Last Updated by
A personal loan provides a valid back-up for an unexpected financial emergency. Some of the difficult situations may include medical bills, unexpected college fee hike, wedding expenses or even a sudden travel plan.
The most important things to consider when choosing a personal loan are the interest rate, the loan tenure and the loan amount that one is eligible for.
Most banks offer instant in principle loan approvals and the loan processing is also simple and hassle free. However, it is always recommended to consider the top bank offers and compare their Personal Loan Interest Rates in order to choose the one that perfectly fits your budget. Every bank offers personal loans with a host of different features. Let’s have a quick sneak peek at 7 consumer friendly personal loan bank offers below:
1) YES BANK Personal Loan
- With Yes BANK, a customer can avail an instant loan approval.
- The bank offers the best in the industry loan rate starting at 10.75% p.a.
- You can avail up to 40 Lakhs as personal loan for various requirements such as travel, domestic functions, medical needs or any other expense.
- The loans are divided into easy EMIs that can be extended for a flexible tenure of between 12 to 60 months. You get complete flexibility to choose the loan tenure as per your monthly repayment capacity.
- You also get the choice to prepay or part-pay the loan. Thus, you can repay Yes Bank Personal Loan faster and maintain a better credit score as and when you want.
2) State Bank of India
- State Bank of India has an array of Personal Loans that are available to both salaried and non-salaried individuals. This includes SBI Xpress Credit Personal Loan, SBI Xpress Power Personal Loan, SBI Saral Personal Loan, SBI Festive Personal Loan and SBI Personal Loans for pensioners.
- These loans offer great deals with low interest rates ranging between 12.05% p.a to 15.05% p.a depending upon the employment status, credit score and repayment capacity of the borrower.
- The repayment tenure for SBI Personal Loans is quite flexible. A customer can repay the loan in easy instalments spread across up to 60 months.
- The loan amount available is up to 24 times the net salary of the individual depending upon the type of loan opted for.
- The loans are hassle-free and easy to apply for.
3) HDFC Bank
- HDFC Personal Loan is one of the most popular products in the segment.
- The bank promises that a simple online application can allow the applicant to get loan disbursal in just 4 hours of applying for the loan.
- The personal loan interest rates of HDFC bank are extremely competitive and start at as low as 10.99%.
- One can apply for a personal loan up to Rs.40 Lakh which provides an easy financial source in case of any emergency.
- The repayment tenure on these loans is between 12 months to 60 months, allowing the loan to be converted into easy and affordable instalments each month.
4) IDBI Bank
- With IDBI Bank, it is possible to get loans for salaried individuals, non-salaried individuals as well as pensioners.
- It is possible for customers to get the best interest rates possible with IDBI Bank at 10.20% p.a to 13.95% p.a, depending upon the employment status of the individual.
- The minimum loan amount available is Rs.50000. Customers can get up to Rs.10 Lakhs to meet all their urgent financial requirements.
- Customers can choose between an overdraft personal loan as well as a term loan with a repayment tenure extending upon to 2 years.
5) Kotak Mahindra Bank
- Kotak Mahindra Bank offers the best possible personal loan deals for salaried individuals with attractive rates of interests and a high loan amount.
- The interest rates on these personal loans start at as low as 10.99% and go up to a maximum of 24% per annum depending upon the employment status of the individual.
- The loan tenure offered by Kotak Mahindra is between 1 year and 5 years which makes the instalments paid each month extremely affordable.
- The loans at Kotak Mahindra are provided based on the annual earnings, the demographic details, the work experience, and the past repayment records with previous loans.
6) ICICI Bank
- ICICI Bank provides instant personal loans that require minimum documentation and have a disbursement time of just 3 seconds after the online application of the customer has been received.
- These personal loans come with flexible repayment option that allows the EMI to be spread across 12 to 60 months.
- There is no security or any guarantor required for these loans.
- The most important factor which is the interest rate is highly competitive and ranges from 11.25% to 17.99% per annum.
- You can borrow from Rs.50000 to Rs.20 Lakhs as personal loan.
- With the Personal loan from Citibank, customers can get a great turnaround period which is as low as 48 hours after the approval of the loan.
- Based on the repayment capacity, primarily the net income and the credit score, customers can get up to Rs.30 Lakhs to meet any financial emergency.
- With these loans there is no need for customers to present any income proof or address proof, reducing documentation and making the loan application process easier.
- The interest rates on these loans are as low as 10.99 per annum and come with a flexible EMI option that can be extended from 12 months to 59 months.
Rohan Pandya is a Blogger, Youtuber and an entrepreneur who loves to explore latest technology on the web everyday. He thinks When You Are Young You Believe The Possiblities Are Endless.