval. Loanyantra’s experts will assist you in giving you details about the documents to be kept ready before the executive collects the documents for home loan from your door step. You need not roam around banks for the details of the documents and for submission. You might not have all the documents mentioned below. You can call the your assisted Loanyantra’s Manager and Loanyantra’s executive takes care of setting everything right for you. Also, don’t forget to always sign at the back of the documents by mentioning the date and purpose of the document submission.

Documents for Salaried Individuals for Home Loan from ICICI Bank –

  1. Duly filled the personal loan application form.
  2. Identity Proof which may be any of the following –
  • Voter ID
  • Adhaar Card
  • Driving License
  • Ration Card
  • PAN Card
  • Defense ID card
  • Government employee ID card

3. Residence Proof which includes the following:

  •    Passport
  •    Ration Card
  •    Voter ID
  •    Aadhaar Card
  •    Driving License
  •    Registered lease / rent agreement
  •    Bills like telephone, electricity or water bill
  •    Form 16
  •    Latest three months salary slip ( for salaried individuals)
  •    Last six-month bank statement

Documents for Self-employed Individuals for Home Loan from ICICI Bank 

  1. Duly filled the personal loan application form.
  2. Identity Proof which may be any of the following –
  • Voter ID
  • Adhaar Card
  • Driving License
  • Ration Card
  • PAN Card
  • Defence ID card
  • Government employee ID card

3. Residence Proof which includes the following –

  •    Passport
  •    Ration Card
  •    Voter ID
  •    Aadhaar Card
  •    Driving License
  •    Registered lease / rent agreement
  •    Bills like telephone, electricity or water bill
  •    Form 16

4. Last three years IT returns with the computation of income ( This is important for self-employed professionals as well as self-employed non-professionals).

5. The business owners need to submit their business profile.

6. Education qualification certificate and proof of business existence

7. Last three years CA approved P/L account or audited balance sheets

 

ICICI Bank Home Loan Interest Rate Details – Method used and Calculation

The ICICI Bank Home Loan Interest rates are calculated by using the method MCLR (Marginal cost lending rate), the rates that auto reset. The loan interest rates vary according to the tenure of the loan. Here are the details of the ICICI Bank loan interest rate details.

The method used by ICICI Bank to calculate home loan interest rate is MCLR.

The banks add spread rate, above MCLR, to calculate the final interest rate to the customers.

Spread rate above MCLR for ICICI Bank Home loan varies from 0.30 – 0.90%.

TIP from LOANYANTRA on Interest Rate

The spread component depends on various factors like employment, tenure of the loan, type of loan. If salaried, the spread rate is low, if self-employed the spread rate is high. The more the loan amount, the more the spread rate, the less the loan amount, the lower the spread rate.  If the interest rate is fixed for the whole loan tenure, the spread is high, the reduction in fixed interest rate tenure reduces your spread rate.

Which means, the MCLR is constant according to RBI’s policy. So, your interest rate depends purely on the spread component fixed by each bank as per their need.

For example – 3 scenarios explained with numbers to make the calculation of interest rate clear.

Scenario 1 – If you are a salaried individual, looking for 30 lakhs home loan with fixed interest rate for full tenure from ICICI Bank, then your interest rate is 9.90% If self employed, then 9.95%.

Scenario 2 – If you are a salaried individual, looking for 50 lakhs home loan with floating interest rate from ICICI Bank, then your interest rate is  9.00% (MCLR +0.45% Spread) for 80 lakhs home loan, the interest rate is 9.05%(MCLR + 0.50% Spread). If self-employed, then the spread is 0.50% and 0.55% respectively.

Scenario 3 – If women salaried borrower, then there is always a 0.05%discount on the interest rate. Which means the spread is 0.05% lower than the existing. Taking the same numbers as above, the interest rate for women borrowers is 8.95% (MCLR + 0.40%) for 50 lakhs loan and 9.00%(MCLR + 0.45%) for 80 lakhs loan.

NOTE – The interest rate discount for women self-employed is again calculated as per the self-employed category rates.

ICICI Bank Home Loan EMI calculator-

EMI calculation is a must before you go for a home loan to know yourself whether you can accommodate it in your budget. Hence, EMI calculators have recently become very popular. They give you an easy access to the complex home loan EMI calculation mechanism. ICICI Bank EMI calculator is featured in the ICICI Bank’s website where you can calculate your EMI of ICICI Bank Home Loan. Also, Loanyantra’s easy EMI calculator lets you understand the emi for different interest rates range. Also you can calculate all your varied loans’ EMI at once. Get an estimate of the EMI that have to be paid over a period. Loanyantra also gives you the feature of using the EMI calculator to get to know about calculating EMI of home loan from ICICI Bank.

To calculate emi manually,  follow this formula –

P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P = Home loan amount.

r = Interest rate of your home loan

n = Tenure (the repayment period) in months. In ICICI Bank the tenure is upto 360 months (30 years)

Extra Fees while Availing Home Loan from ICICI Bank –

What are the various charges that one has to pay while applying for a home loan?

Everybody must know before applying for home loan from ICICI Bank what costs your pocket when you are in home loan or even before availing home loan.

Prepayment Charges in ICICI Bank for Home Loan –

  • For the floating rate of the interest on ICICI Home Loan and Home improvement loans, there are no prepayment charges.
  • ICICI Home Loan fixed rate of interest has prepayment charges of 2% plus applicable taxes on the outstanding principal on full repayment
  • Late Payment Charges- 2% for every late payment month and for home loan Overdraft account, the late payment charges are  1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-

Hidden Charges of ICICI Bank Home Loan –

Apart from the regular charges that bank asks for there are certain hidden costs that you must know before applying for a home loan from ICICI Bank:

  1.    Document Retrieval Charges- Rs. 500
  2.    Cheque bounce charges –Rs. 500
  3.    Repayment Mode Swap Charges- Rs. 500
  4.    Duplicate NOC- Rs. 100
  5.    CIBIL Report Charges- Rs. 50 plus service taxes
  6.    Administrative Charges- Rs. 5000

CIBIL Score required for approval of ICICI Bank Home Loan- 

An important point that the bank considers before sanctioning the home loan is the CIBIL score. It indicates how good your financial health is and showcases your credibility towards repayment of the loan. It is one of the most factors in your eligibility criteria that bank considers before approving the home loan or any other loan. CIBIL Score varies from one bank to another, but you must have a good credit score for a hassle-free home loan approval process. The minimum CIBIL Score that one must have to fall under the eligibility criteria of ICICI Bank is 650. Though it becomes tough to get the home loan with score 650, but it makes you eligible for the home loan.

What are the various factors that can affect the CIBIL Score?

It is very important for you to know what factors can affect your CIBIL score so that you can avoid those mistakes:

  • Late payments – Delayed payments of the loan negatively impacts the CIBIL score and also reduces the probability of loan approval.
  • Usage of credit limit – The bills of your credit cards and the usage of the credit limit shows your credit behaviour. Quick withdrawal of amount close to your credit limit shows the potential financial stress and thus may affect your credit score.
  • Multiple loan applications – In case you have applied for a number of loans in different banks, it can impact our credit score. In such instances of the negative CIBIL score, your applications may get rejected.
  • Applying for loan multiple times – If you had applied for a loan and your application got rejected because of bad credit score, then you wait and apply again after 6 months. If again your application gets rejected because of various reasons, your credit score gets impacted.
  • Checking the Credit Score – Checking the credit score again and again also affects your credit score. So, once checked, don’t check again until you think you paid all your bills on time atleast 6 months.

Our Answers to your Questions on Home Loan ICICI Bank 

FAQ’ s about ICICI Bank Home Loan –

Can I transfer my home loan from other banks and NBFCs to ICICI?

Yes, ICICI Bank gives you the option of shifting the loan or balance transfer of your loan from other banks and NBFCs to ICICI Bank. All this comes at the best home loan rate with EMI of Rs. 794 per lac. Loanyantra helps you in assisting while you want to balance transfer your home loan.

What is the maximum home loan tenure provided by ICICI Bank?

The maximum home loan tenure for ICICI bank is 30 years. Earlier, it was 20 years. ICICI Bank remains as the pioneer to increase the loan tenure to 30 years to support many all sectors of income borrowers as the longer the tenure, the lower the EMI.

Is there any tax benefit from a home loan from ICICI Bank?

Yes, home loan guarantees tax benefits to the individuals under the Income Tax Act of 1961.

Are there any charges levied in case I foreclose my home loan?

No, as per RBI, there are no charges on foreclosure of your home loan. But if you repay the home loan before 6 months of the disbursal, you are charged for the pre-closure of the home loan

Can I club the income of my wife/husband while applying for a loan?

Yes, you can do so, it will increase  your eligibility for a home loan. Your Spouse should also be a co-applicant to increase the eligibility.

What is the home loan interest rate offered by ICICI bank?

ICICI Bank offers lower interest rate starting at 8.65%. Going through Loanyantra reduces your ICICI Bank home loan interest rate even lower. Loanyantra’s reports show that the maximum number of borrowers opt for ICICI Bank for its prompt action according to RBI rules.

Can I convert my home loan interest rate from fixed to floating? If yes, what are the different charges?

ICICI Bank allows you to change the interest rate from fixed to floating and vice-versa, however, there is a certain charge that you need to pay:

  • From Fixed to Floating= 0.5% of the outstanding loan amount plus tax
  • Floating Rate to Fixed =0 .5% of the outstanding principal plus tax

However, while applying for home loan , you can opt for 2 year, 5 year and full term fixed interest rate, which will be slightly higher than the prevailing floating interest rate. After the fixed tenure, the interest rate automatically changes to the then existing floating rate.

What is the CIBIL score for getting my home loan approved from ICICI Bank?

A good CIBIL score is a must for getting the home loan approved, for ICICI bank you must have the CIBIL score of 650. An excellent CIBIL score ensures that your investment is quickly approved.

ICICI Bank Home Loan Types and Features-

1. ICICI Bank Pre-Approved Loan: This is a special provision for selected existing customers of ICICI Bank. Such customers don’t have to undergo the trouble of heavy documentation for loan approval.

2. Home Loan Insurance: To make home loan repayment easier even under unseen situations and to keep their customer worry-free, ICICI Bank provides home loan insurance which makes repayment an easy job.

3. Personal Loan linked to Home Loan Schemes: If you have taken home loan from ICICI Bank then there is a provision for applying for personal loan related to your ICICI Bank’s home loan. The private loan tenure for this is the same as a home loan. The tenure period of the personal loan is the same as the ICICI Bank home loan period.

4. ICICI Home Loan Transfer and Top Up: This is an auditing feature offered to those customers who are transferring their home loans from other banks to ICICI Bank. The bank provides such customers with a top-up credit which can be up to 100 % of the assigned amount.

5. Saral Rural Housing Loan: This loan ranges from Rs 5 lakhs to Rs.15 lakhs and tenure of 3-20 years. The objective of this loan is to empower women and people of weaker section.

6. Lease Rental Discounting Loan: This type of loan is raised against future expected rentals of self-owned property. For the loan to be approved, the commercial property should be occupied by lessee. This kind of loan is very helpful in raising funds for the wedding, child’s education renovation work, etc.

8. Land Loan: This loan can only be availed for purchase of land for self-construction.  An important point to note is that the nation should fall within the municipal limits. But, the construction on the plot should be completed within two years of the first amount disbursement of the sanctioned loan.

9. ICICI NRI Home Loans: For an NRI to buy property in India can be a daunting task especially when it comes to banks approval, validation, and paperwork. ICICI Bank has the provision of NRI Home Loans. NRIs can buy home, land, flat or any residential property. NRIs have to do the repayment of the loan in Indian Rupees only.

10. Pradhan Mantri Awas Yojana – In order to support the initiative of Government of India, ICICI Bank provides the home loan at subsidized rates to the economically weaker section of the society. The interest rate offered by the bank is 6.5%, and the tenure is up to 15 years.

11. Balance Transfer: Another great provision that ICICI bank has is that it allows its members to transfer the loan from other banks and NBFCs to ICICI at the lower interest rate and longer tenure thus making ICICI bank a popular choice among the individuals who are looking for balance transfer.

12. ICICI Home Loan Overdraft –  The home loan of the customer is linked to the ICICI Bank’s salary account and then the EMI is calculated. The interest rate is a bit higher than the normal loan but it is an option looked out if the money is lying idle.

Our Role: Planning to buy home loan and want to go through a hassle-free process, contact Loanyantra- your tool for easy and seamless loan approval. We are a one-stop solution and advisory related to different types of home loan and other loans. Our website will give you a complete insight into the loan application, interest rates offered by different banks and paperwork related to the same. All this aims at making your home loan application process an easy one. For more information about ICICI Bank home loan, contact us today.

 

 

 

 

IDBI Bank Personal Loan – Get instant approval with low ROI via Loanyantra

Article Read Time – 10 min

What can you expect in the article –

  1. Introduction IDBI Bank Personal Loan
  2. Why you should go with IDBI Bank for PERSONAL LOAN
  3. Categories who can avail personal loan from IDBI Bank
  4. Eligibility Criteria for IDBI personal loan
  5. IDBI Bank Personal Loan Interest Rates
  6. Personal Loan Overdraft Facility for IDBI Account holders
  7. Other charges applicable for IDBI Personal loan
  8. Documents needed for IDBI Personal loan and Loanyantra’s door step service.
  9. Features and Advantages of Personal Loan from IDBI
  10. IDBI Bank Personal Loan EMI Calculator and Loanyantra’s guide and expert’s advice.
  11. Credit score and IDBI Personal Loan
  12. FAQs about Personal Loan from IDBI

IDBI Bank PERSONAL LOAN 

Industrial Development Bank of India or IDBI is one of the famous Indian Financial administrations organization. IDBI is spread across the nation, with 1400 branches and 2000 ATMs IDBI has become one of the leading public sector banks. It has caught the Indian markets with IDBI’s creative financial products.

IDBI Bank offers myriad financial products, and IDBI bank personal loan is one of them. People take personal loan for various purposes. In the current times, one may require additional assets for different purposes, be it house construction or wedding or a movement or a crisis restorative costs, Personal loans have become a great medium to fulfil the needs, although coming at a higher interest rate, personal loans are easy to avail and in case of emergency, they can be a great solution. Personal loans in India is a very common solution for immediate needs fulfilment as the banks or NBFCs ask for a reason and cooperate to fulfil your dream by disbursing the loan according to your eligibility.

Before heading to take the personal loan from IDBI bank, it is essential to have complete knowledge about IDBI, IDBI’s key features and what is the eligibility criteria that will make your loan application a seamless and hassle-free process for personal loan from IDBI.

Why you should go with IDBI Bank for PERSONAL LOAN – 

IDBI Bank because of its innovative banking products  and customer-centric operations, it is one of the Fortune 2000 Top Companies of the world. The best part about this bank is that IDBI has designed and developed its products in a manner that it suits all the segments of the society.

Categories who can avail personal loan from IDBI Bank – 

IDBI Bank offers a personal loan to the following people (after they have fulfilled the eligibility criteria specified by the bank):

  1.    Salaried people
  2.    Pensioners
  3.    Self-employed or business owners
IDBI Bank Personal Loan Interest Rates Today
IDBI Bank Personal Loan Interest Rates Today

Eligibility Criteria for IDBI personal loan:

As mentioned above the personal loan from IDBI Bank can be availed by salaried people, self-employed people, non-professionals, and pensioners. Here is a tabular representation of what are the eligibility criteria for all

 

Features Salaried /pensioner Self-employed/Non-professional
Eligibility
  1. All the salaried professionals having salary account with IDBI and pensioners having pension account with the Bank. All the professionals or pensioners who have been associated with premium firms, state or central government and have a valid account with IDBI or other banks.
Self-employed Professional/Non Professional having Asset/Liability relationship with IDBI Bank
Minimum Net Salary/ Income for IDBI Personal Loan Salaried professional – minimum annual income of Rs. 1,80,000

 

For Self-Employed Professional, the minimum annual income should be Rs. 3,60,000.

Age limit for IDBI Personal loan The minimum age limit is 21 years for salaried and self-employed people and the maximum age limit is 60 years. Whereas for the pensioners the maximum age limit is 75 years at the time of maturity of loan amount.
Tenure of IDBI  Personal loan The minimum tenure for personal loan is 12 month and maximum tenure is 60 months.
The minimum and maximum loan amount given by IDBI for Personal Loan   The salaried and self-employed professionals have the minimum and maximum personal loan falling in the range of  Rs. 50,000- Rs.10,00,000
The pensioners have the minimum and maximum personal loan limit in the range of  Rs. 20,000- Rs.5,00,000
Prepayment / foreclosure charges of IDBI Personal Loan
  1. According to RBI, if you apply for prepayment or foreclosure after 6 months of personal loan disbursal then there are no prepayment charges applicable on your loan closure..
  2. In case the borrower is willing for prepayment or foreclosure within six months of the disbursal, then one has to be pay prepayment charge  which is 2% of the outstanding loan amount.
  3. Part pre-payment: This feature can be availed based on the above conditions. However, one who does the part pre-payment, would not be sanctioned personal loan for the next 12 months from the date of making the part pre-payment.
Top up loan Eligibility The borrowers who have a good track record of repayment and at the same time they are the loan account holders with IDBI  for at least 12 months are eligible for top-up loan.

IDBI Bank Personal Loan Interest Rates

The IDBI Personal loan interest rate starts from 12.55%. And is different for each category of loan product-

  • Salaried Individuals- For these customers, the IDBI bank offers interest rate at one year MCLR (8.65%+3.90%) of 12.55% .
  • For those who are the retired staff of IDBI bank and have the pension account with overdraft facility get the interest rate of 9.80% onwards.

To be more clear about how the IDBI Personal loan interest rates are calculated here is the table about mclr and spread.

IDBI Bank Personal Loan interest rate for overdraft account holders mclr method Interest rate breakup – mclr+spread
Salary account or pension account with overdraft facility 1 yr MCLR + 3.90%
Pension Account with overdraft for retired IDBI employees 1 yr MCLR + 1.15%

Personal Loan Products from IDBI – Personal Loan Overdraft Facility for IDBI Account holders – 

IDBI Personal Loan overdraft facility Criteria Salaried / Permanent Employee Pensioners holding account with IDBI
Eligibility Permanent employee with 1 year of continuous service in any organisation either government state or central or private company. Customers maintaining their pension account with IDBI Bank Ltd.
Tenure Overdraft facility valid for 2 years and is renewable Overdraft facility is valid for 1 year and is renewable.
Maximum Loan Limit Five times of net salary as per last 6 months. Five times the monthly net pension
Age Limit Minimum Age 22 years

Maximum Age 58 Years

Not more than 75 years

Other charges applicable for IDBI Personal loan –

 

Processing Fee
Salaried and Self Employed Professionals 1% of the loan amount plus taxes
Pensioners with Overdraft Facility to IDBI Bank No fees but documentation charges are borne by the borrower
Salary Account with in-built overdraft facility No fees but documentation charges are borne by the borrower
Prepayment
Prepayment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable
Part Payment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable

Documents needed for IDBI Personal loan –

The personal loan just like any other loan, requires submission of certain documents so that the bank can analyse your credibility and based on it, the bank can sanction the personal loan. If you go via loanyantra, you are eligible for doorstep service of collection of documents and also know precautions while issuing the documents. Know some of our testimonials about our hassle-free services for home loan and personal loan . http://loanyantra.com/testimonials.aspx

Here is the list of documents required to avail personal loan from IDBI –

Documents For Salaried individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement

Documents for Pensioner for IDBI Personal Loan

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement
  • Income certificate for last two financial years.

NOTE – The pensioners would need a Deceleration-cum-undertaking from their pension office that they will not shift the pension account without NOC from the branch.

Documents for Self-employed Individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • ITR
  • Last six-month bank statement

Features of Personal Loan from IDBI – 

  • IDBI offers personal loan for both salaried and self-employed individuals
  • It also offers personal loan for pensioners
  • The people falling in the age group of 22-60 can apply for the personal loan
  • IDBI offers personal loan between Rs. 50,000 to Rs. 10 lac
  • The IDBI personal loan tenure is from 1 to 5 years
  • The IDBI personal loan interest rate varies between 13.20% to 13.75%
  • IDBI charges the processing fee of 1% of the loan amount, and it is paid at the time of personal loan application

How much time does IDBI Bank take to process the personal loan application?

The bank usually takes the decision within 15 days from the date of submission of the loan application. Sometimes bank may offer instant loan offers which gets approval within 2-3 days of submission of application form.

How does Loanyantra help you for instant approval of personal loan from IDBI?

Loanyantra is a one-stop solution for various loan and allied services. You get all sort of help and consultation that will guide you with the right way to apply for the loan. We take care of all the paperwork and other nitty-gritty of loan approval so that your loan gets approved instantly. Our SPOC or Single Point of Contact will help you with the search of the bank that offers minimum interest rate, flexibility, and easy repayments options so that you can get the best deal in the market.

Get instant approval for personal loan from IDBI through Loanyantra and also assured low interest rate. You can also avail cashback offers if you disburse your loan via loanyantra. Benefits from going through loanyantra include doorstep document collection, visit the bank branch only once, get to know the alerts on your personal loan whenever the bank increases your interest rate, calculate your emi of personal loan and also calculate your part payments too and reduce the loan tenure.

The advantages of Personal Loan from IDBI Bank:

  • Loan facility for  salaried, self-employed and pensioners
  • Attractive interest rate.
  • Interest is charged on the daily reducing balance.
  • No insurance fees is charged from the borrower for loan insurance
  • Personalized services and easy documentation process.

IDBI Bank Personal Loan EMI Calculator – 

With the help of personal loan EMI calculator, you can easily calculate the EMI and based on it decide how much personal loan you can afford, here is the formula for the personal loan for IDBI bank:

P*r* (1+r)^n/([(1+r)^n]-1)

Here

P = Loan amount. It can vary between Rs. 50,000 – Rs. 10 lac

r = It is the interest rate which is 13.20%

n = It is the loan tenure which is in the month, in the case of IDBI bank it is 60 months

Instead of doing manually you can always use loanyantra calculator and check your emi and also check your eligibility. If tough to take a decision always give a missed call and talk to our experts.

IDBI Bank personal loan status check and how to use the website and how Loanyantra can assist in getting the loan via Loanyantra’s experts

What is the credit score required for IDBI bank personal loan? If bad score, how to rectify and reapply?

The credit score plays a key role in loan approval. It is a mark of the borrower’s credibility. Although different banks and financial institutions have different credit score benchmark, having a good credit score betters the probability of loan approval. For IDBI bank you need to have the credit score of 750.

Will a poor Credit score can affect your chances of loan approval, however, following these two steps will help you improve it over a period of time and make you eligible for the personal loan :

The interest rate changes according to the cibil score range. The lower the cibil score range, the higher the personal loan interest rate. The higher the cibil score range, the lower the personal loan interest rate.

Borrower category Personal loan interest rates and Cibil score range 700 – 750 750 – 800 above 800
Salaried Customers 13.50% 12.50% 12.25%
Pensioners 14.00% 13.50% 13.00%
Payroll Accounts 13.25% 12.25% 12.00%

Setup payment reminders- poor credit score are a result of irregular payments of debts or other loans. It is important that you must pay your bills and other EMIs on time. Setting up payment reminders will help you improve the credit score

Reduce the debts- well, its easier said than done, but lowering the debt or outstanding amount is always helpful in improving your credit score.

Never leave yourself in a doubt while going for a loan. Clear every minute doubt by knowing about each and every detail of before and after disbursal of personal loan.

FAQs about Personal Loan from IDBI

What is the EMI charged by IDBI bank?

IDBI bank charges the EMI of 13.20% which makes the lowest EMI per lac, i.e., Rs. 2,286.

Does IDBI bank have pre-payment charges?

If you apply for pre-payment after six months of loan disbursement, there will not pre-payment charges. However, if one wishes to pre-pay before six months of loan disbursement, then one has to pay 2% of the outstanding loan amount as pre-payment charge.

What is the processing fees charged by IDBI Bank on the personal loan?

IDBI Bank charges the processing fees of 1 %.

How does having a co-applicant affect the personal loan application?

IDBI Bank allows you to have a co-applicant while applying for the personal loan, and it increases your probability of personal loan eligibility.

What is the age limit for personal application in IDBI?

IDBI Bank gives the personal loan to people falling in the age group of 22- 60 years. The eligibility for personal loan further depends on the credit score and other eligibility parameters set by the bank.

What is the minimum monthly income for an individual to be eligible for the personal loan from IDBI bank?

IDBI Bank grants the loan to the salaried professional who has a minimum salary of Rs.20,000 per month.

What is the credit score required to be eligible for the personal loan from IDBI bank?

The bank considers the credit score of 750 to be good enough to grant the loan.

What is the maximum loan amount that an applicant can get?

One can get a maximum loan of up to Rs. 10 lac.

What is the minimum loan amount that can be availed from IDBI Bank?

Minimum personal loan of Rs. 50,000 can be availed for personal loan from IDBI Bank.

Is personal loan different from a top-up loan?

Top-up loan is always taken on top of any other loan say persoanl loan or home loan. Eligibility for top-up loan needs an existing personal loan.

Role of Loanyantra: – Loanyantra is a leading platform where you will find all the information regarding loans and banking services. But our feature is not merely restricted to just information, rather we also help the borrowers with complete information and procedure that needs to be followed for loan application and approval. Whether you are applying for loans or you are planning to shift your loan from one bank to another; personal to home loan, you will get all the services on our platform. We also help doing the complete paperwork so that your loan application and approval becomes a hassle-free process. Know about loan interest rates today.

 

Personal Loan for Infosys Employees

Personal Loan for Infosys Employees
Working with one of the leading IT firms always comes with an added advantage. Well, here I am talking about Infosys, a company which is one of the most renowned IT firms. For it, the employees are its biggest asset, and the Infosys company has left no stone unturned to keep Infosys employees happy and maintain a healthy work culture.

Did you know that Infosys is the third largest IT service company as per 2016 revenue report? Infosys has spread its wings in various areas like business consulting, pharma, aerospace , defence services and is now working in the area of Blockchain. Apart from offering innovative services and business solutions, Infosys makes sure that its employees are satisfied and have a proper work-life balance.

Infosys Software for Banks-
Infosys has been rendering innovative IT solutions in various domains and Banking is one such sector where we can find a popular software named Finacle being used. This software was developed by Infosys and is currently used in around 85 nations across the globe. This software aims at improving the products and making the banking operations seamless. With the help of this software, the banks can launch their products and services quickly. It becomes easy for the customer to target their customers using this software. The turnaround time for banks gets drastically reduced with the help of this software. Finacle lowers the product deployment time. With the help of this software. The banks can deploy their products in weeks instead of months. It also helps the banks to break their technology silos and cut down on the duplication of applications and thus reducing their cost of operations by making the entire process seamless.

Personal loan for Infosys employees interest rates are a bit low when compared to the market rate.
Personal loan for Infosys employees interest rates are a bit low when compared to the market rate.

Infosys Employees benefits from loans schemes-

  • One of the biggest benefits Infosys employees have at Infosys is that they enjoy work-life balance which is not only reflected in their work culture but at the same time the company also provides them special leverages which add to the employee benefits. One such aspect is a personal loan.

Infosys employees enjoy special personal loan benefits which include:

  • Lower personal loan rate for Infosys employees at 12.99% which is around 2% lesser than the normal market rate.
  • Easy repayment tenure for personal loan for Infosys employees. Loanyantra helps you in managing the repayments and closing the loan on time without paying a penny more.
  • Infosys employees can get finance ranging from 50 thousand to 20 lac
    Personal loan approval within 2 hours. Going through Loanyantra adds more benefits by reducing the interest rate even more and through cahback offers.
  • Lower interest rate who has a salary of Rs.75,000 or their net monthly income is in the similar range.
  • Infosys employees need not run through burdensome paperwork for sanction of loan, a minimal paper work needed and going through Loanyantra helps you with its doorstep facility which needs no roaming around banks.
  • ICICI bank offers a lower interest rate of 11.49% if the employee has a salary account with ICICI Bank.

Tabular Representation of Personal Loan Interest Rates for Infosys Employees – 

Bank Name Personal loan Interest Rates for Infosys Employees
Union Bank of India 13.40% per annum for salaried individuals.
Standard Chartered Bank Starts at 11.99% p.a.
Bajaj Finserv 11.49%  per annum
DENA Bank
  • 13%
Bank of India 12.40% to 14.40% per annum
ICICI Bank 11.49% to 22.00% per annum
Canara Bank MCLR + 5.45% per annum
State Bank of India 12.50% to 16.60% per annum
United Bank of India 14.85%
IndusInd Bank 11.25% to 26.00% per annum
Kotak Mahindra Bank 11.5% to 24% per annum

Special companies offer special leverages to its employees. Infosys offers a seamless process of loan sanction and approval. There is a minimal paperwork and quick approval, but there is some basic criteria that the Infosys employees need to fulfil to get a loan.

Personal Loan for Infosys Employees Documents – 

  • Identity Proof – The Infosys employee needs to produce Identity Card at the time of submission of documents. You can submit either Voter ID, Passport, Driving Licence or Aadhar Card.
  • Address Proof – Address proof can be of any type which shows your present address details like Passport , Electriciy Bills, Water bill, Rent Agreement or Ration Card. Address proof is important as there is a checking done before the loan sanction to confirm the address proof.
  • Income Proof– Salary Slip of last 3 months or Bank Statement of last 6 months. It is easy if you have a salary account with ICICI bank. Also Loanyantra’s expert is with you till your loan disbursement for any doubts and clarifications with your loan process.
  • Tax – Form 16 or last filed ITR

Personal loan for Infosys Employees Eligibility – 

Eligibility criteria varies across lenders depending on the borrower’s profile and relationship with the bank. General requirements for Personal loan for Infosys Employees are outlined below:

 

Particulars Eligibility Infosys Employees Personal Loan
Age 23 years minimum to 58 years maximum
Income Rs.17,000 (Rs.25,000 for tier I cities)
Credit Score Above 750
Minimum Loan Amount Rs.75,000
Maximum Loan Amount Rs.20,00,000

Personal Loan for Infosys Employees – Extra Fees and Charges

The approval of the loan includes various kinds of fees which apply to everyone, even on the Infosys employees.

Here are some of the fees that the Infosys employees are subjected to pay :

Processing fees– This fees are usually charged by the banks to press your application. It may be a bit lower for the IT employees, but they are also subjected to pay processing fees. These fees depends on the loan amount.

Pre-Payment Charges: This amount is usually charged by the lender in case the borrowers wish to prepay the loan before the closings tenure.
Payment Delay Charges: This is the penalty which is charged from the people in case they are not able to pay the loan amount on time.

Here are the details about some of the top banks in India for Personal loan for Infosys employees –

Bank or Financial Institution Name Interest Rate Processing Fees Loan Amount Tenure Pre-Closure Fees
TATA CAPITAL 10.99% – 25%

Fixed

NIL 20 Lac maximum 1-6 years 0
HDFC BANK 10.99% – 21.25%

Fixed

Up to 2.5%( Charged one time) 40 lac 1-5 years Pre-closure fee = 4% of principal outstanding (plus applicable tax) in 2nd year.
ICICI BANK 11.00% – 18.25%

Fixed

From .75% (min. ₹999 + applicable tax)

(Charged one time)

20 lac 1-5 years 5% of principal outstanding
Bank of Baroda 11.35% – 16.35%

Floating

1,000 to ₹10,000

(Charged one time)

1L – 10L 1-4 years Nil pre-closure fee after 6 months
Bank of Maharashtra 12.70%

Floating

1% (min. ₹1,000)

(Charged One Time)

1.5L Max 1-3 years
IDBI Bank 12.55%

Floating

1% + applicable tax

(Charged One Time)

50K – 10L 1-5 years Optional Pre-closure
YES BANK 14%Fixed NIL 20 lac maximum 1-5 years Conditional pre-closure only after 6 months
Axis BANK 15.50% to 24% 1.50% to 2.00% + GST as applicable Min. Rs. 50,000/Max. Rs. 15 lacs Up to 5 years NIL
SBI Personal Loans Scheme (SBI Saral Scheme): 8. 50% above Base Rate floating 2.02%-3.03% of the loan amount. 25 lac 5 years
Bajaj Finserv 13.99% to 18.00% Up to 2.25% of loan amount plus GST 1 lac-18 lac, the upper limit of personal loan can reach up to 25 lac based on applicant income 1-5 years NIL

The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.

Personal Loan for Infosys Employees EMI Calculator – 

EMI calculation is a must for everybody irrespective of how much you earn. It is important to calculate the EMI first for your loan and then to decide for yourself as to how much you can pay from your salary. Loanyantra has every calculator which show you a graphical representation about your EMI once you enter your details. This helps in making your decision clear w.r.t  how many years, how much interest rate, how much EMI and which bank.

Even the minute discount in interest rate reduces the EMI and vice versa the minute increase in Your EMI will reduce the tenure of your loan.

For example, if you want a loan of 5 lakhs, the interest rate for personal loan is 11.5%, the tenure is 5 years, then the emi stands for 10,599.

Loanyantra’s Tip – Increase your EMI to Rs. 11,00o, it reduces your tenure to 54 months from 60 months resulting in Rs.60,000 saving from paying to Bank. Become a customer and manage your loan through Loanyantra’s tips by the experts.

Personal Loan for Infosys Employees Credit Score – 

How to check whether you are eligible for loan or not. Well, whether you are working in Infosys or no, banking and financial institutions have certain set parameters which one must fulfil to avail the personal loan. This involves complete documentation, falling in the eligibility criteria specified by the banks and finally the credit score.

A good credit score is a must for anyone to apply for a loan to get it approved. Credit score showcases your credit health and your financial position to repay the loan on time. Thus, it is always advisable that you must check the credit score before applying for personal or any other type of loan. The minimum credit score for a personal loan for Infosys employee is 750. Always check your credit score before applying for the loan. Otherwise, applying for loan and rejection from bank will again adds for bad credit score. If you have a bad credit score, pay your bills, insurance premiums and other EMIs on time for 6 months. Check the score after 6 months and for sure you find an improvement in your score. Apply for loan to experience a complete process.

Loanyantra’s Tip on Credit Score – Too many times checking your credit score also will reduce your credit score.

Loanyantra matches your credit and demographic profile to the lender’s criteria such that your application gets shortlisted in no time from the suitable lender. Loanyantra also does the pre-screening of the application as per the specifications of the bank.

So, if you are looking for a personal loan and are worried about the entire process, connect with Loanyantra for offers and the best advices ever and solutions. Our range of services covers all aspects of the loan process right from the application, finding the banks providing the lowest interest rate. We also help you with the preparation of entire documents that would be required at the time of loan application. Connect with us today for more information.

Home Loan Insurance Plan Comparison and Benefits

What is Home Loan Insurance Plan or Home Loan Protection Plan?

The primary objective of availing home loan insurance plan is to help the insurer or the home loan borrower settle the outstanding home loan amount in case of unforeseen circumstances. Home Loan Insurance Plan is usually known as Home Loan Protection Plan.

Your home is your private sanctuary and definitely, you would want it to be safe and secure. Buying a house is a major investment that one makes in their life. Moreover, you would also agree with the fact that most of the people take a home loan to buy their dream home. But, it is important to repay this home loan on time irrespective of your financial crisis. What if there are circumstances which forbid you from making the payment, it can be your sudden death as well. Home loan insurance or Home loan protection plan comes into picture then.  Home loan insurance plans are popular products nowadays but offer limited benefits. Remember, a trustworthy home loan insurance protects not only your home but also your memories associated with the home.

Some of the home loan protection plans also provide home loan insurance plans that cover the applicant, house, and all its components. The premium which is paid towards home loan insurance is applicable for tax benefits.

Why do you need home loan insurance and what does it cover?

Well, buying a home is not easy, it involves a considerable amount of investment, and thus there is a need to keep this insurance safe. Nobody would want to pass on the liability to their next generation in case of some unforeseen circumstances. In these situations, home loan insurance comes as a boon.

  1. Home loan insurance plan or home loan protection plan not only protects you from the sudden burden of EMIs but at the same time, it also has tax benefits under section 80(c).
  2. Some lenders cover the home loan borrowers’ home loan outstanding amount as well as illness. You can choose such home loan protection plan products which cover both.
  3. No need of term insurance plan if you opt for home loan protection plan which has benefits to cover your illness expenses and home loan outstanding amount.
  4. You can get your dependants also insured by opting the HLPP.
  5. Some HLPP products cover your home loan, home, contents of the home, illness of the borrower, and dependants. Though the premium you need to pay is a bit higher, you get everything under one roof. Then why pay for different policies in different companies.
  6. You have to pay in single premium. If you cannot pay, the premium is added to your principal loan amount through which you will not know the burden of the premium.
  7. The best of all, when you witch your lender, your home loan protection plan still continues with your new lender. Ensure that it happens.
    If you have taken the home loan, it doesn’t necessarily mean that it’s an end of the financial burden, in case of an eventuality, the load might just come on the family members and hence, it is suggested to go ahead with home loan insurance.

Actually, the term insurance is the much recommended product when you are in home loan and when you want insurance. But, now-a-days, every home loan lender makes it mandatory to take insurance while disbursing the loan amount. Yes, there is a chance as well as choice for not opting for the home loan protection plan by the lender itself, but only if you have insurance premium paid in other company and if it covers your home loan too.

Or choose a bank whose product has home loan amount cover, life cover, illness cover, contents of the house cover. At the same time, the interest of your loan should be low and also the premium should be competitive. If not, it is better to go for a term insurance which can cover everything (for e.g., ICICI Bank). Loanyantra helps you to figure out what  is best in every step. You can enquire from our experts whether you have a product matching your requirement. You can choose from the bazaar of prevailing bank opportunities through Loanyantra.

When can you go for a term insurance instead of home loan insurance ?

The first and foremost thing to compare is premium to be paid and how many times to be paid and what all covered. It’s one of the cheapest form of life insures which is meant to protect the entire family. It also provides better life cover and that too at a lower cost. So, if you have taken a home loan, it is advisable that you must go for term insurance cover.

How does the term insurance help you?

The first and foremost benefit of term insurance is that it reduces risk. The term insurance plans claim that it will help in meeting the home loan liability in case the borrower dies.

Key Features of Term Insurance-
1. Home Loan Insurance is Affordable- One would never want to shed down their burden on the family members, so, if you have taken a home loan, most of the insurance providers would suggest you avail term insurance. As mentioned above, it is highly affordable and will cover up the cost of the outstanding amount in case of the death of the borrower. You should compare the premium of different companies go for the one which is affordable and easy on your pocket.
2. Change lenders with term plans– It gives you an added benefit of changing the lender without any need to relinquish the insurance premium. For example, you have taken home loan with a bank and you have opted for home loan insurance, after some years, if you wish to transfer your home loan to another bank or lender, your home loan insurance plan will automatically continue and cover the remaining outstanding amount in whichever bank you stay with.
3. Term insurance comes with significant benefits- Apart from being an affordable plan, term insurance provides the nominee full amount irrespective of the time when the claim is made. The nominee can use this amount to settle the outstanding home loan amount. You have the flexibility to choose the period of payment of premium, i.e., you can decide whether it is going o half-yearly, yearly or monthly. Additionally, this insurance also gives you the tax benefit under Section 80C and 80D

Comparative Table of the Popular Term Insurance Plans

Insurance Providers Plan Maximum Maturity Min-Sum Assured Claim Settlement Premium (for coverage up to one crore)
MAX Online term Plus one time lump sum plan 70 years 25 lac 97% Rs. 1073 per month
Ageon Religare iTerm 100 years 25 lac 97% 1286 per month
SBI Poorna Suraksha 60 years NA 96% 2255 per month

IDBI IDBI Federal iSurance Lump Sum Plan 80 years 30 lac 95% 1509 per month
SBI eShield 60 years NA 96% 904 per month
HSBC iSelect Lump Sum 70 years 25 lac 94% 854 per month
TATA AIA Tata Sampoorna Suraksha Lump Sum 70 years 50 lac 96% 865 per month
KOTAK e-term 75 years 25lac 91% 872 per month

 

Why should you not compromise on term insurance?

You would notice that some of the insurance companies would suggest you buy Home Loan Protection plan but it’s always better to go with Term Insurance as these places are more affordable, easy to avail and also comes with series of events, here are few of them :

Loan Protection: The most important aspect of Term insurance is that it protects your family in your absence. The nominee gets the entire amount and can payout the pending home loan amount from the same. In case the money is left, the nominee can keep the whole amount.

Health Protection: This insurance plan gives you the benefit of both life and health insurance. You should contact the insurance provider to discuss the health insurance and diseases it covers as it may vary from one company to another

Saving & Control: Lastly, if you wish you can also continue this plan after repayment of the home loan to protect your family from unforeseen circumstances.

Home Loan Insurance Vs Term Insurance

Premium Payment –

Home Loan Protection Plan Premium payment is a single payment and the premium can be included in loan amount if you cannot afford for the premium.

Term Insurance Plans have payment plans either monthly or quarterly or half yearly or even annually.

Insurance Cover

Home loan protection plans by the home loan lenders like SBI mainly cover the outstanding loan amount.

Term insurance plans can cover loan amount, illness, home, contents of the home.

Value for Money –

Home Loan Protection Plan is surely a good option when you have a premium calculated according to your loan. And guided well.

Term insurance is a must whether you have a home loan or no. Though you pay many premiums according to the plans, the return is very much correct when you get into risk.

No. of people covered

Home loan insurance plan covers the applicant, co-applicant as well.

Term insurance covers only the applicant.

Loanyantra guides you and helps you choose the right home loan and  insurance plan. However, our role is not merely restricted to a selection of insurance plan we also help you decide which plan is better and suitable for. Loanyantra also helps you find the cheapest home loan options and also take care of the complete paperwork to make you task easy and hassle-free.

NOTE – Home loan protection plans are a mandatory now irrespective of where you take loan. 

Mudra Loan – Mudra Yojana by Modi In and Out

Pradhan mantri mudra yojana is started after the success of Pradhan mantri janawas yojana. Pradhan mantri mudra loan yojana scheme is otherwise called as modi loan scheme to support the small business and fund the unfunded.

What is the Purpose of Mudra Loan –

The purpose of MUDRA is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs. MUDRA, which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution being set up by Government of India for development and refinancing micro units enterprises. It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016.
All kinds of manufacturing, trading and service sector activities can get MUDRA loan. Loans are categorised according to the growth into Shishu, Kishor and Tarun. These products have been designed to cater to customers operating at the lower end of the enterprise spectrum.

Mudra loan for Small business

Mudra Loan Eligibility – Check if you can avail loan under Mudra Yojana

Mudra bank personal loan is given to the non-corporate small business sector through commercial banks, NBFCs.

Just approach the bank’s branch or search for any bank for pm mudra bank yojana online loan apply and download the form and apply.

You need not pay bribe for mudra yojana loan application form. It is mandatory that all the banks and NBFCs provide mudra loan to the needed. Mudra loan eligibility check mentions all kinds of manufacturing, trading and service sector activities can get MUDRA loan.

Mudra loans are categorised and loan coverage is provided according to the Mudra Yojana eligibility categories based on the growth of the business. Shishu (Rs.50,000), Kishor (Rs.50,000 to Rs. 5 lakh) and Tarun (Rs. 5 lakh to Rs. 10 lakh).

Mudra loan Categories – Shishu, Kishor, Tarun

Mudra Loans Sanction Details – Are you one of them and looking for expansion in your Business?

The Mudra loans are sanctioned to  Non–Corporate Small Business Segment (NCSB) comprising of millions of proprietorship / partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits / vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas. extended through MFIs, NBFCs, Banks etc.

What you should know before approaching Bank for Mudra Loan –

  • No collateral is needed while applying for Mudra Loan. Banks and NBFCs take this as a chance for not providing the loan by mentioning unusual reasons. Hence, apply online for mudra bank loan.
  • The Mudra bank loan interest rate is usually based on the bank’s policies. The interest rates are deregulated and the banks have been advised to charge reasonable interest rates within the overall RBI guidelines.
  • Same is the case with prepayment of Mudra loan.
  • The loan amount will be decided by the requirement of the proposed income generating activity and the repayment terms will be decided by the anticipated cash flow from the activity.

Interest rate is the rate at which you payback the loan to the bank. Each bank has their own way of calculating based on the terms by RBI. Earlier, the calculation method was base rate method. It was in 2016, the RBI changed the Base rate method to MCLR method to reduce the banks play with the interest rates charged on customers.

Repayment of loan is within how many months or years you pay back the loan to the bank. Prepayment is repaying the loan before the tenure ends. According to the RBI rules, prepayment of the loan before the loan tenure does not attract any kind of penalties. No fees or extra charges are to paid for repaying the loan before the tenure.

More details about the Mudra Yojana – Mudra Loan categories – 

Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products / schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also to provide a reference point for the next phase of graduation / growth to look forward to.

The financial limit for the mudra schemes are :-
a. Shishu : covering loans upto 50,000/- Interest Rate is 10-12%
b. Kishor : covering loans above 50,000/- and upto 5 lakh –  Interest rate  is  14-17%
c. Tarun : covering loans above 5 lakh to 10 lakh – Interest Rate starts from 16%.

How do you get Mudra Loan under Mudra Yojana Scheme?

MUDRA’s delivery channel is conceived to be through the route of refinance primarily to Banks/NBFCs/MFIs.

Pradhan Mantri Mudra Yojana is a Government of India scheme, which enables a small borrower to borrow from banks, MFIs, NBFCs for loans upto 10 lakh for non farm income generating activities. Generally, loans upto 10 lakh issued by banks under Micro Small Enterprises is given without collaterals.

Any individual including women, proprietary concern, partnership firm, private limited company or any other entity are eligible applicant under PMMY loans.

Mudra Loan Documents –

Loan documents are usually same as any other loan. But here are more details about documents required for each type of Mudra loan category

  • Identity Proof
  • Address Proof
  • Passport size photographs
  • Your Company’s address proof, id proof.
  • Bank statement for the past 6 months.
  • Quotation of machinery or items or vehicle to be purchased
  • Name of the supplier of the machinery or vehicle and details of the machinery

Under Mudra yojana, for Working capital loan / revamping the business space /  loan for plant and machinery, you should carry your business proof documents like..

  • Business address proof (copies of relevant licences)
  • Business registration proof (registration certificate)
  • Proof of continuity of business
  • Trade references
  • Last 2 years income tax returns
  • Last 12 months bank statements.
  • Business vintage proof

NOTE – While carrying your documents, don’t forget to carry your duly filled Pradhan Mantri Mudra Yojana Loan application form if you had applied online.

Mudra Loan Application Details –

  • Find out which bank is nearby and approach the bank for application of Mudra Yojana Scheme.
  • Mention which loan you want and take the application for that.
  • Or you can also download from any bank’s website and fill it and take print out while you go to bank.
  • Fill the application with all the details.
  • Carry the application and documents as mentioned in the application to the bank.
  • Submit them with the business idea you have.

Mudra Loan Procedure –

Though you fill the application, you need to have a solid business idea or an existing business to avail your Mudra loan.

Mudra yojana is purely small business friendly scheme and banks truly trust the borrowers alone without asking for a collateral.

So, since it is a risky move, the banks try to delay the procedure of Mudra loans. But, you as a borrower can demand for the mudra loan under mudra scheme.

The procedure for Mudra loan is simple…borrower goes to the bank, apply, show your business ideas along with proofs, gets loan approval and wait for mudra loan disbursal in the borrower’s account.

NOTE – Check the interest rates of various banks and repayment methods too. Some banks offer more repayment period, atleast 5 years more than the usual. Compare the interest rates of all your nearest branches of different banks. Even the smallest decrease in the interest rate helps you save a penny.

What are the banks that provide Mudra Loan –

The banks that are currently offering business loans under the Pradhan Mantri MUDRA Yojana have interest rates ranging from 11% to 37%. Some of the more popular banks that are offering MUDRA loans are as follows –

  1. Oriental Bank of Commerce
  2. ICICI Bank
  3. Kotak Mahindra Bank
  4. Standard Chartered Bank
  5. Indian Bank
  6. State Bank of Patiala
  7. Bank of India
  8. Central Bank of India
  9. IDBI Bank
  10. Citibank
  11. HDFC Bank
  12. IndusInd Bank
  13. Dena Bank
  14. State Bank of Bikaner and Jaipur
  15. State Bank of Travancore
  16. Canara Bank
  17. Allahabad Bank
  18. Vijaya Bank
  19. Karur Vysya Bank
  20. UCO Bank
  21. Bank of Baroda
  22. Union Bank of India
  23. Tamil nad Mercantile Bank
  24. Indian Overseas Bank
  25. South Indian Bank
  26. Bank of Maharashtra
  27. State Bank of Hyderabad
  28. HDFC Bank
  29. State Bank of India

Mudra Loan Process Time  –

For Shishu loans, normally 7 to 10 days is the turn around time for processing the loan proposals on receipt of complete information. So, the loan doesn’t have processing fees, the bank does not ask for collateral for your loan and never pay bribe for the application and not even for the sanction of loan. The whole idea is to provide the poor and tribal with funds to make them self reliant.

Any complaint can be complained to the toll free The numbers are 1800 180 1111 and 1800 11 0001.

Mudra Loan and Personal Loan Which is better –

Maximum loan amount – Same for both

Repayment Tenure – Mudra Loan is given more tenure when compared to personal loans

Interest Rate – It is almost similar for both the loans

Collateral – Required for Personal loan and not required for Mudra loan

Reason – A solid reason is required for Mudra loan but no reason is required for Personal Loan

Loan Process – Easy for personal loan and a bit tough in real for Mudra loan.

However, if you are in the category of getting a mudra loan, it is recommended to opt for it. Loanyantra’s services are coming soon to meet your needs for Mudra Loan. Nevertheless, Personal loan is also a good option for your immediate needs and Loanyantra is the best one to go with as you get cashback and also low interest rate from many top banks in India.  All you need to do is just give a missed call to us for personal loan and our experts will take care of everything.

 

 

 

5 Questions To Ask To Figure Out Whether To Rent Or Buy A Home

A home is one of the biggest financial commitments most of us will ever make – so it’s understandable that we might get a little stressed over what seems like a straightforward question:

Should I rent or buy a home?

To try and ease that anxiety, we spoke with a financial expert and a certified financial planner to get their take on when buying a home is in your best interest.

While there’s no universal “right” answer, start your decision process by asking yourself these five questions:

1. Can you afford it?

Having the money for a down payment is only the first step. Next, you need to make sure you can afford to pay your home loan … and costs like utilities, maintenance, furniture, taxes, and inevitable surprise costs like emergency replacement of the broken boiler.

“Understand what you’re getting into,” says certified financial planner. “You have to be able to afford to purchase and maintain the property, and expect that your bills will change on a monthly basis.”

Plus, she points out, you’ll need to be able to pay all of the fees during the buying process. “The best thing you can do is educate yourself,” she advises. “If you don’t do your research, making the wrong decision to buy could really set you back financially.”

Rent if: You don’t have the money saved to buy and carry a home.

Buy if: You’ll have the cash to cover the initial transaction, plus the ongoing costs of home ownership.

2. Are you financially secure?

To be in a financial position that’s secure enough to responsibly to buy a home, you need:

  • Decent credit (“You don’t need perfect credit or even good credit,” he says, “but generally  CIBIL score above 650 you can qualify for a conventional loan.”)
  • A stable income
  • Moderate liabilities
  • Enough cash on hand to cover down payment and closing costs
  • Liquid assets as financial reserves

When expert says “financial reserves,” he’s talking about an emergency fund. It’s not a good idea to scrounge every paisa from each of your accounts for a down payment, leaving yourself without a safety net for an emergency or hobbling your retirement savings.

“I wouldn’t recommend that someone without an emergency fund buy a house,” cautions most of the experts. “It really sets you up for trouble when you wipe out your savings to reach this goal and don’t have any money set aside.”

Rent if: You can’t check off one or more of the above bullet points, or if buying would completely wipe out your savings.

Buy if: You’re financially secure outside of your home savings.

rent or buy a home
Rent or Buy a home. Which road to take when

3. What are your other financial goals?

While buying a home is a major financial accomplishment, it’s unlikely that it’s the only one you ever intend to make. I remember a client and her husband who were “really gung-ho on buying their first home.” But after getting a financial plan and seeing exactly how much money they would need to lay out, they decided to postpone their purchase for another few years in order to finance their other financial goals, like starting a business.

“It’s all about breaking it down into steps, and getting clear on the numbers,” says experts. “If you have any major life transitions coming up, you may want to hold off and see what happens.” How will your home purchase affect your pursuit of your other financial goals?

Rent if: You’re currently prioritizing other financial goals above homeownership.

Buy if: Homeownership is your primary financial goal, and you’re both aware of and comfortable with how the cost will affect your progress towards your other goals.

4. Are you willing to be the super?

This isn’t a financial question, but a lifestyle one: If the sink springs a leak, the yard needs to be mowed, the door handle breaks, who deals with it? It won’t be your landlord or super, experts points out, so either you’ll need to DIY or find the cash to hire someone.

Rent if: You want someone else to step in when things get complicated around the house.

Buy if: You don’t mind dealing with the increased chores that come with being your own landlord.

5. Where do you see yourself in the near future?

Different experts have different estimates, but generally, it’s recommended that a home buyer spend at least four to five years in a home to offset the costs of buying.

But aside from the numbers, “buying a home is as much an emotional decision as it is a financial one,” says experts. “Of course, you must crunch the numbers to determine whether buying makes financial sense, but it’s just as important to feel that you’re in a place in your life where buying just makes sense. It’s no coincidence that most people seriously start considering buying a home when they get married and are comfortable with the idea of settling down and raising a family.”

Rent if: You’re unsure where you’ll be in the near future.

Buy if: You expect to be in the same place for a few years and want to own your home.

Love Break-up!!! Because of Savings!!! Are you saving to buy a new home?

Naveen and Neha are a perfect match and an understanding couple. Naveen has a plan for everything in life. Neha is a cheerful and practical woman. Both of them discuss and get things done. So what made their ways apart? I should tell this.

Neha wants to visit a good restaurant and have great food. Naveen says ‘no’.

Neha wants to get away from her daily schedule and go for a vacation. Naveen says ‘no’.

Neha’s birthday time!!, Naveen got a card for her. She is happy, he had given her a card atleast. 

 Finally, Neha asks Naveen. “We earn well. We can spend though not for a luxurious life but for a relaxing and comfortable life. But why do you always say ‘no’ for anything that makes me feel happy?”

Naveen  now opens up. He has a dream house and he wants to buy it. 

So what is he doing? Yes. Saving saving saving.

Saving, forgoing the comforts and the feel good factors too??

with and without home loan savings example and loan calculator
With and Without homeloan. Know more with real example and calculations
Yes. He wants to save not just for the down payment of the home, but for the whole value of the property. So how does he save?
Let us see how it works without a homeloan

Age : 26 years

Salary : Rs.40,000

Expenditure : Rs.15,000

Savings : Rs.25,000

His dream home value : Rs. 40 lakhs.

On an average per year he saves : Rs. 3 lakhs

No. of years he should save : 14 years.

In the mean time the property’s value increases which means he has to save even he reaches his limit. Ofcourse, his salary increases and he can save more. If you observe in the example, he saves more than half of his salary. Without even fulfilling smallest of his desires. When will he explore life if not at the age of 20s and 30s.

So, Neha asks him to go for a home loan. He rejects. She tries to explain.

So, is it that you should not go for saving at all if you buy a home? No, save for the down payment and for the rest go for a home loan.

Let’s see how it works with a homeloan.

Age : 26 years

Salary : Rs. 40,000

Expenditure : Rs. 18,000

Savings : Rs. 22,000

His dream home value : Rs. 40 Lakhs

No.of years he saved : 2 years

Amount saved : Rs. 8 lakhs. (used for down payment) 

Home loan amount : Rs. 32 Lakhs

Salary after 2 years : Rs. 60,000

EMI Fixed : Rs. 32,000

Now, at the age of 28 years, he is enjoying in his own dream home. Since, EMI is fixed, he need not think of saving for a home when his salary increases. He can invest and diversify his extra income, where he gets more returns.

Is that the end? No, you rather have to, monitor your homeloan via loanyantra, the synonym for loan management services. This helps you to put an end to your home loan faster.

Experts help will always work. So, seek help to pay your home loan faster. That is what exactly Loanyantra does for your homeloan

Ohh!! the love story above!! They didn’t breakup 🙂 Naveen understood Neha’s ideas and followed her. They lived happily ever after in their own home. 😉 

How can you have a break up if you listen to her?  😉

Puravankara’s MRIP Offer

A very interesting concept –  You get assured rent for fixed years once you invest in such property. Let’s dive in to the topic.

Puravankara’s Provident Housing came up with an innovative method to grow their business and give value to our investment.

Managed Residences Investment Plan (MRIP)

 Puravankara, one of the top most real estate developers in India, believes in “We cannot really depend on our job alone if we want to achieve financial freedom. Creating and having multiple source of income is one of the best ways to step up the ladder and achieve our financial goals”.

Hence, came up with the solution, buy the ready-to-move in apartment with assured rent for seven years along with appreciation in rent.

purvankara-assured-rent_loanyantra-com

Here are some quick points for more information.

  • An innovative, low risk real estate investment to help you build a long term rental income.
  • Investment structure – Buy & Sale back with a contracted lease term of 7 years.
  • Puravankara’s MRIP offer provides long term lease management services from JLL, the leading international property consultant.
  • Multi-city residential assets across Chennai, Bangalore, Coimbatore & Kochi.
  • Investments across 3 Price buckets –   approx. 35 to 55 lakhs ;  75 to 125 lakhs &  2.5 to  4 cr.
  • Benefit from committed monthly rentals with annual rent escalations, long term capital appreciation, zero maintenance & hassle free process.
  • All apartments offered under Puravankara’s MRIP offer are ready to move in apartments and are completed apartments/ completed projects.
Pros and Cons of Puravankara’s MRIP Offer :
  • As the company believes, it is always better to have multiple investments and multiple sources of income. And hence, this is a best source of second income.
  • Buying a home for rental purpose is a very common practice in India. Finding a tenant and getting assured income is most challenging. This offer encourages a hassle-free maintenance process for seven years by not only paying the rent but also  maintenance charges.
  • You just have to pay the property tax every year.
  • Be careful while buying as the price under Puravankara’s MRIP offer is slightly higher than the price for the units with no offer.
  • But if you are an NRI or retired employee or low risk taker, it is always best to invest.
  • Go for Purvankara’s MRIP Offer, only if you can self-invest. Since, under this offer, the pricing of the unit is relatively higher, it doesn’t make the best option if you have to pay more interest to banks under home loan.

How Loanyantra Works :

Investing in a property is no small issue. And we understand it. So your search for home ends here. Think home loan and think loanyantra.

As we discussed above about managing homes, we, in loanyantra, manage your home loan. Call us for further queries about free services on home loan management.

Personal loan for Infosys Employees ICICI Bank

Personal loan for Infosys employees ICICI Bank comes with personalised features and discounted interest rate. With extended offers of personal loan, Infosys employees can enjoy special features like quick and simple personal loan process, fixed rate of interest where interest is charged in monthly reducing basis on personal loans. No security or collateral required for Infosys employees. Attractive personal loan interest rate for Infosys employees.

Infosys employees Personal Loan Documents ICICI Bank for instant approval –

  • Personal Loan Application form.
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof.

Infosys Employees Eligibility check for Personal Loan from ICICI Bank –

  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 60 years
  • Minimum Net Monthly Income: Rs 15,000
  • Maximum loan available: Rs 15 lacs.

Infosys personal loan is specially designed for the Infosys employees and Infosys bpo employees in ICICI bank. Zero Balance salary account can be maintained by Infosys employees with ICICI bank.

If you are an Infosys employee, get different deals on different loan products. ICICI personal loan offer for Infosys employee includes not only discounted interest rates but also rewards for paying loans through EMIs. Your minimum average salary per month should be minimum Rs. 15,000 in ICICI salary account for ICICI personal loan as an Infosys employee.

Before 2013, Infosys had special offers and schemes for its employees on different loans. Earlier it was tough to get loans from different lenders. Now Infosys had stopped schemes on loans for its employees. But personal loan and car loan schemes are still existing for Infosys employees.

Get the work done even smoother without even to wait as Loanyantra can assist you in every step by the loan experts. As an Infosys employee either in consultation or BPO, you can avail varied offers. So, get to know everything.

Personal Loan for Infosys Employees

Working with one of the leading IT firms always comes with an added advantage. Well, here I am talking about Infosys, a company which is one of the most renowned IT firms. For it, the employees are its biggest asset, and the company has left no stone unturned to keep its employees happy and maintain a healthy work culture. Did you know that it is the third largest IT service company as per 2016 revenue report? Infosys has spread its wings in various areas like business consulting, pharma, aerospace , defence services and is now working in the area of Blockchain. Apart from offering innovative services and business solutions, Infosys makes sure that its employees are satisfied and have a proper work-life balance.

Infosys Software for Banks

Infosys has been rendering innovative IT solutions in various domains and Banking is one such sector where we can find a popular software named Finacle being used. This software was developed by Infosys and is currently used in around 85 nations across the globe. This software aims at improving the products and making the banking operations seamless. With the help of this software, the banks can launch their products and services quickly.  It becomes easy for the customer to target their customers using this software. The turnaround time for banks gets drastically reduced with the help of this software, Finacle lowers the product deployment time, with the help of this software, the banks can deploy their products in weeks instead of months. It also helps the banks to break their technology silos and cut down on the duplication of applications, thus reducing their cost of operations by making the entire process seamless.

Personal Loans for Infosys Employees by ICICI Bank
Personal Loans for Infosys Employees by ICICI Bank

Infosys Employees benefits from loans schemes-

One of the biggest benefits employees have at Infosys is that they enjoy work-life balance which is not only reflected in their work culture but at the same time the company also provides them special leverages which add to the employee benefits. One such aspect is a personal loan.

Infosys employees enjoy special loan benefits which include:

  • Lower personal loan rate at 12.99% which is around 2% lesser than the normal market rate.
  • Easy repayment tenure
  • Infosys employees can get finance ranging from 50 thousand to 20 lac
  • Loan approval for Infosys employees for personal loan is done within 2 hours
  • Lower interest rate who have a salary of Rs.75,000 or their net monthly income is in the similar range
  • No need to run through burdensome paperwork, just some necessary paperwork and you will have your personal loan approved if you are working at Infosys
  • ICICI banks offer a lower interest rate of 11.49% if the employee has a salary account with ICICI

Tabular Representation of Personal Loan Interest Rates for Infosys Employees from other banks

Bank Name Rate of Interest Offered for Infosys Employees
Union Bank of India 13.40% per annum for salaried individuals.
Standard Chartered Bank Starts at 11.99% p.a.
Bajaj Finserv 11.49%  per annum
DENA Bank
  • 13%
Bank of India 12.40% to 14.40% per annum
ICICI Bank 11.49% to 22.00% per annum
Canara Bank MCLR + 5.45% per annum
State Bank of India 12.50% to 16.60% per annum
United Bank of India 14.85%
IndusInd Bank 11.25% to 26.00% per annum
Kotak Mahindra Bank 11.5% to 24% per annum

 

Special companies offer special leverages to its employees, Infosys offers a seamless process of loan sanction and approval. There is minimal paperwork and quick approval , but there are some basic criteria that they need to fulfil to get a loan.

Documents for personal loan for Infosys employees –

  1. Photograph
  2. ID proof
  3. Age proof
  4. Bank Statement
  5. Residence proof
  6. Income proof

Eligibility criteria:

  1. The applicant must be 21 years of age (minimum)
  2. The maximum age of the applicant at the time of loan maturity should be 60 years

Different fees charged by the banks :

The approval of the loan includes various kinds of fees which apply to everyone, even on the Infosys employees. Here are some of the fees that the Infosys employees are subjected to pay :

  • Processing fees- This fees are usually charged by the banks to press your application. It may be a bit lower for the IT employees, but they are also subjected to pay processing fees. These fees depend on the loan amount.
  • Pre-Payment Charges: This amount is usually charged by the lender in case the borrowers wish to prepay the loan before the closings tenure.
  • Payment Delay Charges: This is the penalty which is changed from the people in case they are not able to pay the loan amount on time.

Personal Loan for Infosys Employees and Credit Score Check –

Well, whether you are working in Infosys, or any other company, banking and financial institutions have certain set parameters which one must fulfil to avail the loan. This involves complete documentation, falling in the eligibility criteria specified by the banks and finally the credit score. A good credit score for all the employees is a must for anyone to apply for a personal loan and gets it approved. Credit score showcases your credit health and your financial position to repay the loan on time. Thus, it’s always advisable that you must check the credit score before applying for personal or any other type of loan. For all this you have Loanyantra. We are a company that matches your credit and demographic profile to the lender’s criteria such that your application gets shortlisted in no time. We also do the pre-screening of the application as per the specifications of the bank.

So, if you are looking for a personal loan and are worried about the entire process, connect with Loanyantra. We will offer you the best advice and solutions. Our range of services covers all aspects of the loan process right from the application, finding the banks providing the lowest interest rate. We also help you with the preparation of entire documents that would be required at the time of loan application. Connect with us today for more information.