A personal loan is an unsecured loan provided without any collateral or a guarantor. It is used for various purposes such as a wedding, traveling, education purposes, repair and renovation of home etc. It can be availed by both salaried as well as self-employed. Many Banks and Non-Banking Financial Companies (NBFCs) offers a personal loan with an attractive rate of interest, Nil prepayment and foreclosure charges etc. Even instant personal loan facility is also available in the market, your loan will be approved just by filling an application form and by submitting necessary documents with just a few clicks. Nowadays, it is very easy to get a personal loan if you meet with all the eligibility criteria such as minimum income, credit score etc. You have to repay the loan amount in equal monthly installments or EMIs.
Many lenders available in the market which offers a different rate of interest and the best personal loan in India are:
Yes Bank Personal Loan
Yes Bank is the fourth largest private sector lending bank. Yes Bank offers a personal loan to its customers ranging from Rs 1 lakh to Rs 25 lakh at the most competitive and best interest rate, starts from 10.75%. The tenure for the personal loan ranging from 12 to 60 months, you can choose the period in which you can repay the loan amount, as per your convenience. Yes Bank also offers the facility of instant personal loan which is approved and disbursed within a day. You can also opt prepayment after paying 12 EMIs.
HDFC Bank Personal Loan
HDFC Bank is the largest private sector lender by assets of India. HDFC Bank personal loan helps in meeting any kind of financial requirements. These requirements can be of any type like the renovation of home, wedding, education purpose etc. The most important benefit of taking a personal loan from HDFC is the loan is approved very fast and as a result, the loan is disbursed very quickly. Personal Loan from HDFC Bank comes with travelling additional benefits and offers. No hidden charges and low processing fees further make HDFC Bank personal loan very popular and attractive amongst the people. HDFC Bank offers a personal loan to both salaried as well as self-employed. The loan amount ranges from Rs 15000 to 15 lakhs and repayment tenure is flexible which is 12 to 60 months.
ICICI Bank Personal Loan
ICICI Bank offers personal loan at the competitive interest rate with minimum documentation. It also offers a flexible personal loan with a flexible tenure of up to 60 months, with a reducing rate of interest. ICICI Bank provides attractive offers to its existing customers such as less documentation, pre-approved offers etc. It also provides one more fair deal, if all your documentation is in place and you are indeed eligible for a loan, the Bank can disburse the loan as quickly as within 72 hours of document submission.
Above these are the banks in India which offers best interest rate, you can choose the one which suited you best according to your requirements.