2020 has not been a great year with the devastating covid-19 pandemic and huge economic crisis. The year was not good where many lost their loved ones and many got financially affected by the pandemic. The number of people who got financially affected is huge as the entire economy of the world has been affected. On the same hand Job loss and pay cuts are still going on with many of the institutions and all this has forced the majority of the population to opt for loans to meet their livelihood expenses.
During this time banks proved to be a great support by offering loans, and as per the RBI, guidelines moratorium was also provided for the ongoing loans. Apart from this, the base rate was reduced which led to the reduction in the interest rate of all retail loans including the personal loan. All this proved to be a great relief for the loan seekers as these steps made it more affordable and convenient for them to take the loan.
Here are some of the top personal loan lenders of 2020 which made things easier for the common masses:
HDFC bank is one of the most renowned private sector banks in India which is known for its services and loan offerings. The bank is the largest provider of personal loans and rules the market of personal loans.
The bank provides Personal Accident Cover up to ₹ 8 lakhs for a nominal premium and covers for Critical illness up to ₹ 1 Lakh. The premium for these policies is deducted from the loan amount during disbursal, making your borrowing worry-free.
The interest rate charged for HDFC bank personal loan is also affordable which makes it a good option to borrow from. HDFC bank also offers flexible repayment along with minimal eligibility criteria which suits the needs of the majority of people. All these features made HDFC one of the largest providers of personal loans during the ongoing corona pandemic.
It is one of India’s largest DSA’s which is known for its instant loan facility. The company’s head office is situated in Bangalore and operates in more than 14 cities along with the country. The company is having more than 300000 happy customers, and still working hard to add more starts on its cap. The company is a direct channel partner with all the top banks and provides and thus, brings more tempting offers for its customers directly from the bank. Lockdowns lead to an increase in the number of loan seekers and finance buddha managed it well to provide Instant loans to all the eligible customers.
A Personal Loan from ICICI Bank helps you meet your diverse financial needs during an emergency and financial crunches. The bank is known for providing the best of the unsecured loans which can be availed to meet any of your personal needs. This includes getting funds for marriage expenses, paying medical bills, funding your dream vacation, adding some extra money to your pocket, and renovating your home too. Irrespective of end-use the bank provides personal loans for your different financial requirements.
With ICICI personal loan you can get a maximum of ₹ 20 lakh with a quick approval process which is a completely hassle-free experience. The bank also provides instant Personal Loan online services, which assures one to provide funds within 3 seconds.
Axis Bank is yet another largest provider of personal loans which has provided financial assistance to lakhs of people during the 2020 pandemic. The bank offers fast processing of personal loans which made it an ideal option for the majority of people. Axis bank personal loan can be availed for plenty of purposes! Ranging from fulfilling your personal needs to small business needs. The loan is quite affordable as it comes at a comparatively affordable range and provides flexible terms and options for repayment as well. All its offers and convenience with its loan offers made it one of the most opted personal loans during 2020.
The other benefits you get with Axis bank personal loan is-huge loan amount which ranges from ₹ 50,000 to ₹15, 00,000, minimal documentation and speedy approval. The bank also provides a balance transfer facility which enables you to transfer your higher interest loan to Axis bank.