Compare personal loan Details Of Banks
Top 10 Best Personal Loan lenders 2020
Here is a list of the top 10 best personal loan banks on the basis of their respective features. If you wish to avail a personal loan in 2020.Major Banks who offer personal loans
| Bank Name | Eligible Loan Amount | Rate of Interest |
|---|---|---|
| State Bank of India | Up to ₹ 20 Lakh | 11.45% to 14.50% |
| HDFC Bank | Up to ₹ 40 Lakh | 10.75% to 21.45% |
| Axis Bank | ₹ 50,000 to ₹ 15 Lakh | 12% to 24% |
| Citi Bank | ₹ 30 Lakh | 10.50% to 18.99% |
| ICICI Bank | Up to ₹ 40 Lakh | 10.99% to 18.49% |
| Kotak Mahindra Bank | Up to ₹ 20 Lakh | 10.99% to 20.99% |
| IndusInd Bank | Up to ₹ 15 Lakh | 10.99% to 16.00% |
| Yes Bank | Up to ₹ 40 Lakh | Starts at 10.99% |
| Bank of Baroda | Up to ₹ 10 Lakh | 11.55% to 16.55% |
| PNB Bank | Up to ₹ 10 Lakh | 12% to 16% |
Read More : Top 10 Banks & NBFCs for Personal Loan in India 2020
Why would one require to compare personal loans?By the end of 2019, there are almost 52 different personal loan offers at a time from various Banks, NBFCs and other lending institutions. An applicant needs to compare the products on the basis of respective interest rates, repayment period, top-up and other facilities. A slight difference can make a significant change in terms of the overall cost of availing the loan.
Here are 5 small tips that one must consider while comparing loans –- Consider the overall application process, as many Institutions offer instant online application
- Check various eligibility criteria, as the loan amount depends on various factors defined under eligibility
- Make sure you check all available discounts & offers, good credit history can fetch you lower rate of interest
- Explore personal loan offers which come with balance transfer and top-up facility
- Contact your existing bank and ask for pre-approved personal loan on offer
4 Tips to find the best loan –
Finding a loan has never been easier before, finding the best and most suitable loan is now at your fingertips. Here’s how;
- Compare all available offers
While applying for a fresh loan, you must check and compare all available options as every bank has a unique way of profiling an applicant which might affect the overall cost of a loan
- Assess your running expenses
Before applying for a loan, calculate other recurring expenses to make necessary adjustment for the EMI payments. Also apply for a loan amount in line with your expenses and only for the amount required
- Compare additional expenses on your loan
While applying for a loan, one must always check for additional charges and fees that come along with the interest expense on the loan. Most lenders provide relaxations depending your current profile and credit history
- Choose the right repayment tenor
Different lenders might provide you with various repayment tenures, longer tenure may cost less as EMIs will be smaller but over the period of repayment interest expense will be high, however shorter tenure will cost less interest but the EMIs will be much higher
Top 10 personal loans offers from NBFC
| NBFC Name | Eligible Loan Amount | Rate of Interest |
|---|---|---|
| Bajaj Finserv | Up to ₹ 25 Lakh | 12.99% onwards |
| Tata Capital | Up to ₹ 25 Lakh | 11.25% onwards |
| Mahindra Finance | Up to ₹ 15 Lakh | 12.00% to 24.00% |
| IIFL Finance | Up to ₹ 25 Lakh | 13.00% to 16.99% |
| Vintage Finance | Up to ₹ 15 Lakh | 16.00 % to 20.00 % |
| Shubh Loans | Up to ₹ 5 Lakh | 16.00% to 24.00% |
| Aditya Birla Capital | Up to ₹ 50 Lakh | 16.85% to 18.00% |
| MoneyTap Loan | Up to ₹ 10 Lakh | 13.00% to 24.03% |
| IndiaBulls Dhani | Up to ₹ 20 Lakh | 12.55% to 18.55% |
| Lendbox | Up to ₹ 1 Lakh | 11.49 % to 32.00 % |
Personal loan interest rates are flexible and the institutions can offer different rates to different people depending on their overall profile. Here are some factors that can provide best personal loan interest rate from your bank;
- Maintain a good CIBIL score, as a good credit history can reduce the interest rates significantly
- Apply for a loan amount according to your net monthly income, improves your chances of availing low-cost EMI
- Maintain a good relationship with your existing bank, loyal and old customers are first on the list for customized loan offers
- Either you are salaried or self-employed, be clear about your utility, personal loan for medical emergencies are offered for different rates as compared to loans for leisure