It is a fact that personal loans come to the aid of those who are struggling to overcome the financial crisis, but it involves a huge rate of interest. Therefore, it is advisable not to take advantage of this feature else, you could end up in a financial mess.
Most of the people might be wondering how to choose the best available personal loan deal. Quite a few make a decision just based on the interest rate and ultimately arrive at picking the wrong option.
Yes, the rate of interest is indeed a crucial factor to be taken into consideration. Apart from that, you should consider the lenders who are willing to grant adequate loan amounts based on your monthly income and financial stability.
It would enhance the level of comfort once the loan amount is procured and pay minimum processing fees. You should consider choosing reliable financial institutions that grant personal loans at an attractive rate of interest (ROI) with flexible repayment tenure. Nowadays, several banks and NBFCs are providing personal loans to needy people. Let’s have a look at some of the best banks indulged in providing personal loans to the customers: —
- State Bank of India
- HDFC Bank Personal Loan
- Bajaj Finserv Personal Loan
- Yes Bank Personal Loan
- Kotak Mahindra Bank Personal Loan
- Bank of Baroda Personal Loan
- ICICI Bank Personal Loan
- Axis Bank Personal Loan
- CitiBank Personal Loan
- Tata Capital Personal Loan
- State Bank of India:—
State Bank of India provides some of the best personal loans to people residing in India. They charge a minimum processing fee of 1% as against the loan amount. SBI grants two types of personal loan plans namely SBI Express Power personal loan and SBI Xpress Credit Personal Loan.
Both self-employed individuals and salaried professionals residing in India could apply for a personal loan worth Rs.15 lakhs with an interest rate starting from 10.50% to 16.55%. The loan repayment tenure is about five years.
- HDFC Bank Personal Loan:—
HDFC banks provide personal loans starting from Rs.40 lakhs and the rate of interest is charged around 10.75% to 21.30% per annum. The minimum loan amount provided is Rs.50, 000. They charge a processing fee of 2.5% inclusive of general sales tax.
- Bajaj Finserv Personal Loan:—-
Bajaj Finance tops the list of leading financial institutions in providing personal loans. The chances of getting your loan amount approved are quick. Eligibility requirements are much better when compared to that of previous financial institutions.
An individual could apply for a personal loan up to Rs.25 lakh and the interest rate is charged around 12.99% per annum. Processing fees levied by Bajaj Finserv is 3.99%. The loan repayment tenure extends to five years.
- Yes Bank Personal Loan:—
Yes Bank is yet another leading reliable financial institution that offers personal loan schemes for both salaried professionals and self-employed individuals. The loan amount starts from Rs.one lakh to forty lakhs and the interest rate is around 10.99%.
The processing fee is charged at 2.5% of the total loan amount inclusive of standard sales tax. The loan repayment tenure is about five years.
- Kotak Mahindra Bank Personal Loan:–
The personal loan provided by Kotak Mahindra Bank is meant for salaried professionals and self-employed individuals. They provide personal loans starting from 15 lakhs and the rate of interest is 10.50% to 28.00%.
Kotak Mahindra Bank charges a processing fee of 2.50% inclusive of all taxes. Minimum and the maximum loan repayment tenure are one year and five years respectively.
- Bank of Baroda Personal Loan:—
Bank of Baroda is currently one of the leading banks that provide personal loans at a lower rate of interest. The personal loan amount provided by this bank is ten lakh while the processing fee is 2%. The loan repayment tenure starts from twelve months to sixty months and the interest rate is 11.40%
- ICICI Bank Personal Loan:—
ICICI bank is yet another prominent bank that grants personal loans to applicants at an attractive rate of interest. Individuals do have the option to avail personal loan amount of Rs.20 lakhs. They charge a rate of interest starting from 11.25% to 22%. ICICI bank levies a processing fee of 2.25% inclusive of all taxes.
The personal loan repayment tenure extends up to five years. One of the major highlights regarding this particular bank is that the loan amount could be repaid in a hassle-free manner. Therefore, those people who are planning to apply for a personal loan should consider approaching ICICI Bank.
- Axis Bank Personal Loan:—
Axis Bank is yet another renowned financial institution that grants a personal loan with additional benefits. Individuals could avail of a personal loan amount of Rs.15 lakh and the rate of interest is charged at 12% to 24%.
Axis bank levies a processing fee of 2% inclusive of general sales tax. An attractive feature regarding this bank is that they do not charge extra fees for pre-closure of the loan. The minimum and maximum loan tenure for a personal loan is 12 months and sixty months.
- CitiBank Personal Loan:—-
Citi Bank grants personal loans to salaried professionals with a flexible rate of interest. They could apply for a personal loan of Rs.30 lakh and the interest charge starts from 10.99% to 16%. Citi Bank levies a processing fee of 3% while the maximum loan repayment tenure is around sixty months.
- Tata Capital Personal Loan:—
Tata Capital is yet another authentic financial institution that grants the personal loan at a reasonable rate of interest. Applicants do have the option to avail of a loan amount starting from Rs.25 lakh and the rate of interest starts from 11.25% to 17%.
Processing fees might vary based on several criteria. An individual could procure the loan amount with a minimum EMI and the maximum tenure extends to six years.
Conclusion:
If you are planning to apply for a personal loan, it is suggested to perform a comprehensive search regarding lenders and the rate of interest charged by them. Compare and go through the reviews posted by the customers who had previously availed of a personal loan. You can go with Money View, a trustworthy financial institution known for providing loans at an affordable ROI.
