Where to apply for a Personal Loan?

Financial Credit

Low rate personal loans from a wide range of lenders

Personal loans are an unsecured form of credit that meets immediate needs. It is multi functional in nature and can therefore be used for various purposes, including wedding, home renovation, travel, and more. In addition, the sum lent is not limited and can be used for any reason they like. A personal loan will potentially help you develop your credit faster than other forms of credit. This is due to the possibility that it brings because it is unpredictable.

Apply Personal Loans through Banks/NBFC

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% Case to Case
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

Financial loan advantages and characteristics

No collateral available.

One of the benefits of an online personal loan is that it is unsecured. It ensures that you don’t have to guarantee your loan. Although this can be an interest rate reason, you can easily obtain a personal low-interest loan if you meet the requirements for eligibility.

Minimal documents

The process of verification and recording has now become limited in this era of digitization. This applies to an instant personal loan because they are quick to disburse and require minimum documents for approval.

Easy Authorisation

You can obtain personal loans quickly and easily. That’s why it’s the safest bet in financial emergencies. In addition , the process has become automated, reducing the verification cycle time.

Multi functional in nature

Except investment and illegal activities, a personal loan may be used for anything. In addition, it is multi functional in nature and can be used for anything. Many credit forms are for a particular purpose and can only be used for that purpose. For example , a home loan is used to purchase a house, while a car loan is used to buy a car. A personal loan may also be made to compensate for any immediate requirements.

How can I avoid rejecting the application for personal loans?

The approval of an application for a personal loan depends on a number of factors. When you apply for a loan, you will ensure that you meet all the requirements required to ensure that your loan application is accepted. The eligibility criteria for personal loans may vary from the lender to the lender, but the applicant’s age, income, loan score, status of work, and so on are a number of common criteria. Make sure all eligibility criteria are met before you apply for a loan. This will help you prevent your loan application from being rejected. While there are other choices that you can use in case your application for a loan is denied, double checking is suggested in order to reduce the possibility of a denial.

Top Up Personal Loan

A personal loan borrower can use the supplementary facility to pay an additional loan amount for their existing loan. The amount of the loan will be subordinated to the financial lender’s terms and conditions and the interest rate can be equivalent or up to 1 percent higher than the existing loan’s interest rate. The term of the supplementary loan is subject to that of the current employees.

Main characteristics and benefits

Existing personal lending customers are entitled to the loan supplement provided they have regularly paid their EMIs and have no pending payments.

  • Quick or immediate disbursement of the additional loan amount.
  • Minimum required documentation.
  • Null processing fee paid by a variety of lenders.
  • No collateral available.

Personal Loan Balance Transfer

The facility for personal loan balance transfer allows customers to transfer their existing loans to another financial lender. This can be achieved if the other financial lender has a better interest rate, a much more flexible tenure, a supplementary charge of their existing loan, etc.

  • Main characteristics and benefits
  • Get a reduced rate on the current loan amount.
  • Option to upgrade the loan.
  • Flexible options for repayment are available.
  • Available benefits like zero processing fee, last EMI profit waiver, etc.
  • To improve customer service.

Personal Loan Disbursal

Personal loan disbursements are essentially the financial lender’s process of sending the loan amount into the client’s bank account. The disbursement of the loan occurs after submission of the customer’s documentation and review and approval by the financial lender. Financial lenders give personal credit disbursements within a few seconds, while others may take a couple of hours to pay the loan sum after approval.

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