A personal loan has a lot of advantages. It can help you provide immediate finance for your wedding, vacation, education, purchase of gadgets, home appliances, medical emergency, etc. As it is an unsecured loan, getting a personal loan with lower interest rate is a challenging task. However, with the good eligibility criteria, you are very likely to get a personal loan with low interest rate.
You can get the best personal loan with the good credit score, higher income and employment with a reputed company. A credit score of 750 and above is considered a good credit score. If you have a good score, it is highly likely that you will secure a loan at low interest rate.
If your employer is listed by the bank and you have a lucrative income, it is very much possible that you will get a higher loan amount at lower interest rate from any bank. 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 NBFCs, you need to check the eligibility for the personal loan. This can help avoid a potential rejection which could have an adverse impact on your credit score.