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Where To Get A Personal Loan?

Where to Get a Personal Loan

A personal loan, as the name suggests, it is the type of loan that can be used for the personal reason. The reason can be anything from personal emergencies to fulfilling your whims and fancies. But remember it is a loan and the lenders give you the loan which you have to repay back. If you are worrying about “ where to get a personal loan?”, then worry not. Because all most all the banks and most of the Non- Banking Financial Company (NBFC) gives us the personal loan.  

The best lenders of the personal loan along with its eligibility and interest rates information are mentioned below –

State Bank of India Personal Loan

The State Bank of India is one of the most leading public sector banks of India. The state bank of India provides the Xpress Credit Personal loan and Pensioners Personal loan. The personal loan is provided to the pensioner in relatively lower interest rate than the others. The loan amount can be used for a numerous reason. The marriage expenses, foreign holidays, personal funds requirement or any other miscellaneous expenses, a personal loan is an all rounder loan which can be taken for any reason. The SBI personal loan comes up with a number of features and benefits like low- interest rate, easy repayment option, low processing charges, no extra hidden charges, no pre- payment charges.

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The eligibility required for SBI Personal Loan

  • The minimum age at the time of application is 21 years and the maximum age at the time of the  loan maturity is 60 years. 
  • The minimum income required to get the personal loan is ₹7,500 per month.
  • EMI/NMI ratio should not exceed 50.     

The interest rate on personal loan of SBI

  •   Interest rate – 12.95% – 14.95%
  •   Processing Fee – 1% of the loan amount with the applicable service tax.
  •   Loan Tenure – 5 years.
  •   Pre- closure charges – not applicable.

HDFC Personal loan 

HDFC provides personal loan product make it possible for you to dream and make it a reality. It provides highly competitive interest rate, flexible pay back options, transparency and the personal loan are not bounded by the reasons. The reason doesn't matter, if you need the fund then HDFC Personal Loan is one of the best option available to you. It provides the special scheme for women employee as well. The maximum loan amount given by the HDFC Bank is 15 lakh. 

The eligibility required for HDFC personal loan

  • The minimum age should be 21 years at the time of application, the maximum age should be 60 years at the time of loan maturity for salaried while 65 years for self- employed.
  • The minimum income required is ₹18,000 per month.

The interest rate on personal loan of HDFC

  • Interest Rates – 11.49% to 19.50%
  • Processing fee – 1% – 2.5% of the loan amount.
  • Loan Tenure – 5 years. 
  • Pre-closure charges – Nil- 4%
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Bajaj Finances Personal loan

The bajaj finances provide a personal loan to only those who are salaried individuals. The bajaj finances have different features and benefits which it provides to its customers like the instant approval of the loan, easy processing, quick disbursal etc. It provides loan up to the amount of 25 lakh.

The eligibility required for Bajaj Finances Personal loan

  • The minimum age at the time of application is 25 years, and the maximum age at the time of loan maturity is 53 years.
  • The minimum monthly income required to avail the personal loan is different for different cities. It varies from ₹ 30,000 to ₹ 40,000.
  • Only Salaried individual are eligible to get the personal loan from Bajaj Finances.

The interest rate on personal loan of Bajaj Finances

  •       Interest rate – 11.99% onwards.
  •       Processing Fees – 2.25% to 3% of the loan amount.
  •       Loan Tenure – 5 years.
  •       Penal interest – 2% p.m
  •       EMI bounce charges – ₹ 1,000 for every bounce.
  •       Fore- Closure Charges – 4% with the applicable taxes.

AXIS Bank Personal loan

The Axis Bank is one of the leading private sector banks. It provides a personal loan with minimal documentation, quick approval, and the loan amount is quickly disbursed. The non-availability of the funds will no further stop you from living your dream or meet your personal needs. The axis bank personal loan can be used for any purpose where the minimum loan amount sanctioned by the Axis bank is ₹50,000 and maximum loan amount that can be sanctioned is ₹ 15,00,000.

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The eligibility required for Axis Bank Personal Loan

  • The minimum age needed at the time of application should be 21 years and maximum age at the time of loan maturity is 60 years.
  • The minimum monthly income should not be less than ₹15,000.
  • The salaried individual, salaried doctors, employee of public and private Ltd. company, government sector employee( Central, State, PSU's) are eligible to get a personal loan from axis bank.

The interest rate on the personal loan of Axis Bank  

  • Interest rate – 15.50% to 24%
  • Processing Fees – 1.50% to 2% along with the applicable service taxes
  • Cheque Bounce – ₹500 + service tax for each bounce.
  • Loan Tenure – 5 years
  • Pre- closure Charges – Nil  

The personal loan is a loan product which makes it possible to reach the reality and get what you need.  Now that you know where to get a personal loan, you can apply for one if you need it. Make sure that you shop around a bit and then go for the one which gives you the best benefits and is best suitable according to your pocket.

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  • Personal Loan Interest Rates May 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.49%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%