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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