Personal loans can help you meet all the expenses that are difficult to handle due to a financial crisis. Whether it is the marriage of your son/daughter that has to be solemnized or perhaps your much-awaited tour that you have been planning since long, a personal loan makes sure you deal with all such financial expenditures with ease. However, personal loan attracts some of the highest rates of interests as these loans do not require any collateral and are regarded as high risk by the lenders. If you are the one willing to get a personal loan to meet the financial crisis easily, listed below are key details of top 3 banks in India offering lowest rate on a personal loan.
SBI Personal Loan Interest Rate
Regarded as one of the top banks in the country, the State Bank of India offers several types of personal loans at competitive interest rates. A few of SBI’s personal loan options are listed in the subsequent section along with other features of these loan schemes.
- Xpress Credit Personal Loan: The specific scheme for SBI is meant to fulfill various financial needs. The interest rate on this personal loan scheme is about 15% which is lower in comparison to other banks. The rate of interest in this scheme is also dependant on the check-off level. That means for partial check-off, the rate of interest will be 13 or 14%, whereas, for complete check-offs, a borrower needs to pay interest at 15% on the loan amount.
- SBI Saral Personal Loan: This is a loan scheme designed for people from every walk of life. It helps them meet various urgent financial requirements. The limit under this scheme is defined as per the income of the borrower and his capacity to pay. The rate of interest on this personal loan is a few basis points above the applicable MCLR.
- SBI Pension Loan: This is specifically for those applicants who are less than 76 years of age and get pension from the Central or State governments and those who are receiving a monthly pension from the government. The interest rate is often less as compared to other personal loan options.
In addition to these three personal loan schemes, the state bank of india also offer festival Loans that allow people to deal with the festival related expenses with ease. This option is suitable for relatively smaller loan amounts and features a higher interest rate that other SBI Personal Loan schemes.
Axis Bank Personal Loan Interest Rates
Axis bank offers several features and benefits on its personal loan schemes. Be it your much-awaited vacation or your child’s wedding, the axis bank personal loan helps you fulfill all your urgent financial needs without worrying about extra cash. The rate of interest in case of an Axis personal loan ranges from 11.49% to 24%, which is quite reasonable as compared to other banks. Low processing fee, minimal documentation, and simple application procedure are some other key benefits of getting a personal loan from Axis bank.
HDFC Personal Loan Interest Rates
Personal loan scheme offered by HDFC is quick and easy to apply. The loan scheme offered by HDFC include nominal processing fee with zero hidden charges and convenient repayment options. The interest rate on HDFC personal loans ranges from 13-20% and is on a monthly reducing basis. As part of the personal loan, HDFC offers life protection cover of up to 8 lacs for sudden hospitalization due to accident and up to 1 lac for death or permanent disability of the loan borrower. In addition to this, HDFC cardholders can connect with the customer care center via phone calls, chats, and emails in case of any issue. Customers can even get a personal loan from HDFC in 1 day in case they have all the relevant documents in place.
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