Compare DCB Bank Personal Loan Interest Rates With HDFC

HDFC Bank is one of the most popular banks for personal loans. Still, there is no harm in looking for other options before you finally apply at a lender of your choice. DCB Bank may not be much popular but it is also among the options. The bank is famous for its personal loan service. The rates are also not much higher as compared to HDFC Bank. To compare DCB Bank personal loan and HDFC Bank personal loan.

DCB Bank personal loan interest rates
The personal loan offered by DCB Bank is available at an interest rate starting from 12% per annum. DCB Bank personal loan interestrates and floating and linked to MCLR. The rates vary whenever bank revises MCLR.

HDFC Bank personal loan interest rates
HDFC Bank personal loan is available at an starting rate of 11.25% per annum and goes up to 21.50% per annum. Based on the new MCLR rates, HDFC bank offers individual advance loan fees beginning from 11.49% per annum up to 19.50% per annum which is one of the most reduced financing costs in the present market today.

DCB Personal Loan Eligibility Criteria
The eligibility criteria based on which DCB Bank approved personal loan applications is given below:

• The maximum amount you can get is Rs.5 Lakh and minimum Rs. 50,000.
  
• Tenure ranging from 12 months to 48 months.
  
• Easy documentation and speedy processing
  

DCB Bank Personal Loan Documents
The documents you have to arrange to get approval for DCB Bank personal loan is given below. You have to understand that income proof is the most important document to get approval for the loan else you will not get the loan.

• Completed loan application
  
• 3 Passport size photographs
  
• Statement of Bank Account/ Pass Book for last six months
  
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  
• IT returns for the three years for self-employed professionals
  
• Form 16/IT returns for the last two financial years for salaried employees
  

DCB Bank Personal Loan EMI Calculator

A loan calculator helps in knowing your repayment capacity. When you see effective EMIs as per the loan amount, tenure and interest, you decide whether you will be able to pay that amount or not. Suppose you take DCB personal loan on the basis of these details, you will get. For instance, if you put on the below details,

Loan amount- ₹10,00,000
Tenure- 5 years
Interest rate- 11.5% p.a


The detail of the payment is as follows:

EMI- ₹21,993
Total Interest Payable- ₹3,19,557

You can use DCB Bank personal loan EMI calculator for the calculation of both HDFC EMI and DCB Bank EMI. By checking EMIs, you get a clear picture of what you want and then decide where to apply. A personal loan can be taken for any legitimate purpose such as wedding, medical bills, debt clearance, travel, car purchase or anything where you find yourself lagging behind because of lack of money.