One of the best financial products that a borrower can avail for him/herself is a personal loan. You can apply for a personal loan to meet your financial requirements. But are you aware of the best deals available in the market? The best banks offering the finest of loans and other related services? No right! That is why we are here to help.
But of course, do make sure to conduct thorough research all by yourself based on factors like the interest rates charged, loan processing fee and foreclosure charges if any. In India, there are various banks/financial institutes that offer personal loans to their customers at a variable interest rate both offline/online. Here we have listed some of the best Indian banks where you can avail of personal loans in 2022.
HDFC Bank offers reasonable personal loans starting at 10.75% p.a The loan amount is up to Rs.40 Lakhs with a repayment tenure of up to 5 years. The bank further charges a processing fee of 2.5% of the loan amount. To avail of a personal loan at HDFC Bank, no collateral or security is required and the disbursal happens within a day of applying for the loan.
Yes Bank offers personal loans up to Rs. 40 Lakhs with interest rate starting at 20% p.a. The repayment tenure ranges between 12 months and 60 months, with a 2.5% processing fee of the loan amount. Yes Bank further offers in-principle loan approval within 60 seconds.
Also Read: Does HDFC Give a 90% Home Loan?
Citibank offers personal loans to customers, between Rs.25,000 and Rs.3 Lakhs. The minimum interest rate of personal loans here is 10.50% p.a. The minimum repayment tenure is 12 months which can be extended up to 60 months. Also, Citibank charges a 3% processing fee of the total loan amount. The bank also provides loan disbursal in just 48 hours.
Customers can avail of personal loans at Axis Bank at a minimum interest rate of 10.25% p.a. The loan amount is up to Rs.5 Lakhs with a repayment period of up to 5 years. Axis Bank charges 1.50% to 2.00% of the loan amount as processing fees.
Kotak Mahindra Bank
Individuals can get personal loans from Kotak Mahindra Bank at an interest rate of 10.50% p.a (minimum). The loan amount offered by the bank can be up to Rs.25 Lakhs. With a repayment tenure of up to 5 years, Kotak Mahindra Bank imposes a processing fee of 2.5% of the loan amount. Furthermore, here you can get an instant loan with minimum documentation.
IDFC First Bank
IDFC First Bank offers personal loans at reasonable interest rates and flexible repayment periods. Here the interest rate starts at 12.5% p.a with a maximum loan amount of up to Rs.5 Lakhs. The repayment tenure offered can be extended up to 5 years. Furthermore, the bank charges 3.50% of the loan amount as a processing fee. You can also enjoy paperless loan approval with IDFC First Bank.
IndusInd Bank can be availed at a minimum interest rate of 11% p.a with a loan amount up to Rs.25 Lakhs. The bank offers a repayment tenure of up to 5 years. Also, IndusInd Bank provides 1%-3% of the loan amount as a processing fee. Here you can avail speedy approval and quick disbursal.
State Bank of India
State Bank of India personal loan can be availed at a minimum interest rate of 9.6% p.a. The loan amount provided by the bank is up to Rs.20 Lakhs. The bank also offers repayment tenure of up to 6 years. State Bank of India further charges less processing fee and disburses loans speedily.
Bank of Baroda
Customers can avail of a personal loan at Bank of Baroda at a minimum interest rate of 10.50% p.a. This bank is a great option for your urgent financial needs. The repayment tenure offered by the Bank of Baroda can be up to 5 years. You have to provide a processing fee of Rs.1,000 to Rs.10,000 of the loan amount.
Indian Overseas Bank
Indian Overseas Bank offers personal loans to its customers at attractive interest rates. The minimum interest rate offered by the bank starts from 10.80% p.a. The repayment tenure can exceed up to 5 years with low processing fees. Furthermore, Indian Overseas Bank benefits customers by offering a quick approval.
Personal loans are a great way to meet your immediate expenses. Be sure to evaluate some aspects like interest rates, repayment period, loan amount, and processing fees. Now that you know everything about personal loans, compare the schemes offered by the aforementioned banks and pick the right one which suits you the best.