Comparison of Best Personal Loans Offered by Various Banks/NBFCs in India – August 2022
|Banks/NBFCs||Interest Rates (p.a.)|
|Axis Bank||10.25% onwards||Apply Now|
|Bajaj Finserv||13.00% onwards||Apply Now|
|HDFC Bank||11.00% onwards||Apply Now|
|ICICI Bank||10.75% onwards||Apply Now|
|IDFC First Bank||10.49% – 25.00%||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|SBI||10.10% – 14.60%|
|Tata Capital||10.99% onwards||Apply Now|
Interest rates as of 18th August 2022
Features of Personal Loan
- Collateral-free Loan
- Loan Amount: From Rs 10,000 to Rs 40 Lakh
- Processing Fees: Usually up to 3% of the sanctioned loan amount
- Repayment Tenure: 1 – 5 years
Types of Personal Loans
- Wedding Loan: You can avail this loan to meet the wedding-related expenses, including venue booking, catering, accommodation, shopping, etc.
- Home Renovation Loan: This forms the best option in case you want to upgrade the furniture in your house or meet the maintenance cost.
- Medical Loan: This loan facility also helps you to meet costs incurred for dealing medical emergencies or paying for medical treatment.
- Travel Loan: This loan allows you to meet expenses related to your holiday plans.
- Debt Consolidation Loan: This is a special type of personal loan, which allows you to pay off multiple smaller loans availed at higher interest rates and then, repay a consolidated EMI through your new loan availed at a lower interest rate and/or for a longer tenure
- Consumer Durable Loan: Often known as shopping loan, consumer durable loans can be availed for buying household goods and electronics, such as smartphones, televisions, washing machines, laptops, and much more.
- Instant Personal Loan: Also known as pre-approved personal loan, instant personal loans are offered to select customers of the banks and NBFCs having good credit profiles
- Personal Loan Top Up: This refers to the add-on loan amount availed over and above the outstanding loan amount of your existing personal loan.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
6 Tips to Choose the Best Personal Loan
Below stated are the key measures to be taken before availing a personal loan:
- Check and compare the interest rates offered from various Banks and NBFCs offering personal loans
- Check your eligibility before filing a loan application
- Enquire regarding fees and hidden charges from the lender
- Check and ensure all the documents required along with the loan application
- Consider the loan approval and disbursal tenure
- Make sure all the information shared with the lender is correct and authentic
Q. What is Credit Score and how does it impact personal loans?
Ans. Credit score is a 3-digit number calculated on the basis of your credit history. Having high credit scores of 750 and above increase the chances of availing a personal loan, at lower interest rates.
Q. Why should I consider foreclosing my personal loan?
Ans. Foreclosing your personal loan can help you reduce the interest cost of your loan. However, factor in the prepayment/foreclosure fees, if any, charged by the lender. Opt for foreclosure/prepayment only if it derives a significant savings in interest cost after factor in prepayment/foreclosure charges.