Personal Loan is an unsecured loan offered by Banks and NBFCs in India for Salaried and Self-Employed individuals as well as Pensioners. Personal loan can be availed to meet any domestic/personal needs such as for education, travelling, wedding, home renovation, medical treatment etc. Availing a Personal Loan doesn’t require any security or collateral to be kept as mortgage or guarantee. Personal Loan are the most preferred loans to meet any immediate expenses due to instant approval, low processing fee, no collateral, simplified documentation, faster disbursal.
Read below to have a detailed information on Personal Loan.
Eligibility for Personal Loan
Age Criteria to avail Personal Loan
Why to Choose Personal Loan
Types of Personal Loan
Different Banks in India offer Personal Loan tailor-made to meet your needs of education, travelling, wedding etc. Some of these have been listed below:
Wedding Loan: It is a personal loan meant to meet all your wedding expenses such as jewellery, clothes, gifts, catering, banquet booking etc.
Holiday Loan: It is a personal loan which lets you manage all your holiday expenses such as flight tickets, hotel booking etc.
Festival Loan: Be it Diwali or Eid, Festival Loan lets you celebrate your festivals by managing your expenses.
Consumer Durable Loan: It is a Personal Loan that can be availed to purchase consumer durables such as TV, Refrigerator, Washing Machine etc.
Home Renovation Loan: With Home Renovation Loan, you can manage expenses related to renovation of your existing home such as tiles, flooring, paint etc.
Fresher Funding Loan: It is a type of personal loan upto Rs. 1,50,000 offered on your first salary by ICICI Bank.
Top Banks Providing Personal loan – Interest Rate, Loan Amount, Loan Tenure, Processing Fee
|Banks||Loan Amount||Interest Rate||Loan Tenure||Processing Fee|
|Axis Bank||Upto Rs. 15 lakhs||15.5% – 24.00%||12 months – 60 months||1.50%-2.00% of the Loan Amount|
|HDFC Bank||Upto Rs. 40 lakhs||15.00% – 20.99%||Upto 60 months.||Upto 2.50% of the Loan Amount.|
|ICICI Bank||Upto Rs. 20 lakhs||10.99% – 22.00%||Upto 60 months.||Upto 2.25% of the Loan Amount.|
|Kotak Mahindra Bank||Upto Rs. 15 lakhs||10.99% – 24.00%||12 months – 60 months||Upto 2.5% of the Loan Amount.|
|Yes Bank||Upto Rs. 25 lakhs||13.99% – 16.99%||12 months – 60 months||Upto 2.50% of the Loan Amount.|
|Bank of Baroda||Upto Rs. 10 lakhs||One-Year MCLR+ SP+5.00% to One-Year MCLR+SP+8.00%||Upto 60 months||Upto 2.00% of the Loan Amount + Service tax.|
|Central Bank of India||Upto Rs. 10 lakhs||One-Year MCLR + 3.00%||Upto 48 months||Rs. 500 + Service Tax.|
|Punjab National Bank||Upto Rs. 10 lakhs||MCLR + 4.55%||Upto 60 months.||1.80% of the Loan Amount.|
|Canara Bank||Upto Rs. 5 lakhs||11.70% – 13.95%||Upto 60 months.||0.5% – 1% of the Loan Amount.|
|State Bank of India||Upto Rs. 15 lakhs||11.25% onwards.||Upto 60 months||1% of the Loan Amount.|
List of Documents Required to avail Personal Loan