It isn’t about which is the best bank for personal loans, but which is the bank that is right for your personal loan needs. Each bank has different eligibility criteria which may not be applicable in the same way to everyone. For example, you are likely to get a better personal loan with the bank where you have a savings or salary account than with the bank where you have no relationship at all. Hence, it all depends on the combination of lenders policy and your credit profile.
The best bank ideally could be the one that provides lower interest rate. To get lower interest rate, as a borrower, you must improve your eligibility criteria for the loan. A good credit score, lucrative income and working for the company listed by the bank are some of the important factors that are crucial to your interest rates.
Following are some the top bank’s personal loan features
HDFC Bank:
- Loan amount: Up to 40 Lakhs
- Interest rate: 11.25% onwards
- Tenure: 5 years
- EMI: Starts from Rs.2187 per lac
- Processing fee: 2.50% + GST 18%
ICICI Bank:
- Interest rate: 10.99% onwards
- Tenure: 5 years
- Minimum Income: Rs.17,500
- Pre-closure charges: 5% + GST 18%
SBI:
- Interest rate: 11.05% onwards
- Tenure: 5 years
- Minimum Income: Rs.5000
- Processing fees: 1% +GST 18%
- Pre-closure charges: 3% + GST 18%
Yes Bank:
- Loan amount: Up to Rs.20 Lakhs
- Interest rate: 10.75% onwards
- Tenure: 5 years
- EMI: Rs.2162 per lac
Before applying for a personal loan with banks and NBFC, you need to check the eligibility for the personal loan. This can help avoiding a potential rejection which could have an adverse impact on your credit score.
If you are looking for a personal loan, check your eligibility here at CreditMantri.