Different ways to get a personal loan in India

Getting a personal loan is easy but choosing the right financial institution is not. You should choose wisely. Out there many financial institutions are giving loans in high-interest rate. So here we will discuss those.

Banks– Taking a loan from a bank is not as easy as seems. Bank will check your eligibility of repayment, your credit score, your past loan history. That’s why it takes a long time to get approval on your loan. And the bank can cancel your loan application if they don’t think you are not suitable for a loan.

Building a good credit score on bank’s eye takes a long time you just can’t do that overnight. The banking system, in many ways, keeps your details without access to assets away from getting a personal loan easily. That is, if you don’t happen to own too many assets and want to take out a personal loan from a bank, it will certainly be an uphill battle. In this case, the amount that you can borrow varies depending on your credit ratings. Banking systems are incentivized to serve people with better ‘repayment credibility’ first.

NBFC- Non-Banking Financial Institutions are also given loans in the minimum documentation. The interest rate is also high then banks. And also there is a high chance of rejection and also it takes so much time.

Credit Card Companies– Credit cards are the most prevalent form of loans on the internet. By allowing users to purchase first, pay later, credit cards offer reasonable flexibility to users and instant access to funds. While they do top the speed of access parameter, credit cards can be shockingly expensive for their users.

Outstanding credit card balances can attract interest rates ranging from anywhere between 43% – 50% per annum. This is far higher than what any bank, NBFC, and of course, any P2P Lending company would ever charge you. In fact, it’s far higher than most investment classes generate in terms of returns as well.

 Now we are giving a list of an interest rate of Financial institutions who give personal loan-

 BANK NAME

LOAN AMOUNT

LOAN TENURE

LOAN INTEREST 

PRECLOSURE CHARGE

Processing Fee Range

 

 

Allahabad Bank

Minimum-50,000

Maximum-7.5 lakhs.

 

        1-5 years

 

 

11.60%-13.60%

2.25% of outstanding balance only in case of take over.

 

 

1.22%(minimum 1,228)

 

Axis Bank

Minimum-50,000

Maximum-15 lakhs.

        1-5 years

 

15.75%-24.00%

 

           NIL

2.00%+service charge applicable.

 

  Andhra Bank

Minimum-50,000

Maximum-1,50,000

        1-5 years     

 

11.55%-16.00%

               NIL   

 

NIL   

 

   HDFC Bank

Minimum-50,000

Maximum-25 lakhs.

        1-5 years

 

10.99%-21.25%

Between 2% to 4% of outstanding principal.

 

     Upto 2.50%

 

  State Bank Of      India

Minimum-25,000

Maximum-15 lakhs.

        1-5 years

 

10.75%-15.55%

Between 2% to 4% of outstanding principal.

 

   1.01% of the     loan amount

 

    ICICI Bank

Minimum-50,000

Maximum-40 lakhs.

        1-5 years   

 

10.99%-18.49%

5% of outstanding principal + GST

 

0.99% to 2.25%

    IDBI Bank

Minimum-50,000

Maximum-10 lakhs.

 

       1-5 years    

 

 10.99%-18.49%

   2% of outstanding principal.

1%+ S.T charges

 

 

 

 

 

      Yes Bank

 

 

Minimum-2 lakhs

Maximum-20 lakhs.

 

 

 

 

      1-5 years    

 

 

 

 

 

  14% per annum.

Within 12 to 24 months: 4%

Within 24 to 36months: 3%

Within 36 to 48 months: 2%

After 48 months : No charges. 

 

 

 

 

     2% of the         principal minimum 999

Indiabulls Bank

Minimum-

Maximum-15 lakhs

 

      1-5 years     

 

11.99% onwards

5% if less than 6 months.

 

        Upto 5%

Capital first

Minimum-50,000

Maximum-4 Lakhs

 

     1-5 years    

      12%-16%

4% of outstanding 

2% of principal

Aditya Birla

Minimum-25,000

Maximum-15 lakhs

 

     1-5 years    

 

  11.00%-13.75%

4% of principal outstanding in 1st year, 3% in the 2nd year, and thereafter preclosure permitted after 6 months.

1% of principal.

Fullerton

Minimum-65,000

Maximum-25 Lakhs

 

     1-5 years    

 

  14.00%-33.00%

4%of outstanding principal.

 

  Up to 2.00%

Bajaj Finance

Minimum-1 lakh

Maximum-25 lakh

 

     1-5 years    

 

     13%-16%

 

           NIL

 

    1.5%-2.00%

UBI(United Bank Of India)

Minimum-

Maximum-2 lakhs

 

     1-3 years    

 

 13.45%-14.20%

            NIL

 1% of principal.

BOB(Bank of Baroda)

Minimum-50,000

Maximum-10 lakhs.

 

    1-4 years    

 

 11.80%-16.80%

Within 6 months it costs 6% after six months no charges.

2% minimum rupees 250

PNB(Punjab National Bank)

Minimum-

Maximum-10 Lakhs.

 

    1-5 years    

 

12.00%-15.00%

 NIL

1.8%+ Taxes

OBC(Oriental Bank Of Commerce)

Minimum-

Maximum-5 Lakhs

 

 6months-5years    

 

  10.65%-11.65%

NIL

0.5% Minimum RS.500

BOI(Bank Of India)

Minimum-10,000

Maximum-5 Lakhs

 

     1-3 years    

 

 12.00%-14.00%

NIL

 2% or 1,000+10,000+ Tax.

Indusind Bank

Minimum-50,000

Maximum-25 Lakhs

 

     1-5 years    

     11%-16%

4% of outstanding principal

Minimum 1% maximum 2.50%

Standard Chartered Bank

Minimum-

Maximum-

 

     1-5 years    

 

  10.99%-14.49%

NIL

   999 almost.

TATA Capital

Minimum-1 lakhs

Maximum-20 lakhs.

 

     1-5 years    

 

11.50%-17.25%

4% of the outstanding principal. 

       upto2%

UCO

Minimum-50,000

Maximum-10 Lakhs

 

      1-5 years    

 

 11.35%-12.70%

For Woman-11.20%

 
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