The personal loan is a great choice for any person looking for quick cash. It’s easy to get, doesn’t require many documents, and you can pay it off by paying off the interest. You don’t need collateral or many documents, so it’s a great option for those who don’t do well with paperwork.
Personal loans can be paid off using an EMI policy that fits your needs. The loan can be used for anything you’d like, so long as it’s legal and ethical. You could use a personal loan to pay off credit card debt or medical bills, or you could use the money for something else entirely. Now let’s take a look at some of the top
Personal loans agencies in India.
5. State Bank of India (SBI) Personal Loan Scheme
This is one of the most trustworthy loan facilities in India as it is a government bank. The personal loan interest rates start from 8% p.a. and it goes up as high as 10.60% p.a, with the maximum loan amount that can be availed being 20lakh rupees but it depends on the earning capability of the borrower. This scheme is also known by its acronym SBPL which stands for State Bank of India Personal Loan Scheme. Its maximum tenure for loan repayment is 7 years, and the minimum tenure for repayment is 6 months. There are no extra charges or fees for this scheme and there are some minimum eligibility criteria required to avail of this scheme from SBI. Every year thousands of people apply for this scheme which helps SBI to expand its business and earn profit. The eligibilities for this scheme are:
-The applicant must be a salaried person, working in any government/private organizations or self-employed and having a regular source of income,
-Applicants should have been employed at least 6 months before applying for the loan.
-Applicants should have an active and valid bank account in any of the branches of SBI.
-The applicant should have a good credit history, with no defaults or arrears for the past year.
4. Axis bank
Axis Bank has a personal loan facility that offers hassle-free, easily approved loans with incredible customer service.
Simultaneously, it offers a range of personal loan interest rates, starting from 12% p.a. and going as high as 21% p.a. The maximum loan amount that can be availed is 15lakh rupees, and the minimum amount is 50,000 rupees. The maximum repayment period is 5 years. This means that if you want to borrow money for 5 years and payback using easy monthly installments then your minimum repayment period will be 5 years long.
The longer the repayment period gets the more interest will be charged on it by Axis Bank. Which means that if you want to pay off your entire loan faster then you should make sure that your repayment period is less than 2 years long. So that you can pay off your entire debt faster with fewer interest payments required from your pocket!
3. Punjab national bank
Punjab National Bank (PNB) is one of the largest commercial banks in India and a subsidiary of the State Bank of India. PNB offers a variety of personal loans for its customers, including a special personal loan scheme for doctors.
The loan program is designed to offer special privileges for doctors who can get a maximum loan of 20 lakh rupees under a repayment period of 7 years. In general, the interest rates start from 8.7% p.a. and it goes up to 14.25% p.a. The maximum loan amount that can be availed is 10 lakh rupees and the minimum amount is 50thousand rupees. Also, the maximum repayment tenure can be anywhere from 5 to 7 years. As a rule of thumb, PNB does not sanction loans that are over 20 times the borrower’s monthly net income.
2. Housing Development Finance Corporation Limited bank
HDFC bank offers the best personal loan options for people who are looking for a safe and secure way to finance their needs. HDFC bank offers personal loans for both salaried and self-employed professionals. The loan amount offered by HDFC Bank can be used for a variety of purposes including home renovation, the purchase of an existing property, or even the construction of a new house.
The bank’s interest rates start from 10.50% to 21%p.a., with payment schedules that enable you to begin repaying your loan as soon as possible—but at a pace that’s comfortable for your family’s budget and schedule. The personal loan application process is straightforward. If you’re a salaried employee, all it takes is to provide your employer’s certificate and salary slip as proof of income. Self-employed individuals must submit their business turnover figures and tax returns to qualify for an HDFC Bank personal loan.
The maximum amount of money you can borrow at once is 15 lakh rupees with a repayment tenure of 5 years.
1. Hero FinCorp
Hero FinCorp has been in the business for over 10 years and now they offer personal loan for anyone who needs cash but doesn’t want to deal with the hassle of applying for a traditional bank loan. Now you can get a personal loan in Kolkata too.
The service is simple: you can apply online and get approved for the amount you need within minutes. If you’re approved, Hero fin corp will send your loan directly to your bank account within two business days.
The interest rates start from a low rate interest, and they depend on the repayment period. The maximum loan amount is 5 lakh rupees with repayment periods anywhere from 1 to 10 years.
When it comes to personal loans, you don’t have to be rich to get one—but that doesn’t mean they’re not worth it. Personal loans are easy to acquire and don’t require collateral. These loans are sanctioned within minutes and can be paid using the EMI facility.