- May 15, 2020
- Posted by: Ganeshcbani
- Category: Blog
Personal Loan from Bank
Banks’ personal loans provide a simple and convenient solution to all your urgent financial needs.
If you need money for a health emergency in your family, your sibling’s wedding or for your home to be renovated, a personal loan will support all of your needs.
Personal lending has many advantages over other types of credit, such as loan cards and informal loans from friends , relatives or untrustworthy financial institutions.
Most workers, self-employed people and professionals may apply for personal loans. Banks give today one of the best personal loans with competitive interest rates, minimal paperwork and fast processing.
Personal Loan Interest Rates Comparison, Best Personal Loan Rates
|Bank||Interest Rates||Processing Fee|
|SBI Personal Loan||11.30%||1.00%|
|HDFC Bank Personal Loan||10.75%||2% to 2.5%|
|ICICI Bank Personal Loan||11.25%||2% to 2.5%|
|Bajaj Finserv||12.99%||1.50%, Up to 3%|
|Citibank||10.50%||0.5% to 1%|
|IDFC First Bank||10.75%||1.5% to 2%|
|Axis Bank||10.99%||1.5% to 2%|
|Tata Capital||10.99%||1.75% to 2.50%|
|Fullerton India||11.99%||2% to 3%|
|IndusInd Bank||11.00%||1% to Max 2%|
|Kotak Bank||10.99%||2 % to 2.5%|
|RBL Bank||13.99%||2% to 2.5%|
|IIFL||12.99%||1 – 2%|
|HDB Financial||13.99%||2% to 2.5%|
|Andhra Bank||11.55%||.5% to 1.5%|
|Yes Bank||10.99%||1% to 2.5%|
|Standard Chartered Bank||10.99%||1.00% to 1.5%|
|Bank of Baroda||10.50%||2%, Min Rs. 250|
|Union Bank of India||11.00%||0.5%, Min Rs. 500|
|Bank of Maharashtra||10.85%||1.00%, Min Rs. 1,000|
|Allahabad Bank||12.15%||1.06%, Min Rs. 1068|
|Federal Bank||11.49%||0.5%, Min Rs. 500|
|Karur Vysya Bank||12.00%||0.40%|
|Syndicate Bank||13.40%||0.5%, Min Rs. 500|
|Corporation Bank||12.95%||1.5%, Min Rs. 500|
|PNB||11.50%||1.8% + Taxes|
|Indian Overseas Bank||11.50%||Rs. 204 Per Lakh|
|Indian Bank||11.05%||0.5%, Min Rs. 508|
Benefits Of Personal Loan
Personal loans are suitable for those who are desperately in need of funds. It is recommended that you choose a personal loan with credit cards overuse. The latter have strict credit limits, while the former allow you to pick your exact amount of personal loan. Furthermore, not all providers or sellers accept credit cards while, via cheque, bank transfers or cash, you can use the funds from your personal loans to pay someone.
In addition, you need to pay the credit card bill by the due date, but can repay a personal loan with pre-determined EMIs for a certain period of time.
The benefits of personal loans include the flexibility it offers with regard to use. You can use personal loan funds for several purposes. You will also pay a personal loan for your home renovation, higher education, travel, wedding and medical expenses.
The loan amount you can borrow is among other personal loan benefits. For example , personal loans in metro and urban areas can be up to Rs.60 lakh, whereas in semi-urban and rural areas the maximum amount for personal loans is Rs.30 lakh.
When you apply for a loan, this fee is paid. The processing fee may range from 2 to 3% of the loan amount and can be negotiated, if you negotiate. It also helps, when we talk to the bank on your behalf and provide a nice cash back on penalized loans, through an online marketplace. We also sometimes offer exclusive loan schemes for our valued customers on behalf of banks, such as nil processing costs.
This charge is charged when you decide to close your loan before the loan tenure is completed. Banks impose this sanction to cover the losses it can incur because a fixed rate loan is prematurely closed. Prepayment penalty can amount to up to 5% of the amount of the loan. You must carefully read the terms of your loan agreement to monitor the prepaid clause and ensure that it is not too strict compared to market benchmarks. Banks are also free to revisit the advance payment clauses when the borrower or his loan representative negotiates and discusses them.