A personal loan is an unsecured loan that is given to you without requiring you to put up any security. It can be used for a variety of things, including weddings, education, medical emergencies, vacation, and home renovations. A personal loan is available to both including the salaried as well as the self-employed individuals. The loan has a low interest rate and a variety of repayment choices. You can apply online or in person at a bank or non-banking financing firm branch (NBFC). You must also pay the processing fee at the current rate. Your loan eligibility is determined by your income, credit score, ability to repay the loan, etc. The lender will ask for your credit report from CIBIL or other credit bureaus after receiving your loan application. The lender will deposit the loan amount into your bank account if you qualify the eligibility requirements. There are a number of lenders in the Indian market that offer a personal loan, including IIFL and Bank of Baroda.
India Infoline Housing Finance Limited, better known as IIFL, also offers personal loans. You can apply for a personal loan of up to INR 25 lakh to meet any of your expenses. IIFL has a simple documentation process and offers instant personal loans. The personal loan application process is quick and hassle free which makes it convenient for applicants to apply for an IIFL personal loan.
Bank of Baroda, on the other hand, with attractive interest rates, easy documentation process and flexible repayment options offer personal loans. Bank of Baroda personal loans make a great option for your immediate financial needs. You can apply for a personal loan for a maximum period of 5 years with Bank of Baroda’ simple documentation process.
Difference between IIFL and Bank of Baroda Personal Loan
- Interest Rate- You can apply for a personal loan at IIFL with interest rates ranging from 11.25% p.a. to 36.00% p.a. Whereas, Bank of Baroda offers lower interest rates starting from 10.00% p.a. and can range up to a maximum of 15.60% p.a.
- Processing Fee- IIFL charges a processing fee of 2.5% to 6% on their personal loan application. Bank of Baroda charges 2% of the loan amount as processing fee on their personal loan application. However, the minimum processing fee of Bank of Baroda is INR 250 on any personal loan application.
- Maximum Loan Amount- You can apply for an IIFL personal loan from INR 50,000 to INR 25 lakh. Bank of Baroda offers personal loans ranging from INR 50,000 to INR 5 lakh. In comparison to both the banks, IIFL offers a higher maximum loan amount. However, the actual loan amount that the lender approves on your loan application depends on your overall creditworthiness as well as the overall credit profile of the applicant.
- Age Limit- In order to be able to apply for an IIFL personal loan, the applicant should be within the age limit of 25 years to 60 years of age. Whereas, to apply for a personal loan in Bank of Baroda, the applicant should be within the age limit of 21 years to 60 years of age.
- Minimum Income- IIFL requires a minimum income of INR 25,000 for the applicant to be eligible for a personal loan. Whereas, a minimum income of INR 20,000 is required to be able to apply for a Bank of Baroda personal loan.
These are a few differences between the personal loans offered by both the lenders. However, make sure that you check the eligibility criteria before applying for a personal loan in order to avoid rejection.
