A Personal Loan is our best friend in times of crisis. Whenever we face monetary difficulties in life, a medical emergency or are generally falling short of funds, Taking a Personal Loan can help.
With the augmentation of technology into the financial industry and with the increasing simplicity of the credit application procedure, it has become almost hassle-free to use this wonderful financial instrument for meeting the unprecedented cash lapses. All you need to do is search for the best Personal Loan online and apply instantly.
From loan documentation to customer verification, to fund disbursal, everything can be processed online. You do not need to visit the branch even once.
The best part is more and more financial institutions are coming up with great Personal Loan Deals to enhance their customer experience. Whether you need a short term funding for 1 year or a longer duration Personal Loan, there are ample choices to serve your financial needs.
There are a plethora of options from Citibank, HDFC Bank, Kotak Bank, Standard Chartered Bank, ICICI Bank, Axis Bank, SBI Bank, Bajaj Finserv, Fullerton, Capital First and many more. However, as a responsible customer, you must choose the best option depending upon various aspects of the product like interest charges, processing fees documentation process, eligibility criteria, etc.
To ease your journey to search the best Personal Loan, we have compiled a list of the best Personal Loans available in 2019.
HDFC Bank is a leading Personal Loan provider in India. You can entrust on the bank that your loan will be passed without much hassle with minimum documentation. The application process is itself very easy, convenient and fast. HDFC Bank also provides many Pre-approved Personal Loan options to their existing customers who have either an HDFC bank account or an HDFC credit card with them. The bank boasts that pre-approve loans are instantly sanctioned and disbursed within 5 minutes of approval of user’s application, and other applications are also approved in a record-breaking time of 4-5 hours. The bank extends a user-friendly customer care policy and also offer doorstep documentation collection service.
SBI Bank offers multiple kinds of Personal Loans to people depending upon their profile and needs. We have discussed the most popular products below.
SBI Pension Loan is exclusively available for Central Government and State Government employees and pensioners from the Defense Forces. This credit product extends personal Loans at nominal interest rates with minimum processing fees. Any government employee or defense force employee who is less than 75 years of age can avail the benefit of this credit scheme. One can apply for a minimum of Rs. 25,000 credit through this Personal Loan andthe maximum amount depends upon the documents presented.
Xpress Credit Loan by SBI is exclusively provided to those individuals who have their salary account with SBI. The bank extends Personal Loans to their existing customers with lower interest rates, minimal documentation, low processing fees and shorter processing time. The disbursal is also faster for the existing customers.
Xpress Power Loan by SBI is designed for salaried loan applicant, not having their account with the bank. The credit is extended to salaried employees with a minimum of 6Lakh annual income. The loan amount is granted post the completion of documentation.
ICICI Personal Loan is also a very sought after Personal Loan that you can opt for in 2019. They also provide pre-approved Personal Loans for existing customers at ease of documentation and faster processing time. With ICICI Bank, you can get a Personal Loan within less than 3 days once the documentation is completed. The online app of ICICI bank is customer-friendly. You can instantly manage your Loan account with no hassle, whatsoever from your smartphone.
Bajaj Finserv has been actively involved in issuing flexible Personal Loans to customers. It is known for its easy documentation procedure, low-interest rates, and customer-friendly lending policies. In fact, the USP of BFPL is its 24-hour turnaround within which they guarantee that the loan is disbursed. If you are eligible and have a decent score above 650, you can get Bajaj Finserv Personal Loan for up to 25 Lakh with interest rates starting at 12.99%.
Axis Bank is also one such bank that issues Personal Loans catering to specific customers’ needs. It is one of the leading Personal Loan providers in India today. They grant loans to all individuals above the monthly salary of Rs 15,000. Axis Bank Personal Loan fixed interest rates hover between 15.75% – 24% currently and you can take upto a maximum of 15 Lakh loan.
So, the choice of Personal Loans is extensive, and everyone can find a deal according to their specific needs. You must carefully review each product and make an informed comparison. The most important factor to consider while choosing a personal loan is your requirements. Ask yourself why you need a Personal Loan, what EMI size you can afford and for how long you want to run the EMIs. The answers will help you choose the best loan for your personal situation.
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