In unforeseen events, one might need to take a personal loan. This is why it’s crucial to understand what factors one needs to consider while taking a personal loan. Various factors, like interest rate, repayment options, repayment tenure, etc., should be considered. In this article, let’s discuss some of the best personal loans that can be regarded as based on the interest rates they charge and the tenure they’re offered.
Yes Bank
The bank provides a personal loan of up to 50 lakhs with an interest rate of 10.49 % per annum and a repayment tenure of 72 months.
HDFC Bank
The bank provides a personal loan of up to 40 lakhs, starting with an interest rate of 10.5% per annum and a repayment tenure of 72 months.
Kotak Mahindra Bank
The bank provides a personal loan of up to 40 lakhs, starting with an interest rate of 10.99%. Processing charges are up to 3% of the loan plus taxes. The repayment tenure of this loan is 72 months.
Bank of Baroda
The bank provides a personal loan ranging from 1 lakh to 20 lakhs. The interest rate it charges from its private sector employees is 13.15 to 16.75 % p.a. However, for others, it charges 15.15% to 18.75%. They also provide loans to government sector employees, levying an interest from 12.4 to 16—75% pa.
IndusInd Bank
The bank offers personal loans ranging from Rs. 30000 to 1 lakh. Its interest rate is 10.49% p.a., and processing charges are up to 3%.
Punjab National Bank
The bank provides a personal loan of up to Rs. 20 lakhs. It charges private sector employees an interest rate of 13.75 to 17.25 % pa, whereas government employees are charged an interest rate of 12.75 to 15.25 %.
Axis Bank
The bank offers personal loans ranging from Rs.50000 to 40 lakhs. Its interest rate ranges from 10.65 to 22 % p.a.
State Bank of India
SBI offers a personal loan of up to Rs. 30 lakhs for a tenure of 6 years. The interest rate that it charges for different classes of people is 11.3 to 13.8 % pa from government department employees. From Corporate employees it charges 12.3 to 14.3 % p.a., and from defence personnel, 11.15 to 12.65%.
Conclusion
The abovementioned banks are some of the finest options for choosing a bank to take a personal loan from. There are many other factors that one considers besides interest rate, tenure, and amount. In addition to banks, one can consider financial services companies like Tata Capital for personal loans, as they offer competitive rates. Ultimately, anyone would want to reduce their interest payment to repay the loan quickly. This is why research and analyse which options match your loan-taking ability and even fulfil your requirement of taking it, and then make a wise decision.
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