- June 30, 2020
- Posted by: Ganeshcbani
- Category: Blog
Banks that Offer Personal Loan
|Axis Bank||12-24%||50,000-15 lakhs|
|Bajaj||12.99% onwards||Up to 25 lakhs|
|Citi Bank||10.50-18.99%||50,000-30 lakhs|
|Fullerton India||12-36%||Up to 25 lakhs|
|Hdfc Bank||10.75-21.30%||50,000-40 lakhs|
|Icici Bank||11.25% onwards||50,000-20 lakhs|
|Idfc First Bank||11.50% onwards||1 lakh-25 lakhs|
|IndusInd Bank||10.75% onwards||50,000-15 lakhs|
|Standard Chartered Bank||10.99% onwards||1 lakh-30 lakhs|
|Kotak Mahindra Bank||10.99-24%||50,000-15 lakhs|
|Sbi Bank||10.50% onwards||Up to 20 lakhs|
|Tata Capital||10.99% onwards||75,000-25 lakh|
|UCO Bank||10.95% onwards||Up to 10 lakhs|
|Union Bank Of India||10.10% onwards||Up to 10 lakhs|
|Yes Bank||10.99% onwards||1 lakh-40 lakh|
Compare all banks’ personal loan interest rates
Until selecting the best bank for personal loans, you can compare personal loan rates and charges of all banks in detail.
Personal loan interest rates
Banks regularly introduce attractive loan schemes with low interest rates, particularly for people working with reputable large businesses. The interest rate varies according to the company’s categorization into the internal groups of banks that that differ from bank to bank. Check therefore always for individual loan offers from several banks to get the cheapest rates
Personal loan handling fees
Most banks charge + /- 999 to a maximum of 2 percent, whichever is higher. Because these loans are short tenure loans, higher processing fees could lead to considerably high loan costs. Therefore, the All Inclusive Tariffs (AIRs) for personal finance lending are essential to compare and list the top offers. Compare interest rate, processing fees and attractive cash back offers in detail by applying online .
Since these are unsecured loans, the banks ask the borrower to insure the loan. The premium, however, varies from bank to bank depending on the risk coverage under different policies. Check the letter of loan penalty carefully to see the coverage and premium. You will also want to compare different insurance plans in order to select a policy that provides you with sufficient coverage at the lowest premium.
Personal loan prepayment and Foreclosure
If surplus money is available to repay nobody wants to keep paying interest on a loan. Sometimes you may want to pay back a portion of your loan before time, a prepaid fee. When you plan to pay the full amount of the loan before time, it is referred to as forfeiture. Banks usually charge deferred or foreclosure charges for personal loans between zero and 5%. Test carefully if your low interest rate personal loan comes with heavy prepayment or foreclosure charges. Many banks might not require you until a few months to pay your loans and the same needs to be taken into account when taking a loan.
Option for others
Personal Loan is limited to current lenders and selected bank depositors providing these loans. Consumers who do not share a banking or lending relationship with such banks may consider instant personal digital loans offered by other banks. Many banks also started providing a small group of established customers with instant digital personal loans.
Credit cardholders can consider pre-approved credit card loans to meet their financial shortcomings. Banks provide these loans with a strong track record for their current cardholders. Since these loans are always paid out on the same day they request, their rate of interest is a little higher than the normal personal loans.
Existing home lenders typically have the option of receiving supplementary home loans. Since these loans do not have end-use limits, they typically last much longer than personal loans. Because banks and other lenders operate with restricted employees and working hours during the lock-down, it has become very difficult to use this loan alternative.
But some banks have started providing immediate home loans with very fast disbursements. Top-up home loans typically have lower interest rates than ordinary personal loans. Their tenures typically depend on their initial home loan’s residual tenure.
If you are looking for a personal loan, there are a few different banks that offer them. Some of the more popular banks include HSBC, Santander, and Lloyds Bank. It is important to do your research before applying for a loan, as not all banks offer the same products and rates. Make sure to compare interest rates and terms to find the best option for you.