Are you bound to fulfill personal responsibilities towards your family? Worried, whether you will be able to fulfill them or not due to the paucity of funds. Don't worry but look for personal loans that are designed to cover up all your personal requirements whether it is relating to purchase of consumer durable items like LCD, refrigerator, laptop to conducting a wedding in the family, paying school fees of your children or for financing costly medical treatment. Whatever may be your reasons, Personal loans are the ideal solution till the time it doesn't prove costly on your pocket.
Look for lowest interest rates with flexible tenures where you get ample of time for settling your equated monthly installments at ease. A better idea where you can rescue yourself from the loan settlement anxiety on a shorter duration. The best approach for availing Personal loan come from having a glimpse of what top banks have to offer for Personal loan in India.
Top Banks Providing Personal Loans in India
SBI Personal Loan
SBI Personal loan is offered without any collateral security. The interest rates are offered by the bank ranging from 11.90%-16.55% per annum (unsecured), 10.55%-15.65% per annum (secured). The maximum loan amount that can be obtained is ₹ 15 lakhs with the flexible tenure of up to 5 years.
ICICI Personal Loan
This is one such multi-purpose loan offered by ICICI Bank without any collateral or security to salaried and self-employed professionals. A salaried person can get a loan up to ₹ 20 lakhs whereas a self-employed person can get the maximum loan of ₹ 30-40 lakhs. Also, the interest rate on the loan starts from as low as 11.59% per annum which comes with a flexible tenure facility of up to 5 years.
HDFC Bank Personal Loan
HDFC Bank has attractive rates to offer for instant approval at competitive interest rates ranging from 15.75% to 20% per annum subject to the profile of the borrower and the repayment capacity. An individual need to possess a minimum monthly income of ₹ 12,000/- within the age of 21 years to 60 years and can easily get this credit facility.
Axis Bank Personal Loan
Axis Bank is one of the best lenders in the financial market of India in terms of the personal loan as well. Axis Bank loan provides the maximum loan upto ₹ 15 lakhs with interest rates ranging between 15.50%-24.00% per annum. The bank also offers flexible loan tenure of 12 months to 60 months.
Bajaj Finserv Personal Loan
Bajaj Finserv offers a personal loan to all the salaried applicants of India at attractive interest rates which start from 12.75% per annum The maximum loan tenure and maximum funding from Bajaj Finserv are 1-5 years and ₹ 25 lakhs, respectively.
Kotak Mahindra Bank Personal Loan
All Indian residents who are employees of the reputed company are eligible to obtain the personal loan from Kotak Mahindra Bank. The age limit should be between 21 years and 58 years. The maximum loan amount is ₹ 15 lakhs with the interest rates ranging from 11.29% to 14.29% per annum.
Personal Loan Eligibility
The salaried class employees and self-employed professionals are entitled to apply for personal loans. The Personal loan eligibility criteria differs from bank to bank when it comes to providing personal loans which are as follows:
Eligibility for Salaried Individuals
- Minimum age of the borrower: 21 years
- Maximum age of the borrower: 58 years
- Minimum work experience: 1 Year
- Minimum Net Monthly Income: ₹ 20,000/-
Eligibility for Self-employed Individuals
- Minimum age of the borrower: 24 Years
- Maximum age of the borrower: 65 Years
- Minimum work experience: 3 Years
- Minimum Net Annual Income: ₹ 1 lakh
Personal Loan Application Form
In order to avail personal loan, the borrower has to fill the details which are required in the application form. The borrowers can also apply online by filling in the following details:
- Personal Details along with the photograph
- Details of Co-obligant/ Guarantor along with recent photograph
- Profession Details
- Income Details
- Details of Assets and Liabilities
- Purpose of taking the loan
- Repayment Details
Documents Required for a Personal Loan
Salaried employees and self-employed professionals are required to produce the following documents:
For Salaried Employees
- Loan Application Form
- 2 Passport size photos
- Salary Slips for last 3 months
- Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
- Residence Proof (Driving License/Voter ID Card/Aadhaar card, etc.)
- Last 3 months Bank Statements
- Employment Proof
- Signature Proof
For Self-employed Individuals
- Loan Application Form
- 2 Passport size photos
- Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
- Office Residence Proof
- Income Proof: Audited financials for the last 2 years
- Last 6 months Bank Statements
- Employment Proof
- Signature Proof
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