Getting a personal loan is easy but choosing the right financial institution is not. You should choose wisely. Out there many financial institutions are giving loans in high-interest rate. So here we will discuss those.
Banks– Taking a loan from a bank is not as easy as seems. Bank will check your eligibility of repayment, your credit score, your past loan history. That’s why it takes a long time to get approval on your loan. And the bank can cancel your loan application if they don’t think you are not suitable for a loan.
Building a good credit score on bank’s eye takes a long time you just can’t do that overnight. The banking system, in many ways, keeps your details without access to assets away from getting a personal loan easily. That is, if you don’t happen to own too many assets and want to take out a personal loan from a bank, it will certainly be an uphill battle. In this case, the amount that you can borrow varies depending on your credit ratings. Banking systems are incentivized to serve people with better ‘repayment credibility’ first.
NBFC- Non-Banking Financial Institutions are also given loans in the minimum documentation. The interest rate is also high then banks. And also there is a high chance of rejection and also it takes so much time.
Credit Card Companies– Credit cards are the most prevalent form of loans on the internet. By allowing users to purchase first, pay later, credit cards offer reasonable flexibility to users and instant access to funds. While they do top the speed of access parameter, credit cards can be shockingly expensive for their users.
Outstanding credit card balances can attract interest rates ranging from anywhere between 43% – 50% per annum. This is far higher than what any bank, NBFC, and of course, any P2P Lending company would ever charge you. In fact, it’s far higher than most investment classes generate in terms of returns as well.
Now we are giving a list of an interest rate of Financial institutions who give personal loan-
|
BANK NAME |
LOAN AMOUNT |
LOAN TENURE |
LOAN INTEREST |
PRECLOSURE CHARGE |
Processing Fee Range |
|
Allahabad Bank |
Minimum-50,000 Maximum-7.5 lakhs. |
1-5 years |
11.60%-13.60% |
2.25% of outstanding balance only in case of take over. |
1.22%(minimum 1,228) |
|
Axis Bank |
Minimum-50,000 Maximum-15 lakhs. |
1-5 years |
15.75%-24.00% |
NIL |
2.00%+service charge applicable. |
|
Andhra Bank |
Minimum-50,000 Maximum-1,50,000 |
1-5 years |
11.55%-16.00% |
NIL |
NIL |
|
HDFC Bank |
Minimum-50,000 Maximum-25 lakhs. |
1-5 years |
10.99%-21.25% |
Between 2% to 4% of outstanding principal. |
Upto 2.50% |
|
State Bank Of India |
Minimum-25,000 Maximum-15 lakhs. |
1-5 years |
10.75%-15.55% |
Between 2% to 4% of outstanding principal. |
1.01% of the loan amount |
|
ICICI Bank |
Minimum-50,000 Maximum-40 lakhs. |
1-5 years |
10.99%-18.49% |
5% of outstanding principal + GST |
0.99% to 2.25% |
|
IDBI Bank |
Minimum-50,000 Maximum-10 lakhs. |
1-5 years |
10.99%-18.49% |
2% of outstanding principal. |
1%+ S.T charges |
|
Yes Bank |
Minimum-2 lakhs Maximum-20 lakhs. |
1-5 years |
14% per annum. |
Within 12 to 24 months: 4% Within 24 to 36months: 3% Within 36 to 48 months: 2% After 48 months : No charges. |
2% of the principal minimum 999 |
|
Indiabulls Bank |
Minimum- Maximum-15 lakhs |
1-5 years |
11.99% onwards |
5% if less than 6 months. |
Upto 5% |
|
Capital first |
Minimum-50,000 Maximum-4 Lakhs |
1-5 years |
12%-16% |
4% of outstanding |
2% of principal |
|
Aditya Birla |
Minimum-25,000 Maximum-15 lakhs |
1-5 years |
11.00%-13.75% |
4% of principal outstanding in 1st year, 3% in the 2nd year, and thereafter preclosure permitted after 6 months. |
1% of principal. |
|
Fullerton |
Minimum-65,000 Maximum-25 Lakhs |
1-5 years |
14.00%-33.00% |
4%of outstanding principal. |
Up to 2.00% |
|
Bajaj Finance |
Minimum-1 lakh Maximum-25 lakh |
1-5 years |
13%-16% |
NIL |
1.5%-2.00% |
|
UBI(United Bank Of India) |
Minimum- Maximum-2 lakhs |
1-3 years |
13.45%-14.20% |
NIL |
1% of principal. |
|
BOB(Bank of Baroda) |
Minimum-50,000 Maximum-10 lakhs. |
1-4 years |
11.80%-16.80% |
Within 6 months it costs 6% after six months no charges. |
2% minimum rupees 250 |
|
PNB(Punjab National Bank) |
Minimum- Maximum-10 Lakhs. |
1-5 years |
12.00%-15.00% |
NIL |
1.8%+ Taxes |
|
OBC(Oriental Bank Of Commerce) |
Minimum- Maximum-5 Lakhs |
6months-5years |
10.65%-11.65% |
NIL |
0.5% Minimum RS.500 |
|
BOI(Bank Of India) |
Minimum-10,000 Maximum-5 Lakhs |
1-3 years |
12.00%-14.00% |
NIL |
2% or 1,000+10,000+ Tax. |
|
Indusind Bank |
Minimum-50,000 Maximum-25 Lakhs |
1-5 years |
11%-16% |
4% of outstanding principal |
Minimum 1% maximum 2.50% |
|
Standard Chartered Bank |
Minimum- Maximum- |
1-5 years |
10.99%-14.49% |
NIL |
999 almost. |
|
TATA Capital |
Minimum-1 lakhs Maximum-20 lakhs. |
1-5 years |
11.50%-17.25% |
4% of the outstanding principal. |
upto2% |
|
UCO |
Minimum-50,000 Maximum-10 Lakhs |
1-5 years |
11.35%-12.70% For Woman-11.20% |
