Personal loans are unsecured loans offered by banks or personal lenders to fulfill your personal needs. This kind of Loans can help you in emergency or in to accomplish your basic requirements. Anyone can get this Loan for his/her sister or daughters marriage, for medical emergency or in Home renovation. Because it’s a kind of unsecured loan hence no guarantor and no heavy documentation is required as well. The borrower is free to use the loan amount to fulfill their dreams.
Personal loan provides financial support to you at the time of immediate financial crunches. The approval process of personal loan is quite fast and easy, most of banks offer online instant approval process for quick response. After approval the approved loan amount is transferred to the borrower’s bank account instantly.
It’s important to understand few things before applying for a personal loan like your CIBIL score, terms and conditions of banks and your present financial obligations. It’s quite confusing task to find out the best personal loan as per your requirement. So many things are their which can confuse you easily. Most of loan searchers look for the lowest interest rates but on other side they forget to think about some major factors like pre-payment charges, loan tenure, fixed, semi fixed or floating interest rates, processing charges and the total repayment amount paid trough EMIs. Banknomics suggest everyone to keep their CIBIL score good because the banks and lenders basically ignore the applicant with low CIBIL score. Banks consider a low CIBIL or Credit score as a higher risk borrower.
With the help of this article Banknomics tries to introduce everyone with the leading banks for personal loans in India. Here’s the compared analysis of most popular banks in India on the basis of interest rates, Processing fees, Loan tenure and approvable amount. The following information is suggestive and should be updated by banks but it will help you to find out the best personal loan as per your requirement.
ICICI Bank: The range of interest rate for ICICI Personal Loan is from 11.29% to 22% which is lowest among other banks in India. They divide the personal loan in three different categories such as holiday loans, home renovation loans and wedding loans. This type of categorization helps customers to understand the key features of loan with respect to loan tenure, repayment amount, Interest rates and loan amount. ICICI Bank also offers different eligibility criteria for both salaried and self employed applicants who applied for personal loans.
Punjab National Bank(PNB): PNB is another best option for personal loan and it’s listed as the second largest banking institution in India. The range of PNB Personal Loan Interest rate starts from 11.55% to 14.55%. PNB offers lowest interest rates personal loans in India as compared to other banks. The eligibility criteria for PNB personal loan is same for both salaried and self employed. PNB offers a special personal loan scheme for pensioners with much lower interest charges. In term of loan repayment capacity, PNB also considers the husband and wife’s income as well. It helps borrower to apply a larger amount and it may sanctioned because of spousal income.
Axis Bank: The range of A