Have your eye on that dream home? Or maybe it’s a car. How about a nice vacation? Some might just be in need of monetary assistance. Fear not for the answers to all your dreams and also problems is a well thought out personal loan. Of course not to be taken lightly as personal loans may become cumbersome to repay but if well planned, then a personal loan will help you to enjoy the finer aspects of life or even get out of any financial trouble you may be having.
The next obvious question is where to apply for a personal loan? Or what is the personal loan interest rate? It may become confusing given the vast number of institutions; banks and NBFCs; available out there. One has to consider many things other than the rate of interest. So here is a curated list of the best establishments to consider applying for a personal loan. Furthermore, there are also various personal loan offers that we can avail.
1. State Bank of India personal loans
- Available for salaried or self-employed individuals under the aegis of SBI Xpress Credit Personal Loan
- Interest varies from 10.90% to 15.30% p.a.
- Individuals within the age of 21 – 60 years eligible
- Processing fee – 1% + applicable tax
- Loan limit of Rs. 15 Lakh
- Minimum income required is Rs 5000 per month.
- Can be taken for a tenure of 60 months or when residual service ends
- Reasons to apply
- Lucrative interest rate
- The hassle-free fast online process
- No hidden fee
2. ICICI Bank personal loans
- Attractive loan rates are available.
- Interest varies from 10.99% – 18.49%
- Age limit: for salaried within 23-58; for self-employed 25-65
- Processing fee – Up to 2.25% p.a. of loan amount + applicable tax
- Prepayment charge – 5% of the initial amount + applicable tax
- Up to Rs. 20 lakh can be approved
- Reasons to apply
- Very competitive interest rates
- High ethical standards
- Almost instantaneous approvals
3. HDFC Bank personal loans
- Among the leading private sector with various products and options at affordable interest rates. Allows self-employed individuals without collateral security.
- Interest varies from 11.50% to 21.50%
- Individuals within the age of 21 – 60 years eligible
- Processing fee – Up to 2.5% minimum being Rs. 1999
- Up to Rs.15 Lakh can be applied for
- Applicant must have a minimum income of Rs. 15000 per month
- Tenure of 12 – 60 months
- Reasons to apply
- Special offers/benefits for top corporate personnel
- No hidden charges
- Minimal effort loan approval
4. Kotak Mahindra Bank personal loan
- Available for all salaried or self-employed.
- Interest varies from 10.99% to 20.99%
- Individuals within the age of 21 – 58 years eligible
- Processing fee – Up to 2.5% of the loan amount plus applicable tax and levies
- Prepayment charge – Lock-in period of 12 months thereafter 5% foreclosure plus GST on the principal
- The loan can be approved up to 15 Lakhs.
- The repayment schedule of up to 60 months
- Reasons to apply
- Refinancing of existing loan allowed
- No security/collateral required.
- Hassle-free approval process
5. Axis Bank personal loan
- A bank with a good reputation having lots of appealing products catering to the masses.
- The interest varies from 16% to 24%
- Individuals within the age of 21 – 60 years eligible
- Processing fee – 1.5%-2% with applicable tax
- Loan limit of Rs. 15 Lakh
- Must have a minimum income of Rs. 15000 per month
- Tenure of 60 months
- Reasons to apply
- A reputable bank with good ethics
- No foreclosure charges
- Minimal documentation approval
6. Citibank personal loan
- A leader in world banking it offers lower interest rates to the salaried than to the self-employed individuals.
- Interest varies from 10.99% to 18.99%
- Processing fee – Up to 3%
- Loan limit of Rs. 30 Lakh
- Late fee – 24% p.a.
- Pre-closure charge – 4%
- Tenure of 1 – 5 years
- Reasons to apply
- Lots of special offers available
- Citibank customers get personalized offers and minimal documentation approval.
- Options available for full and part prepayment
7. Bajaj Finserv personal loan
- The leading NBFC of the country with lots of affordable and varied products. Among the most competitive rates available.
- Interest varies from 10.99% to 16%
- Individuals within the age of 25 – 58 years eligible
- Processing fee – 2.25% – 3%
- Loan limit of Rs. 25 Lakh
- Must have a minimum income of Rs. 30000 per month
- Tenure of 12 – 60 months
- Reasons to apply
- 48-hour disbursal
- Wholly online process
- No partial pre-closure charge
- Flexible repayment process
8. Bank of Baroda personal Loans
- The 3rd largest public sector bank provides smooth and efficient services and provides loans to both salaried and self-employed individuals.
- Interest – 11.60% to 16.60%
- Processing fee – 2%
- Pre-closure charges – if within 6 months 6%, no charge after 6 months
- Loan limit of Rs. 10 Lakh
- Tenure of 12 – 60 months
- Reasons to apply
- Best for individuals looking to apply for small personal loans such as Rs.20000
9. Standard Chartered Bank personal loan
- Loans are allowed for various reasons such as weddings, home renovation etc. with good repayment schedules.
- The interest varies from 11.99% to 19%
- Individuals within the age of 23 – 58 years eligible
- Processing fee – 1%
- Loan limit of Rs. 30 Lakh
- Tenure of 12 – 60 months
- Reasons to apply
- No pre-closure charges
- No guarantor/collateral/security necessary
10. Tata Capital personal loan
- Easy loans available with minimal efforts
- The interest varies from 11.25% to 19%
- Individuals within the age of 25 – 65 years eligible
- Processing fee – 2%
- Pre=closure charges – 4%
- Loan limit of Rs. 25 Lakh
- Tenure of 12 – 84 months
- Reasons to apply
- Minimal paperwork required for approval
- Loans starting from Rs. 75000
- Longer tenure of loan available
These are the current market leaders in providing personal loans. Remember when applying for a loan, please go through the entire loan proposal and all the intricacies involved. Visit a number of banks weigh out all possible options and make a well informed decision then.