Whenever there is an unusual expense like renovation of home, children’s marriage, children’s higher education, family trips or vacations personal loan can fulfill it all. A personal loan has the ability to turn all dreams into reality. The best thing about Personal Loans is its unsecured nature, which means no guarantor or security is required to back up the loan. This feature of the personal loan makes it easy for the people who want to opt for it but don’t have any collateral. Embark on your dream at the right time with opportunities available! With Personal Loans, you have the option to repay the borrowed amount gradually with time in the upcoming years by paying EMI’s.
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’.When you go for a personal loan, the lender generally do not ask you the purpose behind opting it. Even though it is important to have it for a valid purpose like house renovation, higher education, vacations, medical purposes, etc.
A personal loan is the best option when you are facing cash crunches or even when you are facing a financially tough time. A tough personal loan is convenient and easy to have, it is equally important to have it after considering factors such as- interest rate of the loan, tenure period, processing fees including GST and the tenure period and pre-payment options.
Some of the Popular Personal Loans in India
HDFC BANK PERSONAL LOAN
HDFC Bank offers you a 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 the personal loan disbursed within 48 hours. HDFC is the bank known for maintaining transparency with its customers in the processing of any kind of loan.
One can even customize HDFC personal loan to meet their requirements. HDFC personal loan can be used for many purposes such as for – tour, home renovation or to bear the education or wedding expenses of your children. HDFC personal loan can also be used for debt consolidation.
With HDFC one can avail a personal loan up to a maximum limit of ₹25,00,000.
Even the processing of HDFC personal loan is quick, and it takes 48 hours to get a personal loan disbursed with them.
Interest Rate and Charges.
- HDFC Bank offers personal loans at an interest rate of 15.75% to 20% per annum.
- Loan processing charge is 2.50% or it can be a minimum of ₹ 1000 to a maximum of ₹ 25,000 depending on the loan amount.
- Part payments with HDFC are 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 the 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 provides a wide range of banking products and facilities including personal loan. Some of the well-known facilities and financial services provided by ICICI are- Personal Loan, Home Loan, Business Loan and many more.
One can avail a 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 Bank provides instant processing for Personal Loans with a very easy and simple documentation process.
Interest Rate and Charges
- ICICI offers attractive rates for Personal Loans which starts from10.99% to 17.99%.
- ICICI personal loan is disbursed within 72 hours.
- The processing fees charged for a personal loan is 1.25% of the loan amount.
- ICICI provides flexible repayment period which varies from 12 to 60 months.
- The loan amount which one can get through ICICI personal loan starts from a minimum of ₹ 50,000 and can go up to a maximum of ₹ 2,000,000.
AXIS BANK PERSONAL LOAN
Axis Bank understands your need and hence offers a personal loan to meet your 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 the case of salaried employees. Over the period of time Axis Bank, Personal Loan has gained popularity and have the trust of millions of customers. Axis Bank allows prepayment of personal loans that too without any prepayment charges or without any additional taxes.
Interest Rates and Charges
- AXIS Bank loan amount ranges from ₹ 50,000 to ₹ 1,500,000 for a salaried individual.
- The tenure period of personal loan with Axis bank varies from 1 to 5 years (12-60 months) at competitive interest rates.
BAJAJ FINSERV PERSONAL LOAN
Personal Loan with Bajaj Finserv can help you to meet all your cash crunch, be it for a vacation trip abroad, or buying a favorite gadget. Bajaj Finserv provides the best personal loans with low interest rates.
The interest rate for Bajaj Finserv starts from 11.99% onwards.
And one can borrow money as low as ₹ 50,000 through Bajaj Finserv personal loan.
CAPITAL FIRST PERSONAL LOAN
Capital First is also among one of the best lenders for the 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 ₹ 10,00,000.
The tenure period for the Capital First personal loan is of 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 to avail a personal loan while other lenders need at least 750.
A personal loan is the best instrument to meet one’s financial personal requirements and to overcome financial cash 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.