In this fast-paced World, you must possess more money to fulfill you and your family’s needs these days. Some people earn enough amount and some others might not have the ability to meet their requirements. In such a situation, a personal loan gives hands to clients based on certain terms and condition.
The personal loan is one of the loans issued to both working professionals and self-employed persons to satisfy their basic needs instantly. These loans are called as unsecured loans as it doesn’t require any assets and it is provided based on the various criteria like income level, credit history, confirmation to the repayment.
Generally, personal loans are claimed for expenses like a house, medical bills, vacations, luxurious Indian marriage, and other unexpected expenses. If you are looking for the best banks for personal loan go-through this article.
The 08 Best Personal Loans India in 2019
State Bank of India Personal Loan
State Bank of India is one of the leading banks which is providing the personal loan for all the professionals and working employees. This bank offers personal loan under three divisions; SBI Pension loan, Xpress Credit Loan, and SBI Saral Personal Loan.
SBI bank issues up to 15 lakhs of rupees for an individual in the age limit between 21 and 60 years. The minimum income required by this bank is 5000 rupees per month.
You can repay the bank loan within 48 months or according to the instruction provided in the bank. SBI can issue the personal loan under various categories with lower interest rates. It has the largest network to provide the loan for people living across the country
ICICI Bank Personal Loan
ICICI bank is well known for its attractive personal loan rates ranging from 10.99% p.a. the main concept of ICICI bank personal loan is that interest is charged depending on the reduced balance. In simple words, it can be explained as that you have to pay only the interest rates for the pending loan balance every month.
They provide the personal loan amount based on the age limit and salary of an individual. You can avail up to 20 lakh and it should be paid from 12 to 60 months. If you are a salaried person you can get ICICI personal from 23 to 58 years. For the self-employed persons, they set the age limit as 25 to 65 years. The prepayment charge of personal loan obtained from the bank 5% p.a in addition with GST.
HDFC Bank Personal Loan
HDFC is one of the growing private sector banks which provide a number of banking products or loans at an affordable rate. As a self-employed person, you could obtain up to 15 lacs as a personal loan without giving any guarantee or security to the loan.
The minimum amount required by the HDFC bank is 15,000 per month. The tenure amount of loan is from 12 months to 60 months. The specialty of this bank is that there are a low processing fee, easy repayment process, and no hidden charges. They make special offers for the high corporate personnel with the personal loan.
Kotak Mahindra Personal Loan
Kotak Mahindra Bank is best for all people who want a personal loan for an essential purpose. You can get the Kotak’s bank loan for unexpected expenses such as child education, wedding, home renovation, traveling and much more.
You can avail the loan whether you are salaried or self-employed persons. You must be in the age limit between 21 to 58 years to get the maximum amount of 15 lacs from a personal loan. The interest rate of Kotak’s personal loan is from 10.99% to 24% p.a.
Axis Bank Personal Loan
If you are looking for the best bank for personal loan with better benefits and features like lower processing fees, attractive interest rates, and flexible repayment tenure Axis bank is a great option for you.
The interest rates of axis bank are from 15.5% to 24% p.a. and there are no prepayment charges. The personal loan amount of axis bank ranges from 50,000 to 15 lacs and it should be repaid within 60 months. You can avail the personal loan in axis bank even if you have a minimum requirement with quick approval.
Bajaj Finserv Personal Loan
Bajaj Finserv is a Non-Banking Financial Company (NBFC) which offers various kinds of bank products. In this company, you can get up to 25 lacs in the personal loan which is relatively high when compared to other banks. You can claim the personal loan at the reasonable interest rate from 13.99% to 16% p.a in Bajaj Finserv.
The age limit to get the personal loan in Bajaj Finserv is 25 to 58 years and the minimum income required is Rs.30,000. As the loan process are maintained online you can get the loan amount within a few days of application. Also, you have flexible terms for repayment. The tenure period for repayment of a personal loan from Bajaj Finserv is 12 to 60 months.
Bank of Baroda Personal Loan
Bank of Baroda is a bank located in India for over many years where you can get the best personal loan interest rates. You can get the personal loan up to 10 lacs either you are self-employed or working professional based on your eligibility to repay the tenure within 4 years.
The interest rates range from 11.60% to 16.60% per annum. This bank doesn’t receive any pre-closure charges after 6 EMIs. Also, the processing fee is only 2% and so you can save money on it. Bank of Baroda is the best option for people who need a small personal loan of an amount like 20,000 rupees.
Citibank Personal Loan
Citibank is one of the loan providers which offer low-interest rates for the salaried personnel when compared to the self-employed individuals. The main benefit of this bank is that you can avail up to 30 lacs of the amount with an interest rate of 10.99% to 17.99% per annum.
The processing charge for the personal loan in Citibank is up to 3% and the pre-closure charge is 4%. The loan tenure period of personal loan in this bank is from 1 to 5 years. The specialty of Citibank is that it requires minimal documentation, fixed interest rates for monthly payments, full and part-prepayment choices.
Thus, these are the best personal loan providers in India where you can avail it with more benefits. Hope that now you are clear that which bank is best for personal loan in India. Nowadays, you can apply for the personal loan online and avail it as earlier.
You have to do good research on various banks and opt out the bank which really suits your requirement. Make sure that you are obtaining the personal loan for important aspects and you could repay the amount every month. Get the best personal loan and Reduce your Burden!