- 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.
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.
|Maximum Loan Amount
|Interest Rate (per annum)
|State Bank of India (SBI)
|Up to INR 20 Lakh
|11.00% - 14.00%
|INR 20 Lakh
|10.75% - 19.00%
|INR 15 Lakh
|10.75% - 14.50%
|Kotak Mahindra Bank
|INR 50,000 to 20,00,000
|INR 1 to 20 Lakh
|14.00% - 23.00%
|INR 25 Lakh
|10.25% - 26.00%