Personal Loan for Private Sector in India

28 Jul 2021 5 min read
Personal Loan: Personal Loan for Private Sector in India - Afinoz

Private sector banks in India offer personal loans to help and meet the urgent financial crisis. While choosing the loan amount, there should be an interest rate starting from 10% up to 27% p.a. However, an applicant can avail the loan amount of up to Rs. 40 lakhs as a personal loan from private sector banks and it can repay it within a maximum of 60 months. Apart from this, it helps the applicant to choose the right personal loan with the help of banks in India.  

Top private sector banks offering personal loans  

Generally, the private bank offers personal loans to individuals with certain factors which is based on eligibility criteria. One can avail of a personal loan to set your business in the private sector also. The loan can avail starting from Rs. 50,000 up to Rs. 15 lakhs with repayment tenure starting from 1 year up to 5 years. 

ICICI Bank Personal Loan  

The applicant can easily avail ICICI Bank personal loan with the help of these points listed below:  

  • The applicant can avail of the loan amount of a maximum of Rs. 20 lakhs to fulfill the personal expenses such as weddinghome renovation, and vacation, etc.  
  • The top-up facility is offered by ICICI Bank personal loans after you paid the 12 EMI payments.  
  • It ensures there will be no increase in the interest rate throughout the loan tenure.  
  • There is no collateral needs to provide for availing the loan.  
  • For an existing customer of ICICI Bank, the personal loan can avail in just 3 seconds.  
  • The loan processing fee is up to 2.25% of the loan amount including GST.  
  • Prepayment charges of 5% p.a. of principal outstanding including GST.  
  • Additional interest on late payment is 24% p.a. 
  • If the applicant has loan cancellation then, Rs. 3,000 including GST.  

Axis Bank Personal Loan  

Axis Bank offers a personal loan at a low-interest rate without any additional charges. Here are some key features offered to the applicants are as follows:  

  • Axis Bank offers Balance Transfers to individuals.  
  • The loan amount is starting from Rs. 50,000 to Rs. 15 lakhs can be availed.  
  • There is no part-payment or pre-closure of charges.  
  • The age of the applicant should be at least 21 years for availing of Axis Bank personal loan.  
  • The applicant can repay the loan amount through Electronic Clearing Service (ECS), Standing Instruction (SI), and post-dated cheques (PDCs).  
  • The penal interest is Rs. 500 per instance.  
  • If the applicant has a duplicate statement the charge will be Rs. 250 per instance including GST.  
  • If there is a duplicate NOC it charges Rs. 500 per instance plus GST.  

HDFC Bank Personal Loan  

HDFC Bank personal loan is offered only to salaried individuals working in government institutions and corporate firms. The bank offers an exclusive deal on personal loan balance transfers from other lenders. For more details read the key features listed below:  

  • The salaried individuals only are eligible to avail of the loan.  
  • The application can be used for a minimum loan amount of Rs. 50,000 up to Rs. 40 lakhs.  
  • The applicant’s monthly salary and the organization you working for will decide that you are eligible for the loan.  
  • The loan is disbursed at is minimum of 10 seconds and the EMI will start from Rs. 2,187 per lakh.  
  • The processing charge will be Rs. 2,999 up to Rs. 25,000.  
  • The overdue EMI Interest is 2% per month on the principal overdue/EMI.  
  • The prepayment charge is divided into three parts:  
  • 13 to 24 months – 4% of the principal outstanding loan amount 
  • 25 to 36 months – 3% of the principal outstanding loan amount  
  • Over 36 months – 2% of the principal outstanding loan amount 
  • The check swapping charge will be Rs.500.  

Kotak Mahindra Bank Personal Loan  

Under Kotak Mahindra Bank the applicant will get the minimum loan of Rs. 50,000 up to Rs. 15 lakh. Apart from this, the applicant can get more benefits than other banks. Some features are listed below:  

  • The loan amount is starting from Rs. 50,000 up to Rs. 15 lakhs.  
  • There are options for prepayment and foreclosure. 
  • Between the 5th and the 10th of each month, you will change the installment date on the personal loan. 
  • To be eligible for this Kotak Mahindra bank personal loan, you must be an Indian citizen who works for a private or government company and earns at least Rs.20,000 per month. You must also be between the ages of 21 and 58 years. 
  • You must have lived in a city for a minimum of one year. 
  • The processing charge is up to 2.5% of the loan amount including GST.  
  • 3% per month compounded monthly on the due amount for overdue interest.  
  • Prepayment or foreclosure charge is 5% + GST on principal outstanding.  
  • There is no due certificate charge of Rs. 500 including GST.  

YES Bank Personal Loan  

YES Bank offers personal loans for weddings, education, home renovation, and vacation. For getting such a condition, the loan amount is sanctioned for a maximum of Rs. 40 lakhs. For some essential information, there are some key points are listed below:  

  • A personal loan ranging from Rs.1 lakh to Rs.40 lakh is available. 
  • Customers can use the YES Bank mPower Bot to get in-principle loan approvals. 
  • The loans are accepted and sanctioned quickly. 
  • For your convenience, we provide doorstep banking services. 
  • After you've made 12 EMI payments, you can opt for a part-prepayment option. 
  • The processing charge is a maximum of 2.50% of the loan amount.  
  • Kotak Mahindra Bank offers foreclosure charges for: 
  • 13 to 24 months – 4% of principal outstanding loan amount  
  • 25 to 36 months – 3% of principal outstanding loan amount  
  • 37 to 48 months – 2% of principal outstanding loan amount  
  • Over 48 months – Nil 
  • The part payment charge is 2% plus applicable taxes on the part payment amount paid by the applicant.  
  • The loan cancellation charge is Rs. 1000 inclusive of taxes.  
  • Citibank Personal Loan  
  • Citibank offers a personal loan for the submission of the relevant documents and the user will get the loan directly into the account within 48 hours. Apart from this, the interest rate on the personal loan is fixed as well as the EMI will remain constant. Some features of Citibank personal loan are listed below:  
  • Loans will be credited to your account within 48 hours of submitting the necessary documents. 
  • After 12 months from the date of your loan booking, you have the option of foreclosure or partial prepayment. 
  • If the amount you borrowed is inadequate, you can get more money from the personal loan. 
  • The personal loan's interest rate is fixed, which means your EMI will remain consistent over the term of the loan. 
  • Citibank offers personal loans in the range of Rs.25,000 to Rs.30 lakh. 
  • The processing charge is self-employed individual is 2% up to 3%.  
  • The loan booking fee is a maximum of 2.75% of the sanctioned loan amount.  
  • There is no late payment charge.  
  • The prepayment amount is equal to a minimum of 2 EMIs and a maximum of 5 EMIs.  
  • RBL Bank Personal Loan  
  • The RBL Bank offers the personal loan amount of Rs. 1 lakh up to Rs. 20 lakhs and the loan process is hassle-free. You need to get more details with such key points listed below:  
  • Loans ranging from Rs. 1 lakh to Rs. 20 lakh are available. 
  • The loan approval and disbursement processes are easy. 
  • You must be at least 25 years old at the time of loan application and not more than 60 years old at the time of loan maturity. 
  • The applicant will be counted as eligible for the loan, they must have worked for their current employer for at least one year and have three years of continuous jobs. 
  • To be eligible for this loan, your monthly income must be at least Rs.25,000. 
  • The processing charge for the loan amount is 4%.  
  • 2% must be additional interest per month on the overdue EMI amount of the loan.  
  • The foreclosure charge is 13 to 18 EMIs paid on 5% of the principal outstanding amount and there should be more than 18 EMIs will be paid.  
  • There is Rs. 250 per instance for cheque swapping or bounce charges.  

Conclusion  

As the above-mentioned information will help you to understand the private banks offering personal loan interest rates and provide complete details regarding the same. Whether you need the required interest rate offered by several banks such as ICICI Bank personal loan, RBL Bank personal loan, YES Bank Personal Loan, HDFC Bank Personal Loan, and Kotak Mahindra Bank personal loan. In this blog you can get other various information for these banks, the process to apply for a personal loan online, factors affecting, and comparison of different banks.  

Apart from this, you can get the minimum loan from Axis Bank offers personal loans starting from Rs. 50,000 up to Rs. 15 lakhs at the competitive interest rate. Therefore, if you want to get more information about private sector banks offering personal loans, visit the official site of the banks or directly contact the customer support team or contact Afinoz.com.  

FAQs 

1. What is the maximum amount of a personal loan that can be obtained? 

The minimum and maximum loan amounts, as well as the borrower's repayment ability, differ from bank to bank. However, banks and non-bank financial companies (NBFCs) offer personal loans ranging from Rs.1000 to Rs.15 lakhs or even Rs.30 lakhs, depending on the borrower's financial situation. 

2. How long does the personal loan last? 

The repayment period on a personal loan usually varies from 12 to 60 months. 

3. What are the personal loan interest rates? 

Each bank's loan interest rates are determined using its classification system. The interest rates for different banks range from 12.99 percent to 25%. 

4. What is the difference between a personal loan and a business loan? 

A personal loan is a loan that is used for personal purposes right away. It can be used for any personal purpose, such as a holiday, a family wedding, or unexpected medical expenses. Personal loans are simple to obtain and do not require any collateral or surety. The loan amount varies between Rs.50, 000 and Rs.30 lakhs, with a repayment period of 1 to 5 years. 

5. How long will a personal loan be taken out? 

A personal loan is a loan with a limited repayment period. The majority of banks give you a loan for three years (36 months). maximum of 5 years (60 months). 

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