A personal loan can help you take care of your financial obligations and not deplete your hard-earned savings. Not only must you prioritise a bank that offers a lower personal loan rate of interest, but you must also consider the reputation of the bank and know the value of your personal loan EMIs (Equated Monthly Instalments) that will constitute your repayment cycle. This article summarises some of the most popular and preferred personal loans across India in 2023. Have a look!
- IDFC FIRST Bank personal loans
Our first recommendation to you would be the popular IDFC FIRST Bank personal loan, for which customers can also apply online. Here are the features of this personal loan:
- A complete online process – no physical documentation is required to apply for the IDFC FIRST Bank personal loan.
- You can get a loan of up to ₹1 crore through this personal loan.
- IDFC FIRST Bank offers a competitive interest rate of 10.49% on its personal loans.
- IDFC FIRST Bank does not require the borrower to provide any collateral or security to avail this loan.
- The bank provides a seamless transfer for all your existing personal loans and credit card outstanding balances.
- EMIs start at ₹2149 per lakh of the personal loan disbursed.
- You can insure your personal loan with a lower premium than those provided in the market.
- IDFC FIRST Bank also offers a debt consolidation facility on your personal loans.
- ICICI Bank personal loans
- ICICI Bank offers a personal loan interest rate of 10.99%.
- The processing fee charged is up to 2.25% per annum of the loan amount + GST.
- The loan tenure is between 12 and 60 months.
- The prepayment charges are 5% per annum of principal outstanding + GST.
- Kotak Mahindra Bank personal loans
- You can avail a personal loan of up to ₹15 lakhs through Kotak Mahindra Bank.
- The personal loan rate of interest offered by Kotak Mahindra Bank is 10.5%.
- The processing fee charged is up to 2.25% per annum of the loan amount + GST and other applicable statutory levies.
- The loan tenure can be up to 60 months.
- Citibank personal loans
- Citibank offers alternatives for full and partial prepayment on its personal loans.
- You can avail a loan of up to ₹30 lakhs with Citibank.
- The processing fee charged is up to 3%.
- The tenure of Citibank’s personal loan is 1 to 5 years.
- Bajaj Finserv personal loans
- The Non-Banking Financial Company (NBFC) Bajaj Finserv offers a personal loan at a 13-16% interest rate.
- The period of the personal loan is 12 to 60 months.
- The processing fees is 2.25% to 3%.
- Partial pre-closure is free for the Bajaj Finserv Personal Loan.
By choosing any of the above-mentioned personal loans, you would have opted for a high-quality personal loan from a reputed bank in India in 2023. Be sure to make use of a personal loan EMI calculator to be aware of the monthly instalments of the personal loan in advance.
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