Securing a Personal Loan

Securing a personal loan is no big task as it is not a very complicated process. It is easy to get a personal loan from leading banks, which are ready to lend personal loans through an easy documentation process. But the important part is choosing from these leading banks. In this article, you will get to know about the leading banks for personal loans and their features. It is not simple when it comes to choosing from the leading banks. You will have to consider some important points before applying for personal loans in leading banks such as the maximum loan amount sanctioned by the bank, maximum tenure of the loan, interest rates on the loan, processing fee, the difference in policies, etc.

List of  leading banks for a personal loan

ICICI Bank

  • It is top among all other leading banks for personal loans.
  • The bank charges interest rates as low as 11.70% to 18.85% as in 2018.
  • Key categories for personal loans are holiday loans, wedding loans, and home renovation loans.
  • The bank offers loans to both salaried and self-employed individuals.
  • Bank has made the documentation process of personal loan very easy
  • There are simple repayment options

HDFC Bank

  • The bank offers personal loans interest rates starting from as low as 11.29%-19.50%.
  • Most beneficial for salaried and self-employed individuals.
  • Bank provides special offers on interest rates.
  • In certain cases bank has also waived the loan charges.
  • Fast approving loans process
  • Less documentation.

State Bank of India

  • The interest rates of SBI personal loans range from 11.95% to 16.55% as in 2018.
  • It is the only government bank which is also in the race of leading banks for the personal loan.
  • SBI prefers giving out a personal loan to a salaried person or self-employed individual
  • Personal loan categories are SBI Xpress Credit loan, SBI Saral Personal loan, Loan to pensioners, and SBI Festival personal loan. For more information on these loans, you can visit the SBI website: https://www.sbi.co.in/
  • SBI is the biggest trustworthy bank in the nation and therefore personal loans from SBI can be the right choice.
  • The maximum loan amount approved under SBI personal loan scheme may go as high as 25 times the individual’s monthly salary.
  • SBI bank is a suitable bak for the loan as it has many branches across the country.

Kotak Mahindra Bank

  • Kotak Mahindra bank charges interest rates between 11.50% to 19.65% as in 2018.
  • The bank does not charge the processing fee for the personal loan.
  • The simple application process for a personal loan.
  • The prepayment charges of the bank are 5% and Nil for an amount above ten lacs rupees.
  • Simple documentation.

Axis Bank

  • The bank charges interest rate for the personal loan between 15.00% to 20.00%
  • Axis bank does not charge any prepayment charges.
  • The processing fees charged by Axis bank on the personal loan is only 2% plus service charges as applicable.
  • Axis bank provides loans for salaried customers.
  • The application procedure for a personal loan is very simple.
  • The documentation procedure is also simple.

 

The table below shows the Interest rates on a personal loan of different banks

leading banks interest rates for personal loan

The Processing fee charged by leading banks is shown in the table

leading banks processing fee details

Different pre-payment charges of the leading banks

leading banks prrepayment charges

As the personal loan is an unsecured one, you may face difficulties in the bank procedure to obtain it. Banks carefully examines the application and documents of the personal loan because they are very cautious in providing these kinds of unsecured loans. These leading banks will see into a person’s previous credit history, the source of income, employment status, etc. before approving a personal loan. So, it is advisable to you that if you have all the sufficient eligibility for the personal loan, then you should very carefully examine the terms and conditions of different banks and then choose the right lender for yourself according to your financial conditions.