09 Jan 2020 | 5 min read
Personal loans are a way to use tomorrow’s income today, and unlike other loan products, the process involved is simple. But which bank you should choose for a personal loan completely depends on your requirements. All three banks have their benefits and schemes.
In this article, we have provided you with some of the major details of the HDFC, SBI and ICICI Bank personal loans, which may help you in comparing the three and you can choose the best suited to you.
You should always check all terms of the loan. But the three most important things which you should prioritize before availing a loan are:
Bank |
Interest Rate |
Maximum Loan Amount |
Repayment Tenure |
10.90%-15.30% |
Rs. 20 Lakhs |
5 years |
|
10.75%-21.50% |
Rs. 15 Lakhs |
5 years |
|
11.25% to 21.00% |
Rs. 20 Lakhs |
5 years |
However, all the above three factors may differ based on various parameters like the loan scheme, eligibility, credit score, and others. Now, let’s have a quick look at the details of the personal loan offered by these banks:
SBI offers customized personal loans under various schemes viz. Xpress Credit personal loan, Xpress Power personal loan and SBI Pension loan. Let’s have a look at the features:
HDFC Bank personal loan comes with many benefits to the customers.
ICICI personal loan caters to all your personal financial needs. This product comes with many benefits and added perks, thus giving the borrower strong financial support. ICICI personal loan can be blindly trusted as it’s a brand that has already created its niche in the financial market.
To help you in selecting the best bank for availing a personal loan, here are a few tips:
1. Do an EMI Calculation
Before applying for a personal loan with a lender, try to know the approximate EMI which needs to be paid for the loan availed. So, you can compare the EMI’s and choose that suits you the best. Doing this also helps you in preparing a monthly budget based on income and expenses.
2. Compare the Interest Rates
Always compare the available personal loan offers. There are many online tools available which you can use for the comparison. This is an important step in the process of choosing the best personal loan. Interest rate comparison can enable you to get the best personal loan.
3. Know about all Costs & Penalties involved
Before applying for a personal loan, it is essential to think pretty much about all costs and charges associated with the loan procedure.
4. Check for Documentation Process
The best personal loans can be considered those that you can get with minimal documentation. With online loans, you don’t need to do that, and you can apply for a personal loan online while sitting at your home.
5. The Loan Amount
The best bank for a personal loan can be one that is ready to offer you the exact amount you required.
6. Check the Eligibility
Check the personal loan eligibility criteria of the bank before applying for it. In case a loan application gets rejected, it can harm your credit score. It also helps in increasing the chances of loan approval.