In times of extreme cash crunch, or when funds are needed, one way to quickly avail them is through a personal loan. For funds such as for weddings, home improvements, business expansion, or medical emergency, raising funds through a normal route is time consuming. This is when a personal loan comes in handy.
The personal loan market in India is exploding with several lenders offering loans at attractive rates. Choosing the best personal loan depends on several factors, but the most important one is the lender. Finding a personal loan and a lender that matches your needs is a priority while applying for a personal loan.
The best personal loan depends on the eligibility criteria, the interest rate, the other charges related to the loan. These are the comparison points between different lenders, and not all lenders offer the same terms.
Here are some of the best personal loans in India in 2018:
1. State Bank of India personal loan:
SBI offers personal loans with the least pre-payment charges. They have a wide variety of personal loans available even to pensioners under 76 years of age. SBI’s vast network makes it easy to apply for a loan anywhere in the country.
2. HDFC Bank personal loan:
HDFC Bank offers the facility of instant personal loans. Approval for personal loans is quick. The loan amount can go up to Rs. 25 lakhs for salaried employees and Rs. 15 lakhs for self employed persons. HDFC Bank’s loan has zero hidden charges which makes it very transparent. These personal loans can be completely customized for the applicant.
3. ICICI Bank personal loan:
ICICI Bank offers personal loans at interest rates starting from 10.75%. Loans are disbursed within 72 hours of approval and they charge interest on reducing balance system.
4. Kotak Mahindra Bank personal loan:
Kotak Mahindra Bank’s personal loan is instant with approval in less than 72 hours. This instant personal loan offers interest rate benefits for employees from large organizations.
5. Axis Bank personal loan:
Axis Bank offers the best personal loan for people looking to prepay their loans because they do not have any prepayment charges for their personal loan. They also have liberal minimum income requirements.
6. Citibank personal loan:
This loan is the best personal loan for salaried employees. The interest rate starts from 10.99% for employees of reputed companies. Citibank gives out personal loans up to Rs. 30 lakhs.
7. Bajaj Finserv:
These personal loans are offered only to salaried employees. Bajaj Finserv loans are instant personal loans because approval can be given as quickly as 5 minutes. The loan procedure is entirely online.