A personal loan is granted to the borrower to meet the requirements of immediate personal needs. These loans may be acquired for a variety of purposes like home renovation, credit card payments or some family function like marriage etc.
Personal loans are of two types:
(a) Secured loans| Banks | Interest Rate | Pre Payment Charges | Processing Fee |
|---|---|---|---|
| ICICI Bank | 13.99% - 18.50% | 5% | 2% |
| HDFC Bank | 13.99% - 20% | 4% | 2% |
| Bajaj Finserv | 15% - 17% | Nil | 2% |
| Kotak Bank | 13.99% - 19% | 4% | 2% |
| IndiaBulls | 13.75% - 18.25% | Nil | 2% |
| SBI | 18.50% | Nil | Nil |
| Fullerton India | 16% - 32% | 4% | 2% |
| Standard Chartered Bank | 16% - 22% | 2% - 5% | 2% |
| City Bank | 16% - 17% | 3% | 2% |
| Axis Bank | 15% - 20% | Nill | 2% |
| Indusind Bank | 14% - 17% | 2% | |
| Andhra Bank | 15.75% - 18.75% | Upto Rs. 1000 | |
| Bank of Baroda | 14.75% | ||
| Corporation Bank | 14.50% | ||
| United Bank of India | 16% - 18% | ||
| Vijaya Bank | 16% | ||
| Indian Bank | 13.70% - 14.20% | ||
| Bank of India | 15% | 2% | |
| Canara Bank | 14.95% | Upto Rs. 1000 |
