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List of Loans That You Can Apply for

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Highlights

  • What are various types of loans that you can apply for?
  • There are different types of loans available for you, read this post below and know about them in detail.

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

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
State Bank of India (SBI)20 lakh9.60% - 13.60%6 years1.50% of the loan amount
HDFC BankNo Cap on your loan, it depends on credit score and income10.75% - 21.30%5 yearsUp to 2.50% of the loan amount
ICICI Bank40 lakh10.75% - 18.49%5 years0.99%-2.25% of the loan amount
IndusInd Bank15 lakh11.00% Onwards5 years1%-3% of the loan amount
Axis Bank15 lakh15.50% - 24.00%5 years1.50% - 2.00% of the loan amount
Kotak Mahindra Bank20 lakh10.75% - 17.99%5 years0.99%-2.50% of the loan amount
YES BANK40 lakh10.75% - 17.00%5 yearsUp to 2.50% of the loan amount
RBL Bank20 lakh17.50% - 26.00%5 years2%-2.50% of the loan amount
Fullerton India25 lakh14.00% - 24.00%5 years2% of the loan amount
Standard Chartered Bank50 lakh11.00% - 15.00%5 yearsNIL
Bank of Baroda10 lakh10.25% - 15.60%5 years2% of the loan amount, subject to a minimum and maximum of INR 1,000 and INR 10,000, respectively
Punjab National Bank (PNB)10 lakh8.80% - 11.65%5 years1% of the loan amount
Citibank30 lakh9.99% - 16.49%5 yearsUp 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

Apply Home Loan @ 6.90%* Rate

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.

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
State Bank of India (SBI)Above 75 lakh6.95% - 7.60%30 years0.35% of the loan amount
HDFC Limited10 Crore6.95% - 8.00%30 years10,000 + GST
Axis Bank5 Crore7.75% - 8.55%30 YearsUp to 1% of the loan amount
ICICI Bank10 Crore6.95% - 8.05%30 years0.25%-1.00% of the loan amount
Kotak Mahindra Bank75%-80% of the property7.20% - 9.30%20 yearsUp to 1.50% of the loan amount
LIC Housing Finance (LIC HFL)90% of the property value6.90% - 7.90%20-30 yearsAs applicable by the lender
Reliance Home Finance5 Crore8.75% - 14.00%30 yearsNIL
Tata Capital5 Crore9.25% Onwards30 years5,700 + GST
PNB Housing Finance (PNBHFL)90% of the house8.60% - 9.45%30 years10,000 + GST
Bank of Baroda80%-90% of the property7.00% - 8.40%30 years0,25%-0.50% of the loan amount
Citibank10 Crore8.20% Onwards25 years0.40% of the loan amount
YES BANKAs per your property value8.72% - 11.37%30 years0.50% of the loan amount
Aditya Birla Housing Finance (ABHFL)75%-90% of the house9.00% - 12.50%30 years1% of the loan amount
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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.

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
State Bank of India (SBI)1.5 Crore6.90% - 9.30%15 Years10,000+GST
HDFC Bank10 to 20 lakh9.50% - 13.49%15 yearsUp to 1% of the loan amount
ICICI Bank1 Crore11.25% - 11.75%15 years1% of the loan amount
Axis Bank75 lakh13.70% - 15.20%15 years1,500 + GST or 0.75% of the loan amount
Kotak Mahindra Bank20 lakh12.33% - 16.00%15 years-
YES BANKNeed-based loan12.00% - 14.00%15 yearsUp to 1% of the loan amount
RBL Bank10-20 lakh14.15% - 16.15%15 years-
Federal Bank10-20 lakh10.05%15 years-
Standard Chartered Bank1 Crore10.99% - 19.00%10 years-
Bank of Baroda80 lakh7.00% - 10.10%15 yearsNIL
Union Bank of IndiaNeed-based loan7.20% - 10.45%15 years-
Punjab National Bank (PNB)Need-based loan6.90% - 9.40%15 years1% 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.

Apply For Gold Loan Online

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
State Bank of India (SBI)20 lakh7.50%12 to 36 months0.50% of the loan amount
HDFC BankStarts from 25,00010.05% - 17.95%24 months1.5% of the loan amount
ICICI Bank1 Crore11.00% Onwards12 month1% of the loan amount
IndusInd Bank10 lakh10.50% - 16.00%24 months-
Axis Bank25 lakh15.00%36 months1% of the loan amount
Kotak Mahindra Bank65%-75% of the gold value10.50% - 24.00%4 yearsUp to 2% of the loan amount
DCB Bank20 lakh10.00% - 18.00%5 years-
Bank of Baroda25 lakh9.75%1 year0.50% of the loan amount
Union Bank of India20 lakh7.00% - 10.10%1 yearNIL
Punjab National Bank10 lakh8.60% - 8.85%18 months0.75% 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.

Apply Car Loan @ 7.45%* Rate

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
SBIUpto 90% of the on-road price of the car7.75% - 8.45%7 years0.40% of the loan amount
HDFC Bank100% of the selected vehicles7.70% - 13.55%7 years1% of the loan amount
ICICI BankUpto 100% of the on-road price of the car9.30% - 12.85%7 yearsINR 3,500 to 8,500
IndusInd BankUpto 100% of the ex-showroom price-5 yearsUp to 2.50% of the loan amount
Axis BankUpto 100% on- road price of the new car9.05% - 11.30%8 years3,500 to 5,500
Kotak Mahindra BankUpto 90% of the ex showroom price-7 years-
RBL BankUp to 30 lakh to 1Crore or 90% of the car on road price12.00% - 14.00%5 years-
Bank of BarodaUpto 90% of the road price of the car, subject to a maximum of INR 1 Crore7.50% - 10.30%7 years0.50% of the loan amount
Union Bank of IndiaUpto 85% of the on-road price of the carunionbankofindia_cl_ir_sc7 years1% of the loan amount
Punjab National Bank25 times monthly income7.40% - 7.65%7 years0.25% of the loan amount
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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.

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
SBI7.5 Crore7.00% - 7.70%15 years1% of the loan amount
HDFC Bank65% of the property value9.25% - 10.35%15 yearsUp to 1% of the loan amount
ICICI Bank5 Crore8.90% - 9.10%15 Years1% of the loan amount
Axis Bank5 Crore10.50% - 11.00%20 years1% of the loan amount
Kotak Mahindra Bank5 Crore9.50% - 11.70%15 yearsUp to 3% of the loan amount
YES BANKAs applicable by bank12.00% - 16.00%-0.50% of the loan amount
RBL Bank10 Crore13.25% - 15.25%15 years-
Fullerton India12.5 Crore9.00% - 24.00%15 yearsUp to 3% of the loan amount
Standard Chartered Bank90% of the property value9.45% - 9.65%15 years1% of the loan amount
Bank of Baroda10 Crore8.20% - 13.35%10 years1% of the loan amount
Union Bank of India5 Crore8.40% - 10.65%15 year1% of the loan amount
Punjab National Bank5 Crore8.55% - 9.65%10 years0.75% of the loan amount
Citibank5 Crore or 70% of the property value8.70% Onwards15 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.

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
SBIUp to 85% of the policy surrender value11.90% per annum3 years1% of the loan amount
HDFC BankUpto 80% of the surrender value8.70%-12.35% per annum12 months1% of the loan amount
ICICI Bank20 lakh8.90%-11.00% per annum-0.50% of the loan amount
Axis BankAs applicable by bank10.50%-12.75%12 months1,000 + GST
Kotak Mahindra Bank90% of the surrender value and loan starting from INR 3 lakh9.25%-13.00%12 monthsUp to 2% of the loan amount
YES BANKUpto 85% of the surrender value of the insurance policy3.88% onwards-0.50% of the loan amount
IndusInd Bank5 Crore-12 monthsUp to 1% of the loan amount
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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.

BankMaximum Loan Amount (In INR)Interest RateTenure
SBI25,000 to 5 Crore1% above 2.90% - 6.20%5 years
HDFC Bank70%-90% of the FD value2% above 2.50% - 6.25%5 years
ICICI Bank90% of the FD value2%-3% above 2.50% - 6.30%5 years
Axis Bank85% of the FD value2% above 2.50% - 6.15%5 years
Kotak Mahindra Bank85% of the FD value2.50% - 5.15%5 years
YES BANK90% of the FD value2% above 5.00% - 7.75%5 years
RBL Bank90% of the FD2% above 4.00% - 7.50%5 years
Bank of Baroda95% of the loan amount1.75% above 2.90% - 6.30%5 years
Punjab National Bank80% of the FD value1%-2% above 3.00% - 6.75%5 years
Citibank90% of the FD value2.5%-3.00% above 2.00% - 4.40%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.

LendersMaximum Loan Amount (In INR)Interest RateTenureProcessing Fee
SBI20 lakh9.75% per annum30 months0.75% of the loan amount
HDFC BankUpto 50% of the share and mutual fund value8.70%-12.35% per annum-1% of the loan amount
ICICI BankUpto 20 lakh or 50% of the share or NAV8.90%-11.00% per annum-0.50% of the loan amount
Axis BankAs applicable by bank10.50%-12.75%12 months1,000 + GST
Kotak Mahindra Bank50% of the share value or mutual fund NAV9.25%-13.00%12 monthsUp to 2% of the loan amount
YES BANKUpto 50% of the share and mutual fund value3.88% onwards-0.50% of the loan amount
IndusInd BankUpto 20 lakh for shares
And
Up to 5 Crore for mutual funds
-12 monthsUp 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

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Personal Loan Interest Rates August 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates August 2020
Axis Bank7.75% - 8.55%
Bank of Baroda7.00% - 8.40%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank6.95% - 8.05%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.20% - 9.30%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%