Are you planning to take personal loan? Do you know which bank is providing the cheapest personal loan in 2016? I have taken personal from HDFC bank and that was @ 13.99% interest rate due to some corporate discount. Right now the interest rates are down, so you will definitely get far cheaper interest rates on personal loan.
If you need some urgent cash, then personal loan is the best way to get emergency fund. But remember one thing that, personal loan is very costly and you have to pay a high interest rate while repaying your personal loan. If you don’t have any other choice to arrange money, then definitely you have to go for personal loan.
Tips For Applying Personal Loan in India
Basically the simple funda of getting a personal loan is you should have something to guarantee or provide security to the lander. From customer point of view, whomever is giving the personal loan with lowest interest rates is welcome. But still there are certain tips one should consider while applying for personal loan in India.
- Better to go with the reputed banks or lending institutes as they mostly offer lower interest rates to corporate employees.
- Never forget to compare the personal loan interest rates online and get the best deal on personal loan.
- Check out the processing fee, foreclosure fees etc.
- When I have applied for HDFC personal loan, there was a clause that one can’t close the loan before paying 1 year EMI. So make sure you are reading every single terms & conditions carefully.
Best Personal Loan Interest Rate in 2017
I will share more details about my HDFC personal loan experience in upcoming articles. But before that, here I am sharing the top 5 banks sharing cheapest personal loan with the processing fee details. Generally the data is applicable for the loan amount if Rs 1-2 lakh max.
|Name of the provider||Interest Rate||Processing fee|
|State Bank of India||11.15%-17.65%||1%-3% of the loan amount + applicable Service Tax|
|ICICI Bank||11.49%-22.00%||Upto 2.50% of the loan amount + Service Tax, as applicable|
|HDFC Bank||11.49%-20%||Upto 2.5% of the loan amount, subject to a maximum of 25,000 INR and a minimum of 1,000 INR|
|Canara Bank||12.45%-15.5%||1%(min 250) of the loan amount + applicable Service Tax|
|Punjab National Bank||12.50% to 15.50%||Upto Rs. 2 lac: Rs.270 + ST ; Over Rs.2 lac: Rs.450 + ST|
Personal loan has it’s own terms & conditions. So you should talk to your bank before applying or any personal loan after reading anyone’s experience. Based on the amount of loan you are applying, you may get some discount as well. But you should ask for various terms & conditions and understand them clearly before applying for personal loan.
Disclaimer: This data is collected from The Economic Times Wealth Magazine. Please visit the bank website first to check the current interest rates of personal loans in 2017 and then only apply for personal loan in India.
LIST OF PUBLIC SECTOR BANKS IN INDIA
Bank of Baroda, Allahabad Bank, State Bank of Saurashtra, Central Bank of India, State Bank of Patiala, Andhra Bank, Canara Bank, State Bank of Hyderabad, Oriental Bank of Commerce, Dena Bank, State Bank of Mysore, State Bank of Indore, UCO Bank, Vijaya Bank, Syndicate Bank, State Bank of India, Bank of India, Corporation Bank, Indian Bank, Union Bank of India, Punjab National Bank, State Bank of Bikaner and Jaipur, State Bank of Travancore.
LIST OF PRIVATE SECTOR BANKS IN INDIA
Bank of Rajasthan, Catholic Syrian Bank, Bank of Punjab, Dhanlakshmi Bank, HDFC Bank, Karur Vysya Bank, ING Vysya Bank, Laxmi Vilas Bank, Karnataka Bank, South Indian Bank, United Western Bank, UTI Bank, Centurion Bank, City Union Bank, Development Credit Bank, Federal Bank, ICICI Bank, IndusInd Bank, Jammu & Kashmir Bank
How To Apply Personal Loan Online in India
With the evolution of technology, it’s become very easy to any kind of banking related activities online through desktop or your mobile phone. Applying for a personal loan is very simple indeed. Generally you will get many promotional calls from banks asking for personal loan application, if you are working in any IT company or reputed company in India. Besides that, just follow the step by step guide to get your personal loan approved fast.
- First of all compare all the personal loan interest rates online to find the cheapest interest rates.
- Next visit to that banks website and visit to their personal loan application page.
- You just have to fill up the online application form. An executive will definitely give you a callback to collect various details. Your income should be up to the eligibility criteria to apply for personal loan.
- Banks or personal loan providers may also check your CIBIL score to validate your application and how much personal loan you are going to get.
Which bank you have tried to apply for personal loan in 2017? Do you think you have applied for the cheapest personal loan? Do you have a query related to how to close personal loan online? Or what are the documents require to apply for personal loan in India? You can share your experience or any kind of query related to personal loan by writing a comment below.