The best personal loans help you to reach your financial goal in a better way. Whether be it paying off a debt or covering an expense, a personal loan become a great fit for all your needs. It is not only that personal loan can serve you all your purposes, but it is relatively easy to avail.
Most of the personal loans are unsecured loans which make the borrower free from the worry of collateralizing their asset to qualify for the loan. A personal loan comes with a fixed interest rate and fixed monthly payments which is much easy to handle. Most of the personal loans have upgraded to online loans, making loan processing much faster than before. At the present time, it takes just a day or two to disburse the loan.
A personal loan can give you the best benefits when you chose the best loan option. The terms of a personal loan can differ from lender to lender. So one needs to consider the lender too in order to find the best personal loan. If you are shopping for a personal loan, you will find a plethora of options from various banks or NBFCs. However, being a responsible customer, you need to choose the best one among many.
Selecting a lender is not an easy task. One needs to check the lender from different aspects of the product like interest charges, processing fees documentation process, eligibility criteria, etc. to find the best one. To ease the difficulty of searching for the loan, here we have bought the best personal loans to avail in 2019.
Most Availed Personal Loans of 2019
Axis Bank Personal Loan
If you are searching for instant funding, you can always trust Axis bank for an instant personal loan. The interest rate on a personal loan from Axis bank ranges from 16%-24%. A Personal loan from Axis bank is an online loan. You can use the loan amount for any purpose. The foreclosure of the loan does not attract any charges. One can avail a personal loan Rs. 50,000 up to Rs. 15,00,000 with minimal documentation and speedy approval from Axis Bank.
ICICI Personal Loan
ICICI bank offers personal loan at the interest rate starting at 11.25%. If you are a pre-approved customer, ICICI claims to give the final approval of the loan within 3 seconds. The loan comes at a fixed rate which makes the loan interest constant throughout the tenure. Minimal documentation, collateral free loan are some of the attractions of ICICI personal loan. ICICI Bank offers personal loans up to Rs. 20 lakhs.
HDFC Personal Loan
HDFC is one of the best private sector banks to avail a personal loan. If you are a pre-approved customer, your loan amount will be disbursed within 4 hours. The speedy disbursal makes HDFC personal loan best financing option to fight emergencies. One can apply online for a personal loan at HDFC. A personal loan at HDFC comes with additional benefits of personal accident cover up to 8 lakh and critical Illness cover of up to Rs. 1 lakh. The interest rate starts at 11.57% and one can transfer their personal loans to HDFC to enjoy loans at the same interest rate.
Bajaj Finserv Personal Loan
Bajaj Finserv is one of the renowned NBFCs and the personal loan from this Bajaj Finserv is very popular among the borrowers. This lender gives you instant approval and the loan amount is disbursed within 24 hours. The eligibility criteria of Bajaj Finserv personal loan is very simple and only the basic documents are required to avail this loan. The loan tenure can be from 12 months to 60 months. This is an unsecured loan hence collateral is never required for a Bajaj Finserv personal loan. The interest rate starts at 12.99% onwards.
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank is a private bank which provides best offers in personal loans. One can avail personal loan amount from Rs.50000 up to Rs.15 Lakh. Minimal paperwork and fast processing are the features of Kotak Mahindra Bank personal loans. Personal loans at Kotak Mahindra come with different types such as wedding loans, travel loans, home improvement loans and so on. The interest rate on the personal loan from this bank ranges from 10.99% – 24% per annum.
Tips on How to Choose the Best Personal Loan
Finding the best personal loan needs some amount of research to be done. Before opting for a personal loan check monthly breakups for your EMI with personal loan EMI calculator. The hasty decisions may make good loan options slip from your hands. All the loan options mentioned above are the best-performing ones but finding the best of bests is a bit tricky.
Being honest, there is no loan option available which can be called an ideal option for all borrowers. Every borrower has different requirements hence the best loan option may change for as per the requirement of the lender.
In general, being an informed customer you are to check a number of things before applying for the loan. You are to compare the interest rate you are going to pay with other lenders. If you are choosing a personal loan in terms of interest rate, Kotak Mahindra Bank comes at the top as the interest rate starts here at 10.99%.
Next checklist is the loan amount. If you want a big loan amount, ICICI bank will do the best as it offers personal loan up to Rs. 20 Lakhs.
The third point of checking is the lock-in period and prepayment options. Both of these may stop you from getting rid of the loan before the said tenure. All the above-mentioned lenders have 1 year of lock-in period and 5 years of maximum tenure.
Along with everything else, don’t overlook the APR of the loan. If the APR is high, you may end up paying more for your personal loan. One should also check the service quality of the lender. You can find the same by reading the customer reviews of the lender.
So, these are some of the ways to find the best personal loan option for your loan. Take a halt and spend some quality time to find the best personal loan of 2019 for your loan before you opt any of the lenders.