Whenever there is an unusual expense like renovation of your home, children’s marriage or children’s higher education, family trips on vacations or any other dream which you want to be turned into reality Personal Loan is the best option to you in all these cases. With Personal Loans, you have the option to repay the borrowed amount gradually with time in the upcoming years by paying EMI’s. The best thing about Personal Loans is its unsecured nature, which means no guarantor or security is required for this loan. This feature of personal loan makes it easy for the people who don’t have any collateral to avail the loan. Embark on your dream at the right time with opportunities available!
Purposes for which Personal Loan can be availed
It is very important to be aware of the purposes for which a personal loan can be availed’. Without any valid reasons, a loan cannot be approved. So, even in case of personal loan one should have a valid purposes like house renovation, higher education, vacations, medical purposes etc. personal loan is the best option to you when you lack money for these things. One can choose suitable interest rates and repayment plans from the different banks available as the option.
Some of the Popular Personal Loans in India
HDFC BANK PERSONAL LOAN
HDFC Bank offers your personal loan at affordable and reasonable rates so that you can live your dreams and can spend more on lifestyle and necessities rather than EMI of your loan. With HDFC one can get personal loan disbursed within 48 hours. HDFC is the bank known for maintaining transparency in the processing of any kind of loan. If a person is already an existing customer of HDFC Bank then he/she can avail special and additional offers and benefits too.
One can even customize HDFC personal loan to meet their requirements. HDFC personal loan can be used for many purpose such as for your vacation tour, your home renovation or it can be to wear the wedding expenses of your children. It can be also use for debt consolidation. With HDFC one can avail a personal loans up to a maximum of INR 25, 00,000.
Even the processing is very quick with HDFC. As a result of the quick processing the loan amount gets disbursed within 48 hours i.e. exactly 2 days from the day one applies for personal loan.
Interest Rate and Charges.
- HDFC Bank offers its personal loans at an interest rates of 15.75% to 20%
- Loan processing charge is 2.50% or it can be a minimum of INR 1000 to a maximum of INR 25,000 depends on loan amount.
- Part payments with HDFC is not allowed until 12 EMIs have been repaid.
- It is advised to be careful about the repayments for HDFC’s personal loan as it charges 24% P.A. on outstanding amount of the loan for late payments.
ICICI PERSONAL LOAN
ICICI is one of the largest private sector bank we have in India. ICICI provide wide range of banking products and facilities and it well known for providing financial services like Personal Loan, Home Loan, Business Loan and many more. One can avail personal loan from ICICI to fulfill different personal needs such as for holidays, for your home renovation, vacations, for wedding expenditures and even to buy modern gadgets.
ICICI provides instant processing for Personal Loans with very easy and simple documentation process. With ICICI less document is required as compared to that of other Banks/ NBFCs.
Interest Rate and Charges
- ICICI offers attractive rates for Personal Loans which varies from 10.99% to 17.99%.
- Disbursal of the loan is within 72 hours.
- The processing fees charged for personal loan is 1.25% of your loan amount.
- ICICI provides flexible repayment duration from 12 to 60 months.
- Loan amount varies from a minimum of INR 50,000 to a maximum of INR 2,000,000.
AXIS BANK PERSONAL LOAN
Personal Loan requirements are not limited and it varies from person to person. Axis Bank understands you needs and hence launched a personal loan product to meet everyone’s specific need. Personal loan interest rates and charges involved with Axis Bank are very reasonable, which makes Axis Bank’s Personal Loan affordable, especially in case of salaried employees. Over the period of time Axis Bank Personal Loan has gained popularity and have trust of millions of customers. To make it even better, Axis Bank has allowed prepayment of personal loans that too without any prepayment charges or without any additional taxes. But just in case, if one faces any problem or have any doubt/ queries customer support is always available to help such customers.
Interest Rates and Charges
- The loan amount ranges from INR 50,000 to INR 1,500,000 for a salaried individual for a tenors period of 1 to 5 years (12-60 months) at competitive interest rates.
BAJAJ FINSERV PERSONAL LOAN
Personal Loan with Bajaj Finserv helps you to meet all your temporary cash crunch, be it for a vacation trip to abroad, to buy favourite gadget or anything else. Bajaj Finserv provides best personal loans with low interest rates which starts from 11.99%, and loan amount starts from INR 50,000.
CAPITAL FIRST PERSONAL LOAN
Capital First is the best people’s financial company to offer personal loan. Capital First has a record of profitability and consistent growth.
- Through Capital First one can avail a personal loan up to a maximum amount of INR 10,00,000.
- It provide customers a flexibility in repayment options up to 60 months. Easy repayments through EMIs is available.
- This company offers personal loan at lowest interest rates as compared to many other big banks and NBFCs. CIBIL of 700 is required while other lenders need at least 750.
Personal loan is the best instrument to meet one’s financial personal requirements and to overcome financial crunches. Personal Loans are the unsecured loans and are ideal instruments when one don’t have any security or collateral to provide against the loan amount. In most cases, personal loans are non-taxable. But you need to check this thing with the lender before you opt for it.