Best Personal Loan Options: How to Choose the Right One for You
Best Personal Loan Options: How to Choose the Right One for You
Vizzve Admin
Many individuals believe that the best personal loan option is simply the one with the lowest interest rates. However, it is important to consider other factors such as processing fees, prepayment/foreclosure charges, restrictions on making prepayments or foreclosures, and loan tenure when selecting the right personal loan. Lenders set their interest rates and processing fees based on factors like their cost of funds and the credit risk assessment of the borrower. As a result, the final rates and charges offered can vary between different lenders. In this article, we will highlight some of the best personal loan options, focusing on competitive rates, charges, and ease of access.
Vizzve Financials: Your Go-To Option for Urgent Loans
Key Features
Loan Products: Personal loans, microfinance loans
Loan Amount: Starting from ₹10,000
Interest Rate: Customizable based on borrower’s profile
Processing Time: Same-day approval for eligible applicants
Repayment Options: Flexible tenure and EMI options
Special Features: Tailored loan solutions for individuals in need of urgent funds
HDFC Bank Personal Loan
HDFC Bank personal loan interest rates start from 10.85% p.a. The bank also offers pre-approved instant personal loan branded as ‘HDFC Bank Xpress Personal Loan’ to its selected customers with loan disbursal in 10 seconds. Existing loan borrowers of other banks/NBFCs can lower their personal loan EMI by availing HDFC Personal Loan Balance Transfer facility. The bank also offers special personal loan schemes like HDFC Marriage Loan, Personal Loan Scheme for Women, Personal Loan Scheme for Home Renovation, Travel Loan and Personal Loan for Government Employees, etc.
SBI personal loan interest rates start from 11.45% p.a. onwards. The loan amount can go up to Rs 30 lakh while the tenure can go up to 7 years. The bank has multiple personal loan schemes like SBI Xpress Credit Personal Loan, SBI Pre-approved Personal Loan, SBI Real Time Xpress Credit Personal Loan, SBI Quick Personal Loan, SBI Marriage Loan, SBI Xpress Flexi personal loan, SBI Pension Loan and SBI Xpress Elite Personal Loan, which is offered to the applicants based on their employment profile, customer relationship with bank and the mode of loan application. For example, the bank offers SBI Pre-approved Personal Loan (PAPL) to its select saving account holders through SBI YONO App on 24*7 basis.
Key Highlights
Interest Rate
11.45%-15.30% p.a.
Loan Amount
Up to Rs 30 lakhs (Up to Rs 14 lakh for SBI pension loan)
Tenure
Up to 6 years (Up to 7 years for SBI pension loan)
Minimum Monthly Salary
Rs 15,000
Processing Fee
1.50% (Minimum Rs 1,000 to Maximum Rs 15,000)
Axis Bank Personal Loan
Axis Bank personal loan interest rates start from 11.25% p.a. The bank offers special personal loan scheme like Personal loan for Wedding and Personal loan for Home Renovation.
Key Highlights
Interest Rate
11.25% p.a. onwards
Loan Amount
Rs 50,000- Rs 40 lakh
Tenure
1 to 7 years
Minimum Monthly Salary
Rs 15,000
Processing Fee
Up to 2% of the loan amount
IDFC FIRST Bank Personal Loan
IDFC FIRST Bank personal loan interest rate starts from 10.99% p.a. The bank offers special personal loan schemes like Personal loan for Marriage, Travel, Emergency, Medical Loans, IDFC FIRST Debt Consolidation Loan and IDFC FIRST Small Personal Loans. Existing personal loan borrowers from other banks/NBFCs can transfer their loans to IDFC FIRST Bank at a lower interest rate with the Personal Loan Balance Transfer facility.
Key Highlights
Interest Rates
10.99% p.a. onwards
Loan Amount
Up to Rs 1 crore
Tenure
Up to 5 years
Minimum Monthly Salary
Not specified
Processing Fee
Up to 2% of the loan amount
ICICI Bank Personal Loan
ICICI Bank personal loan interest rates start from 10.85% p.a. The salary account holders of ICICI bank can avail Flexicash i.e., overdraft facility at an interest rate ranging from 12% to 14% p.a. The bank also offers NRI Personal Loan at an interest rate of 15.49% p.a. onwards. Other personal loan schemes offered by the bank include Pre-Approved Personal Loan, Pre-Qualified Loan, Top-Up Loan, Fresher Funding and ICICI Bank Personal Loan Balance Transfer.
Key Highlights
Interest Rates
10.85% p.a. onwards
Loan Amount
Up to Rs 1 crore
Tenure
Up to 5 years
Minimum Monthly Salary
Not specified
Processing Fee
Up to 2.50% of the loan amount
Federal Bank Personal Loan
Federal Bank provides personal loans at an interest rate of 12% p.a. onwards The bank offers selected customers a Pre-approved BYOM Personal Loan for up to Rs 7.5 lakhs through its end-to-end digital onboarding facility. Salaried applicants can also avail Digital Personal Loans ranging from Rs 50,000 to Rs 50 lakhs for a tenure of 1 to 5 years.
Key Highlights
Interest Rate
12% to 19.50% p.a.
Loan Amount
Up to Rs 50 lakhs
Tenure
Up to 5 years;
1 to 4 years for pre-approved personal loan
Minimum Monthly Salary
Rs 25,000
Processing Fee
Up to 3% of the loan amount
Prepayment Charges
3% on prepaid amount (NIL for those applying through Paisabazaar)
IndusInd Bank Personal Loan
IndusInd Bank personal loan interest rates start from 10.49% p.a. Existing loan borrowers of other banks/NBFCs can avail IndusInd Bank Personal Loan Balance Transfer facility wherein borrowers can transfer their existing personal loan to IndusInd Bank at lower interest rates.
Key Highlights
Interest Rate
10.49% p.a. onwards
Loan Amount
Up to Rs 50 lakhs
Tenure
1 to 5 years
Minimum Monthly Salary
Rs 25,000
Processing Fee
Up to 4% of the loan amount
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank personal loan interest rates start from 10.99% p.a. The loan amount can go up to Rs 40 lakh while the tenure can go up to 6 years. The bank offers special personal loan schemes like Kotak Marriage Loan, Kotak Personal Loan for Travel and Medical Loan.
Key Highlights
Interest Rate
10.99% p.a. onwards
Loan Amount
Up to Rs 40 lakh
Tenure
Up to 6 years
Minimum Monthly Salary
For Corporate Borrowers: Rs 25,000
For Non-corporate Salary Borrowers: Rs 30,000
Employee of Kotak Mahindra Bank: Rs 20,000
Processing Fee
Up to 3% of the loan amount
Tata Capital Personal Loan
Tata Capital Personal Loan interest rates start from 11.99% p.a. The NBFC offers special personal loan schemes like Personal loan for Women, Personal loan for Government Employees, Personal loan for Travel, Personal loan for Medical, Personal loan for Marriage, Personal loan for Self-employed and Salaried and Personal loan for Home Renovation. The NBFC also offers a Personal loan Overdraft facility at an interest rate of 14.75% p.a.
Key Highlights
Interest Rate
11.99% p.a. onwards
Loan Amount
Up to Rs 35 lakh
Tenure
Up to 6 years
Minimum Monthly Salary
Rs 20,000 (Rs 15,000 for Government Employees, Salaried Employees, Women, Travel Loan)
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