A personal loan will be your best help regardless of what financial needs you are going through. If you want funds for studying abroad, a lavish wedding, renovating a house, meeting unforeseen medical bills, or something else you can do with a personal loan, all that can be accomplished. Multipurpose use and low-interest rates have largely contributed to its demand growth. This has contributed to the best loan deals being provided by a large number of Indian banks and foreign banks in India. Here are some of the best banks providing personal loans in India:
ICICI Bank Personal loan
For a cumulative loan of Rs.20 lakhs, the ICICI Bank personal loan can be used. An attractive interest rate that varies from 11.25 to 22.00 percent p.a. There are several personalized deals that the ICICI bank also provides to suit the applicants’ diverse needs.
Advantages ICICI Personal Loan
- Among the best banks in India suitable for emergencies such as medical expenses, unplanned travel expenses, and others, and ICICI personal loan can be considered.
- ICICI Bank personal loans can be obtained via the processing of online loans so that an individual can access them at anytime from anywhere.
- The ICICI Bank online portal is designed and built so effectively that it can also be used with complete ease and is hassle-free even for the first-time visitor.
- It is one of the best banks in India when it comes to the documentation process of personal loans, as ICICI has also considerably reduced this inconvenience, as it only includes simple KYC documents such as ID proof, proof of citizenship, and proof of income.
- ICICI Bank’s ongoing efforts have shortened the average period for the disbursement of the personal loan amount.
- An EMI calculator is also facilitated by ICICI Bank to ease the EMI calculation for borrowers.
Citi Bank Personal Loan
The bank began operations in India over a decade ago. In India, it is one of the leading foreign banks.
Advantages of Citibank Personal Loan
- Citibank has numerous branches in the country and caters to the needs of a wide variety of clients.
- Citibank Suvidha Salary Account for professionals, investment goods, massive loans, and free worldwide ATM dispensation are some of the bank’s financial precuts, and others.
- Citibank provides market-leading products and services such as savings account NRE/NRO, loans and overdraft, worldwide investments, and easy transfer of capital.
HDFC Bank Personal Loan
HDFC’s online personal loan operates intending to offer high ethical standards of financial support to make the personal loan process easier. The personal loan from HDFC benefits the borrowers differently.
Advantages of HDFC Bank Personal Loan
- A borrower can also verify the HDFC personal loan eligibility and monthly EMIs easily with the calculator available online.
- It is focused on innovative financial strategies to provide both salaried and self-employed borrowers with personal loans.
- The borrowers are provided with personalized solutions that fit their requirements and repayment skills.
- HDFC serves all personal loan borrowers with elevated ethical expectations.
- The personal loan amount of the HDFC can be used for any reason, such as buying cars, higher education, grand weddings, debt reduction, or even lavish holidays.
- The interest rate of HDFC personal loans starts at 11.49 percent (t&c apply).
- In the HDFC personal loan process, simple and hassle-free documentation is carried out.
- Flexible maturity period of 60 months is given in HDFC personal loan to the borrower.
- HDFC enables the fast disbursement of the balance of the loan.
- For the HDFC personal loan, a borrower can apply easily online.
- Additional advantages will be enjoyed by the borrower if he/she is a current customer of the HDFC.
Why will you have to go for a personal loan?
- Fast processing: It is now simple and quick to use a personal loan and it has become much simpler and quicker to get a personal loan in a short time due to the processing of online loans.
- Collateral Loan: A personal loan is a collateral-free, meaning that it does not require any security. A personal loan is typically penalized based on the revenue, cash flows, power, or stability of an applicant in business or jobs.
- Simplified Process: A personal loan procedure is quick, and even easier if a borrower has a strong credit record. You can apply for a loan on the bank’s website through net banking, at an ATM, or by visiting a branch near you.
- Customized repayment terms: In general, all banks offer flexible tenure for repayment of loans, usually ranging from 12 months to 60 months. This enables you to choose according to your convenience.
- Quick Loan Disbursal: Superfast disbursals and an effective loan process are given by a personal loan.
- Competitive interest rates: A personal loan interest rate relies on several variables, such as the history of credit repayment, evidence of income, and a bank relationship.
- Low cost of processing: The interest rate on a loan and the processing charge are dependent on the overall sum of the loan. A personal loan has a processing fee that decreases the loan burden automatically.
As mentioned above, different banks offering loans in India have made it difficult to choose the best bank for a personal loan in India. Here are some ways of selecting the best bank in India for a personal loan to help a little with this. Take a look:
- Compare lenders to get the best deal- Do some detailed research on all the options available to you before you go for a loan. Don’t be the money lenders’ soft target. Hunt around; you can come across a borrower who provides a comparatively lower personal loan interest rate than others. Always make sure the loan you select is ideally tailored to your specifications.
- Credit Score- Credit Score is based on the credit history which shows applicant creditworthiness. It can create or break the chances that you will get the best personal loan. It is considered that a credit score of over 700 or 750 is fine. With a decent credit score, lenders prefer the applicant. Based on credit score, some lenders specify the loan size, repayment conditions, and interest rate.
- Check for deals- To have a more competitive personal loan, an applicant can keep a watch on the seasonal loan offers. These types of deals typically have a limited period. Loan deals are more likely to be available online or during the holiday season.
- Say No to Multiple Loans- The credit score may be harmed by applying for multiple loans in a short time. If you need a loan, dipping the loan score is never a reasonable idea.
- Concentrate on the pre-payment clause, particularly if a borrower has a plan to pay off the loan in lump sums in the future, before finalizing a lender review bank fees for prepayment policy.
- Maintain professional qualifications- If an applicant is employed at a high salary in a reputed organization, it serves as a bonus. It makes the claimant, in the eyes of the lending institution, a stable nominee. The good reputation of the firm is an asset for the borrower to apply for a lower interest rate. Should we tell you why? As the lender would be confident that to make prompt payments, the borrower has the financial source.
- Check the credit report – It is important to thoroughly check the credit report before applying for a personal loan. A small mistake in the credit score calculation can have a strong impact on it. If the lending institution refuses the loan offer, then wait for at least 6 months before reapplying. Do not re-apply immediately.
Regardless, it is always advisable to do detailed research and go for a loan sum as much as you need to choose an Indian bank or foreign bank in India for a loan, as this is the most recommended way to choose the best bank in India.