As you move forward in your life, you face all sorts of financial situations. No matter what type of event occurs in your life, you find yourself spending money on a whole lot of things. Such expenditures sometimes could be overwhelming to the extent that you find yourself in need of urgent loans. This is where Personal Loans come in picture.
A Personal Loan is an unsecured loan which you can acquire from a bank to cover unprecedented expenditures. These situations may include educational expenses, emergency medical situations, and cash lapses for home renovation.
However, it is imperative to Opt for a Personal Loan, after proper research. A poor decision might leave a bad impression on your credit history, and you may soon find it troublesome to repay the loan or need another personal loan in the future!
There is no shortage of low-interest loans offers in the market. Indeed, a lot of banks in India are aggressively offering Personal Loan options for a varied segment of people. You can conveniently choose any Personal Loan in India as per your requirements.
The most basic requirement for acquiring a Personal Loan is fulfilling the eligibility criteria. The eligibility criteria contain very basic clauses that almost anyone can easily fulfill. After meeting the eligibility criteria, consider interest rates, the loan amount you want to acquire, the loan tenure for which you want to run the loan, and the monthly EMIs. All these things are essential to consider before choosing the best suited Personal Loan.
Different banks offer various packages with added benefits. Let’s discuss the top 10 banks offering the best Personal Loans in India. Though, you must read all the terms & conditions carefully before signing the loan agreement.
|Top Bank Interest Rates||Interest rate (%)||EMI (In Rs)|
|SBI Personal Loan Interest Rate|| |
|HDFC Personal Loan Interest Rate|| |
|Bajaj Finserv Personal Loan Interest Rate|| |
|YES Bank Personal Loan Interest Rate||10.99%||Rs. 2,174|
|Kotak Mahindra Bank Personal Loan Interest Rate||11.25%||Rs. 2,187|
|Bank of Baroda Personal Loan Interest Rate||11.40%||Rs. 2,194|
|ICICI Persona Loan Interest Rate|| |
|Axis Bank Personal Loan Interest Rate||10.85%||Rs. 2,167|
|Citibank Personal Loan Interest Rate||10.99%||Rs. 2,174|
|Tata Capital Personal Loan Interest Rate|| |
State Bank of India (SBI) provides the best Personal Loans to the citizens of India. With low processing fees up to 1 % (excluding taxes) of the loan amount, SBI offers various Personal Loan plans including SBI Xpress Power Personal Loan and SBI Xpress Credit Personal Loan. All the adult salaried and self-employed individuals in India who are the citizens of India can apply for these Personal Loans up to Rs.15 Lakh with the interest rates ranging from 10.50% to 16.55%. SBI offers the loan tenure up to 5 years.
HDFC Bank offers Personal Loans up to Rs.40 Lakh with the interest rates ranging from 10.75% to 21.30% per annum. The minimum amount of the Loan offered is Rs.50000. The processing fee for the Personal Loan goes up to 2.5 % with the applicable general sales tax.
Bajaj Finance stands high in the list of best financial institutions which provide Personal Loans. The loan approval rate is better. The eligibility criteria are also milder than other lenders. You can apply for Bajaj Finance Personal Loan for up to Rs.25 Lakh with the interest rates starting from 12.99% per annum. The processing fee for this loan goes as high as 3.99 %. The maximum tenure for the loan amount is 5 years.
Yes Bank is yet another leading bank in India for attractive Personal Loan schemes for salaried and self-employed people. The credit ranges from Rs.1 Lakh to Rs.40 Lakh with the interest rates starting from 10.99%. The processing fee can go up to 2.5 % of the loan amount excluding the general sales taxes. The maximum loan tenure offered by Yes Bank is 5 years.
Kotak Mahindra Bank Personal Loan is for all salaried and self-employed Indian citizens. Kotak Mahindra Bank offers Personal Loans up to Rs.15 Lakh with the interest rates ranging from 10.50% to 28.00%. The processing fee of Kotak Mahindra bank personal loan goes as high as 2.50 % excluding all the applicable taxes. Kotak Mahindra bank offers this loan for the minimum tenure of 1 year, and the maximum limit for loan tenure is 5 years.
Bank of Baroda is one of the best banks which offer personal loans at low-interest rates. The salaried and self-employed individuals can get this personal loan in the maximum amount of Rs.10 Lakh. The processing fee of this Personal Loan is 2% which goes as high as Rs.10, 000. The loan tenure ranges from 12 months to 60 months. Interest rate starting from 11.40%.
ICICI Bank is one of the top banks providing personal loans to individuals at low-interest rates. The maximum loan amount a user can get is Rs.20 Lakh. The interest rates of ICICI Bank Personal Loan ranges from 11.25% to 22.00%. The processing fee of this loan goes up to 2.25 % excluding all the applicable taxes. Individuals can acquire this Personal Loan for maximum loan tenure of 5 years. One of the attractive features of ICICI Personal Loan is the ease of loan prepayment that comes along. If you have plans to prepay your loan, you must consider a Personal Loan from ICICI Bank.
Axis Bank is one of those banks which provide Personal Loans with a lot of attractive add-on benefits. You can avail a Personal Loan up to Rs.15 Lakh at an interest rate ranging from 12.00% to 24.00% per annum. The processing fee starts from 1.5 % to 2 % excluding the general sales taxes. Axis Bank does not charge any fee for pre-closure. The minimum loan tenure for this Personal Loan is 12 months, and the maximum loan tenure is 60 months.
Citi Bank offers Personal Loans to salaried individuals with reasonable interest rates. Salaried individuals can take loans for the maximum amount of Rs.30 Lakh with the interest rates ranging from 10.99% to 16.49%. Citi Bank offers Personal Loans for a processing fee of up to 3 %, and the maximum loan tenure is 60 months. Being a Citi customer, you can expect a better rate of interest and other additional benefits.
Tata Capital offers Personal Loans to individuals on very reasonable terms. An individual can take a maximum loan amount of Rs.25 Lakh with the interest rates ranging from 11.25% to 17.00%. The processing fee is variable and changes depending upon a number of factors. Individuals can get the loan amount with lower EMIs for a maximum tenure of 6 years.
As you know the basic features of top 10 Personal Loans in India, you can choose the one that is best suitable for your needs.
To apply online for Best Personal Loan for Pensioners, Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.