Lowest Personal Loan Rates
Why personal loan is today’s topic of discussion?
What are personal loans?
Why it is gaining popularity and why do people avail it?
- Be it the money required in some medical emergency of your house.
- Buying a second-hand car
- Buying a two wheeler
- Financing a vacation with the family
- Funding your child’s higher education
- Or your princess fairy-tale marriage
- Or you are in need of money to pay off credit card dues.
A personal loan can be your saviour in any of these situations and even many more like these. Personal loans provide you funds which can smoothen up your cash flow. The loan is totally unsecured in nature which means it doesn’t need any collateral or security against it.
As you can see the loan is having much of advantages with limited disadvantages, this thing makes a personal loan the most popular one among the people.
As the demand is high, the loan is offered by almost all top banks making it widely available. Though the eligibility criteria offered, the interest rate charged offers available varies from lender to lender. All these existing variations make it very important for the customers to analyse their requirements and choose the best lender for their personal loan.
Top #3 Lenders with the Lowest Interest Rates for a Personal Loan!
HDFC Bank Personal Loans
HDFC Bank is one of the leading private sector banks in India offering a large number of financial products at affordable rates. HDFC Bank Personal Loan is the one solution to all your temporary financial problems. The loan is offered with minimal documentation and along with many add on offers. The bank also has pre-approved personal loan facility for its existing users.
The eligibility criteria for HDFC personal loan is minimal and for the pre-approved one, your eligibility is defined by your account balance and the details which they already have.
Details of HDFC Bank Personal Loan
Interest rate – 11.25% to 21.50% p.a. (depends on the applicant’s profile)
Processing fee – Up to 2.5% of the loan amount. This can be a minimum of ₹1,999 and a maximum of ₹25,000
Loan amount – Up to Rs.15 lakh (depending on applicant’s profile)
Loan tenure – 12 to 60 months
Pre-closure – Allowed *
Eligibility Criteria for HDFC Bank Personal Loan
Minimum Age required to apply for HDFC Personal Loan – 21 years
Maximum Age allowed to apply for HDFC Personal Loan – 60 years
Minimum monthly Income required – ₹15,000 for tier 2 cities.
₹ 20,000 for tier 1 cities such as Bangalore, Delhi, Pune, Chennai
Individual applying for the HDFC personal loan should be employed for at least 2 years, with the employment of a minimum of 1 year in the current profession.
Documents Required for HDFC Personal Loan
Identity Proof – Passport / Voter ID Card / Driving License / Aadhaar / PAN Card
Address Proof – Passport / Voter ID Card / Driving License / Aadhaar
Income Proof – Bank statement of previous 3 months and Last 3 salary slips.
Standard Chartered Bank Personal Loan
Standard Chartered Bank offers online personal loans for all your personal needs. The loan gets e- approved within an hour from when you online apply for the loan. The applying process is very simple and can be done from the website itself. The best part about Standard Chartered Bank is there is no processing fee charged for your personal loan. The processing is completed in a very simple and fast way.
Details of Standard Chartered Bank Personal Loan:
Interest Rate: 10.89% – 21.00% per annum
Processing Fees: Zero
Loan Tenure: 12 months to 60 months
Minimum Loan Amount: ₹1,00,000
Maximum Loan Amount: ₹ 30,00,000
Pre- closure: Allowed
Eligibility Criteria for Standard Chartered Personal Loan
- Salaried and self-employed individual both can avail a personal loan from Standard Chartered Bank.
- To avail this loan an applicant should be minimum 21 years old.
- The individual should have a regular source of Income.
Documents Required to avail Personal Loan from Standard Chartered Bank
Identity Proof: Aadhaar Card / Passport / Pan Card / Driving License / Ration Card / Voter ID Card (any one).
Address Proof: Passport / Telephone Bill / Ration Card / Electricity Bill / Driving License / Medical Insurance Policy / Rental Agreement ( any one).
Income Proof : 3 months Bank statement and Last 3 Salary Slips
Indiabulls Personal Loans
Indiabulls is one of the financial organization which offers fastest personal loans at lowest interest rates. The interest rate starts from 11.99% per annum and can go up depending on the borrower’s profile. The processing is 100% online which makes the entire process faster and quick. To apply you have to just visit the website and fill the online application form. The loan is quite affordable and is available with minimum eligibility criteria. As the loan processing is fast money is disbursed in your account within minutes.
Indiabulls Personal Loans Details:
Interest Rate: Starting @ 11.99% and onwards
Loan Tenure: 3 months to 24 months
Loan Amount: Minimum of ₹1,000
Maximum of ₹15,00,000
Processing Fees: Up to 5 % of the loan amount
Prepayment: Allowed after 6 months
Late Payment Penalty: 3% per month
Eligibility Criteria for Indiabulls Personal Loans
Indiabulls offers personal loans to only who are above 21 years of age.
The person applying for the loan should have a fixed source of Income
Both salaried and self-employed individuals can apply for this loan.
Documents Required for Indiabulls Personal Loans
Documents for Identity Proof: Pan Card / Voter Id Card / Aadhar Card / Passport (any one).
Documents for Income Proof: Bank statement for last 3 months and last 3 months salary slips.
Documents for Address Proof: Passport / Telephone Bill / Ration Card / Electricity Bill / Driving License / Rental Agreement (any one)
To sum it up:
Personal Loans are very helpful as it provides easy access to funds which can be used for any personal reason without any restriction. The loan is widely available with a number of lenders, you just need to search the best one for you. Opting for one with high-interest rate can cost you much, hence do proper research and go for the one who offers personal loan with low-interest rate. The lenders mentioned above offers the best personal loan with low-interest rate. Apply fast to avail the benefits!