5 Best Banks for Personal Loan in India in 2019

5 Best Banks for Personal Loan in India in 2019

Personal Loans are cash advances which you can generally seek without any collateral from a bank or a financial institution. These loans are availed to meet expenses which cannot be met by availing any of the specific loans. Purposes like meeting wedding expenses, going for extravagant holidays, renovating homes, etc. are a few common reasons why people Apply for Personal Loans. These are generally subject to high rates of interest because they are granted without any loan security.

 

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Top Personal Loans in India- 2019 List

1. HDFC Bank Personal Loans

Eligibility criteria

  • 21 to 60 years of age.

  • An employee with a public sector unit or a private company.

  • A minimum monthly salary of Rs. 15000.

    A minimum monthly salary of Rs. 20000 for Mumbai, Delhi, Chennai, Bangalore, Kolkata, Pune, Hyderabad, Ahmedabad and Cochin.

  • Minimum work experience of 2 years with at least one year in the current organisation.

Amount of loan– The amount of loan offered may range from Rs. 50,000 to Rs. 40 lakh depending on the applicable terms and conditions.

Tenure- One may opt for a repayment tenure ranging from 12 months to 60 months.

Applicable interest rate- Minimum interest rates applicable for salaried and self-employed professionals is 11.25% and 13% p.a. respectively. The rack rate is 15.5% to 21.5% p.a.

Documentation

  • If you are an existing customer who is KYC Compliant, the loan may be disbursed without any document.

  • If you are a new customer, it would be mandatory to submit a photograph, an identity proof, an address proof, income proof, and your bank statement for the last six months.

Other applicable charges

  • Processing fee- Processing fee applicable is 2.50% of the loan amount and is subject to a minimum and maximum of Rs. 2999 and Rs. 25000 respectively.

  • Prepayment charges- Prepayment cannot be made within the first 12 months of seeking the loan. The charges would be 4%, 3%, and 2% if done between 13 to 24 months, 25 to 36 months, and after 36 months of loan sanction.

  • Part payment- Part payment may be done up to 25 % of the principal outstanding once in a year, and this is limited to twice during the total repayment tenure.

Why is it most recommended?

  • The pre-closure charges post 3 years are the least compared to other banks.

  • Convenient and fast approvals. Paperwork is minimal.

  • Convenient re-payment options available.

  • No hidden charges.

2. Allahabad Bank Personal Loan

Eligibility-

  • Existing account holders of Allahabad Bank who are aged 18 years and above.

  • Allahabad Bank employees, including those who are retired.

Mode of seeking loan: Individual account holders may avail the Personal Loan or overdraft facility by visiting the bank branch or by accessing internet banking. Joint account holders have to visit any of the branches to avail of this facility. The overdraft amount is extended by creating a lien over existing bank deposits.

Amount- The minimum amount extended is Rs. 10,000. There is no maximum limit in this regard.

Rate of interest- Interest is charged at a rate which is 1% higher than the rate extended on the bank deposit. This rate is restricted to 0.5% if the overdraft facility is availed by any of the employees.

In case the bank deposit matures, it is renewed at a different rate. The rate of interest applicable to the overdraft shall be modified accordingly.

Other charges- Processing charges are not applicable to these loans. It is free of cost facility.

Repayment clauses

Repayment is to be made on demand once the amount outstanding, including the interest payable, reaches 95% of the total value of the bank deposit held.

3. ICICI Bank Personal Loans

Documentation- Bank would require your KYC documents and income proof for sanctioning a Personal Loan.

Amount of loan- You can Apply for a ICICI Bank Personal Loan in the range of Rs. 50,000 to Rs. 20 Lakh. Application for the same would be approved by the bank post considering your age, income level, and repayment capacity.

Tenure- You may choose loan tenure of 12 to 60 months depending on your convenience.

Rate of interest- ICICI Bank offers Personal Loans to its customers at attractive interest rates ranging from 11.25% to 17.99% per annum. Interest would be calculated on monthly reducing balance method. The interest rates would not change during the tenure of the loan.

Other charges applicable- Other charges associated with ICICI Bank Personal Loan are as follows.

  • Processing charge- Up to 2.25% of the amount of loan

  • Prepayment charges- 5% of the outstanding principal amount

  • Loan cancellation charges- Rs. 3000

    All these charges would also be subject to GST.

4. Fullerton India Personal Loans

Eligibility norms

  • Residing Indian citizen

  • 21 to 60 years of age

  • An employee with a public sector unit or a private company

  • A minimum monthly salary of Rs. 15000

  • Minimum work experience of 2 years with at least one year in the current organisation.

Amount of loan- Fullerton India extends instant Personal Loans of up to Rs. 25 Lakh to its customers. This is subject to fulfilment of pre-defined norms.

Documentation- Simplified, hassle free, paperless and prompt documentation process.

Tenure- Flexibility of repayment tenure extending up to 60 months from the date of loan sanction.

Rate of interest- Fullerton offers Personal Loans to salaried people as well as self-employed people at rates ranging from 10.99% to 40% p.a.

Other applicable charges-

  • Processing fee- A processing fee up to 6.5% of the loan amount is applicable.

  • Foreclosure charges- Foreclosure is not allowed in the first 6 months of the loan agreement date. Foreclosure charges are applicable at the rate of 7%, 5%, and 3% if foreclosure is done between 7 to 17 months, 18 to 23 months and 24 to 35 months from the agreement date respectively.

  • Other payables- Charges are also levied for delay in EMI payment, Collection of cheque or cash and loan cancellation charges.

Additional benefits- Digital query servicing, availability of expert guidance, and access to top-ups on fulfilment of terms and conditions. This is one of the best Personal Loan options for people who do not have adequate documentation.

5. State Bank of India Personal Loans

Eligibility criteria-

  • Salaried employees working with private companies and public sector units and self-employed professionals.

  • People with a work experience of more than 2 years with at least 12 months at the place of current employment.

Amount of loan- The amount of SBI Personal Loan may vary from Rs. 25,000 to Rs. 15 Lakh.

Types of Personal Loans- State Bank of India offers a range of Personal Loans to cater to a diverse segment of customers. These loans include Xpress Credit Personal Loan, SBI Pension Loan, and SBI Xpress Power Loans.

Tenure of the loan- The repayment tenure may be chosen from 12 months to 48 months.

Interest rate applicable– The lowest rate of interest offered by SBI is 12.5%.

Other charges-

  • Processing charge payable varies from 2% to 3% of the loan amount.

  • Prepayment and pre-closure charges are not applicable for Personal Loans availed from SBI.

Why should you opt for a Personal Loan from SBI?

  • SBI offers one of the cheapest rates of interest, thus offering one of the best Personal Loan options.

  • No hidden charges are associated with the SBI Loan.

  • Pre-payment and pre-closure charges do not apply, which gives it the most significant edge compared to other banks.

  • Specialised Personal Loan products are there to cater to pensioners and older age group.

 

Also Read: Loan on Aadhaar Card – Impact of Aadhaar Card on Personal Loan

 

To apply online for Best Credit Cards in India,  Secured Loans and Unsecured Loans, visit mymoneymantra, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

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