5 Leading Banks for Personal Loans in India

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People go for a personal loan when there is a cash crunch. Reconsider your decision if you can manage your finances without a personal loan. But if you have already made your decision best loan options in india just looking for the best bank that gives best offers on personal loan then keep on reading till the end.

In general, banks do not ask for any collaterals as security while approving these personal loans. Hence these loans are quick and can be easily availed. However, interest rate could be a hindrance since that is the main cost associated with your personal loan. The higher the interest rate the more you end repaying.

Besides, there are other factors in play such as processing fees, preclosure charges, and so on. Therefore it would be wise to choose the best bank for your personal loan by comparing interest rates, processing fees, preclosure charges, eligibility criteria, and other such important factors. SBI personal loan is accessible to all salaried professionals and self-employed with a minimum of 2 years standing.

SBI provides Xpress credit personal loans to the employees of under noted entities maintaining salary account with SBI. SBI pension loan is for persons who are Central, State Government, or Defence pensioners drawing their pension through one of the SBI branches and are not more than 76 years of age. SBI saral personal loan is available for any legitimate purpose to salaried persons and self employed.

Best loan options in india the name suggests, this loan is provided by the bank to meet any kind of festival related expenses. No preclosure charges will be charged if the account is closed from the proceeds of a new loan account opened under the same scheme. ICICI bank offers you one of the best personal loans at attractive interest rates starting at just Even the interest rate is charged on a reducing balance which means that every month interest will be calculated on the outstanding loan balance as reduced by the principal repayment made in last month.

You can avail a loan upto Rs 25 lakhs without any guarantor or collateral security. The tenure of the personal loan with this bank can be as long as 60 months. For existing ICICI Bank customers, there are attractive benefits such as reduced documentation and automatic pre-eligibility based on your relationship with the bank via a bank account, credit card, or a loan account. You have options to borrow up to Rs 25 lakhs or up to Rs 15 lakhs in case you are self employed without having a guarantor or a collateral security.

Once the documentation is done your personal loan will be disbursed within 2 days and you can also avail an accident cover along with this loan. Rs 1 Lakh per annum Minimum Work Experience 2 years. Also best loan options in india should be a minimum of 1 year with current employer. Earlier, Kotak bank offered personal loan only to salaried employees but now it extends personal loans to all individuals whether they are salaried or self employed.

You can take personal loan in range of Rs 50, to Rs 15 lakh. Axis bank offers great features and benefits on its personal loans such as least processing fee, no prepayment, and no preclosure charges. If you are not sure about the repayment period then axis bank is a good option for you. Citibank personal loan is specially meant for the salaried class as salaried persons can get a personal loan at a lower interest rate compared to the self employed class.

In addition, Citibank personal loan starts at the lowest rate of Bajaj Finserv offers personal loan only to salaried professionals at very competitive rates starting from Besides, Bajaj Finserv has the lowest average interest rate as compared to the other banks. That means you can get an instant loan granted within 5 minutes and the loan amount is disbursed within 48 hours. Depending upon your eligibility, your loan amount can be up to Rs.

Standard Chartered has one of the best online personal loan services for unsecured best loan options in india in India. Bank offers loan upto Rs 30 lakh which you can repay within 60 months. Even the personal loan interest rate starts at just Tata Capital is one of the leading non-banking financial companies in the country offers personal loans to both salaried professionals and self employed.

Tata capital offers personal loan upto Rs 25 lakh for a period upto 72 months. Personal loan interest rates are not fixed even best loan options in india customers of the same bank. CIBIL score reflects your repayment ability. Low credit score implies that there are higher chances of defaulting on loan payments whereas a high score not only increases the chances of getting loan approval but also getting low interest personal loan rates for best loan options in india.

As a result, the personal loan interest best loan options in india is cheaper best loan options in india the salaried individuals than the self employed individuals.

A clear cut difference. Best loan options in india level is always the indicator of the financial status. Higher the income best loan options in india, higher will be the financial status and higher is the probability of repayment of loan.

Therefore, banks impose a certain minimum income clause in the eligibility criteria. Besides, in some cases the income level is the deciding factor of interest rate. Interest rates could also vary due to the loan amount. Some banks fix loan amount slabs for deciding the interest rates. So, if you are looking for a bigger personal loan you will be able get one at a lower interest rate.

Employer reputation is also a contributing factor that decides the interest rate. If the borrower is working with a reputed company, there are higher chances of getting a loan at a lower interest rate. Your prior relation with the bank also affects the interest rate at which you can avail personal loan. If you have a good relation with the bank, there are decent chances of getting the loan at lower rates. In general, banks charge lower interest rates for customers who have been with them for a long time.

As a result, many times borrowers end up paying a decent sum of money as charges. Your email address will not be published.

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