Each one of us faces a shortage of funds at some point in life. Whether it is due to some personal emergency or any lifestyle purchase, it is always recommended to manage your finances carefully.
It is not advisable to abruptly hurt your savings and investment plans due to every unplanned expense. You must always have a backup or additional source of funding to rely on.
Draining your savings is not an ideal financial step. One of the popular and straightforward ways to arrange for funds is to avail of a Personal Loan. You get the freedom to bear the financial strain by way of pocket-friendly EMIs which are spread across the loan tenure of up to 72 months. Though a bank loan would be an added responsibility to your monthly budget, you can successfully manage your cash issues with some financial discipline.
The maximum amount available depends entirely on eligibility of the borrower and can go up to Rs. 40 Lakhs. Due to rising competition in the financial lending space, Personal Loan interest rates have become very competitive in the country, and start from as low as 10.99% per annum.
If you are contemplating which is the best Personal Loan in India here are the top 10 Banks and NBFCs for your consideration:
- SBI Personal Loan:
State Bank of India offers Xpress Credit Personal Loan for its customers with the maximum available amount being Rs. 20 Lakhs and the minimum amount being Rs. 25,000. The money could be availed as a term loan or an overdraft facility by the borrower. The minimum monthly income requirement for this loan is Rs. 15,000. The effective interest rate depends on various factors and will be disclosed at the time of application only. SBI charges a nominal processing fee of 1% of the loan amount plus GST. The maximum repayment tenor available is 72 months.
- HDFC Bank Personal Loan:
HDFC Bank offers unsecured Personal Loans of up to Rs. 40 Lakhs for its customers employed with either a public sector undertaking or a private limited company. The minimum salary of the applicant must be Rs. 20,000 in case of metro cities and Rs. 15,000 in case of Tier-I and Tier-II cities. The rate of interest varies between 15.50% to 21.50% p.a. while the processing charges can go up to 2.50% of the loan amount.
Dhanlaxmi Bank Personal Loan:
Dhanlaxmi Bank Personal Loans for up to Rs. 15 Lakhs are available for salaried as well as self-employed customers. Minimum monthly income requirement for salaried applicants is Rs. 35,000 per month while the self-employed applicants must have a net annual income of more than Rs. 1.80 Lakhs. Maximum repayment tenor available is 60 months while the interest rates are disclosed only at the time of application. Processing charges can go up to 2.5% of the loan amount.
- Bajaj Finserv Personal Loan:
Bajaj Finserv offers Personal Loans for up to Rs. 25 Lakhs for its customers. The amount can be disbursed within 24 hours. Customers can avail extended repayment tenor of up to 60 months, and there are no hidden charges levied by the NBFC on this unsecured offering. Interest rates for a Bajaj Finserv Personal Loan start from as low as 12.99% per annum with processing charges being 4.13% of the loan amount. Both salaried as well as self-employed borrowers can avail of this facility.
- Axis Bank Personal Loan: Axis Bank offers unsecured Personal Loans up to Rs. 15 Lakhs for its customers with a maximum repayment tenor of 60 months. Interest rates levied by Axis Bank start from 12% per annum and can go up to 24% per annum, depending on the borrower’s Personal Loan Eligibility. Axis Bank requires the applicant to have a minimum monthly income of Rs. 15,000 to be eligible for this facility.
- Kotak Mahindra Bank Personal Loan:
Kotak Mahindra Bank offers Personal Loans of Rs. 50,000 to Rs. 15,00,000 for its customers. Interest rates for this facility start from 10.5% per annum and can go up to 30% per annum with the maximum repayment tenor being 60 months. The processing charges levied by the bank are 2.5% of the loan amount. The applicant must be between 21-58 years old with a minimum monthly salary of Rs. 20,000.
- Tata Capital Personal Loan:
Tata Capital offers unsecured loans up to Rs. 25 Lakhs for its customers with the interest rates starting from 11.25% per annum. The maximum repayment tenor for Tata Capital Personal Loan is 72 months with zero prepayment charges. To avail of this facility, the borrower must be between 22 to 58 years of age with minimum monthly income capping of Rs. 15,000. The processing fees levied by the company is 2.5% plus GST.
- Standard Chartered Bank Personal Loan:
Standard Chartered Bank offers Personal Loans up to Rs. 30 Lakhs to its customers, without any collateral. The maximum repayment tenor offered by the bank is 60 months, and the interest rates are informed at the time of application only. Standard Chartered levies a processing fee of up to 3% of the loan amount against this facility.
- Bank of Baroda Personal Loan:
Bank of Baroda offers Personal Loans up to Rs. 10 Lakhs for its customers in urban areas and up to Rs. 5 Lakhs in semi-urban and rural areas. The interest rates are linked to MCLR and will be disclosed at the time of application only. The processing charges levied are 2% of the loan amount plus taxes. This facility is available to salaried as well as self-employed individuals between the age of 21 to 60 years.
- Citibank Personal Loan:
Citibank offers the facility of Personal Loan for its customers with the maximum available amount being Rs. 30 Lakhs. Disbursals are processed within 48 hours with maximum repayment tenor being 60 months. Prevailing interest rates at the time of signing of application will be applicable while the bank will charge a booking fee of 3%, which will be deducted from the loan amount.
With these excellent options available for your Personal Loan requirements, say goodbye to your financial worries and peacefully enjoy your life.