A personal loan is an unsecured loan that you can get from a bank to cover your expenditures. It may contain educational costs, emergency medicinal conditions, and cash lapses for home renewal. Here are our top 10 recommendations for Top 10 Banks for Personal Loans in India.
There are different types of reasons to apply for personal loans according to needs. There is no doubt; a personal loan can immediately release your financial distress. There are some bank procedures for the loan applications if you complete quickly then get the approved loan amount. It is transferred to your bank account instantly or in some days.
Getting a personal loan process is easy but hard to choose from where to get it. There is a list of some best personal loan options in India with their leading features that make the decision easy for you.
These banks considered significant factors such as interest rates, highest and minimum loan amount endorsed, proceeding fee charged, and complete loan term as listing the most appropriate choice for you.
Below is a list of banks that can help you to take decision easily for the personal loan.
- HDFC Bank
HDFC Bank offers the best personal loans according to your financial needs. It provides up to 40 Lakh Rs with ranging of interest rates from 10.75% – 21.30% for every annum.
It offers a minimum amount of 50000 Rs of the Loan. The processing cost for a personal loan is up to 2.5% with the appropriate general sales tax.
- Self-employed and salaried applicants are qualified to apply for HDFC bank personal loan.
- Fast and realistic processing has made it the best top choice among applicants who apply for personal loans in India.
- Account-holders of HDFC Bank also can get a special offer with minimum interest rates. The loan charges also can be waived.
- Recently, it started pre-approved 10-second paperless loans.
- ICICI Bank
ICICI Bank is the top bank that offers personal loans to individuals with lower interest rates. A user can get the maximum loan amount is 20 Lakh Rs. The interest rate ranges from 11.25% – 22.00%.
The processing cost of this loan is up to 2.25 % exclude all applicable tax. Individuals can get a personal loan for the loan term of 5 years.
- ICICI bank offers personal loans in three categories a wedding, holiday, and home renovation loans.
- It provides loans for both salaried and self-employed people.
- ICICI Bank has effortless documentation and simple repayment options for personal loans according to choices.
Axis Bank provides personal loans with many attractive add-on benefits. You can get the benefit of personal loans up to 15 Lakh Rs with an interest rate from 12.00% – 24.00% for every annum. The processing fees begin from 1.5% – 2% apart from sales taxes. It does not accuse any payment of pre-closure.
- Axis Bank personal loans are known for their short turnaround time. It has proof of transmission decisions in 30 days from the date of application receipt.
- It offers loans to only salaried individuals and self-employed individuals.
- Its interest rates start from 11.49%.
- It also provides Axis edge reward points to loan candidates that depend on the amount they have borrowed.
- Punjab National Bank
Punjab National Bank offers many unsecured loan choices for different groups of persons. If you are a salaried person, permanent defense worker, doctor, and pensioner who completes their eligibility criteria then they can get the benefit of personal loans. The maximum PNB personal loan amount is up to 15 lakh Rs and repays in a 12 – 60 months period.
- The starting PNB personal loan interest rates are from 11.90%.
- The loan amount accessible as a personal loan from bank costs from 25,000 Rs to Rs 40 lakhs.
- Especially appropriate for defense workers, central/state management workers, and self-working professionals.
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Bajaj Finserv can help to decrease your financial trouble by offering a secured personal loan. It is a very renowned Non-Banking Financial Institution which provides all the loan facilities along with other financial services such as Credit Card EMI card etc.
- Bajaj Finance is the best in the list of financial institutions that offer personal loans.
- The loan approval process is easy eligibility criteria are also less than other lenders.
- Bajaj Finance personal loan is up to 25 Lakh Rs with interest rates 12.99% for every annum.
- The processing cost for this loan is high as 3.99 percent. The tenure of the loan amount is five years.
- Yes Bank Personal Loan
Yes Bank is a top bank in India for trustworthy personal loan schemes. A personal loan is a ‘small expense’ loan in which money has been borrowed from a bank, credit union, or non-banking financial company (NBFC) to meet personal needs and day-to-day emergencies.
- It offers loans to only salaried and self-employed people.
- The credit values are 1 Lakh to 40 Lakh Rs. An interest cost begins from 10.99%.
- The processing fee is 2.5% of the loan amount exclude sales taxes.
Kotak Mahindra Bank Personal Loan
You can get Kotak Bank’s loan instant and for unavoidable conditions like medicinal emergencies. The essential features of this loan are below.
- Kotak Mahindra Bank provides personal loans up to 15 Lakh Rs. An interest rate varies from 10.50% – 28.00%.
- The processing cost of personal loans is high 2.50 % exclude all the appropriate taxes.
- Kotak Mahindra Bank provides this loan for the least tenure of 1 year.The highest limit for loan term is five years.
- Bank of Baroda Personal Loan
Bank of Baroda offers personal loans at lower interest rates. Bank of Baroda permits you to refinance an accessible personal loan.
- The salaried and self-employed persons can get this personal loan. It gives a maximum amount of 10 Lakh Rs.
- The processing cost of personal loans is 2% that goes as higher as10,000 Rs.
- The loan tenure varies from 12 – 60 months. The starting rate of Interest is 11.40%.
- Tata Capital Personal Loan
Tata Capital loan offers various benefits such as simple documents, no security, and no limit to use. Some features of the Tata Capital personal loan are below.
- Tata Capital offers personal loans to persons on very realistic terms.
- An individual can get the highest loan amount of 25 Lakh Rs. An interest rate varies as of 11.25% to 17.00%.
- The processing cost is changeable and changes according to numerous factors.
- Individuals can find the loan quantity with low EMIs for a tenure of 6 years.
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