We human beings carry many dreams & wishes in our hearts and we crave for them to get fulfilled. There are people who have a lifelong dream of taking their loved ones to an extended vacation to Paris. Some want to provide the best education to their children and send then to a top notch foreign university while others want to give a new makeover to their home sweet home. Many parents want to throw a lavish marriage function for their only daughter or son and bring a smile on their face.
Some children want to get the best possible medical treatment for their parents. Our dreams are linked to finance. Finance plays a very important role in our life as these dreams and needs can only be fulfilled through the very same medium of finance. There are many people who often have to put their dreams on hold because of lack of finance. For them, the perfect solution would be a personal loan.
There are many lenders in the market who are more than happy to offer you a personal loan. Leading banks and NBFCs in India provide a Personal loan to eligible applicants at affordable rates of interest. Why take money from relatives and moneylenders when you can easily get a personal loan from a bank? You won’t have to deal with your relatives and give them reasons why you need financial help. A personal loan can be availed for a maximum period of five years. The minimum amount that can be fetched is Rs. 24,000 and the maximum amount will depend on the profile of the applicant. All said and done, it is important for you to check what are the best options available to you, so that you can take a balanced decision. This article will throw emphasis on the best personal loans in India and assist you in taking a smart decision.
SBI Personal Loan
State Bank of India is one of the leading public sector banks in India and provides a personal loan to salaried employees and pensioners. The bank provides one of the best personal loans in India under various categories like Xpress Credit Loan, Saral Loan and Pension Loan. With interest rates between 11.90 to 15%, a SBI personal loan has become one of the highly demanded products in the market. Affordable rate of interest, timely discuted offers, faster approval and no hidden charges makes SBI personal loan a hit amongst the loan borrowers. The best part about the product it that even pensioners can apply for it and use it to realise their wishes and needs.
HDFC Personal Loan
HDFC Bank is a major player in the personal loan segment. The bank offers a personal loan to salaried employees at an interest rate of 10.99 to 19.50%. You can get a personal loan up to Rs.15 lakhs without furnishing any kind of asset or collateral. The processing fee charged is up to 2.50% of the sanctioned loan amount. There are many reasons why HDFC Bank is known to provide one of the best personal loans in the country. Quick approval, minimal documentation, special rates of interest to women borrowers and insurance cover are few of them. To apply for the product, you must be at least 21 years of age and must earn the minimum monthly income set by HDFC. In addition to this, you must be employed with the current employer for a period of at least one year.
ICICI Personal Loan
Unlike HDFC personal loan, an ICICI Personal Loan can be availed by salaried employees as well as self-employed people. Working professionals too can apply for the product. ICICI Bank is one of the prominent private sector banks in India and has been serving the people of the country for more than two decades. The bank offers a person loan at an interest rate of 11 to 18.49%. Salaried employees, self-employed people and doctors and secure a personal loan up to Rs. 20 lakhs, Rs. 30 lakhs and Rs. 40 Lakhs respectively. Attractive rate of interest, cover loan liability and instant e-approval makes it one of the best personal loans in India.
Axis Bank Personal Loan
Another name which is very closely associated with the personal loan segment is Axis Bank. Axis Bank is one of the major private sector banks in India and offers a personal loan to eligible applicants for a period up to five years. Both self employed individuals and salaried employees can avail an Axis Bank personal loan. The minimum and maximum amount that can be availed is Rs. 50,000 and Rs.15 lakhs respectively. Faster approval, zero prepayment fees, flexible tenure and the provision to earn eDGE loyalty points has differentiated the product from other products offered in the same category.
Now that you have known about the Best Personal loans in India, you can choose the one which meets your requirement and is not heavy to your pocket. Have a happy personal loan journey.