What are the best personal loans in India and how to choose one of them?
Banks and financial institutions in India offer personal loans for different purposes. Now, everything is available online. You can even apply for a personal loan online from the comfort of your home. Today, a personal loan has become a favourable choice of debt. The fact that personal loans are unsecured, aids in tipping the balance in its favour.
A personal loan is a sum of money that you borrow from a bank or another financial institution. After receiving the funds, you begin repaying the lender. You can decide the tenure and instalment amount with your banker in advance. Taking a personal loan online is a significant financial decision. Hence, it is important to consider the best options available to you.
Let us check out some of the most popular personal loan plans in India.
Brief Analysis of Best Personal Loan Plans
HDFC Bank Personal Loan
HDFC is one of the leading banks in India. You can consider their loan as it is available at affordable terms. Here are the details of the loan.
| Interest rate | 11% p.a. to 21.00% p.a. |
| Minimum age | 21 years |
| Maximum age | 60 years |
| Minimum income | Rs. 25000 per month |
| Processing fee | Up to INR 4999 |
| Loan amount | Up to Rs. 40 lakh |
| Loan tenure | 12 to 60 months |
| Loan disbursal time | 4 days |
ICICI Bank Personal Loan
ICICI Bank is known for the quick approval of loans. You can apply for their personal loan online in a few simple steps.
| Interest rate | 10.75% to 19% per annum |
| Minimum age | 23 years |
| Maximum age | 58 years |
| Minimum income | Rs. 30000 per month |
| Processing fee | Up to 2.50% of loan amount plus GST |
| Loan amount | Up to Rs. 50 lakh |
| Loan tenure | 12 to 72 months |
| Loan disbursal time | 4 days |
Axis bank Personal Loan
For fast processing of your personal loan online, you can choose Axis bank. There are plenty of ways in which you can use these funds. With minimal documentary requirements, here are the details of such loans.
| Interest rate | 10.99% to 21% per annum |
| Minimum age | 21 years |
| Maximum age | 60 years |
| Minimum income | Rs. 15000 per month |
| Loan amount | Up to Rs. 40 lakh |
| Loan tenure | 12 to 60 months |
| Loan disbursal time | 4 days |
IDFC First Bank Personal Loan
There are many benefits if you apply for a personal loan online here. You can transfer the balance of an existing personal loan here. Enjoy paperless and digital processing of loans and check these details.
| Interest rate | 10.49% to 25% per annum |
| Minimum age | 23 years |
| Maximum age | 60 years |
| Minimum income | Rs. 25000 per month |
| Loan amount | Up to Rs. 1 Crore |
| Loan tenure | 6 to 60 months |
| Processing Fee | Up to 3.5% of the loan amount |
SBI Xpress Credit Personal Loan
You can apply for this personal loan online if you are planning a wedding or vacation. It will help you make big-ticket purchases conveniently.
| Interest rate | 10.49% to 25% per annum |
| Minimum age | 23 years |
| Maximum age | 60 years |
| Minimum income | Rs. 15000 per month |
| Loan amount | Up to Rs. 35 Lakh |
| Loan tenure | 6 months to 6 years |
| Processing Fee | Up to 1% of the loan amount |
Kotak Personal Loan
For any pressing financial needs, you can take a personal loan online from the bank. Get instant loans from the bank to cover any unexpected needs. Check out the details here.
| Interest rate | Starting at 10.99% up to 24% |
| Minimum age | 21 years |
| Maximum age | 60 years |
| Minimum income | Rs. 25000 to 30000 per month |
| Loan amount | Up to Rs. 25 Lakh |
| Loan tenure | 12 to 60 months |
| Processing Fee | Up to 3% of the loan amount |
Bandhan Bank Personal Loan
Another ideal option to apply for a personal loan online is Bandhan Bank. You will get attractive rates of interest and quality features with your loan. Check out the details here.
| Interest rate | Starting at 10.25% up to 20% |
| Minimum age | 21 years |
| Maximum age | 60 years |
| Minimum income | Rs. 25000 per month |
| Loan amount | Up to Rs. 25 Lakh |
| Loan tenure | 12 to 60 months |
| Processing Fee | Up to 3% of the loan amount |
How To Choose Personal Loan Online?
Here are some crucial factors that you need to consider when selecting a personal loan online.
Documentary Requirement
Check the list of documents that you need to submit to get a personal loan. Some of the common documents include income statements and ITR returns.
Interest Rates
Check the interest rates chargeable on the loan. Banks offer loans at a wide range of interest rates according to the borrower’s profile.
Tenure
Personal loans carry a longer repayment tenure. Check with the bank about the same and choose a loan that sits comfortably in your financial budget.
Amount Of Loan
Consider a bank that offers the best interest rates on your desired amount of loan. Since the purpose of taking a loan could vary, check whether your bank is willing to offer the said amount.
Charges
Understand what type of charges are being levied by your bank. These charges determine the ultimate amount that you can get after loan disbursal.
Conclusion
These options for the best personal loan in India are among the most fitting ones. Now, the banking market has expanded substantially. As long as you are aware of the features of a personal loan, you should not face any difficulty in getting the right one. Always read the terms listed in the loan document before signing for it. For more such knowledge and information about taking a personal loan online, visit Piramal Finance. It is the premier destination to gain all the financial data that you need to make informed decisions. Browse through a wide range of financial offerings and information right here.