Top Banks For Personal Loan India

Personal Loan India

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Personal loans are medium or short term multipurpose loans. The multipurpose nature of the personal loan makes it one of the most appealing loans, Multipurpose here implies that this credit option can be used for several options, unlike specific purpose loans. Specific loans are used for one single purpose Like for buying a house, one can avail a home loan, to buy a car one can fall back on the car loan, for meeting education expenses one can look for an education loan, etc. However, a personal loan is one such loan which can be availed for any purpose whatsoever, one can use the borrowings for any debt consolidation, meeting marriage expenses, to meet travel costs, to meet education or coaching expenses, to finance travel.

Personal loans are unsecured loans. Unsecured here implies an individual is not required to pledge any security for availing the personal loans. Approval of personal loans is dependent on income, credit history, credit score, employment tenure and several other options.

Getting a personal loan approved is a cakewalk if a person has a decent credit history, and even if the person does not have a perfect credit score, he may fall back on NBFCs and digital lenders. However, most people are perplexed in deciding where to take the personal loans. And the dearth of information available online even exacerbates the issue. To solve this, we have compiled the list of top personal loans lenders and what makes the lender’s loans most appealing. If you follow us till the end, there are high chances you will be able to decide for yourself the lender to rely on for personal loans.

Top personal loans lenders

State Bank of India

            Important features of SBI bank personal loans are:

  • State bank of India provides various personal loans like SBI Xpress Credit loan, SBI Saral Personal loan, loan to pensioners and SBI Festival personal loan.
  • The maximum loan amount granted under SBI personal loan scheme can go up to 25 times the individual’s monthly salary.
  • SBI can be one the best bank to rely on as they are the largest public sector with high creditworthiness.
  • The interest rates on SBI personal loans hover in the range of 12% to 14% ( the rates are not fixed and changes )
  • Self-employed individuals like doctors, CA, lawyers and salaried individuals can apply for SBI personal loans.

Axis Bank

          Important features of Axis bank personal loans are:

  • Individuals and self-employed can avail the Axis bank per to salaried personal loans.
  • People who do not have a regular or fixed source of income are not qualified for Axis bank personal loans.
  • The interest rates on Axis Bank personal loans starts from 11% ( the rates are not fixed and changes )

Punjab National Bank

           Important features of PNB bank personal loans are:

  • Punjab national bank provides loans under two categories A. Personal loans for salaried B. Personal loans for pensioners.
  • The interest rates on Axis Bank personal loans starts from 11% ( the rates are not fixed and changes )
  • The income of the partner is also considered to gauge the repayment capacity. Thus it may help to secure a higher amount of loan.
  • The loan amount sanctioned under PNB personal loan from the ranges from Rs. 25,000 to Rs. 40 lakhs.

ICICI Bank

            Important features of ICICI bank personal loans are:

  • The ICICI bank grants personal loan under three primary categories A. Wedding loans, B. Holiday loans C. Home renovation loans.
  • The interest rate charged on ICICI bank personal loans starts from 11.29%.
  • The bank offers personal loans to both salaried and self-employed.

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Personal loans are one of the most common loans availed by borrowers. The multipurpose nature of the loan makes it appealing. Individuals can fall back on personal loans for various reasons like debt consolidation, meeting marriage expenses, to meet travel costs, to meet education or coaching expenses, to finance travel. Personal loans are medium and short term loans which do not require a borrower to pledge anything against the loan.

More often than not, people are confabulated to choose a lender to get a personal loan approved. So, to solve that issue lets us, deep-dive, into the nitty-gritty of top banks personal loans.

State Bank of India

  • The maximum loan amount is to 25 times the individual’s monthly salary.
  • The interest rates hover in the range of 12% to 14%.
  • Self-employed individuals like doctors, CA, lawyers and salaried individuals can apply for SBI personal loans.

Axis Bank

  • Individuals and self-employed can avail the Axis bank per to salaried personal loans
  • The interest rates start from 11%.

Punjab National Bank

  • Punjab national bank provides loans under two categories A. Personal loans for salaried B. Personal loans for pensioners.
  • The interest rates on Axis Bank personal loans starts from 11%
  • The loan amount sanctioned under PNB personal loan from the ranges from Rs. 25,000 to Rs. 40 lakhs.

ICICI Bank

  • The ICICI bank grants personal loan under three primary categories A. Wedding loans, B. Holiday loans C. Home renovation loans.
  • The interest rate charged on ICICI bank personal loans starts from 11.29%.
  • The bank offers personal loans to both salaried and self-employed.

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