Best Personal Loans in India 2014: Compare and Apply

Best Personal Loan 2014: Personal loan is a popular financial product in today’s consumer world. It is important to know which type of personal loan would be better to cater to your requirements. There are many personal loan providers in the market such as: HDFC, SBI, Bajaj Finserv, ICICI Bank, Standard Chartered and Fullerton India. It is essential to choose the Best Bank by Comparing Documents, Interest Rates, process, Eligibility online.

Before you select any type of personal loan for yourself, it is mandatory to know what exactly a personal loan means and what are the characteristics of this financial product.

What is Personal Loan and who is eligible to obtain it?
Personal loan is an unsecured loan given by Banks and NBFC (Non-banking Financial Institutions) to customers to avail this money for any personal need. In India, these loans are given in the range of approximately 50000 to 5000000 rupees. These loans are available for both Salaried and Self employed customers. Personal loans are not generally available for students or retired people. You can take advantage of these loans on the basis of your income and your past credit history.


Compare Personal Loan Rates – Eligibility – Process of Top 10 Banks.

Professional Details
Loan Amount:

Occupation:
Annual Income:

City:

Personal loan- From whom I can get?
As this financial service is an unsecured one, you ay have to go through difficult filters to obtain it. Banks do not provide these loans as per the demand from the customers, in a way they are selective when it comes to provide these loans to customers. These institutions will look for stable income, assured sources of earning and credit history while availing this service to anyone. You have to find out which bank is the right choice for you and satisfactory to your requirements and payment options.

Best Personal loan Based on Rate of Interest – 2014

Banks

ICICI Bank

HDFC Bank

ING Vysya

SBI

Kotak Mahindra

Axis Bank

Bajaj Finserv

Standard Chartered

Fullerton India

Interest Rates

13.49% – 17.50%

12.99% – 20.00%

13.75% – 18.25%

18.30%

14.15% – 18.00%

15.00% – 20.00%

15.00% – 17.00%

16% – 22%

16.00% – 32.00%

Best Personal loan as Per processing fee Charges

Banks

ICICI Bank

HDFC

ING Vysya

Bajaj Finserv

Kotak Mahindra

SBI

Axis Bank

Standard Chartered

Fullerton India

Processing Fees

0.8% for special companies else 2%

0.8% – 1.75% (for Special Companies) 2% (HDFC)

1.5%

2% – 2.5%

1.50% – 2.00%

2%-3%

2%

2%

2%

Best Personal loan based on Prepayment Charges

Banks

Bajaj Finserv

Axis Bank

SBI

ING Vysya

Standard Chartered

HDFC

Fullerton India

Kotak Bank

ICICI Bank

Prepayment charges

Nil

Nil

N.A

0% (Valid till 31st January 14 )

2% – 5%

4%

4%

5%

5% Or Nil (For Loan Amount More Than 10 Lacs)

Other factors that effect Personal loan:

Working professionals: If you work in top 10000 companies in India you will be given the lowest rates. These are called Cat A OR Cat B companies by banks. It is considered as an internal policy of banking to promote their business.

Cibil Score- It’s a score that a customer gets when he first opt for a loan or Credit card. Based on payment history on previous loans and Credit Cards, you score can vary from 0-900. 0 is when you don’t have a single loan or credit card. Most Banks do not prefer fresh customers.

If you pay your card bills on times and your emis your score are in range of 750-900 which most banks accept you as a customer and ready to give you best offer. If your score is less than 750 then only few Nbfc will do your case.

Check out How to choose best Personal Loan with lowest Interest Rates with Video Tutorial of Deal4loans.com

 

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Disclaimer: This information is sourced from Bank's Website to help customers to gain information on Banks product.
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Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More
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