Personal Loan: These 5 banks are giving instant loans at cheap rates, understand the processing fee, interest rate and prepayment rules

Personal Loan: These 5 banks are giving instant loans at cheap rates, understand the processing fee, interest rate and prepayment rules

Personal Loan on lowest Interest Rates By These Banks: Many times personal loan remains the last option for people to meet their financial needs in emergency. These loans are given to the customer without any security, hence the interest rate is high.

In the economic crisis, the lack of money can be met immediately through personal loan. Because, not many documents are required for personal loan. That’s why personal loans become the last resort for many people. Personal loans usually attract a higher rate of interest than other types of loans due to the instant transfer of the amount to the borrower’s account.

Personal loans are given to the customer without any security. The bank or NBFC company decides the personal loan interest rate according to the borrower’s credit score, repayment capacity and accordingly the loan repayment deadline is also decided.

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The attractive interest rate of 5 banks

  • Bank of India is offering loan amount up to 20 lakhs to its customers at an interest rate of 9.90% – 14.75% on a tenure of 84 months.
  • Bank of Maharashtra is offering loans up to 20 lakhs at 10.00% interest rate to its customers for a tenure of 84 months.
  • IndusInd Bank is offering loans ranging from Rs 30000 to Rs 25 lakh to customers at an interest rate of 10.26% – 32.53% for a tenure of 12-60 months.
  • Punjab National Bank offers its customers a loan amount of up to 10 lakhs with an interest rate of 10.40%-16.95% for a tenure of 60 months.
  • Axis Bank is ready to provide loans ranging from Rs 50000 to Rs 40 lakh to its customers with a tenure of 60 months at an interest rate of 10.49%-22.00%.

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Personal Loan Documents

  • Passport size 2 photographs
  • Copy of identity card issued by the employer
  • bank account passbook
  • Last 6 months salary slip or Form-16
  • pan number
  • driving license
  • proof of having aadhaar number
  • Voter ID card issued by the Election Commission of India
  • State Government job card issued by NREGA

Personal Loan Prepayment Charges

The personal loan repayment tenure and penalty may vary from bank to bank. According to the SBI website, a prepayment charge of 3% on the prepaid amount will be levied for full or partial payment of EMIs and for closing the account before the end of the tenure.

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Personal Loan Processing Fee

Banks charge a processing fee from the customer for issuing a personal loan. This fee may differ from bank to bank. SBI Bank charges a processing fee of 1% of the loan amount plus applicable GST rate. It is to be noted that the applicant will also be responsible for the actual stamp duty incurred under the State Stamp Act.

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