Personal loans come to aid whenever you have unplanned expenses or are in a mood to splurge a bit to give a boost to your lifestyle. However, just as you compare prices and offers before buying a new household item, or planning a vacation, it is advisable to compare interest rates and loan eligibility of various banks to get the best offer you can. For your ease, we have compiled a list of 10 popular Indian banks, which offer personal loans or varying amounts, tenures and interests. Bookmark, and give it a read before applying for a personal loan –
Bank Name | Minimum Monthly Salary Eligibility | Maximum Loanable Amount | Interest Rate Range | Tenure Range |
SBI | INR 5,000 | INR 15 Lakh | 12.75 – 16.60% | 1-5 years |
Kotak Mahindra | INR 25,000 | INR 25 Lakh | 10.99 – 18.15% | 1-5 years |
HDFC | INR 20,000 | INR 40 Lakh | 10.99 – 21.25% | 1-5 years |
Fullerton | INR 25,000 | INR 15 Lakh | 12.49 – 33% | 1-4 years |
Axis | INR 15,000 | INR 15 Lakh | 15.5 – 24% | 1-5 years |
Standard Chartered | INR 60,000 | INR 30 Lakh | 10.99 – 14.49% | 1-5 years |
ICICI | INR 15,000 | INR 20 Lakh | 11.49 – 18.25% | 1-5 years |
Yes Bank | INR 25,000 | INR 20 Lakh | 14% | 1-5 years |
IIFL | INR 25,000 | INR 25 Lakh | 13.49 – 19.99% | 1-5 years |
Citi Bank | INR 30,000 | INR 30 Lakh | 10.99 – 16.49% | 1-5 years |
As you can see, most of the banks easily offer a loan amount of Rs. 15 – 40 Lakh and have a repayment tenure of up to 5 years. However, the salary eligibility and interest rate on the loan has to be considered carefully, before you apply for a personal loan. A great suggestion here is to avail only 20-30% of available loan amount at a time. Besides, every bank charge a processing fee on the loan amount you avail. If you compare carefully and apply for a loan that meets your needs properly, you can easily manage your EMIs without burdening your pocket.
You can also check the interest rates of various personal loan apps, to make a wiser decision.
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