Personal Loans Interest Rates | Documents | Compare 15+ Banks

September 23rd, 2017 , , Leave a comment

Last updated on September 23rd, 2017 at 02:00 pm

What is a personal loan?

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).

 


What are the documents required to get a personal loan?

While applying for a personal loan you will have to submit the following documents along with the loan application form:

  • KYC
  • PAN Card
  • Address Proof
  • ID Proof
  • Income Proof
  • Bank Statement
  • One photograph

Choosing a personal loan.

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.

Interest Rate and Processing Fees for personal loan

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%

Personal loan Pros, Cons, and Fees and Charges

We should understand and evaluate the pros and cons of personal loans offered by various banks and decide one suit our requirements.

Standard Chartered Bank:

Standard Chartered Personal loan Pros:

  • No processing fee
  • No guarantor required
  • Conditional pre-closure – only after 1 year

Standard Chartered Personal loan Cons:

  • No part payment option

Standard Chartered Personal loan Pre-closure Fees and Charges :

  • 1% of principal outstanding (plus Service Tax)

Bank of Baroda Bank:

BOB Personal loan Pros:

  • Nil pre-closure fee after 6 months

BOB Personal loan Cons:

  • Application available only in branch
  • Guarantor Required

BOB Personal loan Pre-closure Fees and Charges :

  • 4% of the outstanding within 6 months

HDFC Bank:

HDFC Personal Loan Pros:

  • No guarantor required
  • Conditional pre-closure – only after 1 year

HDFC Personal Loan Cons:

  • No part payment option

HDFC Personal Loan Pre-closure Fees and Charges :

  • 4% of principal outstanding (plus Service Tax) in 2nd year
  • 3% (plus Service tax) in 3rd year
  • 2% (plus Service tax) in 4th year and afterwards

Kotak Mahindra Bank:

Kotak Mahindra Personal Loan Pros:

  • No guarantor required
  • Conditional pre-closure – only after 1 year

Kotak Mahindra Personal Loan Cons:

  • No part payment option

Kotak Mahindra Personal Loan Pre-closure Fees and Charges :

  • 5% of principal outstanding (plus Service Tax)

ICICI Bank:

ICICI Personal Loan Pros:

  • No guarantor required
  • Conditional pre-closure – only after 6 months
  • Free Provogue Accessories on application submission. Offer Valid till 31st March

ICICI Personal Loan Cons:

  • No part payment option

ICICI Personal Loan Pre-closure Fees and Charges :

  • 5% of principal outstanding

IndusInd Bank:

IndusInd Personal Loan Pros:

  • No guarantor required
  • Has pre-closure option
  • Get Amazon vouchers of the same value as your processing fee on loan disbursal. Only for applications submitted till 31st March 2017 and disbursals till 10th April 2017.

IndusInd Personal Loan Cons:

  • No part payment option

IndusInd Personal Loan Pre-closure Fees and Charges :

  • 4% of principal outstanding (plus Service Tax)
  • Pre-closure permitted only after first 6 months for self-employed, and 1 year for salaried.

Tata Capital:

Tata Capital Personal Loan Pros:

  • No guarantor required
  • Conditional pre-closure and part payment – only after 12 months
  • 25% part payment allowed in a year.
  • Maximum loan term of 6 years available

Tata Capital Personal Loan Pre-closure Fees and Charges :

  • Pre-closure fee = 0
  • Part payment fee = 0

Capital First:

Capital First Personal Loan Pros:

  • No guarantor required
  • Conditional pre-closure – only after 6 months

Capital First Personal Loan Cons:

  • No part payment option

Capital First Personal Loan Pre-closure Fees and Charges :

  • 5% of principal outstanding (plus Service Tax)

Canara Bank:

Canara Bank Personal Loan Pros:

  • No part payment fee

Canara Bank Personal Loan Cons:

  • Application available only in branch
  • Guarantor Required

Canara Bank Personal Loan Pre-closure Fees and Charges :

  • Preclosure fee = 0
  • Part payment fee = 0

SBI Personal Loan info:

SBI Personal Loan Cons:

  • Application available only in branch
  • Guarantor Required

Fullerton:

Fullerton Personal Loan Pros:

  • No guarantor required
  • Has pre-closure option

Fullerton Personal Loan Cons:

  • No part payment option

Fullerton Personal Loan Pre-closure Fees and Charges :

  • 7% of principal outstanding(plus Service Tax) upto 17 months
  • 5% of principal outstanding (plus ST) from 18 to 23 months
  • 3% of principal outstanding (plus ST) from 24 to 35 months
  • No pre-closure charges.

Approval Process for Personal Loan Bank wise

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

Personal Loan Payment options

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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