Best Bank for Personal Loans in India
Personal loans are unsecured loans available that you can avail from various banks and financial institutions. These loans are extremely popular as they are disbursed quickly and do not need a lot of documents.
While deciding the best bank for availing a personal loan, some of the factors that you should take into account are:
- Rate of Interest
- Processing Fee
- Prepayment Penalty/Fee
- Maximum Amount of Loan Allowed
- Other Terms and Conditions like employment status, etc
Which Bank is Best for Personal Loan in India?
It is difficult to pinpoint a single bank that offers the best personal loans, as the interest rate and other conditions also depend on the individual applying, his/her employment status, credit score, and other loans that are currently serviced.
Yet, here are some of the banks that offer better terms and conditions for availing a personal loan.
State Bank of India
SBI is the largest bank in the country and has an excellent network spread all across the length and breadth of the country. It also offers different variants of Personal loans like Xpress Credit, Xpress Power and Pre-approved loans to cater to all kinds of clientele.
Main features of SBI personal loans are:
- Maximum Loan Amount: Rs 20 lakhs
- Maximum Tenure: 72 months
- Rate of Interest: 11.55-14.8%
- Processing Fee: 1% of the loan
- Pre-payment charges: 3% of the outstanding loan amount
ICICI Bank
ICICI Bank offers specific personal loans that could meet expenses towards a wedding, travel, etc. Select customers upon completion of online verification and approval can get their loans disbursed in as less as 3 seconds.
Main features of ICICI Bank personal loans are:
- Loan Amount Allowed: Rs 50000 -Rs 20 lakhs
- Maximum Tenure: 60 months
- Rate of Interest: 11.25-17.99%
- Processing Fee: 2.25% of the loan
- Pre-payment charges: 5% of the outstanding loan amount
HDFC Bank
Easy eligibility norms make HDFC Bank personal loans one among the best in the country. In addition to the loan, applicants are also eligible for insurance covers like Personal Accident Cover and Accidental Hospitalisation Cover among others against the payment of a small premium.
Main features of HDFC personal loans are:
- Maximum Loan Amount: Rs 50000 - Rs 15 lakhs
- Maximum Tenure: 60 months
- Rate of Interest: 10.75 - 21.3%
- Processing Fee: 2.5% of the loan
- Pre-payment charges: 2-4% depending upon the amount of the outstanding loan amount
Citi Bank
Citibank is one of the renowned banks world over. They have an option for you to apply for a personal loan and get your eligibility checked for a personal loan known in a matter of 4hours. Citibank Savings bank account holders get special benefits on personal loans
Main features of Citibank personal loans are:
- Maximum Loan Amount: Rs 30 lakhs
- Maximum Tenure: 60 months
- Rate of Interest: 10.99-18.99%
- Processing Fee: 3% of the loan
- Pre-payment charges: Depends on case to case
Axis Bank
Axis Bank offers personal loans for a variety of purposes. The documentation needs are easy and the loan is disbursed quickly.
Main features of Axis Bank personal loans are:
- Loan Amount Allowed: Rs 50000-Rs 15 lakhs
- Maximum Tenure: 60 months
- Rate of Interest: 12-24%
- Processing Fee: 1-2% of the loan
- Pre-payment charges: Nil
As you can see most of the personal loans from banks allow loans from Rs 50000 only and also consider a lock-in period of 12 months before allowing prepayment of personal loans. As against that, personal loans from Money View come with a flexible range of amounts allowed as loans and other easy terms and conditions.
Read on to know more!
Important features of Money View instant personal loans
- Apply easily on our website or on our loan app
- Check your eligibility for an instant loan in 2 minutes
- Borrow any amount starting from Rs. 10,000 and going up to Rs. 5,00,000
- Enjoy flexible repayment terms of up to 5 years
- The Loan amount is disbursed to your account in just 2 HOURS of approval
- Benefit from low-interest rates starting from 1.33% per month
- From documentation to repayment, the entire process is done digitally
- Low credit score? You can still get a loan with our alternate credit model
Important features of Money View instant personal loans
If you require more information or our easy, instant loans or require any assistance in availing the loan you could write to us at loans@moneyview.in or call us at 080 45692002.