Feeling broke? We’ve handpicked 5 popular Personal Loan offers from top banks to turn things around! Check them out!
Struggling with month-end money blues? Cheer up! Here’s a list of 5 popular Personal Loans that offer low-interest rate, e-approval, balance transfer facility and much more. Check them out!
BB Tip: Make sure you have a repayment plan in place when you opt for a loan.
Here are a few reasons why a Personal Loan makes sense:
- It’s easy to get a Personal Loan as compared to other loans. However, keep in mind that one of the requirements is a good Credit Score.
- It’s an unsecured loan. You don’t need to mortgage any of your assets or provide collateral security to get a Personal Loan. You don’t even require a guarantor.
- You can use a Personal Loan as you wish. But remember, you have to pay it back on time.
- Getting a Personal Loan doesn’t require a lot of paperwork. Only your ID proof, income proof, and address proof will be required.
- Your application gets approved quicker than you can take a shower! So, no more long waiting periods. Woohoo!
- When it comes to Personal Loans, you have a lot of options too. Compare between different lending institutions to find one that suits you best.
If you’re looking to bag the best Personal Loan deal, here are a few tips:
- You need to stay updated. Shop around for the best interest rates and special offers.
- Don’t forget to compare your options. For example, Bank A may offer a better interest rate than Bank B. But, Bank B may offer a multitude of other benefits. Different financial institutions offer different schemes. Do your homework and choose the best one.
- Keep all the necessary documents handy. Good opportunities knock at every door, but only once. And you wouldn’t want to miss a good deal because you were missing a document.
- Your Credit Score plays a big part when it comes to getting a Personal Loan. Before you apply for a loan, make sure that you have a worthy Credit Score. How? Pay your bills on time, clear your outstanding debts and don’t apply for too many loans at the same time.
- You can get the best deals during festivals and towards the end of a financial year. Subscribe to our newsletter here and we’ll notify you when we have special offers on our financial products.
Additional Reading: Factors Affecting Your Personal Loan Application
Well, now that you’re all wised-up about Personal Loans, here are 5 popular Personal Loans for the year (in no particular order):
IDBI Bank
- Attractive interest rate starting from 12.55% onwards. Interest rate doesn’t change throughout the loan tenure under any circumstance
- E-approval and balance transfer available
- No guarantor required
- Top-up loan available
- No part payment fee
- Availability of pre-closure option
Kotak Mahindra Bank
- You’ll love the fixed interest rate starting at 11.25%
- Take advantage of e-approval and doorstep service
- You can also avail top-up loan and balance transfer facilities
- No, you don’t need a guarantor to get this loan
- You can opt for conditional pre-closure option after 1 year of taking the loan
TATA Capital
- Fixed rate of interest starting at 11.75%
- Paperless approval process on this loan, only at BankBazaar
- Maximum loan term of 6 years available
- 25% part payment allowed in a year and conditional pre-closure and part payment only after 12 months
- E-approval and balance transfer available too
HDBFS
- Paperless approval process on this loan, only at BankBazaar
- Fixed rate of interest starting at 14.99%
- Conditional pre-closure only after 12 months. Pre-closure fee = 4% of principal outstanding (plus applicable tax)
- You can also avail doorstep service, e-approval, top-up loan, and balance transfer services
ICICI Bank
- Fixed rate of interest starting at 11.25%
- No guarantor required
- Conditional pre-closure only after 6 months
- Doorstep service
- E-approval and top-up loan services available as well
Additional Reading: All You Need To Know About Personal Loan Eligibility Calculator
In case you’re looking for a Personal Loan from any other bank, there are quite a few options you can explore. Why don’t you check your eligibility?