A short guide to two prominent personal loan lenders

If there is one major a borrower faces, it is the dilemma of choosing a personal loan lender. The reason is simple, the number of lenders in the last years have risen exponentially. Even in small town, there are a plethora of options to look out for.

So, today, we wanted to explore two prominent lenders who have been gaining popularity. If you are looking for a personal loan lender, they would make a perfect choice. We will tell their loan details (loan amount, processing charge), the eligibility criteria, required documents and how to apply.

Those two lenders are Aditya Birla personal loan and Mahindra finance personal loan. We will begin with Aditya Birla instant loan.

Aditya Birla personal loan

Aditya Birla personal loan is a fantastic option if you are facing an emergency financial condition. Whether you need to do a wedding shopping or need to pay a medical bill, Aditya Birla instant loan could help you out. There are no administrative or hidden charges involved in the loan. It also provides, balance transfer facility.

• Aditya Birla offers personal loan from Rs 25,000 to Rs 15 lakhs.
• The personal loan interest rate starts at 14% onwards.
• The loan repayment tenure ranges from 6 months to 36 months.
• The processing fee for the loan is up to 2% of the sanctioned loan amount.
• The foreclosure is 4% in the first year, 3% in the 2nd year and 2% in the 3rd year.
• The prepayment is allowed after 6 months.
• The dishonor charge is Rs 750 every instance.
• The lowest EMI is Rs 3,187 per lakh.
• The Cheque bouncing  charge is Rs 750 every occurrence.
• The loan cancellation charge is 4% of the disburse loan amount.

Features of Aditya Birla personal loan

• The loan is easily available along with quickly disbursed.
• There is no need to offer a collateral to get the loan.
• The loan is approved or rejected in less than 30 minutes.
• The loan tenure is flexible.

The eligibility criteria for Aditya Birla personal loan

• Your age should be between 23 years and 55 years.
• The minimum income should be at least Rs 25,000 monthly.
• You should be living at the current residence for minimum 2 years.

Required documents for Aditya Birla personal loan

• The loan application form
• Passport size photographs
• Identity  proof ( Aadhar card, PAN card , Passport, Driving license)
• Residence proof( Rent agreement, utility bill, water bill, telephone bill)
• Salary slip for the last 3 months
• Bank account statement for the last 6 months
• Documents for any other income source

How to apply for Aditya Birla personal loan?

There are three ways to apply for the loan. First you can go to nearest Aditya Birla finance office to apply for the loan. The second way is to visit their official website to do it. The third way is to apply for it at Afinoz. It is an online financial marketplace. Now, let’s move on to the Mahindra personal loan.

Mahindra finance personal loan

Mahindra Finance personal loan is not an unknown name.  The brand name is enough to tell  you how good is this product. However, the major disadvantage here is that, the Mahindra personal loan is available only for Mahindra Group employees and Mahindra finance existing customers.

• Mahindra Finance offers personal loan amount up to Rs 3 lakhs.
• The interest rate is customizable depending upon multiple factors.
• The EMI Could be paid through mobile transfer, cash or cheque.
• The loan tenure is up to 3 years.
• The loan is approved and disbursed within 2 working days.

The eligibility criteria for Mahindra finance personal loan

• Your age should be between 21 years and 58 years to apply for the loan.
• Your should be either a Mahindra employee or an existing Mahindra finance customer.
• You should be working at Mahindra for minimum 2 years.
• For a existing customer, the previous track record should be solid.

Required documents for Mahindra Finance personal loan

• Passport size photographs
• Identity proof ( Driving license, Passport, Aadhar card, PAN Card)
• Address proof ( Electricity bill, utility bill, telephone bill, water bill)
• Bank statement for the last 3 months
• Proof of profession
• Salary slips for the last 3 months

Features & benefits of Mahindra Finance personal loan

• The loan is immediately approved.
• The loan is disburse within 2 days.
• There are multiple loan repayment options available.
• It requires minimal documentation.

How to apply for Mahindra personal loan?

You can visit the nearest Mahindra finance branch to apply for the its personal loan.

Conclusion

Both the lenders crucial information are in front of you. Based on your requirement, payment capacity, you can choose a lender. Hope this short post will help you in making a firm decision.