Comparison of the Best Personal Loans in India Offered by Different Banks/NBFCs.
Bank Name for Personal Loan
|
Bank Name for Personal Loan |
|
| 1 | HDFC Bank |
| 2 | IndusInd Bank |
| 3 | Citibank |
| 4 | Standard Chartered Bank |
| 5 | ICICI Bank |
| 6 | Yes Bank |
| 7 | Axis Bank |
| 8 | SBI Bank |
Personal Loan App Interest Rates
Table of Contents
| App Name | Personal Loan Interest Rate |
| MoneyTap | 13% to 18% Annually |
| Money View | 1.3% to 2% per month |
| Simpl Loan | 20% to 30% per annum |
| Quick Credit | 24% to 30% per annum |
| mPokket | 2% to 3% per month |
| Loanpe Pro | 3.5% – 12% per annum |
| LoanTap | 14% to 18% Annually |
Types of Personal Loans
Wedding Loan: You can apply for this loan to cover wedding-related costs including venue reservations, food, lodging, shopping, etc.
Home renovation loan: This is your best choice if you wish to replace your home’s furniture or pay for upkeep.
Medical Loan: This loan option also assists you in covering expenses associated with handling medical crises or paying for medical care.
Debt consolidation loans :
Debt consolidation loans are an unique kind of personal loan that let you pay off many smaller loans you’ve taken out with higher interest rates and then pay back a combined EMI through a new loan you’ve taken out with a reduced interest rate and/or a longer term.
Travel Loan: With this loan, you may cover costs associated with your travel arrangements.
Consumer loans:
Consumer durable loans, sometimes referred to as shopping loans, can be used to purchase a variety of electronics and home products, including cellphones, televisions, washing machines, laptops, and much more.
Instant Personal Loans: Pre-approved personal loans are sometimes referred to as instant personal loans, and they are made available to a restricted group of bank and NBFC clients who have strong credit histories.
Personal Loan Top Up: This refers to the additional loan amount that you have accessed on top of your current personal loan’s outstanding loan balance.
Get Personal Loan (Cash Loan, Loan App) by CASHe
Get instant Personal Loan from Cashe app with low rate of interest and EMI.
| 1 | Get personal loan from Rs.7,000 to Rs. 4,00,000 using the CASHe app |
| 2 | Interest rates range from 27% – 33% per annum |
| 3 | Processing fee range from 1.5% – 3% |
| 4 | Tenure: 3 Month – 18 Month |
How to Pick the Best Personal Loan in 6 ways
The important steps to take before applying for a personal loan are as follows:
- Review and contrast the interest rates for personal loans being offered by various banks and NBFCs.
- Before submitting a loan application, confirm your eligibility.
- Ask the lender about fees and other unstated costs.
- Verify and confirm that the loan application has all necessary documentation.
- Take into account the loan approval and disbursal period
Ensure that all the data you provide the lender is true and accurate.
How does credit score affect personal loans?
A credit score is a three-digit sum determined by your credit history. A personal loan with reduced interest rates is more likely to be approved if you have a credit score of 750 or above.
Why should I think about repossession of my personal loan?
You may be able to lower your loan’s interest costs by foreclosing on it. However, take into account any prepayment or foreclosure costs levied by the lender. Only choose foreclosure or prepayment if it results in a substantial reduction in interest costs when prepayment or foreclosure fees are taken into account.
Top Banks in India
- HDFC Bank
- State Bank of India
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- IndusInd Bank
- Yes Bank
- Punjab National Bank
- Bank of Baroda
- Bank of India