A personal loan can help people overcome moderate to severe financial crises. However, before applying for a personal loan, you must learn about specific details. Acquisitions of personal loans require you to pay application charges, interest rates, and prepayment charges. If you are looking to acquire a personal loan at a low-interest rate from one of the reliable lenders in the market, you’ve stumbled upon the right page. Some top lending banks in terms of personal loans are Bajaj Finsery, Kotak Mahindra, ICICI, HDFC, Tata Capital, and so on.
Let’s look at the table below to learn more about the best personal loan, processing fees, and interest rates.Â
| Bank Name | Interest Rate | Processing fee |
| ICICI | 10.50 % to 19% | GST+ Around 2.50% on the loan amount |
| HDFC | 10.50% to 21% | 2.50% on the loan amount |
| Bajaj Finserv | 13% p.a. And above | Taxes + 4% on the loan amount |
| Kotak Mahindra | 10.99% to 24% | 0.75% on the loan amount |
| SBI | 10% to 12.30% | GST+ 1.50% on the loan amount |
| Tata Capital | 10.99% above | GST+2.75 on the loan amount |
| YES Bank | 10.99% above | Taxes+ 2.50% on the loan amount |
| Axis Bank | 10.49% to 24% | Up to Rupees 3,999 |
| PNB | 9.80% to 14.65% | GST+ 1% on the loan amount |
| IDFC FIRST | 10.49% to 24% | Minimum Rupees 9,999 |
Who is eligible for a personal loan?
The eligibility criteria to acquire a best personal loan in India are as follows:
- Maximum age: The age of salaried applicants should not exceed sixty years at the time of loan maturity. In terms of self-employed individuals, their maximum age should be under sixty-five years at the time of loan maturity.
- Minimum age: To obtain a personal loan, the minimum age of salaried applications is 21 years (at the time of application for loan). A self-employed person should be atleast 25 years.
- Occupation: Applicants who fall under the category of salaried individuals, self-employed, non-professional, or self-employed professionals, or even business owners can qualify for a personal loan. Salaried individuals can work in a private company or a reputed government body. The category of professionals includes doctors, architects, chartered accountants, and so on.
- Nationality: To acquire a personal loan, you should be a resident of India.
- Minimum Income: To be eligible for this loan, your monthly income must amount to up to Rupees 25,000 and more.
- CIBIL score: A credit score up to 750 and more must be required to obtain personal loans within India.
- Work experience: A minimum work experience of two years will be required. At least one year of working experience is required with your current employer.
Select the best personal loan
- Interest rates: Check out the personal loans that are offered by the best banks at extremely low interest rates. Compare the interest rates of different banks.
- Eligibility criteria: Select a lender who is willing to lend with fewer hassles. It helps to improve the verification process and accelerate the process of loan approval.
- Additional costs: Apart from the processing fee and interest rate, the acquisition of a loan also involves additional charges. For example, in some cases, borrowers have to pay documentation charges and verification charges along with the loan amount. It can make the entire process costly for the borrower.
- Verify the documents required: In case of an urgent requirement of funds to cope with an emergency, no one is willing to fill up a pile of forms or gather several documents. It’s important to evaluate the document requirements beforehand.
Conclusion
A personal loan calculator helps to save time by performing complicated calculations within seconds. It reduces the chances of errors arising at the time of calculation. Most importantly, it helps you to devise a repayment strategy to reduce mortgage burdens.Â
