Personal Loans are a good source of financing for people who sometimes want to splurge. Occasionally you may want to take that unplanned vacation, buy that gadget that you have always been looking at, or plan a dream wedding. A quick and affordable Personal Loan can be just a step in the direction to make that dream come true.
At the same time, a lot of times, Personal Loans come out as a necessary source of funding for contingency situation. There is no restriction, whatsoever, on the purpose of use of funds. You can avail a Personal Loan without collateral or guarantor according to your repayment capacity and financial situation. So whether you need additional capital for your home-based business, or need some extra funds for enhancing your vocational skills or pay for a hefty medical bill or home renovation, you can avail a small Personal Loan at an affordable price, and take care of your financial woes in a more subtle manner.
Let’s explore the Best Personal Loan Interest Rates offered by the top lenders in India. Whether you need urgent funds for leisure or eventful situation, use these options to meet the cash lapses.
SBI is one of the most trusted names in the country. The financial products and services by SBI are always in demand, owing to the enormous network reach of the banking major. Coming on to Personal Loans, SBI offers a wide variety of unsecured loans at an attractive interest rate and customer friendly terms. The Personal Loan Products by SBI include Xpress Credit Loan, SBI Pension Loan, and Xpress Power Loan.
Here are the details of SBI Personal Loans:
HDFC Bank is the leading private sector lender in the country. You can apply for an HDFC Bank Personal Loan online with just a few clicks of the mouse. Likewise, you can check your eligibility in a couple of minutes and apply for the loan.
Quick loan disbursal coupled with the easy processing charges makes HDFC Personal Loan a preferred funding source for many people.
ICICI Bank Personal Loan Interest Rates start at an attractive rate of 10.75% annually. The rate of interest is calculated on the reducing balance method, and thus makes EMIs affordable.
Minimum salary: Rs. 17,500p.m. (and people who reside in Mumbai, it is a minimum of Rs. 25,000 p.m.)
Credit Score: For availing an ICICI Personal Loan, your credit score should be a minimum of 700
Loan disbursal: The loan is disbursed in a matter of 72 hours depending on how soon and accurately you submit all your documents.
Kotak Mahindra Bank is a preferred lender for many owing to the ease of applying for the loan. Earlier, the bank used to offer Personal Loans only to the salaried professionals, but now they have started offering unsecured loans to self-employed and business people as well. Here is a quick outlook on Kotak Personal Loan:
Best benefit: If you are an employee of a large company, Kotak Mahindra Bank offers you more schemes and discounts. You can also refine the existing Personal Loan that you have and top it up too!
Now that you are aware of some of the best Personal Loans offered by the leading banks of India, you are well equipped to make an informed pick. While doing so, make sure you choose a bank which provides the most competitive interest rate, while enabling you to repay the loan in the flexible yet efficient manner. After all, your repayment behaviour will not only help you score well on your credit ratings but will also ensure that your future loan applications get quick approvals!
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.