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What Benefits Does a Personal Loan Provide to Borrowers?

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Highlights

  • The biggest attraction for a personal loan is its seamless availability
  • But a personal loan has some other advantages too - read this post to know all!

What does one do when they don’t have the savings to fulfill their financial needs? Without a doubt, it’s the personal loan that most opt for. Why so? Because you can get this loan without having to submit a security or collateral. So, it is an unsecured personal loan. But the benefits don’t end here! There are many which you can know in this post.

Advantages of a Personal Loan

  • Attractive interest rates are offered on personal loans. The rates have come down to as low as 10.50% per annum.
  • Time for the payment is longer in a personal loan which is up to 60 months and can vary from 72 to 84 months depending on the lender.
  • A personal loan is a multi-purpose loan, you can use it for any financial needs like marriage, vacation, car purchase, home renovation, education, etc.
  • The loan can be approved quickly as there’s no need to submit any collateral. With no collateral, the formalities reduce to bare minimum and help a quick offtake of the loan.
  • EMIs are fixed and don’t change with the tenure as most of the lenders provide a fixed interest rate on personal loans which makes it easier to pay with no hassle.

Pre-approved Personal Loan Offers

If you hold an existing relationship with a lender, pre-approved personal loan offers could be on your way! Yes, if you have a credit card, savings or salary account of a certain lender, getting a pre-approved personal loan offer from it won’t be a surprise. As they have your KYC documents with them, you won’t need to submit any document. As soon as you give a consent to the offer, which might have come on your email or phone, the loan will get disbursed to your account instantly.

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So, Where Should You Go for a Personal Loan?

We thought of giving you a list of lenders and their personal loan offers so that you could compare and choose the one that meets your needs the best way. The table below shows a refined list, so read, compare and choose the best one for you.

BankMaximum Loan AmountInterest Rate (per annum)Tenure
State Bank of India (SBI)Up to INR 20 Lakh9.60% - 13.60%60 months
ICICI BankINR 20 Lakh10.75% - 17.50%12-60 months
HDFC BankINR 15 Lakh10.75% - 21.30%60 months
Kotak Mahindra BankINR 50,000 to 20,00,00010.75% - 17.99%60 months
RBL BankINR 1 to 20 Lakh17.50% - 26.00%60 months
IndusInd BankINR 25 Lakh11.00% Onwards60 months

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Personal Loan Interest Rates November 2020
Fullerton India14.00% - 24.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 17.50%
IndusInd Bank11.00% - 23.00%
Kotak Bank10.99% - 20.99%
RBL17.50% - 26.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 19.75%
Home Loan Interest Rates November 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 8.25%
Citibank7.13% - 8.03%
HDFC6.90% - 7.65%
ICICI Bank6.90% - 8.05%
Indiabulls Housing Finance Limited8.99%
Kotak Bank6.75% - 8.45%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.65%
PNB Housing Finance7.50% - 9.20%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital7.50% - 8.75%