Emergencies like car repairs, medical bills, etc., do not require you to borrow money from reluctant relatives anymore. You can easily avail yourself of a loan from personal loan companies on an urgent basis.
Personal loans continue to be a common source of funding for many people. Today, it has become much easier to apply for a personal loan online, making the application and sanctioning processes simpler and more streamlined.
Getting a Personal Loan
The time for the approval of a personal loan depends on whether your loan is pre-approved or you have newly applied. For pre-approved loans, it takes a few hours, and for unapproved loans, it can take a few days. So, all that matters is that you have a good credit score and match the eligibility criteria to get approved by the best personal loan companies. Lenders usually prefer salaried applicants, but a good credit score also helps.
Best Personal Loan Companies Offering Loans
Personal interest rates are always varying; so, you must compare the rates, processing time, hidden fees, EMIs, loan amount, and the goodwill of personal loan companies beforehand.
Here are some top personal loan companies to consider for your regular or NRI personal loan needs:
- Piramal Finance Piramal Finance offers personalized services to its customers. It will help you with filling out the personal loan application form, getting fast approvals, and getting a quick deposit of the loan amount. The company gives loans ranging from Rs. 1 lakh to Rs. 10 lakh, with a flexible tenure ranging from 12 to 60 months. It offers personal loans at interest rates starting at 12.99%, with no additional or hidden charges. Piramal Finance can be the top personal loan company for your needs.
- State Bank of India (SBI) SBI is the largest and oldest credit lender in India, where personal loan demand is ever-increasing. SBI offers personal loan amounts beginning with Rs 7.5 lacs at interest rates ranging from 9.25% to 10.50%. The bank gives out loans up to Rs. 20 lakh. SBI offers an online personal loan facility, granting the loan in a few days. The bank charges a foreclosure fee in cases of early loan repayment. SBI is one of the personal loan companies in India that also gives out NRI personal loans.
- Axis Bank Axis Bank offers personal loans for as low as Rs. 50,000 and as high as Rs. 15 lakh. The interest rates range from 12% to 15.20%. To get a personal loan from Axis Bank, you can apply online via their website or visit the nearest branch. The bank offers you the choice to pick your loan tenure and approves the loans with minimal documentation. A foreclosure fee is payable if you repay the personal loan from Axis Bank before its tenure.
- Canara Bank Canara Bank charges 10.40% for personal loans, with amounts ranging from 4 to 7.50 lakh rupees. Personal loans from Canara Bank that exceed Rs. 7.50 lakh are charged an interest rate of 10.20%. Canara Bank also charges a 9.90% interest rate on some amounts. A flexible repayment term is given by the bank to the borrowers, and loans are approved in 3–4 working days.
- HDFC Bank HDFC Bank is one of the most popular personal loan companies in India. 9.00% is the minimum APR charged by HDFC Bank, 13.86% is the maximum APR charged by HDFC Bank, and 11.57% is the average APR taken by the bank. The interest rate given by HDFC Bank ranges from 11.75% for 50,000 to 40 lakh rupees. HDFC Ltd. charges an interest rate of 9.35% to 9.50% onwards. HDFC Bank offers personal loans with just PAN cards or Aadhar cards as well. One can apply for a personal loan on HDFC’s website, submit the required documents, and get the loan in the next few hours.
Personal Loan Companies for NRI Personal Loans
For a lot of us, owning a house is comparatively easy due to various home loan options. So is getting loans from personal loan companies, but what about Non-resident Indians (NRI)?
The RBI addresses the issue of NRIs taking a loan from personal loan companies in their definition of an NRI. It considers an NRI to be someone who has an Indian passport, has lived abroad, and works there for various purposes. NRI personal loans are available to these individuals who qualify as NRIs. Banks and other financial institutions use the RBI definition to make NRI personal loans. One important thing to note here is that only graduate employees are eligible to apply for loans in India. The maximum amount they can apply is determined by their income and education.
By the end of this article, you should know which companies offer the best personal loans with the lowest interest rates. It is necessary to compare the various interest rates of the companies in order to determine which one is the best and take advantage of it. Whenever we are in immediate need of money, personal loans are the perfect option to go for. The best thing about personal loans is that you don’t have to pledge anything as collateral, and they can also be applied for very easily online. However, to approve a personal loan, the lender must review your credit history and income.
If you’re still unsure about which personal loan company to go with, contact Piramal Finance. Piramal Finance would make your whole process of getting a personal loan easier and simpler with its customer-first rule.