Personal Loan Bank

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%
Muthoot 14.00% 2.5-3.5%
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
Canara Bank 13.00% 0.50%
Bank of Maharashtra 10.85% 1.00%, Min Rs. 1,000
IDBI Bank 12.00% 1.00%
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.

Processing Fee

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.

Pre-closure charge

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.

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