As you move ahead in life, you tend to experience financial problems and to recover from this you should have Personal loans. Sudden and unavoidable emergency conditions call for a lot of unexpected spending. This is the scenario where Personal Loans pose to be of great relief. Personal Loans are basically unsecured loans that can be obtained from a financial institution for covering unprecedented expenses. These situations usually involve emergency medical conditions, and educational expenses, among others.
Different banks provide different packages of personal loans with added advantages. Here are the 5 best personal loans that can be availed this year.
Top 5 Personal Loans in India 2019
Below are the top 5 personal loans in India by top banks:
State Bank of India Personal Loan
SBI personal loan can be accessed by all the self-employed and salaried professionals with two years of minimum standing. The personal loan offered by SBI Bank can be divided into three categories – SBI Xpress Power Personal Loan, SBI Xpress Credit Personal Loan, and SBI Pension Loan. The interest rate for SBI personal loans ranges between 11.30 percent and 15.55 percent.
Personal Loan Details
| Loan Amount | Up to INR 15 Lakhs |
| Processing Fee | Up to 1 percent along with the applicable tax |
| Loan Tenure | Up to sixty months |
| Pre-Closure Charges | 3 percent |
| Late Fee | 24 percent P.A |
HDFC Bank Personal Loan
HDFC personal loans can be borrowed by salaried persons across government and corporate institutions. Once you apply for a personal loan at HDFC Bank and the documentation process is complete, you can get your loan disbursed within just four hours. Personal loan apply by the existing HDFC customers usually get approved within ten seconds.
The interest rate for HDFC personal loans ranges between 15.50 percent and 21.50 percent.
Personal Loan Details
| Loan Amount | Up to INR 40 Lakhs |
| Processing Fee | Up to 2.5 percent along with GST charges |
| Loan Tenure | Up to sixty months |
| Pre-Closure Charges | Up to twelve months – It isn’t allowed13 to 24 months – 4 percent25 to 36 months – 3 percent Beyond 36 months – 2 percent |
| Late Fee | 24 percent P.A |
Axis Bank Personal Loan
If the borrower does not have any surety about the period of repayment, Axis Bank can be a highly recommended option. The bank does not offer any part payment fees or foreclosure on its personal loans. When you apply for online personal loans with Axis Bank, you can easily select repaying your loan in sixty months. If you wish to repay your loan earlier, you do not have to take up any pre-closure fees.
The interest rate for Axis Bank personal loans ranges between 15.75 percent and 24 percent.
Personal Loan Details
| Loan Amount | Up to INR 15 Lakhs |
| Processing Fee | 1.5 percent – 2 percent along with GST charges |
| Loan Tenure | Up to sixty months |
| Pre-Closure Charges | NIL |
| Late Fee | 24 percent P.A |
Bank of Baroda Personal Loan
Bank of Baroda personal loans can be availed by both self-employed as well as salaried individuals. Based upon the eligibility of the borrower, the amount of the loan can go up to INR 10 Lakhs for 60 months of maximum tenure period. Personal loan from Bank of Baroda can be a great option for the individuals who need a loan for small amounts.
The bank doesn’t disclose its interest rates explicitly. It generally offers personal loans at 1 year MCLR + Strategic Premium + 3 percent to 1 year MCLR + SP + 8 percent depending upon the applicants’ risk rating. You can calculate your rate of interest by the online personal loan calculator.
Personal Loan Details
| Loan Amount | Up to INR 10 Lakhs |
| Processing Fee | 2 percent. Maximum INR 10, 000 |
| Loan Tenure | Up to sixty months |
| Pre-Closure Charges | NIL |
| Late Fee | 24 percent P.A |
ICICI Bank Personal Loan
ICICI Bank offers personal loans to salaried as well as self-employed individuals without any collateral security or guarantor. There are many attractive advantages for the existing ICICI Bank customers, including reduced documentation.
The interest rate for ICICI Bank personal loans ranges between 10.99 percent and 21 percent.
Personal Loan Details
| Loan Amount | Up to INR 20 Lakhs |
| Processing Fee | Up to 2.25 percent along with GST charges |
| Loan Tenure | Up to sixty months |
| Pre-Closure Charges | 5 percent along with GST charges |
| Late Fee | 24 percent P.A |
The Takeaway
When planning to take a personal loan, you need to check the fundamental features of the loans offered by each bank and make your own comparisons. You also need to check out the online personal loan eligibility put out by your prospective bank. You can then avail the personal loan that best suits your interest and requirements.
Read Also: 5 Reasons Why Personal Loans Are Usually Preferred
