Acquiring a personal loan is one of the best options when it comes to financial emergencies. This is because it is a collateral-free loan and there is no limit on the end-usage. Be it SBI personal loan or HDFC personal loan, every leading bank in India offers personal loan services to its customers. But, since personal loans are free of collateral, the interest rates are quite high on this kind of loan. Thus, it is imperative to check out the rates in various banks before availing of a personal loan.
Presently, a few banks are offering certain impressive interest rates on personal loans. Below we have provided a list of those banks along with their attractive features.
SBI
Rate of interest: 9.60% p.a
Features
- The maximum loan amount under the SBI personal loan scheme is Rs. 20 lakhs.
- SBI offers a very flexible repayment tenure which lies between 6 months to 72 months.
- The bank charges a processing fee of 1% against the prepaid loan amount.
- SBI has specific loan schemes for self-employed, salaried and pensioned individuals.
- Acquiring an SBI personal loan is hassle-free, along with minimal documentation and speedy processing.
Central Bank
Rate of interest: 9.85% p.a.
Features
- Central Bank offers a maximum loan amount of Rs. 10 lakhs.
- The bank has flexible repayment tenure, which lies between 3 years to 5 years.
- The bank charges a processing fee of Rs. 500 along with GST.
- The bank offers multiple loan schemes to serve the needs of different kinds of borrowers.
- Borrowers can apply for this loan digitally and have it approved quickly if they meet all the criteria and submit the required documents.
UCO Bank
Rate of interest: 9.80% p.a.
Features
- The maximum loan amount that UCO Bank offers is Rs. 10 lakhs.
- The bank offers a repayment tenure of five years.
- The bank imposes a processing fee of 1% on the loan principal.
- The bank has different loan schemes for different types of borrowers.
- The loan can be availed digitally, which involves no hassles.
Citibank
Rate of interest: 9.99% p.a.
Features
- The loan amount offered by Citibank ranges from Rs. 10 thousand to Rs. 30 lakhs.
- The loan repayment tenure is 5 years.
- The bank imposes a processing fee of 3% on the prepaid loan.
- The disbursal takes place within 2 days.
Bank of Baroda
Rate of interest: 10.10% p.a.
Features
- The bank offers a maximum loan amount of Rs. 10 lakhs.
- The loan repayment tenure is 5 years.
- The loan processing fee is 3% along with GST.
- The loan processing is quick.
Punjab National Bank
Rate of interest: 10.65% p.a.
Features
- The maximum loan amount offered by the bank is Rs. 15 lakhs.
- The loan repayment tenure can be extended up to 5 years.
- The bank charges a processing fee of 1.8% plus GST.
- Borrowers can avail of this loan both online and offline.
- The bank offers transparent services to its customers.
Kotak Mahindra Bank
Rate of interest: 10.75% p.a.
Features
- The bank offers a maximum loan amount of Rs. 15 lakhs.
- The loan repayment tenure can be extended up to 5 years.
- The bank charges a processing fee of 2.5%.
- The paperwork is minimal and ensures quick disbursal.
- The bank has the provision of instant personal loans.
Bank of Maharashtra
Rate of interest: 10.85% p.a.
Features
- The maximum loan amount that the bank offers is Rs. 10 lakhs.
- The repayment tenure can be extended up to 5 years.
- The processing fee that the bank charges is 1% of the prepaid loan amount.
- The bank offers feasible EMI options.
- The entire procedure of availing the loan is speedy and hassle-free.
Union Bank
Rate of interest: 10.90% p.a.
Features
- The bank offers a maximum loan amount of Rs. 10 lakhs, provided the borrower has a good credit history.
- The loan repayment tenure can be extended up to 5 years.
- The bank imposes a processing fee of 0.5%.
- The bank ensures fast processing of the loan.
- The borrower does not have to go through a lot of documentation to obtain this loan.
HDFC
Rate of interest: 10.75% p.a.
Features
- The maximum loan amount offered under HDFC personal loan scheme is Rs. 40 lakhs.
- The loan repayment tenor can be extended up to 5 years.
- The bank charges a processing fee of 2.5% along with GST.
- HDFC offers the Sarv Suraksha Pro scheme to secure the borrower’s personal loan.
- The borrower has to go through least documentation and hassles to avail of this loan.
There is no doubt that the banks listed above are offering the best deals in the market currently. However, before applying for any of the loans, remember to check the age and eligibility criteria. You will be allowed to apply for these loans only after you meet the eligibility criteria of the respective bank.
