Top 5 Personal Loan Schemes by Different Banks in India

Top 5 Personal Loan Schemes by Different Banks in India

We all get stuck in an emergency at some point of life or the other and having the financial support that you need at that point is vital. It could be the telling difference that you need to pull through the situation in most times. At a time like this, it becomes so very important to have the option to approach financial institutions to avail loans to assist you through the challenge. Personal loans are a great way to do this but you have to know which bank gives you the best interest rates. Here is a quick list of the top 5 personal loans schemes that are popular in India. 1. Idfc First bank personal loan scheme You get one of the best personal loan rates from Idfc First bank today. The interest rates range between 10.99% to 19.99% and most of this depends on the location of work from the applicant. The other important aspect of this loan is that processing charges applied by the bank are at 2% & getting an approval on the loan is within a day provided you have all the required documents. The reason why Idfc First is on top of our list is mainly because of the customer service that is provided by the bank. It gives you perfect and transparent information that guarantees you know the loan you are taking. 2. Bank of Baroda personal loan While the interest rates are higher as in comparison at 14.75%, the fact that there is no processing charges and that there are no claimed pre payment closure charges are added advantages. The bank has been offering personal loan India for employees as well as business professionals. The flexibility that is provided in these offerings makes it quite a good choice especially if you are a self employed individual. 3. Canara Bank personal loans Being a nationalised bank does have its benefits as Canara bank puts out an interest of 15% and gets loans approved within 24 hours of documentation. So, if you are looking for a quick loan for an emergency, this might just be the best offering in the banking sector today even though the overall costs might be higher when seen through a loan calculator. 4. ICICI Bank The quick service and ease of using the bank facilities through the app and mobile versions are the best in the industry and that is why many working professionals chooses ICICI bank even for personal loans. When you look at the costs, it charges 15-18% as interest and that is quite high but the levels of service as well as the added technical facilities are an advantage. 5. Kotak bank While the interest rates are between 14.5% -15.5%, the fact that you get special interest rates for government employees are a big feature. Loans are approved within a week here too upon clear documentations. When you apply for a personal loan, it is very important to know the interest rates and the costs that are tied down to it. Deepak Jain director of Jains Technology Solution OPC Private Limited is studying about Indian finance and current finance affairs; in this article he is expressing his views on taking in India