- June 10, 2020
- Posted by: Ganeshcbani
- Category: Blog
When you’re looking for a personal loan, you have a lot of options to choose from. But which bank is the best for you? In this article, we’ll take a look at some of the factors that can influence your decision, and then provide you with a list of the top banks for personal loan
Best Personal Loan
The availability of a personal loan is often one of the easiest ways to arrange funds to meet different personal needs. Even more importantly, you do not need to guarantee this loan and there is virtually no restriction to how you can use the money that you borrowed. But borrowing costs money in the form of interest payments, handling fees, documentation fees, etc. In order to compare the best available personal loan offers you can make an informed decision. Learn all about comparing different loan offers to pick the most suitable personal loan for you.
Key Features to Avail Personal Loan
Low Interest Rate
The interest rate defines the amount you have to pay during the repayment period in addition to the loan principal. Usually, the best personal credit offers have the lowest interest rates, because these cost you less to buy money.
Calculating balance method
The cost of borrowing money is not only influenced by the quantity of interest rate, but also by the method of calculating interest. Personal loan interest is calculated using one of two methods, the flat balance method or the balance cutting method. Usually your interest pay is lower if both flat rate and reduction rate offers have the same rate when the balance calculation method is used. The best personal loan offers therefore typically use the method of calculating the reduction in balance.
Payment costs usually occur on the basis of the amount of the loan paid out, and the smaller they are, the better for the borrower. Thus the best personal loan offers low processing fees (preferably Nil) including any administrative or documentation fees that apply to your application.
Low partial advance and forward payment
The ideal personal loan offer is intended to allow you to pay the loan sum either partly (partial pre-payment) or entirely (pre-payment) at minimal extra costs before the defined due dates. Partial and complete loan prepayment enables you to substantially save on the loan’s interest component, and lower (preferably nil) partial advance payment / forward payments mean more money left over in your pocket.
Easy documentation and rapid disbursement
lenders prefer personal credit thanks to clear documents and fast disbursement. It saves you time to select a personal loan offer which contains the shortest payout time and the simplest documentation.
Flexible repayment period
The majority of personal loan deals have a flexible repayment term which normally ranges between 12 and 60 months. You can pay the EMIs according to your convenience, with little impact on your monthly budget. In some cases, you may also get additional flexibility through ballot payments, which is a desirable option for seasonal cash flow applicants.
Compare Best Banks for 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|
Documents Required For Processing Personal Loan
|Proof of Identity||Aadhaar card, pancard,passport, driving license, voter id, Ration card|
|Proof of Address||Passport, driving license, aadhaarcard, voter id, gas bill, bank statement, rental agreement|
|Proof of Income||Salary slip, Bank statement, Bank passbook, copy of ITR, Audited Balance Sheet, Profit and Loss Acoount Stement.|
|Additional||Passport Size Photo|
Personal Loan is spent for different purpose
Go and discover the world is no longer a luxury, but a requirement for those of you who are sick of a busy life. Funds are no longer restricted because personal loans can be made for a luxury holiday or a short holiday
Home improvement loan
For reasons as large as getting a fresh paint cover, small repairs or remodelling and the purchase of household equipment
Weddings or marriages are known to cost a great deal and it is not easy for these funds to be arranged. Additional costs may be paid by extended parties or travel, if you apply for a personal loan.
Debt Consolidation Loan
Most of you would have chosen to borrow money in your life to meet a credit card requirement or transaction. A personal loan is an excellent way to repay high-cost credit card bonds or high EMI debts
Rental deposit Loan
Young people are increasingly traveling to find jobs in underground towns where rental deposits can be very high. It is normal for deposits to be charged for one house in the range of RS.1,00,000. If you are new to credit, personal loans are the best way to arrange immediate financing
Life is never predictable and from time to time you may encounter accidents and emergencies. Personal loans without collateral are a good way to quickly get money. Our online process enables you to obtain a quick loan and meet your financial needs.