Personal loans are always in demand as they have the power to fulfill personal aspirations of education, marriage or help you buy your favourite consumer durable from the market. Even when there’s an instant cash need or so, personal loans come handy.
So, it’s a product suited for most of the financial needs one can have. Available without any collateral, the loan comes as hassle-free for the borrowers. But it’s the difference in interest rates that become the difference in the end. So, the hunt for Best Personal Loan Interest Rates is always on from the borrowers. And if you are searching for the same, you can find it right here.
Top Personal Loan Lenders in India
State Bank of India – The public lender, with over 25,000 branches across the country, offers personal loans at 10.75%-15.15% per annum. The rates can vary according to the income, profession and credit score of an individual. You can get a maximum of 15 lakh for a maximum of 5 years to service. The processing fee can be levied at 1% of the loan amount plus applicable GST
ICICI Bank – One of the prominent private lenders available these days, ICICI Bank charges an interest rate of 10.99%-22% per annum on its personal loan offers. As much as ₹40 lakhs of loan can be granted to fulfill your purpose, making it an attractive deal for you. The loan can be processed at a fee that calculates to 2.25% of the loan amount plus applicable GST.
HDFC Bank – The private lender provides a loan at attractive interest rates of 15%-20.99% per annum. Like ICICI Bank, it can also offer you as much as ₹40 lakhs for a maximum of 5 years. The processing fee can be charged at up to 2.50% of the loan amount along with the applicable GST.
Axis Bank – Another private lender which is giving stiff competition to its peers, Axis Bank is a notable player in the personal loan segment. Given at rates of 15.75%-24%, the loan serves the need of all. You can get a loan by paying a processing fee at 1.50%-2% of the loan amount plus applicable GST.
Now that you know the leaders in India’s personal loan segment, it’s time to look ahead and read
Personal Loan EMI Calculator
You should know the installments in advance using the EMI calculator, which is available online. The calculator will take into account the rate of interest, tenure and the amount of loan to compute the installments, which combine a portion of both interest and principal amount to be paid every month. So, you can negotiate with the respective lender to get the rates reduced so that the monthly installments remain affordable to you. It will also have an effect on the overall interest outgo for the loan tenure you choose to go with.
Easy Loan Without Documents
If you already hold an existing relationship with the lender, you may not have to provide documents. Yes, easy loan without documents is a possibility with clients already having a relationship with the lender. The bank or NBFC, whichever may be, would already have the documents with them.