- 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.
Table of Contents
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.
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.
|Bank||Maximum Loan Amount||Interest Rate (per annum)||Tenure|
|State Bank of India (SBI)||Up to INR 20 Lakh||9.60% - 13.60%||60 months|
|ICICI Bank||INR 20 Lakh||10.75% - 17.50%||12-60 months|
|HDFC Bank||INR 15 Lakh||10.75% - 21.30%||60 months|
|Kotak Mahindra Bank||INR 50,000 to 20,00,000||10.75% - 17.99%||60 months|
|RBL Bank||INR 1 to 20 Lakh||17.50% - 26.00%||60 months|
|IndusInd Bank||INR 25 Lakh||11.00% Onwards||60 months|