What are the best Personal Loan Companies?

Having trouble finding a good personal loan company? Check out this list of the best lenders available today. This comprehensive list includes companies that offer low-interest rates, flexible terms, and more. Don’t miss out on the best deals out there.

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%
Citibank 10.50% Upto 0.5%
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
Fullerton India 11.99% 2%
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%
Muthoot 14.00% 2.5-3.5%
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
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

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.

Minimum documents

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.

Easy Authorization

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.

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