Are you looking for some of the best personal Loan in India?
In this post, you will be finding everything related to personal loans in a nutshell.
Actually, we can never predict any emergencies and occurrence of a sudden requirement of money.
To meet these sudden requirements we all look to approach for a personal loan. Personal loans can be a good option to meet such needs, and just by providing fewer documents, you can let the process get completed quickly.
Let us first understand how you can apply for a personal loan in India-
How to Apply For Personal Loan?
You can apply for a personal loan in the following ways:
- Online application: If you have access to internet banking services of your account then this is the best and easiest method. You can also approach the bank’s website for the application if you do not have access to internet banking services. You can check the eligibility, fill the form provided by bank online, and upload the scanned copies of documents that are required.
- Email and phone banking requests: Banks also allow you to send a request for the personal loan via email or phone after which they will check the eligibility and then process the request further.
- Request through ATM machine: ATM kiosks are loaded with a number of features nowadays and you can apply for the personal loan from there as well. Bank will further enquire your request and then contact you.
- Offline request at the branch: You can also approach the branch of your desired bank to apply for the personal loan that will be further processed by the relationship manager.
The process will be easy and fast if you will be having an account with the same bank from where you want to get a loan. Customers fulfilling the eligibility criterion can get the amount within a few days with instant loan approval.
Processing of personal loan applications:
Personal loans go through a simpler processing when compared to other loan options like the home loan and car loan because property loans are not approved just by analyzing your financial information but the banks will also verify the property that you want to purchase, they check if it is credible or not. When it comes to personal loans banks just check your background as you are yourself collateral for them.
Bank will verify the information that you have provided while applying for the loan and they will also check your record that is with them like your bank balance, salary, EMIs, etc.
Bank will also confirm your identity from KYC (Know Your Customer) documents. There are possibilities that the bank may visit your residence and office to confirm everything.
Your salary slips and ITRs will be used by the bank to verify your repayment capacity and based on this they will decide the amount they will sanction to you.
Banks may also check your CIBIL score before approving your loan. Better the CIBIL score more are the chances of loan approval.
Banks may also verify your years of employment left as well as your promotion chances and chances of salary growth. They will decide the amount to be sanctioned once they will verify all these.
You must maintain a credit score of 750 or more and provide all the documents that are required. These two will decide the fate of your loan approval. While repayment banks may charge penalties if you won’t pay the EMIs on time. Legal action can be taken if you will miss several EMIs.
Now, let us go through some of the best personal loans in India-
Top Personal Loans in India:
1. ICICI Bank Personal Loan
ICICI bank asks for minimal documents and offers lower interest rates when compared to others on personal loans. You get a tenure of up to 5 years which is flexible. Bank also offers various easy repayment options like auto debit from the bank account, offering PDCs, etc. There are some interesting offers for the existing customers like reduced documents and so on. If documents meet the requirements and you are eligible for the loan, Bank will sanction the amount within 3 days.
2. Fullerton India Personal Loan
With a maximum tenure of 4 years, both salaried employees and self-employed individuals can avail the personal loan. The amount to be sanctioned depends upon the eligibility. If you are an existing customer then you will get the benefit of less processing time as well as a lower interest rate. You can also apply for the loan online which eases the mode of application.
3. Standard Chartered Bank (SCB) Personal Loan
A popular bank offers lower competitive rates (as low as 12.99%). You are advised to confirm the processing fee as this amount may be deducted from the sanctioned amount. You can also check eligibility online. Standard Chartered has an extraordinary online personal loan service for unsecured credits in India. It lets individual get a personal loan for extending their ventures, building their fantasy home, children education, girl's wedding, and so on. You can get a loan up to Rs 30 lakh that you can reimburse inside 60 months. Because of its online administrations, Standard Chartered is quite good for credit cards as well.
4. HDFC Bank Personal Loan
You can apply online for the loan as well as in nearest branch & check the status of approval online. They will give you assistance regarding your query through various mediums like SMS, Web chat, etc. You only need to submit the required documents and soon the disbursement will be done to your account. HDFC bank offers the opportunity to borrow up to Rs 25 lakhs.
5. Citibank Personal Loan
If you are a salary account holder, the loan application is extremely easy and convenient for you. It also offers lower competitive rates and facility of pre-payment of the loan as well, means you can close your loan by paying before the specified tenure.
6. SBI Personal Loan
SBI Personal Loan is open to every single salaried or independently employed people with at least 2 years standing. The Bank lets all such people get a personal loan under four classes – SBI Xpress Credit Personal Loan, SBI Saral Personal Loan, SBI Pension Loan and SBI Festive Season Loan
7. Kotak Mahindra Personal Loan
Prior, Kotak bank was offering personal loan just to salaried people but now it stretches out loans to all people whether they are salaried or independently employed. Any individual who requires reserves for sudden and inevitable expenses like a wedding, business, education, voyaging, renovation and so forth can get benefits from Kotak Personal Loan. It lets you appreciate personal loan in the scope of Rs 50,000 to Rs 15 lakh.
8. Axis Bank Personal Loan
Axis bank offers incredible highlights and advantages on its personal loan, for example, minimum processing expense, no prepayment and no any sort of pre-closure charges. In the event that you do not know about the repayment time frame then Axis bank is a decent choice for you. You will have the alternative to reimburse the advance in 60 months however regardless of whether you want to repay before that, you don't need to pay any pre-closure charges.
It offers personal loan just to salaried people at exceptionally legitimate rates beginning from 12.49%. Also, it has the most reduced normal interest rate when contrasted with some other banks. Also, the whole process is a totally online process. That implies you can get a moment credit allowed inside 5 minutes and the loan amount is dispensed inside 48 hours.
10. Bank of Baroda Personal Loan
From this bank, salaried and self-employed, both can get a personal loan. Contingent on your qualification, your loan amount can be dependent upon Rs. 10 lakh for four years. Plus, Bank of Baroda is likewise a decent choice for those individuals who need to accept a personal loan as little sum as Rs 20,000.
11. Tata Capital Personal Loan
This is one of the main non-banking financial organizations in the nation. It offers a personal loan to both salaried and self-employed people. It gives personal loan up to Rs 25 lakh for a period up to 6 years. Its personal loan has a few favorable circumstances including no collateral, basic documentation, and no limitations on the best way to utilize the money for your loan.
In which bank do you have your account? – Share your details in comments, so we can guide you about the personal loan schemes of your bank.
Any doubt about the personal loans shared in this post? –Feel free to ask us in comments!