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A personal loan is given by banks and non-banking financial institutions for personal needs. It is generally an unsecured loan, which means that it is not secured against any asset such as property. A personal loan is available for both salaried as well as self-employed people. It is given on the basis of an individual’s income and past credit history (CIBIL score is taken into account).
While applying for a personal loan you will have to submit the following documents along with the loan application form:
You can apply for a personal loan from numerous banks or non-banking financial institutions. It is important to understand the features and benefits of each to evaluate them and pick the one that is most suitable for you. For salaried employees as well as normal employees.
Different banks offer different rates of interest and charge different processing fees. The rate of interest may also vary a little based on the candidate’s past credit history. Processing fees are generally one-time fees.
| Bank Name | Rate of Interest | Processing Fees |
| Standard Chartered | 11.25% – 14.49% | 0 |
| Bank of Baroda | 11.35% – 14.35% | Rs. 1000 – Rs. 10,000 |
| HDFC Bank | 11.49% – 19.8% | Upto 2.5% |
| Kotak Mahindra | 11.49% – 20.15% | Upto 2% |
| ICICI Bank | 11.59% – 18.49% | 2.25% (min Rs.1149) |
| Indusind Bank | 11.99% – 19% | Upto Rs. 3000 |
| Tata Capital | 11.99% – 19.5% | 0 |
| Capital First | 12% – 18% | Upto 1.5% |
| Canara Bank | 12.75% | Rs.1000 – Rs.5000 |
| SBI | 12.9% – 14.9% | 1% |
| Fullerton | 17.25% – 37% | 1.5% – 6% |
We should understand and evaluate the pros and cons of personal loans offered by various banks and decide one suit our requirements.
Standard Chartered Personal loan Pros:
Standard Chartered Personal loan Cons:
Standard Chartered Personal loan Pre-closure Fees and Charges :
BOB Personal loan Pros:
BOB Personal loan Cons:
BOB Personal loan Pre-closure Fees and Charges :
HDFC Personal Loan Pros:
HDFC Personal Loan Cons:
HDFC Personal Loan Pre-closure Fees and Charges :
Kotak Mahindra Personal Loan Pros:
Kotak Mahindra Personal Loan Cons:
Kotak Mahindra Personal Loan Pre-closure Fees and Charges :
ICICI Personal Loan Pros:
ICICI Personal Loan Cons:
ICICI Personal Loan Pre-closure Fees and Charges :
IndusInd Personal Loan Pros:
IndusInd Personal Loan Cons:
IndusInd Personal Loan Pre-closure Fees and Charges :
Tata Capital Personal Loan Pros:
Tata Capital Personal Loan Pre-closure Fees and Charges :
Capital First Personal Loan Pros:
Capital First Personal Loan Cons:
Capital First Personal Loan Pre-closure Fees and Charges :
Canara Bank Personal Loan Pros:
Canara Bank Personal Loan Cons:
Canara Bank Personal Loan Pre-closure Fees and Charges :
SBI Personal Loan Cons:
Fullerton:
Fullerton Personal Loan Pros:
Fullerton Personal Loan Cons:
Fullerton Personal Loan Pre-closure Fees and Charges :
Is the loan eligible for online e-approval? Do you need a guarantor? Is door-step service available? Finding out these little details can make the process smoother and easier.
| Bank Name | Door-step Service | E-approval | No Guarantor Required |
| Standard Chartered | Yes | Yes | Yes |
| Bank of Baroda | No | No | No |
| HDFC Bank | Yes | Yes | Yes |
| Kotak Mahindra | Yes | Yes | Yes |
| ICICI Bank | Yes | Yes | Yes |
| Indusind Bank | Yes | Yes | Yes |
| Capital First | Yes | Yes | Yes |
| Tata Capital | Yes | Yes | Yes |
| Canara Bank | No | Yes | No |
| SBI | No | No | No |
| Fullerton | Yes | Yes | Yes |
The payment options for different banks vary. The table shows whether specific options are available or not.
| Bank Name | Part-payment Available | Top-up Loan Available | Balance Transfer |
| Standard Chartered | No | Yes | Yes |
| Bank of Baroda | No | No | No |
| HDFC Bank | No | No | Yes |
| Kotak Mahindra | No | Yes | Yes |
| ICICI Bank | No | Yes | Yes |
| Indusind Bank | No | Yes | Yes |
| Capital First | No | No | No |
| Tata Capital | Yes | Yes | Yes |
| Canara Bank | Yes | No | No |
| SBI | No | No | No |
| Fullerton | No | Yes | Yes |
Put in a good deal of thought and research before applying for a personal loan. Make sure you have understood the main features as well as the small details.
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