Best Personal Loans in India 2022
A personal loan is a vital financial debt that helps people meet their urgent monetary requirements conveniently. All the public and private banks offer personal loans at competitive interest rates with minimum verification procedures. Moreover, the availability of EMI calculators helps people choose the best loan according to their income and fund needs. However, to choose the best personal loans, it is necessary to have sufficient knowledge about the features of loans offered by different banks. Here, you will learn about the features of top banks to apply personal loan online.
Banks Providing Best Personal Loans
Here is a list of top banks to apply personal loan online:
- HDFC Bank
It is one of the banks that offer the best personal loans at competitive rates. The features of HDFC personal loan are:
- The loan amount goes up to ₹ 15 lakhs.
- The applicant’s age must fall between 21 to 60 years.
- The borrower’s minimum salary needs to be ₹ 15,000/month.
- The interest rate varies between 10.5%-21% for a tenure of 12 to 60 months.
Here borrowers get different personal loan options according to their age and income status. The two major personal loans of SBI are:
- SBI Xpress Credit: In this scheme, a borrower aged 21-60 years with a minimum monthly income of ₹ 15,000 can apply for a personal loan of ₹ 25,000 to ₹ 20 lakhs. The interest rate starts from 10.60%, and the tenure of repayment is 60 months maximum.
- Pensioners Personal Loan: This loan is designed for people between the age of 21-76 years with zero income. The interest rate for a loan amount between ₹ 25,000 to ₹ 14 lakhs ranges between 9.75%-10.25% p.a., and the tenure goes up to 84 months.
- IDBI Bank
This private sector bank offers one of the best personal loans in the country. The features of this personal loan are:
- The interest rate ranges between 8.15% to 10.90% p.a.
- People aged between 21-60 years with a minimum monthly salary of ₹ 15,000 are eligible for this loan.
- The principal loan amount starts at ₹ 25,000 and goes up to ₹ 5 lakhs for a tenure of 12 to 60 months.
This public sector bank offers personal loans with the following features:
- Its interest rate starts at 8.7% and goes up to 14.25% p.a.
- Applicants must be above 21 years and below 60 years.
- The principal amount starts at ₹ 50,000 and goes as high as ₹ 10 lakhs or 20 times higher than the salary.
Factors to Consider Before you Apply Personal Loan Online
To choose the best personal loans, you need to look at the following factors:
- Interest rates on personal loans are generally higher. However, it must fall between the range of 10-22%.
- Requirement of the documents for applicant’s verification. Generally, lenders seek ID proof, ITR papers, and salary and bank statements.
- The principal amount of a private loan is higher than other loan types. However, you must choose a private loan that is efficient to meet your requirements.
- The tenure of loan repayment must be long enough to facilitate repayment without any hassle.
- The lender must give you the loan amount on a gross basis.
- Check for the charges levied by the bank.
Steps to Apply Personal Loan Online
The process of personal loan application is simple and convenient, with minimum approval time requirements. In addition, you can apply personal loan online and offline. However, the flexibility of online procedures makes the process more preferable. Here are the steps to apply personal loan online:
- Visit the official website of the loan provider.
- Click on the personal loan button from the loan dropdown tab.
- In the next step, click the ‘apply’ option.
- Fill out all the required details in the application form and press the submit button.
- After thorough verification of the applicant’s loan request, the bank sends a notification for submitting income statements and KYC documents to check the credibility of the applicant.
- If the bank finds the applicant eligible and creditworthy, it will disburse the applied loan amount.
The personal loans mentioned here are the best personal loans offered by banks in 2022. You can apply for any of these loans by determining your financial needs and eligibility criteria. For better flexibility, you must opt to apply personal loan online from your home by following a simple procedure and submitting the required documents.