India is one of the biggest financial market of the world. As far as the purchase capita and business initiatives are concerned, India is ranked among the tops in the world as well. Personal Loan is an indication that people like to invest money and they have the capability to repay. There are many financial banks in India that come forward for the same.
Here are the Top 10 financial banks for Personal Loan in India:
10. Punjab National Bank
Punjab National Bank or PNB is one of the major banks in India and sanction the personal loan within 24 hours. One has to earn up to 15000 per month to be eligible for the Personal Loan of PNB. The interest rate of the Bank is 10.25%+5% and includes an upfront fee of 1.80% and service tax. This is one of the banks where people tend to go for the Personal Loans.
9. Canara Bank
Canara Bank is a Nationalized Bank in India and it offers wide range or services including Personal Loan. One must haveminimum salary of 150000 annually to be eligible for the loan however. The documentation is pretty easy for the bank and one needs identity proof, address proof, DOB proof and financial documents to apply. The repayment facilities are flexible and it can be done in 36 monthly installments. The Canara Bank interest rates are between 10.5%-15%for Personal Loan. The processing charges is 0.5% of the Loan Amount in the Bank.
8. IDBI Bank
IDBI is one of the major private banks in India that offers attractive Personal Loans. It is applicable for the Salaried Individuals and Self Employed Professionals. However, the eligibility criteria of the Personal Loan in the minimum salary of 180000 annually and age criteria is between 22-58 years in order to successfully apply for the loan. The repayment options are very flexible and starts with a minimum 12 months instalment. The interest rate for the Salaried customers maintaining salary accounts is 13.75% (BR + 3.50%).
7. Kotak Mahindra
This is one of the attractive financial banks for the personal loan. The personal loan range of the bank can be from 50000 to 15 lakh rupees. The Age criteria is 21-58 years for successful applicants and they have to earn an income of 25000 per month as per the bank policy. The documents required for the personal loan are address proof, identity proof, age proof and signature proof. The repayment can be done 12-60 months with an interest rate varying from15% to 24%. The processing fee of the bank is up to 3% of Loan amount.
6. Axis Bank
This is one of the best banks for the personal loans. The loan amount can vary from 1 lakh to 15 lakhs and can be repaid with installments within 12 to 60 months. The eligibility criteria of the Personal Loan is at least 21 years of ageto 58 years with salary of 15000 per month. The interest rate varies from 15.50% to 24%.