Hi,
I want to take personal Loan and currently I am getting two offer one from HDFC bank and the offer is interrest rate 14.25 + 0.5% processing fees also there are so many restriction on the prepayment which is:
Prepayment Salaried – No pre-payment permitted until repayment of 12 EMIs
Self-employed – No pre-payment permitted until repayment of 6 EMIs
Pre-payment charges Salaried – 4% of the principal outstanding after repayment of 12 EMIs. For top-up/enhancements – 2% of the principal outstanding
Self-employed – 4% of the principal outstanding after repayment of 6 EMIs .
and second I got a offer from BAJAJ Finance with interrest rate of 15.5% + 2 % processing fees along with other benefit which given below.
*Part prepayment facility available after 1st EMI and allowed 6 times in a year. Minimum amount to pay is EMI*3 and upper limit not defined can be up to the loan amount
*Nil prepayment/foreclosure charges after 1st EMI
*Prompt Repayment Benefit ( detail mentioned below)
Proposition Criteria Period of this Benefit:
1% of annualized Interest amount 1 to 12 months no bounce Life time, to be paid in on every 12 months.
13 to 24 months no bounce
25 to 36 months no bounce
37 to 48 months no bounce
Please let me know that which bank I need to consider or what are the basic points which I need to remember while going for personal loan and Is Bajaj Finance is reliable?