PNB vs IDFC First Personal Loan
A personal loan is a type of unsecured credit that you can get without putting up any security. A personal or unsecured loan, unlike other loans, has simple eligibility criteria, exclusive incentives, and unlimited end-use to help you finance your immediate costs. Moreover, a personal loan can be the most beneficial in case of an emergency expense such as any medical emergency or a sudden foreign trip, etc.
IDFC First Personal loans come with low interest rates and flexible repayment terms. Loans are available with little to no documentation. Personal loans by IDFC First Bank are wonderful solutions for all your immediate monetary needs, with interest rates starting at 12.5% p.a. With a maximum loan amount of INR 5 lakh and a payback period of up to 5 years these personal loans can be a perfect option to apply for a personal loan.
Punjab National Bank, on the other hand offers personal loans up to INR 20 lakh under the ‘Personal Loan Scheme for Public’ scheme at interest rates starting from just 8.90% p.a. The repayment tenure extends up to 72 months, and the processing fees levied is up to 1% of the loan amount. The bank also offers loans of up to INR 20 lakh under the ‘PNB Doctor’s Delight – Personal Loan Scheme to Doctor’ a scheme especially designed for doctors with a maximum tenure of up to 84 months. This lender offers personal loans to help you meet your immediate financial expenses. Whether you need to consolidate your debt, pay for your child’s wedding, take off on an exotic vacation, or anything of the sort, PNB personal loan can be availed at attractive interest rates to help you fulfill your dreams.
Difference between PNB and IDFC First Personal Loan
The two banks offer personal loans at affordable rates of interest and attractive loan terms. However, there are a few differences between a PNB and an IDFC First Personal Loan that are as follows:
- Interest Rate- PNB offers personal loans at interest rates starting from 8.90% p.a. and can range up to INR 14.45% p.a. While, IDFC First offers personal loans at interest rates ranging from 12.50% p.a. to 18.00% p.a.
- Repayment Tenure- The repayment tenure for a PNB home loan extends up to a maximum of 72 months. On the other hand, IDFC First bank offers a repayment tenure of up to 5 years.
- Loan Amount- The maximum loan amount depends on the overall eligibility of the applicant. However, an applicant can apply for a maximum loan of up to INR 20 lakh in PNB. Whereas, in IDFC First bank the maximum personal loan limit is set to INR 5 lakh.
- Processing Fee- Banks charge a small amount of money to process the loan application known as processing fee. Punjab National Bank charges up to 1% of the loan amount as processing fee. On the other hand, IDFC First Bank charges up to 3.50% of the loan amount as processing fee.
- Age Limit- The applicant should be within the age limit in order to be eligible to apply for a personal loan. The age limit to apply for a PNB personal loan is from 21 years of age to 58 years of age. Whereas, in order to be eligible for an IDFC First Bank personal loan the applicant should be within the age limit of 23 years to 68 years, depending upon the employment status of the applicant.
- CIBIL Score- Your CIBIL score plays an important role in evaluating your creditworthiness and your CIBIL score along with your overall credit report is taken into consideration when you apply for a personal loan in any bank. Both Punjab National Bank as well as IDFC First Bank require a minimum CIBIL score of 650 in order to be eligible to apply for a personal loan.
The above are a few differences between the personal loans offered by the two banks for your reference. These points can help you in comparing both the banks while applying for a personal loan. However, it is advisable to always make sure to check the eligibility before applying for any loan in order to avoid rejection. Multiple loan rejections can have a negative impact on your CIBIL score.