The Ultimate Guide of 4 Popular Personal Loan Lenders in India

16 Jan 2021 6 min read
Personal Loan: The Ultimate Guide of 4 Popular Personal Loan Lenders in India  - India

In our everyday life, even in certain occasions and emergency circumstances, we need a staggering amount of funds in order to meet our financial requirements and liabilities. We usually spend our money on a vacation, vehicle, wedding, study, property, and medical emergency.

There are times when we need to organize a whopping amount of funds within a shorter span. In order to meet the fund requirements in such circumstances, personal loans come up as a reliable funding companion.

Significance of opting for the right lender to get loans for big-ticket purposes

It is essential to opt for the right money lender prior to submitting your personal loan application for meeting your big-ticket needs.

Study the market duly and find out the different offers given by moneylenders, related terms & conditions on personal loans, and the eligibility criteria.

Ensure to study ideally, contrast, and then walk out with the certain moneylender whose eligibility criteria match closely with your profile.

Here are the top 5 banks in India that you can go for to avail of an instant personal loan to fund your big-ticket needs:

HDFC Bank

Regardless of your need from a medical emergency, wedding, foreign tour, consumer durable purchase, home remodeling to property purchase or even to the usual requirement of additional cash, HDFC Bank personal loan can stand out to help you out anytime and anywhere.

The bank extends personal loans with nominal documentation and swift approvals, making it simple for individuals to simply avail of funds in their emergencies. You can finance your big-ticket purchase easily with HDFC Bank personal loan as it offers a loan amount of up to Rs. 40 lakhs that can be paid off within a tenor which ranges between 1 to 5 years.

HDFC Bank personal loan highlights

Interest rate

10.75% - 20.99%

Processing fee

Up to 2.5%

Foreclosure charges

NIL – 4%

Loan tenure

Up to 60 months (5 years)

Loan amount

Rs. 50,000 – Rs. 40 lakhs

Income requirement

Rs. 25,000/monthly (for HDFC Bank customers)

Rs. 50,000/monthly (for Non-HDFC Bank customers)

Part prepayment facility

Available

IDFC First Bank

IDFC First Bank is another leading bank that offers personal loans in India to individuals to help them sponsor their big-ticket purchases. IDFC First Bank personal loan is available at affordable rates of interest and comes along with flexible repayment tenors.

The loans can be availed with nominal paperwork. Moreover, the personal loan interest rate starts from 15% at IDFC First Bank. The bank is a great alternative for all of them who wish to attain a big amount of instant personal loans in India to meet their needs. The loan amount ranges from Rs.2 lakhs to Rs.25 lakhs. Take a look at IDFC Bank personal loan highlights:

IDFC First Bank personal loan highlights

Interest rate

11.69% - 22% p.a.

Processing fee

1.50%

Repayment tenor

1 to 5 years

Loan amount

Rs. 50,000 – Rs. 25 lakhs

Foreclosure charges

3% (After 3 instalments)

Citibank

Citibank is one of the leading commercial banks in india and also foreign banks in India. The bank offers big amounting personal loans ranging from Rs. 25,000 to Rs.30 lakhs at appealing rates of interest that start from 10.50% p.a. The maximum repayment tenor of the loan can be chosen for up to 5 years, and the processing fee levied can go up to 3% of the loan amount.

Citibank personal loan highlights

Loan amount

Up to Rs. 30 lakhs

Rate of interest

9.99% p.a. onwards

Age requirement

21-60 years

Repayment tenure

Up to 5 years

Income requirement

Rs. 25,000/month (minimum take-home salary)

Processing fees

Up to 3%

Foreclosure charges

Up to 4%

State Bank of India

Regardless of short-ticket or big-ticket needs, the largest public sector bank of India - State Bank of India offers an appealing array of personal loan schemes to individuals to help them out in times of emergency.

The bank extends personal loan under 4 categories - SBI pension loan, SBI Xpress Credit personal loan, SBI Saral personal loan, and SBI festive season loan.

SBI personal loan highlights

Loan amount

Up to Rs. 15 lakhs

Rate of interest

9.60% onwards

Processing fee

1%

Prepayment charges

NIL

Repayment term

Up to 60 months (5 years)

Approval

Within 10 minutes

Kotak Mahindra Bank

Kotak Mahindra bank is one of the leading commercial banks in India. Kotak Mahindra bank bank offers personal loans to its customers for up to Rs. 15 lakhs on attractive rates of interest starting from 10.50% p.a.

Be it a wedding, higher studies, travel, emergency medical needs, etc., you can use the funds to meet any of your big purposes.

Kotak Mahindra Bank personal loan highlights

Loan amount

Up to Rs. 15 lakhs

Rate of interest

10.50% - 24% p.a.

Repayment tenure

Up to 60 months (5 years)

Processing fees

Up to 2.5%

Foreclosure charges

6% (before 12 months)

5% (after 12 months)

How to apply for a big amount of personal loan?

In order to apply for the personal loan to meet your big-ticket requirements, you can either visit a certain moneylender’s branch as per your requirement or you can apply for the loan with the help of best personal loan app.

But being smart in accordance with today’s era, you can take the help of personal loan apps as most of them extend the instant personal loan.

Final words

In this life, full of uncertainty, you can come across a financial emergency anytime and anywhere. A personal loan from a top and credible lender can be an ideal option to overcome such emergencies.

HDFC Bank, SBI, IDFC First Bank, Kotak Mahindra Bank, and Citibank are the top 5 banks in India for personal loans, especially, if you are having a big cash crunch then choosing one out of the aforementioned moneylenders’ personal loans will help you face minimal exigencies.

Moreover, if you are looking for an instant personal loan app, download the Afinoz personal loan app from the Google play store, apply for the loan and avail the loan within a matter of minutes.

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