- May 23, 2020
- Posted by: Ganeshcbani
- Category: Blog
There are several reasons for a personal loan: you have a financial problem, want to cover a large amount, or just want to create a strong history of credit. But not all personal loans — or borrowers of personal loans — are the same. The best is a low annual percentage rate, long reimbursement terms and low or no fees. And your personal requirements and financial profile will naturally also have an impact on the type of lender you will find ideal.
How to get the best offer on personal loans?
Citibank, Bank of Baroda provides the lowest interest rate at the current rate of 10.50 percent. Depending on the company you are working with, the loan amount you apply for and the repayment potential, you will obtain the best personal loan. The higher the amount of the loan, the lower the interest rate.
If you want instant personal credit with 1-2 days with HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank are the best personal loan banks. These banks ‘ interest rates range between 10.5 percent and 18 percent. These loan companies offer online loan. You will obtain immediate personal loan approvals from MyLoanCare banks online and check eligibility without paper documents. You may be liable for immediate disbursement without any document if you are an current bank account holder, or an existing customer for HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank; In other instances, you can upload some documents to the mobile app or physically send them to a bank lending officer who will meet you before you obtain a loan.
|Banks||Interest Rate*||Loan Amount|
|Allahabad Bank||10.65% onwards||50,000-20 lakhs|
|Andhra Bank||RLLR + 3.00% to RLLR + 5.65%||As per applicant’s profile|
|Axis Bank||12-24%||50,000-15 lakhs|
|Bajaj Finserv||12.99% onwards||Up to 25 lakhs|
|Bank of Baroda||11.40-16.40%||50,000-10 lakhs|
|Bank of India||10.50% onwards||Up to 10 lakh|
|Bank of Maharashtra||10.85-11.85%||Up to 10 lakh|
|CASHe||30% to 36%||9,000 – 3 lakh|
|Central Bank||11.25% onwards||Up to 10 lakhs|
|Early Salary||24% to 30%||8,000 – 2 lakh|
|Federal Bank||11.49% onwards||Up to 25 lakhs|
|Fullerton India||12-36%||Up to 25 lakhs|
|HDFC Bank||10.75-21.30%||50,000-40 lakhs|
|Home Credit||24% to 49%||25000 – 2.40 lakh|
|HSBC Bank||10.50-17.84%||Up to 30 lakhs|
|ICICI Bank||11.25% onwards||50,000-20 lakhs|
|IDBI Bank||12% – 14%||25,000-10 lakhs|
|IDFC First||11.50% onwards||1 lakh-25 lakhs|
|Indiabulls||As per loan agreement||Rs. 1000 to Rs. 15 lakh|
|Indian Bank||10.35% onwards||As per applicant’s profile|
|Indian Overseas Bank||10.50% onwards||Up to Rs. 15 lakh|
|IndusInd Bank||10.75% onwards||50,000-15 lakhs|
|Kotak Mahindra Bank||10.99-24%||50,000-15 lakhs|
|Kreditbee||12.24% onwards||1000 – 2 lakh|
|Moneytap||1.25% p.m. onwards||Rs. 3000 to Rs. 5 lakh|
|Moneyview||1.33% p.m. onwards||Rs. 10,000 to Rs. 5 lakh|
|Muthoot Finance||14.50% onwards||50,000-10 lakhs|
|Punjab National Bank||RLLR+2.15 to RLLR+6.70%||50,000-10 lakhs|
|RBL Bank||12-23%||1 lakh-20 lakhs|
|Standard Chartered Bank||10.99% onwards||1 lakh-30 lakhs|
|StashFin||11.99% to 59.99%||500 – 5 lakh|
|SBI||10.50% onwards||Up to 20 lakhs|
|TATA Capital||10.99% onwards||75,000-25 lakhs|
|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|
Eligibility for a loan
Eligibility of personal loans depends on the work description of the borrower, his monthly salary, his background, his credit score, etc. Most banks and NBFCs do not require any existing relationship with loan applicants. Covid -19 is, however, personal loans for existing lenders or for those keeping salary or pension accounts with the bank. In addition, applicants must have a good track record of credit repayments before locking.
The sum of the loan
Personal loans are usually between Rs 50,000 and Rs 40 lakh. The loan is at the lower side, Rs 50 000 and Rs 10 lakh, as Covid 19’s personal loans were planned to meet the temporary liquidity fluctuation caused by the lock.
Price of interest and fee for processing
The interest rate on daily personal loans, on the basis of the lender and the credit score, is 10.99-24% per year. The payment fee can be as high as 3% of the loan. As Covid-19 lenders offer its current clients personal loans, they charge lower interest rates from 10,75% p.a., up to 10,5% p.a. However, most lenders do not charge any fees for processing Covid-19 loans.
Tenure of the loan
Personal loans vary from one to five years and some borrowers offer a fixed term of seven years. Regarding Covid-19 personal loans, the majority of borrowers offer up to three years, with only a handful of them providing a maximum term of five years. However, most banks offer a moratorium on unique personal loans for up to 3-6 months in Covid-19. Throughout the moratorium time, lenders are expected to serve the interest portion only. The moratorium is intended to alleviate Covid-19’s personal credit lenders until their liquidity status is normalised.
The scope of unique personal loans offered by Covid-19 is limited to current borrowers and selected bank depositors. Consumers who don’t share banks or lend with these banks may take into account instant digital personal loans provided by other banks. Several banks have also started to sell a small group of their current customers instant digital personal loans.
Credit cardholders can consider pre-approved credit card loans in order to meet their financial shortcomings. Banks offer these loans with a strong repayment record to their current cardholders. Although the loans are always paid out on the same day they apply, their interest rates are marginally higher than normal personal loans.
Existing household lenders typically have the option of making supplementary home loans available. Although such loans are not subject to end-use limitations, the processing period is typically considerably longer than that of personal loans. As all banks and other lenders work with restricted workforce and working hours during lock-up, it has become extremely difficult to use this lending method.
Nevertheless, some banks have begun to provide instant supplementary home loans with a very quick payout. Top-up home loans typically have lower interest rates than normal personal loans. Their tenure usually depends on their original home loan residuals.