Compare: Bajaj Finserv vs ICICI Bank – Personal loan

Whether you are in need of instant cash for renovating your home or a family holiday, for your child’s admission or for financing the wedding of your daughter or to deal with any other immediate expense, personal loans present an easy solution to all your monetary needs.

With the percentage of people willing to take personal loans increasing, even for dealing with minor needs, every major market player is ready to make constant improvements to their products to make them perfect for the customers’ needs that provide the most benefits and do not put a heavy interest burden on their pocket.

Some of the best loans available in the market, with respect to the benefits of low interest rates, are discussed herewith.

ICICI Bank

One of the premier banks in India, ICICI bank has always been a popular choice when it comes it customer-friendly products and services. ICICI Bank personal loans serve as a one-stop solution to all your financial aspirations. With minimum documentation and faster processing, you can easily get a loan of up to Rs. 15 Lakhs without any guarantor or security. The payment period spans from 12 to over 60 months. The 14-19% interest rates make it easy for the customers to repay their loan. Some of the nominal charges that you need to incur before applying for a loan or during the period include 2.25% as processing charge, Rs. 400 per cheque for cheque return and 5% of the outstanding amount as a prepayment charge.

Bajaj Finance

The innovative financing options from Bajaj Finance have always been on the forefront. Already a leader in auto and house financing sectors, Bajaj finance now enjoys a strong standing in the personal finance market as well. With Bajaj Finance, you can get an instant loan of up to Rs. 15 Lacs for a salaried person with the help of their online facilities and up to Rs. 18 Lacs for fulfilling some bigger aspirations by visiting the office in person. With zero foreclosure charges, easy pre-payment regulations, 2-3% processing fees and 16% interest rate, it is an attractive option for people in need of immediate cash.

Personal loans are an avenue where no matter how many monetary and non-monetary benefits a bank or financial institution provides, interest rates always appear to be the deciding factor. In the above case, considering the lower interest rates, nominal charges and better benefits, at least on paper, Bajaj Finance appears to be the winner.