- June 23, 2020
- Posted by: Ganeshcbani
- Category: Blog
What is a personal loan and who will get it?
Personal loans are an unsecured loan provided to customers by banks and NBFC to use this money to cover any personal needs. In India, these loans range between Rs. 50,000 to 60 Lakhs rupees. Such loans are open to both employers and workers. Personal loans for students or disabled persons are usually not eligible. Based on your salary and previous credit history, you can make use of these loans.
|Bank||Personal Loan Interest Rates||Processing Fee|
|SBI Personal Loan||11.30%||1.00%|
|HDFC Bank Personal Loan||10.75%||Upto 2.50% Min Rs. 1,999|
|ICICI Bank Personal Loan||11.25%||Upto 2.25% of Loan Amount|
|Bajaj Finserv||12.99%||Starting from 1.50%, Up to 3%|
|IDFC First Bank||10.75%||Upto 1.5%|
|Axis Bank||10.99%||Upto 1.75%|
|Tata Capital||10.99%||Upto 2.50% of Loan Amount|
|IndusInd Bank||11.00%||Min 0.75% to Max 1.75%|
|Kotak Bank||10.75%||Upto 2.5%|
|RBL Bank||13.99%||Upto 2%|
|IIFL||12.99%||1 – 2%|
|HDB Financial||13.99%||Upto 2% of Loan Amount|
|Andhra Bank||11.55%||Min Rs.500|
|Yes Bank||10.99%||Starting at 0.99%, Upto 2%|
|Standard Chartered Bank||10.99%||1.00%|
|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|
From where can we get Personal Loan
Since this financial service is unsecured, you must pass through difficult filters to get it. Banks do not sell these loans in compliance with customers ‘ demand and are selective in the distribution of these loans to customers. These institutions will find stable incomes, guaranteed income sources and credit history while providing this service to anyone. You have to know which bank is your right choice and which meets your payment requirements and choices.
Here are some calculations about the personal loan, which help you to know how much you have to pay 1 lakh of loan for different tenure periods each month.
You can freely use the EMI personal loan calculator to check your loan, tenure and interest rate.
Personal loan benefits and characteristics
No collateral required
One of the benefits of an online personal loan is that it is unsecured in nature. This means that you do not have to guarantee your loan. Although this can be a reason for your interest rate, you can easily obtain a low interest personal loan if you satisfy the requirements for eligibility.
The process of verification and recording has now become limited in this era of digitization. This refers to an immediate personal loan as it is easy to disburse and needs minimum paperwork to be accepted.
Personal loans can be obtained quickly and easily. That’s why it’s the safest bet in financial emergencies. In addition , the process has become digital, which reduces verification time.
Multi functional in nature
An individual loan can be used for anything but investment and illegal activities. In addition, it is multi functional in nature and can be used for anything. When other credits are taken, they are for a specific reason and can only be used for one reason. For example , a home loan is used to buy a house, while a car loan is used to buy a car. A personal loan may, however, be taken to pay for any immediate demands.