- May 23, 2020
- Posted by: Ganeshcbani
- Category: Blog
Finding the right personal loan can be a daunting task. There are so many different types and terms to choose from, and it can be hard to know which one is best for you. In this article, we’ll outline some of the most popular personal loans available from banks in the UK. We’ll also provide you with tips on how to find the best deal for you. So let’s get started!
How to get the best offer on personal loans?
The best way to get the best personal loan offer is to compare rates and features from different banks. Here are a few tips to help you do that:
- Use online tools. Several websites, like Ratehub.ca, will allow you to compare rates and features of personal loans from multiple banks in one place. You can also use these tools to find the best interest rate and terms for your needs.
- Ask friends and family for recommendations. If you don’t have access to online tools, ask your friends and family for their recommendations on which bank offers the best personal loan rate for you. They may have had success with that particular bank in the past.
- Compare rates online and in person. Once you have a list of potential banks, try comparing rates online and in person. This will give you a better idea of how much money you could save by using a specific bank instead of another one on your list.
|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.
When it comes to borrowing money, there are a variety of options available to you. Some banks offer personal loans specifically designed for individuals, while others cater to businesses. It’s important to do your research and find the best bank for your needs. Here are some key factors you should consider when selecting a bank: loan amount, interest rate, repayment period and fees. Once you have selected a bank, be sure to read the terms and conditions carefully before applying for a loan.