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Most Popular Personal Loans in India

Author: Poonam Dambare
by Poonam Dambare
Posted: Nov 03, 2018
personal loan

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Most Popular Personal Loans in India

Personal Loans have always been one of the most favorable loan options for the people who are in dire need of the finances to meet their financial issues. While the Personal Loans are the unsecured loans, there is no need to put any collateral, the loan borrowers are the minimum risk in case of any defaulting. The easy availability and instant disbursal of loan allow the people is looking towards the Personal Loans, as the most convenient way towards the easy availability of money for covering various needs and demands.

However, with such an ease of the availability of the Personal Loans, still, a person should take extra care in how he/she is proceeding for the Personal Loan application process. While both Banks and NBFCs offer Personal loans at a considerably very optimum rate of interest and other favorable conditions, there are several aspects which you should be considered with utmost care before closing any Personal Loan. These aspects may include Processing fees, Loan Tenure, Prepayment terms & conditions and, of course, the rate of interest.

Since the Personal Loans are offered by all the lenders in India, the options for the people are numerous. If a Loan applicant is not satisfied with any aspect of the Personal Loan, which is very considerable aspect of the Personal Loan, the person can easily look towards another lender to get a more favorable term on the Personal Loan.

Thus, here we present you with some Most Popular Personal Loans in India, their terms and conditions and all other important details, thus helping you out in the process for the search of the Best Personal Loan for your needs and demands.

HDFC Bank Personal Loan

The Leading Private Bank in the Country, the HDFC Bank has numerous banking products for the customers and since they are available at best rates, any loan seeker can quite easily knock the doors of the Bank to avail their needs and demands. The HDFC Bank has been instrumental in changing the face of the country with some innovative loan products and also, since they are quick in their process, the HDFC Bank offers a very reliable option in front of the people for their needs. The Personal Loan offered by the Bank is available at quite an attractive rate of interest:

Details of HDFC Bank Personal Loan

Interest rate

15% to 20% p.a.

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

INR15000 net income on a monthly basis for various cities of India.

For residents of Delhi, Mumbai, Kolkata, Pune and various other cities, the minimum income should be at least INR 20K. Kindly check through the bank for the exact income eligibility, by furnishing the city of residence.

Processing fee

Up to 2.5% of the loan amount with a minimum of INR1999 and maximum of INR 25000 for Salaried Customers

Loan amount

Up to Rs.45 lacs

Loan tenure

12 to 60 months

Loan disbursal time

A maximum of 2 days

Prepayment in Part or full

Salaried – No pre-payment in part or full permitted until repayment of 12 EMIs

Part Payment allowed up to 25% of Principal Outstanding. It is allowed only once in a financial year and twice during Loan tenure

Pre-payment charges

(on Principal Outstanding) /

Part Payment Charges

[on Part Payment amount]

Salaried – 13-24 Months – 4% of Principal Outstanding,

25-36 Months – 3% of Principal Outstanding

>36 Months – 2% of Principal Outstanding

Charges for late payment of EMI

2% per month on EMI / Principal overdue subject to a minimum amount of INR 200

Salient features

Loan Disbursal in 2 hours

SBI Personal Loan

The State Bank of India is the Country’s largest bank and is the government owned bank, which has the highest number of customers across the country.

When it comes to the SBI Personal Loan, the bank offers several Loan products under a single umbrella. Also, the rates of the interest for the multiple loan products differs

State Bank of India (SBI) Xpress Credit Personal Loan

Interest rate

Starting from 11.7% p.a.

Minimum age requirement

NA

Maximum age requirement

76 years

Minimum income requirement

NA

Loan amount

Rs.25,000 to Rs.14 lakh, depending on the age of the loan applicant

EMI/NMI Ratio

Should not exceed 50%

Processing fees

Almost NIL in all cases

Loan tenure

Up to 84 months

Prepayment Charges

prepayment charges of 3% on prepaid amount

No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

State Bank of India (SBI) Personal Loan for Pensioners

Interest rate

11.75% to 14.75% p.a.

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.5,000

EMI/NMI Ratio

Should not exceed 50%

Loan amount

24 time subject to the maximum of Rs.15 lakh

Loan tenure

Up to 60 months

Processing fees

1% of the Loan Amount + applicable Service Tax

Penalty charges

Penal Interest at 2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest should not be levied.

Prepayment Charges

prepayment charges of 3% on prepaid amount

No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

State Bank of India (SBI) Bandhan Personal Loan

Interest rate

Starting from 12.40% pa

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.5,000

EMI/NMI Ratio

Should not exceed 50%

Processing fees

1% of the Loan amount + Applicable tax

Loan amount

A Minimum of Rs.25,000 to a maximum of Rs.15 lakh

Loan tenure

Up to 48 months

Punjab National Bank Personal Loan

Another important name in the banking sector, this is one of the public sector banks, which comes as one of the biggest names after the SBI Bank. Having a huge customer base, this comes as the second favorite for the people who are looking to deal with the Public Sector Banks for their banking needs. Here are the details of the Punjab National Bank Personal Loan:

Interest rate

Up to 15% p.a.

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Semi-urban or rural centres: Rs.10,000 Urban centres: Rs.12,500 Metro centres: Rs.15,000

Loan amount

Rs.50,000 to Rs.10 lakh or 20 times the monthly net income

Loan tenure

Up to 60 months

Prepayment Charges

NIL

Processing fees

1.80% of loan amount

Up to Rs. 2 lac- Rs. 270/-

Above Rs. 2 lac- Rs. 450/

Axis Bank Personal Loan

Axis Bank, being one of the top private banks in the country, offers a genuine destination to the people, who are looking to avail the Personal Loans. Here are some of the details of the Axis Bank Personal Loan

Interest rate

15.75%-24% per annum

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.15,000

Loan amount

Rs.50,000 to Rs.15 lakh

Loan tenure

12 to 60 months

Loan Processing Charges

1.50% to 2.00% + GST as applicable

Prepayment/Foreclosure Charges

Nil

Canara Bank Personal Loan

Canara Bank, another Publix sector bank, which was established in 1906. Canara Bank being one of the oldest banks is one of the widely trusted banks by the people and always is open for the people with the cheap alternative to their banking needs. Canara Bank has 3 kinds of personal loan products which are listed as follows:

Canara Bank Consumer Personal Loan

Interest rate

12.75%

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.12,500

Loan amount

Rs.1 lakh or 15 months of net income or 75% of invoice value, whichever is lesser

Loan tenure

Up to 36 months

Canara Bank Teachers’ Personal Loan

Interest rate

12.25%

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.10,000

Loan amount

Rs.3 lakh or gross salary for 6 months, whichever is lesser

Loan tenure

Up to 48 months

Loan Processing Charges

1% of the loan amount with a minimum of Rs.50/-

Canara Bank Budget Personal Loan

Interest rate

12.60% to 13.60

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income

Rs.10,000

Loan amount

Rs.3 lakh or gross salary for 6 months, whichever is lesser

Loan tenure

Up to 60 months

Loan Processing Charges

0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/-.

Bajaj Finserv Personal Loan

Bajaj Finserv is a leading NBFC of the country that offers a wide range of financial products to the customers looking for the alternative to the banks. The company provides great personal loan products at the best rate of interest that can be utilized for several personal requirements. Check out the Details of the Bajaj Finserv Personal Loan:

Interest rate

Starting from 12.99%

Minimum age requirement

25 years

Maximum age requirement

58 years

Minimum income requirement

Rs.40,000; Rs.35,000; and Rs.30,000

Loan amount

Up to Rs.25 lakh

Loan tenure

12 to 60 months

Loan disbursal time

24 hours

Processing fees

2.25% – 3% of the loan amount

Penal interest

2.38 % default interest including taxes per month

Foreclosure Charge

4% plus applicable taxes on principal outstanding

Part-prepayment Charges

2% plus applicable taxes on part-payment amount paid

Mahindra Finance Personal Loan

Mahindra Finance is another prominent NBFC that extends various forms of financing products to the people interested in availing loans from other than banks. The Mahindra Finance is a fast progressing NBFC that features several loan offers for the customers, looking for the best deal. Here are the below details of the Mahindra Finance Personal Loan

Interest rate

Anywhere starting from 13%

Minimum age requirement

21 years

Maximum age requirement

58 years

Minimum income requirement

15000 per month

Loan amount

Up to Rs.3 lakh

Loan tenure

Up to 3 years

Processing Fees

2% to 3% of the loan amount

IDBI Bank Personal Loan

IDBI or industrial development Bank of India is a widely popular name in the banking sector, which extends its helping hand to both the retail customers and the business all over the country. Check out the IDBI Bank Personal Loan

Interest rate

12.49% to 13.49%

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.15,000

Loan amount

Rs.50,000 to Rs.10 lakh

Loan tenure

12 to 60 months

Prepayment /foreclosure charges

Prepayment /foreclosure of Personal loan after six months of disbursals may be allowed without pre payment Charge.

Prepayment /foreclosure if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.

Salient Features

The borrowers will be covered under Free Personal Accident insurance cover.

The existing loan account holders with minimum 12 months and with clear repayment track record will be eligible for top up loan facility.

Allahabad Bank Personal Loans

A famously old name in the banking sector, this Public sector bank also deals in the Personal Loan. Check out the Allahabad Bank Personal Loans details:

Interest rate

13%

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Rs.15,000

Loan amount

Rs.50,000 to 12 or 24 times of current gross monthly salary

Maximum Loan Amount

7.5 lakhs

Loan tenure

Up to 60 months

Processing Fees

1.22% with a min of Rs. 1228

Indian Overseas Bank Personal Loan

Another big name as the public sector bank, also offers the Personal Loans to the retail customers, the details of which are mentioned below:

Interest rate

11.75%

Minimum age requirement

21 years

Maximum age requirement

60 years

Minimum income requirement

Above Rs.5,000

Loan amount

10 times of the gross salary or 90% of the cost of article whichever is less, but not to exceed Rs.5.00 lacs.

Up to Rs.5 lakh

Loan tenure

Up to 60 months

Processing Charge

Rs. 204 for every lakh in the loan amount

Prepayment Charges

No prepayments allowed prior to 12 EMIs. However, later on, No Pre payment charges

Pre-closure Charges

2.23% for both rural as well as non-rural areas

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Author: Poonam Dambare

Poonam Dambare

Member since: Aug 24, 2018
Published articles: 47

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