Before finding a bank for a personal loan, initially you should ask yourself why do you even require a personal loan? A personal loan shouldn’t be always taken to meet emergency conditions!! A personal loan is not always referred to be a good option due to the high-interest charges and that is why it is considered as a last option. Well, who would like repaying their loans within 3 to 6 months? When a person takes Rs. 100,000 loan for 3 months at the interest of 24 percent and at the end they finally end up re-paying over Rs. 1,10,000.
But it is equally great when a personal loan help you meet as well as overcome short term financial crisis. As long as you do not misuse the personal loan, you do not have to worry about anything. You can take a personal loan from a bank as well as from a private company.
Continue reading to know a list of all the best banks to purchase a personal loan for you at the earliest:
1) State Bank of India
Personal loan offered by State Bank of India (SBI) is accessible to every salaried professional as well as self-employed person with a minimum of 2 years standing.
State Bank of India (SBI) provides personal loan under total three groups namely SBI Xpress Power Personal Loan, SBI Xpress Credit Personal Loan and SBI Pension Loan.
2) HDFC Bank
HDFC Bank offers you numerous options to acquire from Rs. 50,000 to Rs. 40 Lakhs with no guarantor as well as collateral security. You can acquire a HDFC personal loan once you have all your documents at right place. You do not have to worry if your documentation is complete. Yes, your personal loan can be disbursed within less than 4 hours. Plus, the existing customers of HDFC Bank can get loan approvals in just 10 seconds. And at a nominal premium, you can also acquire critical illness or an accident insurance cover along with loan.
3) Axis Bank
Are you not sure about the repayment period? If yes, then Axis bank is one of the best options for you. Axis bank provides no part payment charges or foreclosure on your personal loans as well.
At the time of application, one can select the option to repay the loan in 60 months. And if you wish to repay your loan amount before due time then you will not have to pay any pre-closure charges.
4) Bajaj Finserv
Bajaj Finserv provides personal loan only to salaried professionals. Their loan procedure is completely online. Yes, you can acquire instant online loan approval as well as your loan amount will be disbursed within 24 hours. Bajaj FinServe stands as the only financial organization that let you repay the complete outstanding loan amount after your very first EMI.
5) Bank of Baroda
Bank of Baroda provides personal loans to both salaried as well as self-employed individuals. Based upon your eligibility, you can get loan amount up to Rs. 10 Lakh for a maximum tenure of up to 60 months. Yes, Bank of Baroda is an excellent option for people who are planning to purchase a personal loan for just a small amount of Rs. 20,000.
6) Standard Chartered Bank
Standard Chartered Bank has one of the lowest starting interest rates of 10.89 per cent. The interest rates on personal loans range from 10.89 per cent to 21 percent for the loan amount of up to Rs. 30 Lakhs.
7) CitiBank Personal Bank
Citibank gives preference to the salaried class for personal loans. The salaried person can get a personal loan at a lower interest rate compared to the self-employed person.
Additionally, Citibank personal loan begins at the lowest rate of 10.99 percent particularly for Citibank’s salaried borrowers employed of reputed companies.
8) ICICI Bank
ICICI bank personal loans interest rates begin at just 10.99%. Anyone can purchase loan up to Rs. 20 Lakhs with no guarantor as well as collateral security.
And for all the existing customers of ICICI Bank, there are numerous benefits such as automatic pre-eligibility condition & reduced documentation.
All the above-mentioned advantages are depending on a person’s relationship with the bank that can be through a bank account, credit card, or any other loan account.
9) Kotak Mahindra Bank
Kotak Mahindra Bank provides personal loans to every person, that is, both salaried as well as self-employed. Any person can acquire a personal loan from Rs. 50,000 to Rs. 15 Lakh along with an interest rate from 10.99 per cent to 24 per cent.
10) Tata Capital
Tata Capital provides personal loans of up to Rs. 25 Lakh. Yes, you can even acquire low EMI as the personal loans are for a long period of up to 72 months.
Now that you know all the best banks, do not waste more time. Go for it!!!