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Personal loan is the kind of loan that people take for their personal needs và majority of the personal loans taken in India vị not involve collaterals, which means they are unsecured loans. Such loans charge slightly higher interest charges compared to other loans given the risks involved. From weddings lớn going for a vacation, personal loans are an important offering by the credit and lending players.
Banks give loans on the credit history of an applicant and people with good credit scores get personal loans with minimum interest. Some of the public sector banks give loans lớn people employed with the private sector at a higher rate of interest than the people employed with the public sector.
Here’s a danh mục of the top personal loans lớn look forward lớn in 2023.
State ngân hàng of India
State ngân hàng of India’s personal loan is available at an interest rate of 10.65% only for the people employed with the central government, state government & central public sector enterprises.
For people working in other sectors it starts with 11.65% which is 1% higher than the government employees. There is a processing fee of 1.5% making it a little expensive for other than the government employees khổng lồ apply for it. Applicants can get a maximum of INR trăng tròn lakh. The loan can be paid back in seven years.
Bandhan Bank
Bandhan bank is giving personal loans starting with an interest rate of 10.25%. The processing fee is 1%. This loan is good for people with a good credit history as they will be able to get it at 10.25% but people with low credit score will have lớn pay interest which may go to lớn 20%. Hence, people with a credit score of more than 750 can go ahead with it.
You can apply digitally and with minimum documentation. The tenure of this loan is five years.
Punjab và Sind bank Personal Loan
Punjab & Sind ngân hàng is providing personal loans at an interest rate starting with 10.55%. Applicants can get a loan up khổng lồ INR 10 lakh for a maximum period of 6 years. The processing fee for this loan is 0.5% khổng lồ 1%.
There are no pre-closure charges on this loan. One can apply for this loan online and as per the bank, they only take 30 minutes khổng lồ sanction the loan, if the documents are proper and the credit score is up lớn the mark.
Punjab National Bank’s PNB Sahyog Rin Personal Loan is available at an interest rate starting with 11.30%. The processing fee is 1% of the loan amount.
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Karur Vysya Bank
Karur Vysya ngân hàng is offering personal loan at an interest of 9.95% & if it is a secured loan their interest rate will not change, for unsecured it may go lớn 12.95%. This loan can be obtained online & without even visiting the bank.
One can get a maximum loan of INR 10 lakh. The processing fee is 1.5%.
Bank of Maharashtra’s Mahabank Personal Loan
Bank of Maharashtra is providing personal loans at an interest rate starting at 9.25% per annum which can be considered khổng lồ be competitive. The processing fee is 1% of the total amount. One can get a personal loan khổng lồ the maximum of 20 lakh from bank of Maharashtra.
Applicants must have an annual income of INR 3 lakh lớn apply for it. Applicants who bởi vì not have a salary tài khoản with the bank of Maharashtra or those who are not employed by the central government, state governments or any of the public sector companies will have khổng lồ get a guarantor with a monthly income equal khổng lồ or more than the applicant.
Bank of India
Bank of India’s personal loan is known as BOI Star Personal Loan. It is available at an interest rate of 9.75%. This loan is also available for retired individuals with fixed pensions. The processing fee is 2% of the loan amount, & one can get up to lớn INR 25 lakh as loan. There are no prepayment charges, one can apply online for this loan. The repayment period of this loan is seven years.
Naini Sahyog Personal Loan
Nainital bank though is not a very công nghệ driven bank and facility to apply for the loan is not available but is providing loan without a processing fee at this point in time. Maximum loan amount is 15 lakh & the repayment period is of seven years & 12 years for reducing overdraft. Interest rate is between 11.90% lớn 12.40%. There are no prepayment charges.
Pensioners can also apply for this loan.
Bottom Line
If you’re looking for a personal loan in 2023, it’s important you know there is always scope for negotiation with the ngân hàng employees if your credit score is good (neat 800) as banks always prefer khổng lồ give loans lớn people who have the capacity to pay them back và can show a legitimate source of regular income.
It can be challenging for those who want to lớn get a personal loan without a proof of income lớn get credit, same goes with people without any credit history.
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