Personal loans give you the advantage availing unsecured money from banks as well as Non-banking Financial Institutions. They loans from 50000 Rs to 5000000 Rs and these carry an interest charge which will vary from bank to bank in India.
Some of the popular banks in India that offer personal loans include HDFC, SBI, Bajaj Finserv, ICICI Bank, Standard Chartered and Fullerton India. These loans are sanctioned on the basis of your income as well credit history. It cannot be availed by retired persons otherwise all salaried as well self-employed can benefit this scheme.
ICICI Bank Personal Loan Rates
ICICI Bank offers you a very attractive scheme for obtaining personal loans. They can be availed without much of a hassle and there is no requirement of guarantor or security. ICICI Bank offers 13.49% interest on personal loans. These loans are available to salaried, self-employed and even doctors and they have repayment options from 1 2 to 60 months.
The documents required include identity proof, residence proof, bank statement for last 3 months, salary slip and passport size photo. In case of self-employed they may require Proof of continuity of business too.
Once the documentation process is done the loans are disbursed within 72 hours. Salaried officials can get loans up to 15 lakhs, self-employed 30 lakhs and doctors up to 40 lakhs.
HDFC Bank Personal Loans
HDFC Bank offer you one the best personal loans with very attractive interest rates. You have options to borrow up to 15lakhs and they can be availed without any guarantor or collateral security.
The loan can be repaid in 12 to 48 months. Once the documentation is done the loan will be disbursed within 2 days and can also avail an accident cover along this loan.
|Rack interest rate||Salaried – 15.75% to 20%|
|Loan processing charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.|
|Prepayment||Salaried – No pre-payment permitted until repayment of 12 EMIs|
|Pre-payment charges||Salaried – 13-24 Months – 4% of Principal Outstanding,25-36 Months – 2% of Principal Outstanding
>36 Months – NIL
ING Vysya Loan Rates
Personal loans are granted at very attractive interest rates at ING Vysya. It’s easy to avail and the processing is also done very quickly. The loan can be availed by salaried professionals, doctors, CAs, employees of public and private sector companies. The minimum age for applying this loan is 25 years and the maximum is up to 60 years.
Documents needed includes identity proof, bank statement, address proof and salary certificate. The applicants must also have worked for a minimum of 3 years and must earn 3.6lakhs annually. You can borrow up to 15 lakhs and there is no collateral security needed.
|Interest||Interest for the month = Loan Outstanding*ROI%*(Number of days in a month/360)|
|Loan Processing Charge||Upto 2% of the loan sanctioned amount subject to a minimum of Rs.1,000/|
|Pre-payment charges||4% of the Principal Outstanding after repayment of 6 EMIs.|
|Cheque/ECS/SIM Bounce Charges*||Rs 500|
SBI Saral Personal Loan
SBI offers attractive loans for meeting financial liability of the family or any other needs. It is accessible to all salaried professionals, self-employed, engineer, doctor, architect, chartered accountant and even MBA with minimum 2 years standing. You can avail loans up to 10 lakh and it can be repaid in 48 months installments.
Documents needed for this loan include identity proof, bank statement, address proof and salary certificate. Processing charges are 2.02%-3.03% of the loan amount. Prepayment charges is nil and interest rate is 18.30%.
Axis Bank Personal Loan
Axis Bank offers loans ranging from 1 lakh to 15 lakhs. These loans are easy to avail and requires the least of documentation. Loan can be repaid in installments within 12 to 60 months. Loan can be applied by salaried doctors, MNC employees as well as public and private sector employees. Again the applicants must be at least 21 years of age and maximum age limit is 58.
|Rate of interest||15.50% to 24%|
|Loan Processing Charge||1.50% to 2.00% + Service Tax as applicable|
|Default Interest Rateemail@example.com% per annum i.e 2% per month on the overdue installment|
|Cheque Bounce Charges||Rs. 500 per cheque bounce + Service Tax as applicable|
|Prepayment/ Forclosure Charges||Nil|
Standard Chartered Personal Loan Rates
Standard Charted offers loans for salaried as well as self-employed officials at affordable interest rates. They can be availed without any security and requires very less processing time. Salaried officials can get loans up to 30 lakhs while entrepreneurs can get up to 10 lakhs. You can easily make the repayment in ECS, PDCs or Account Debit.
|Interest||16% – 22%|
|Loan processing charges||Up to 3% of loan amount|
|Interest on arrears||4% per month|
Kotak Mahindra Loan Rates
Kotak Mahindra Bank offers loans from 50000 to 15 lakh rupees. They can be done with minimum paperwork and can be processed quickly. An Indian resident of public sector or an MNC can apply for this loan. Age criteria is 21-58 years and they should earn an income of 25000 per month. Documents required includes address proof, identity proof, age proof and signature proof.Loans can be repaid in installments within a period of 12-60 months.
|Interest rate||15% to 24%|
|Loan Processing Charges||Upto 3% of Loan amount|
|Prepayment Interest / Forclosure charges||6%,if within 6 months of the date of Agreement, 5% after 6 months|
|Credit Administration Charges||Upto 5% of the Loan amount,not exceeding Rs. 7500|
|Documentation charges||Upto Rs. 5000|
IDBI Bank Personal Loans
IDBI offers personal loans to Salaried Individuals and Self Employed Professionals. They also have provisions for Salary Account with In-built Overdraft facility as well as Salary Account with in-built Overdraft facility to Pensioners of IDBI Bank Ltd. For salaried professionals they should have a minimum salary of 180000 annually and age criteria is between 22-58 years. You can avail loans from 50000 to 1000000 as per your requirement. They also top up facility for loan account holders with a minimum 12 months and clear repayment record.
|Salaried customers maintaining salary accounts with IDBI Bank||13.75% (BR + 3.50%) Fixed|
|Salaried customers not maintaining salary accounts with IDBI Bank & Self Employed Professionals having liability relationship with IDBI Bank||14.25% (BR + 4.00% ) Fixed|
|Salaried individuals & Self Employed Professionals who have availed Home Loan / Loan Against Property from us (only full disbursed cases)||13.25% (BR +3.00%) Fixed|
Canara Bank Personal Loan
Canara Bank offers personal loans for salaried, business as well as professionals. For availing this loan you must earn a minimum monthly net salary of 40 % of their gross salary and for professionals a minimum salary of 150000 annually. Documents needed for getting the loan includes identity proof, address proof, DOB proof and financial documents. Repayments can be done in 36 monthly installments. They have interest rates between 10.5%-15% and the processing charges is 0.5% of the Loan Amount with a minimum of Rs.100 and a maximum of Rs.500. Commission on solvency certificate is .10% with a minimum of Rs. 500/- and maximum of Rs. 10000/- per certificate.
Punjab National Bank 10.25%
Punjab National Bank offers loans to defense officials except those retiring within 24 hours, employees of government employees, doctors and salaried officials. Basic criteria is that they should earn up to 15000 per month incase metros, 12500 in urban areas and 10000 in the case of rural areas. You can get loans from 50000 to 400000 and it can be repaid in 60 equal installments. Interest is 10.25%+5% and includes an upfront fee of 1.80% + service tax.
What do you think? Ask your questions in the comments.