There is no doubt that nothing is better than a bank when it comes to taking a personal loan. Sure, it takes time to get it processed. Still, eventually, it is trusted by millions of Indians to get instant loans. So, today we wanted to speak to you about two giant lenders offering instant loans.
Those two are the Central Bank of India personal loan and Citibank personal loan. We will share their details such as loan amount, the eligibility criteria, and how to apply? Once you know, you can apply for its loan as per your need.
Central Bank of India personal loan
Central Bank of India personal loan is considered one of the best personal loans because of its affordable interest rate. It offers one of the lowest interest rates in the market. It does not ask for collateral and has flexible loan tenure.
The central bank of India offers personal loans up to Rs 20 lakhs.
The interest rate starts at 8.95% P.A. currently; it is one of the lowest rates of interest in the market.
The processing fee is Rs 500.
The loan tenure is up to 5 years.
The processing fee is up to 1% of the loan amount.
Types of personal loan scheme by Central Bank of India
Currently, it offers five types of personal loans.
Cent personal loan scheme
Cent pensioner scheme
Cent swabhiman plus scheme
Cent liquid scheme
Cent personal loan scheme
The eligibility criteria
The eligibility criteria depend upon which schemes you choose. However, here we are presenting it for a personal loan scheme.
The borrower should be a salaried individual or self –employed professional.
The borrower should be working in a private or public company.
The applicant's age should be between 21 years and 58 years.
The minimum work experience required is 3 years.
The borrower should be working in the current organization for 1 year.
Required documents
The proof of identity ( Aadhar card, PAN card)
The proof of address
The loan application form
The bank statement
Salary slips
ITR
How to apply for a Central Bank of India personal loan?
You can go to its official website or visit the nearest branch to apply for the loan. It is easy and quick to do. Now, let's move on to Citibank's personal loan.
Citibank personal loan
Citibank personal loan offers instant loans at a reasonable interest rate. There are no hidden charges, serving the customer with more than 2500 branches all over India.
Citibank offers personal loans up to Rs 30 lakhs.
The rate of interest starts at 10.50%, going up to 18.99% P.A
The processing fee is up to 3% of the loan amount.
The loan tenure is from 6 months to 5 years.
The pre-closure fee is up to 4% of the loan amount.
The eligibility criteria
The borrower's age should be a minimum 26 years to apply.
The minimum monthly income required is Rs 40,000.
The minimum credit score required is 750 or above.
The required documents
I.D. proof
Residence proof
Income proof
Business proof
Salary slips
ITR
ITR, P&L account
Audit report
How to apply for a Citibank personal loan?
The best way to apply for a loan is online. You can download the Citibank app from the Google play store to start the process. If you want, go to the nearest branch to do it.
Conclusion
These are the lenders who offer a reliable personal loan without any hiccups. You will not face any issues while doing it. However, you should read the loan documents before signing on it.