Which Best Bank In India offers A Fantastic Personal Loan?

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When it comes to a personal loan, there are a number of lenders in India who offer it. However, a borrower always wants to have a great deal, thus going to the best bank in India that offers it is not surprising at all.  

So, if you want to apply for a personal loan during the Covid pandemic, you have to look for the best. Thus here, we will look at some banks offering personal loans. Then it is up to you to choose one of these lenders.  

Kotak Mahindra Bank personal loan 

The Kotak Mahindra bank personal loan is considered one of the top loans in India due to its decent interest rate without any collateral and having a fast loan approval process.  

  • The best bank in India offers an interest rate of 10.50% per annum.  
  • The loan amount is offered up to Rs 30 lakhs.  
  • The processing fee is up to 2.5% of the loan amount.  
  • The loan tenure is up to 5 years.  
  • The credit appraisal charge is up to 5% of the loan amount.  
  • The dishonor charge is Rs 750 per instance.  
  • The collection charge is 30% of dishonor charges.  
  • The foreclosing charge is between 2% and 5% on the principal loan amount.  

ICICI Bank personal loan 

ICICI bank is another one of the best bank in India offering instant loans. It offers a huge loan amount with a competitive interest rate.  

  • ICICI Bank offers loan amount up to Rs 25 lakhs.  
  • The rate of interest starts at 10.50% per annum.  
  • The loan repayment tenure is up to 5 years.  
  • The processing fee is up to 2.25% of the loan amount.  
  • The prepayment charge is 5% of the principal loan amount.  
  • The loan cancellation charge is Rs 3,000.  
  • The additional interest rate on late payment is 24% per annum.  
  • The repayment mode swap charge is Rs 500.  
  • The EMI bounce charge is Rs 400 per bounce.  

Axis Bank personal loan 

Axis Bank has been considered one of the best bank in India due to its fast customer services, quickly disbursed loans, and transparent services.  

  • Axis bank offer loan amount from Rs 50,000 to Rs 15 lakhs. 
  • The interest rate is from 12% to 24% per annum.  
  • The processing fee is from 1.5% to 2% of the loan amount. 
  • The loan tenure is from 1 year to 5 years.  
  • The lowest EMI is Rs 2,419 per lakhs.  
  • There is no foreclosing charge.  
  • There is no part pre-payment charge. 
  • The overdue EMI interest rate is 2%.  
  • The swap charge is RS 500 per instance. 
  • The penal interest is 24% per annum.  
  • The duplicate NOC charge is Rs 500.  

These are the essential details you needed to about Axis, ICICI, and Kotak Mahindra Bank personal loan. Now, we shall look at eligibility criteria, documents requirement, and the applying process.  

Kotak Mahindra Bank personal loan eligibility criteria 

  • Your age should be between 21 years and 58 years.  
  • You should be a salaried individual or self-employed professional.  
  • Your salary should be at least Rs 20,000 per month.  
  • You should be at least a graduate.  
  • You should be living as the current resident for at least one year.  

ICICI Bank personal loan eligibility criteria 

  • The borrower age should be between 23 years and 58 years.  
  • The borrower should be a salaried person or self-employed individual.  
  • The borrower’s minimum salary should be at least Rs 30,000 per month.  
  • The borrower should have a minimum of 2 years of work experience.  
  • The borrower should be living at the current residence for a minimum of 1 year.  

Axis Bank personal loan eligibility criteria 

  • The applicant’s age should be from 23 years to 60 years to avail of the loan. 
  • The applicant should be an Indian citizen.  
  • The applicant’s salary should be at least Rs 15,000 per month. 
  • The applicant should be a salaried employed, self-employed professional, or a government employee working in PSU, central and local bodies.  

What is the documents’ requirement?  

The basic documents required for Axis, ICICI, and Kotak Mahindra Bank personal loan remains the same. However, a lender might require few other documents depending upon the borrower’s case.  

  • The loan application form 
  • Identity proof- Aadhar card, PAN card, Passport, Driving license, Voter ID card 
  • Address proof – Ration proof, Telephone bill, utility bill, electricity bill.
  •  Income proof- salary slips, bank statement. 
  • Form 16 
  • Post Dated Cheque 

How to apply?  

To apply for these personal loans from the best bank in India, you have to visit their website, fill out the form and submit it. But there is another way to do it and receive offers from all three.  

There is an online financial marketplace Afinoz.com. Here submit the loan application form, you will receive multiple offers for the instant loan.  

Conclusion 

So, these are the three best banks in India who could offer the best deal to you. Compare them, understand who is better as per your requirement and then apply.