Know the 5 Best Personal Loan Lenders in India

People often have substantial monetary requirements for family functions, home renovations, purchasing their dream car, medical emergency and more. A personal loan can help you in these cases, since it is easy to apply and does not require you to pledge collateral like capital or liquid assets. Being an unsecured loan product, personal loans are open for varied uses.

Banks and NBFCs offer numerous personal loan packages depending on the borrowed amount, rates of interest charged, time taken to repay it etc.

Individuals can get their personal loans online by entering their KYC details and providing minimal documentation. Interest rates may vary and depend on the lender’s policies and you may also be charged processing fees, preclosure fees and more. So make sure you choose a lender according to your needs.

Best Way to Get Personal Loan in India:

• Credit score is an important parameter that allow lenders to understand your repayment history. So always maintain a high credit score.
• Make sure you provide correct information and share all necessary documents.
• Submit correct proof of income and employments details.

5 Best Personal Loan Companies in India that Borrowers can Consider: -

1. Bajaj Finserv

Bajaj Finserv is a leading Non-Banking Financial Institution (NBFC) that provides personal loan services for individuals aged between 21 -60 years. If you are a salaried professional working in a reputable company, you can apply easily and avail a Personal Loan from Bajaj Finserv. You can get up to Rs 25 Lakh and loan disbursal within 24 hours of approval. The eligibility criteria are also simple and require minimum documentation.

In addition, you can opt for the Flexi Loan facility where you have the option to pay only the interest as EMI and the principal amount can be returned at the end of tenor. You can also get pre approved offers on personal loans, home loan, business loans and a host of other financial products.

2. ICICI Bank

This organization requires minimum documentation, and with a flexible tenure of up to 60 months. ICICI Bank personal loan can be obtained with reduced documentation and minimum time taken for approval. Eligible candidates can receive their loan within 72 hours of documentation and approval. Additionally, for ICICI account holders, the process further simplifies, and the institution offers exciting deals on successful loan approval.

3. HDFC Bank personal loan

This institution allows borrowers to withdraw the desired loan amount within one day of application and documentation. With attractive interest rates, HDFC Bank personal loan facility allows checking online status and allows tracking your loan application through SMS, phone banking, etc.

4. Citibank

They enable users to apply for online personal loan. With provisions for quicker loan approvals within 3 days, Citibank presents special interest rate charges from 10.99 % - 17.99%. Borrowers can opt for loan repayment within the period of 1 to 5 years. Processing fees up to 43% are charged with enclosure charges of 4%.

5. Bank of Baroda

For smaller amounts and quicker approval, Bank of Baroda is a viable option for salaried and self-employed individuals. With provisions for loans ranging from Rs.20,000 to Rs.10 Lakh, Bank of Baroda’s Personal Loan scheme charges interest rates from 11.6% to 16.6%. The bank charges no additional pre-closure fees after 6 EMIs and with attractive processing fees of 2%, makes it ideal for everyone.

Among all online Personal Loan companies in India, the ideal one is necessarily the one which best suits your purpose. So do your research well before you apply. Fuel your dreams by applying for personal loans online.

Aditi Ahuja is a noted financial consultant and adviser. She loves to write on financial affairs, issues and solutions covering a range of topics like loans & insurance. She has more than 7 year exp. in Business, Investment & Finance writing.