List of Loans That You Can Apply for
Last Updated : July 2, 2020, 12:58 p.m.
A loan can be of different types based on your needs. You can choose a loan by taking care of a few factors which are your fund requirements, existing income, etc. There are mainly two types of loans – secured loans and unsecured loans. A secured loan needs collateral using which you can borrow the desired amount. Whereas an unsecured loan doesn’t need an asset for loan security and provides you the loan based on your income. Unsecured loans include a personal loan, education loan upto INR 7.5 lakh, etc. Whereas, secured loans include a home loan, as well as loans that are granted against house property, fixed deposits, life insurance, shares, mutual funds and other securities. Read the post and know about the types of loan and their benefits.
Personal Loan
Personal loans are given to meet the financial needs of customers. You can use the borrowed amount for any purpose. Using the loan, you can pay existing debts, buy expensive products, plan a vacation, do marriage expenses, etc. The interest rates for this type of loan is comparatively high due to its unsecured nature.
Apply Personal Loan @ 10.75%* Rate
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| State Bank of India (SBI) | 20 lakh | 11.00% - 14.00% | 6 years | 1.50% of the loan amount |
| HDFC Bank | No Cap on your loan, it depends on credit score and income | 10.75% - 14.50% | 5 years | Up to 2.50% of the loan amount |
| ICICI Bank | 40 lakh | 10.75% - 19.00% | 5 years | 0.99%-2.25% of the loan amount |
| IndusInd Bank | 15 lakh | 10.25% - 26.00% | 5 years | 1%-3% of the loan amount |
| Axis Bank | 15 lakh | 10.49% - 21.00% | 5 years | 1.50% - 2.00% of the loan amount |
| Kotak Mahindra Bank | 20 lakh | 10.99% Onwards | 5 years | 0.99%-2.50% of the loan amount |
| YES BANK | 40 lakh | 11.05% - 20.25% | 5 years | Up to 2.50% of the loan amount |
| RBL Bank | 20 lakh | 14.00% - 23.00% | 5 years | 2%-2.50% of the loan amount |
| SMFG India Credit | 25 lakh | 11.99% Onwards | 5 years | 2% of the loan amount |
| Standard Chartered Bank | 50 lakh | 11.49% Onwards | 5 years | NIL |
| Bank of Baroda | 10 lakh | 10.90% - 18.25% | 5 years | 2% of the loan amount, subject to a minimum and maximum of INR 1,000 and INR 10,000, respectively |
| Punjab National Bank (PNB) | 10 lakh | 11.40% - 16.95% | 5 years | 1% of the loan amount |
| Citibank | 30 lakh | 10.49% Onwards | 5 years | Up to 3% of the loan amount |
Home Loan
Buying a home becomes a reality with a home loan . Using the loan, you can do the following.
- Buy a new or resale property
- Construct, renovate and extend a house
- Purchase a land
The advantage in this secured loan is the tax benefits that the user gets on their repayments. Section 80C enables tax exemptions upto INR 1.5 lakh on principal repayments made in a financial year. Whereas, Section 24 saves upto INR 2 lakh on interest repayments.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| State Bank of India (SBI) | Above 75 lakh | 9.15% - 11.30% | 30 years | 0.35% of the loan amount |
| HDFC Limited | 10 Crore | 8.50% - 9.40% | 30 years | 10,000 + GST |
| Axis Bank | 5 Crore | 8.75% - 9.15% | 30 Years | Up to 1% of the loan amount |
| ICICI Bank | 10 Crore | 9.00% - 10.05% | 30 years | 0.25%-1.00% of the loan amount |
| Kotak Mahindra Bank | 75%-80% of the property | 8.70% onwards | 20 years | Up to 1.50% of the loan amount |
| LIC Housing Finance (LIC HFL) | 90% of the property value | 8.50% - 10.75% | 20-30 years | As applicable by the lender |
| Reliance Home Finance | 5 Crore | 9.75% - 13.00% | 30 years | NIL |
| Tata Capital | 5 Crore | 8.95% - 12.00% | 30 years | 5,700 + GST |
| PNB Housing Finance (PNBHFL) | 90% of the house | 8.50% - 11.95% | 30 years | 10,000 + GST |
| Bank of Baroda | 80%-90% of the property | 8.50% - 10.60% | 30 years | 0,25%-0.50% of the loan amount |
| Citibank | 10 Crore | 8.45% Onwards | 25 years | 0.40% of the loan amount |
| YES BANK | As per your property value | 9.15% - 11.25% | 30 years | 0.50% of the loan amount |
| Aditya Birla Housing Finance (ABHFL) | 75%-90% of the house | 9.00% - 12.50% | 30 years | 1% of the loan amount |
Education Loan
As a student, if you want to go to a renowned university to complete your educational qualification but aren’t able to do so because of financial problems, you can apply for an education loan provided by several banks and NBFCs. The loan is co-borrowed with the parent. And there is no need for security if you borrow up to INR 7.5 lakh.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| State Bank of India (SBI) | 1.5 Crore | 6.90% - 9.30% | 15 Years | 10,000+GST |
| HDFC Bank | 10 to 20 lakh | 9.25% - 13.68% | 15 years | Up to 1% of the loan amount |
| ICICI Bank | 1 Crore | 11.25% - 11.75% | 15 years | 1% of the loan amount |
| Axis Bank | 75 lakh | 13.70% - 15.20% | 15 years | 1,500 + GST or 0.75% of the loan amount |
| Kotak Mahindra Bank | 20 lakh | 12.33% - 16.00% | 15 years | - |
| YES BANK | Need-based loan | 12.00% - 14.00% | 15 years | Up to 1% of the loan amount |
| RBL Bank | 10-20 lakh | 14.15% - 16.15% | 15 years | - |
| Federal Bank | 10-20 lakh | 10.05% | 15 years | - |
| Standard Chartered Bank | 1 Crore | 10.99% - 19.00% | 10 years | - |
| Bank of Baroda | 80 lakh | 6.85% - 9.95% | 15 years | NIL |
| Union Bank of India | Need-based loan | 7.20% - 10.45% | 15 years | - |
| Punjab National Bank (PNB) | Need-based loan | 6.90% - 9.55% | 15 years | 1% of the loan amount for abroad studies |
Gold Loan
By pledging your gold ornaments, you can borrow a loan from the bank or financial institution. The loan amount is disbursed at 70%-90% of the gold value. There is flexibility on your payment as you can do the EMI payment or a lump sum payment of the borrowed amount.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| State Bank of India (SBI) | 20 lakh | 7.50% | 12 to 36 months | 0.50% of the loan amount |
| HDFC Bank | Starts from 25,000 | 9.50% - 17.55% | 24 months | 1.5% of the loan amount |
| ICICI Bank | 1 Crore | 10.00% - 19.76% | 12 month | 1% of the loan amount |
| IndusInd Bank | 10 lakh | 10.00% - 16.00% | 24 months | - |
| Axis Bank | 25 lakh | 13.00% | 36 months | 1% of the loan amount |
| Kotak Mahindra Bank | 65%-75% of the gold value | 10.50% - 17.00% | 4 years | Up to 2% of the loan amount |
| DCB Bank | 20 lakh | 10.00% - 18.00% | 5 years | - |
| Bank of Baroda | 25 lakh | 7.45% - 8.20% | 1 year | 0.50% of the loan amount |
| Union Bank of India | 20 lakh | 7.00% - 9.60% | 1 year | NIL |
| Punjab National Bank | 10 lakh | 7.95% - 9.00% | 18 months | 0.75% of the loan amount |
Car Loan
Are you waiting to buy a car and collecting funds for it? Then don’t wait too long for it. Apply for a car loan and get the funds in your account. With an attractive rate of interest, you can pay the borrowed amount in easy EMIs. Lenders can provide car loans upto 90% of the on-road price of the 4-wheeler.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | Upto 90% of the on-road price of the car | 7.20% - 7.90% | 7 years | 0.40% of the loan amount |
| HDFC Bank | 100% of the selected vehicles | 7.95% - 8.30% | 7 years | 1% of the loan amount |
| ICICI Bank | Upto 100% of the on-road price of the car | 7.90% Onwards | 7 years | INR 3,500 to 8,500 |
| IndusInd Bank | Upto 100% of the ex-showroom price | - | 5 years | Up to 2.50% of the loan amount |
| Axis Bank | Upto 100% on- road price of the new car | 7.45% - 14.50% | 8 years | 3,500 to 5,500 |
| Kotak Mahindra Bank | Upto 90% of the ex showroom price | - | 7 years | - |
| RBL Bank | Up to 30 lakh to 1Crore or 90% of the car on road price | 12.00% - 14.00% | 5 years | - |
| Bank of Baroda | Upto 90% of the road price of the car, subject to a maximum of INR 1 Crore | 7% onwards | 7 years | 0.50% of the loan amount |
| Union Bank of India | Upto 85% of the on-road price of the car | unionbankofindia_cl_ir_sc | 7 years | 1% of the loan amount |
| Punjab National Bank | 25 times monthly income | 6.50% Onwards | 7 years | 0.25% of the loan amount |
Loan Against Property
You can pledge your house or land to borrow a loan from the bank or NBFC. Submit your property papers and sign the agreement that you don’t have any rights to the mortgaged property until the loan is paid in full. You can’t sell the property when it is mortgaged to the lender else the lender can sue the customer for breaching the loan agreement.
The loan is sanctioned based on the market value of your house or land.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 7.5 Crore | 7.00% - 7.70% | 15 years | 1% of the loan amount |
| HDFC Bank | 65% of the property value | 9.25% - 10.35% | 15 years | Up to 1% of the loan amount |
| ICICI Bank | 5 Crore | 8.35% - 9.50% | 15 Years | 1% of the loan amount |
| Axis Bank | 5 Crore | 10.50% - 11.25% | 20 years | 1% of the loan amount |
| Kotak Mahindra Bank | 5 Crore | 9.50% - 11.70% | 15 years | Up to 3% of the loan amount |
| YES BANK | As applicable by bank | 12.00% - 16.00% | - | 0.50% of the loan amount |
| RBL Bank | 10 Crore | 12.00% - 15.00% | 15 years | - |
| SMFG IndiaCredit | 12.5 Crore | 9.00% - 24.00% | 15 years | Up to 3% of the loan amount |
| Standard Chartered Bank | 90% of the property value | 9.65% - 10.05% | 15 years | 1% of the loan amount |
| Bank of Baroda | 10 Crore | 8.20% - 13.35% | 10 years | 1% of the loan amount |
| Union Bank of India | 5 Crore | 8.40% - 10.65% | 15 year | 1% of the loan amount |
| Punjab National Bank | 5 Crore | 8.70% - 9.80% | 10 years | 0.75% of the loan amount |
| Citibank | 5 Crore or 70% of the property value | 7.75% Onwards | 15 years | - |
Loan Against Insurance Policies
If you have a traditional non-linked endowment insurance policy then it is easy for you to borrow funds from the bank. The insurance can be used as collateral and you can get the loan based on its surrender value. You need to submit the documents to the lender and need to transfer the insurance paper to the bank or NBFC, which you can get after paying the loan fully.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | Up to 85% of the policy surrender value | 11.90% per annum | 3 years | 1% of the loan amount |
| HDFC Bank | Upto 80% of the surrender value | 8.70%-12.35% per annum | 12 months | 1% of the loan amount |
| ICICI Bank | 20 lakh | 8.90%-11.00% per annum | - | 0.50% of the loan amount |
| Axis Bank | As applicable by bank | 10.50%-12.75% | 12 months | 1,000 + GST |
| Kotak Mahindra Bank | 90% of the surrender value and loan starting from INR 3 lakh | 9.25%-13.00% | 12 months | Up to 2% of the loan amount |
| YES BANK | Upto 85% of the surrender value of the insurance policy | 3.88% onwards | - | 0.50% of the loan amount |
| IndusInd Bank | 5 Crore | - | 12 months | Up to 1% of the loan amount |
Loan Against Bank FDs
You can borrow a loan against your FD value from the bank. And the interest rate applicable to your borrowed amount is 1%-2% above your deposit rate. So, get a loan against your FD if there is an unexpected need for the fund and no source is available to you. You can borrow up to 90% of your FD value.
| Bank | Maximum Loan Amount (In INR) | Interest Rate | Tenure |
|---|---|---|---|
| SBI | 25,000 to 5 Crore | 1% above 2.90% - 6.20% | 5 years |
| HDFC Bank | 70%-90% of the FD value | 2% above 2.50% - 6.25% | 5 years |
| ICICI Bank | 90% of the FD value | 2%-3% above 2.50% - 6.30% | 5 years |
| Axis Bank | 85% of the FD value | 2% above 2.50% - 6.50% | 5 years |
| Kotak Mahindra Bank | 85% of the FD value | 2.50% - 4.90% | 5 years |
| YES BANK | 90% of the FD value | 2% above 3.25% - 7.25% | 5 years |
| RBL Bank | 90% of the FD | 2% above 3.25% - 7.45% | 5 years |
| Bank of Baroda | 95% of the loan amount | 1.75% above 2.90% - 6.30% | 5 years |
| Punjab National Bank | 80% of the FD value | 1%-2% above 2.90% - 5.75% | 5 years |
| Citibank | 90% of the FD value | 2.5%-3.00% above 2.00% - 4.25% | 5 years |
Loan Against Mutual Funds Or Shares
Your market instruments are not only used to earn returns but they can also help you meet your financial needs. You can pledge your mutual fund units or shares to borrow a loan from a bank or NBFC. Just go to your bank branch and apply for the loan. you can borrow upto 50%-80% of your mutual fund value, depending on the type of mutual fund investments you have. While equity funds can give you a loan upto 50% of your investment value, the loan quantum can go upto 80% in case of debt funds. When it comes to getting a loan against direct investment in shares, the maximum quantum is upto 50% of the investment value. The interest rate applied on your borrowed loan is affordable and one can pay the loan in equated monthly installments.
| Lenders | Maximum Loan Amount (In INR) | Interest Rate | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 20 lakh | 9.75% per annum | 30 months | 0.75% of the loan amount |
| HDFC Bank | Upto 50% of the share and mutual fund value | 8.70%-12.35% per annum | - | 1% of the loan amount |
| ICICI Bank | Upto 20 lakh or 50% of the share or NAV | 8.90%-11.00% per annum | - | 0.50% of the loan amount |
| Axis Bank | As applicable by bank | 10.50%-12.75% | 12 months | 1,000 + GST |
| Kotak Mahindra Bank | 50% of the share value or mutual fund NAV | 9.25%-13.00% | 12 months | Up to 2% of the loan amount |
| YES BANK | Upto 50% of the share and mutual fund value | 3.88% onwards | - | 0.50% of the loan amount |
| IndusInd Bank | Upto 20 lakh for shares And Up to 5 Crore for mutual funds | - | 12 months | Up to 1% of the loan amount |
List of Documents Required for a Loan
To get a loan it is mandatory to have a PAN card and you can submit any of the identity proofs mentioned below.
- Aadhaar Card
- Voter ID card
- Passport
- Driving Licence
Income proof for salaried and self-employed applicants are
- Salary Slip
- ITR Report
- Bank statement
- Form 16
- Business turnover balance sheet
- Profit in the past 1 year
Address Proof (Any One of the Following)
- Electricity Bill
- Aadhaar Card
- Driving Licence
- Passport
- Water Bill
- Gas Bill
