10 Banks for a Personal Loan in India
You will face many financial challenges as you go along in your life. You will find yourself spending money on many things, regardless of what happens in your life. Sometimes, these expenses can become so overwhelming that you need urgent loans. Personal loans are the answer.
To cover extraordinary expenses, a Personal Loan is an unsecured loan that you can get from a bank. These circumstances could include financial emergencies, medical situations that require immediate attention, or cash shortages to pay for home renovations.
It is important to Opt for a Personal Loan, after proper research. Poor decisions can have a negative impact on your credit score, making it difficult to repay the loan and possibly requiring another loan in the future.
Low-interest loans are plentiful in India. Many Indian banks are offering Personal Loan options to a wide range of customers. It is easy to choose the Personal Loan that suits your needs in India.
Eligibility criteria is the most important requirement to obtain a Personal Loan. Eligibility criteria are very simple and can be met by almost everyone. Once you have met the eligibility criteria, you should consider the interest rates, loan amount, loan term, and monthly EMIs. Before you choose the right Personal Loan, it is important to take into account all these factors.
Different banks offer different packages that come with additional benefits. Let’s look at the top 10 Indian banks that offer the best personal loans. Before you sign any loan agreement, make sure to read the terms and conditions.
The 2021 Personal Loan Interest Rates of Top Banks
1. SBI Xpress
The best Personal Loans are provided by the State Bank of India (SBI). SBI offers a variety of Personal Loan plans, including the SBI Xpress Credit Personal Loan and SBI Xpress Power Personal Loan. The processing fees are as low as 1% (excluding taxes). These Personal Loans are available to Indian citizens who are either self-employed or employed as adults. The interest rates range from 10.50% up to 16.55%. SBI provides loans with a term of up to five years.
2. Personal Loan from HDFC Bank
HDFC Bank offers personal loans up to Rs.40 Lakh at interest rates between 10.75% and 21.30% per year. The loan amount is limited to Rs.50000. Personal loans are subject to a processing fee of 2.5 percent plus the applicable general sales tax.
3. Bajaj Finserv Personal loan
Bajaj Finance is a top-rated financial institution that offers Personal Loans. The loan approval rate for personal loans is higher. Eligibility criteria are less stringent than those of other lenders. Apply for Bajaj Finance Personal Loan. You can get a loan up to Rs.25 Lakh at interest rates starting at 12.99% per year This loan comes with a processing fee of 3.99%. Maximum loan term is five years.
4. Yes Bank Personal Loan
Yes Bank is another top bank in India that offers attractive Personal Loans for salaried and unemployed individuals. The credit amount is between Rs.1 Lakh and Rs.40 Lakh, with interest rates starting at 10.99%. The processing fee, which excludes general sales taxes, can be up to 2.5 percent of the loan amount. Yes Bank offers a maximum term of 5 years for loans.
5. Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank Personal Loan This is available to all Indian citizens, salaried or unemployed. Kotak Mahindra Bank offers personal loans up to Rs.15 Lakh at interest rates between 10.50% and 28.00%. Kotak Mahindra personal loan processing fees are as high as 2.50%, excluding any applicable taxes. This loan is available from Kotak Mahindra bank for a minimum term of one year and a maximum loan tenure of five years.
6. Bank of Baroda
Bank of Baroda offers personal loans at very low interest rates. This personal loan is available to salaried or self-employed individuals up to Rs.10 Lakh. This Personal Loan has a processing fee of 2%. It can be as high as Rs.10,000. The loan term can be between 12 and 60 months. The interest rate starts at 11.40%
7. ICICI Bank Personal Loan
ICICI Bank is a top bank that offers personal loans at low interest rates to customers. A maximum loan amount that a user can obtain is Rs.20 Lakh The interest rates for ICICI Bank Personal Loan. The range is from 11.25% up to 22.00%. This loan comes with a 2.25 % processing fee, excluding any applicable taxes. This Personal Loan can be used for a maximum of five years. The ease of loan prepayment is one of the many attractive features of ICICI Personal Loan. A Personal Loan from ICICI Bank is a good option if you plan to prepay your loan.
8. Axis Bank Personal Loan
Axis Bank is one bank that offers Personal Loans with many attractive additional benefits. A Personal Loan of up to Rs.15 Lakh can be obtained at an interest rate between 12.00% and 24.00% per year. The processing fee is 1.5% to 2%, excluding general sales taxes. Pre-closure is free of charge at Axis Bank. A Personal Loan has a minimum term of 12 months and a maximum tenure of 60 months.
9. Citi Bank Personal Loan
Citi Bank offers personal loans to salaried people with low interest rates. Individuals earning a salary can apply for loans up to Rs.30 Lakh at interest rates between 10.99% and 16.49%. Citi Bank offers personal loans for as low as 3 percent and a maximum term of 60 months. Citi customers enjoy a lower interest rate and additional benefits.
10. Personal Loan from Tata Capital
Tata Capital provides Personal Loans for individuals at very affordable terms. A person can borrow a maximum amount of Rs.25 Lakh, with interest rates that range from 11.25% up to 17.00%. Variable processing fees apply and can change depending on a variety of factors. For a maximum term of six years, individuals can obtain a loan amount with lower monthly installments.
Now that you are familiar with the main features of the top 10 Personal Loans available in India, it is possible to choose the best one for you.