What Benefits Does a Personal Loan Provide to Borrowers?

Benefits What does one do when they don’t have the savings to fulfill their financial needs? Without a doubt, it’s the personal loan that most opt for. Why so? Because you can get this loan without having to submit a security or collateral. So, it is an unsecured personal loan. But the benefits don’t end here! There are many which you can know in this post.

Benefits

Advantages of a Personal Loan

  • Attractive interest rates are offered on personal loans. The rates have come down to as low as 10.50% per annum.
  • Time for the payment is longer in a personal loan which is up to 60 months and can vary from 72 to 84 months depending on the lender.
  • A personal loan is a multi-purpose loan, you can use it for any financial needs like marriage, vacation, car purchase, home renovation, education, etc.
  • The loan can be approved quickly as there’s no need to submit any collateral. With no collateral, the formalities reduce to bare minimum and help a quick offtake of the loan.
  • EMIs are fixed and don’t change with the tenure as most of the lenders provide a fixed interest rate on personal loans which makes it easier to pay with no hassle.

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Pre-approved Personal Loan Offers

If you hold an existing relationship with a lender, pre-approved personal loan offers could be on your way! Yes, if you have a credit card, savings or salary account of a certain lender, getting a pre-approved personal loan offer from it won’t be a surprise. As they have your KYC documents with them, you won’t need to submit any document. As soon as you give a consent to the offer, which might have come on your email or phone, the loan will get disbursed to your account instantly.

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So, Where Should You Go for a Personal Loan?

We thought of giving you a list of lenders and their personal loan offers so that you could compare and choose the one that meets your needs the best way. The table below shows a refined list, so read, compare and choose the best one for you.

Bank Maximum Loan Amount Interest Rate (per annum) Tenure
SBI Up to INR 20 Lakh 10.35% – 14.75% 60 months
ICICI INR 20 Lakh 10.99% – 18.49% 12-60 months
HDFC INR 15 Lakh 10.75% – 21.45% 60 months
Kotak Mahindra Bank INR 50,000 to 20,00,000 10.99% – 20.99% 60 months
RBL Bank INR 1 to 20 Lakh 17.50% – 24.00% 60 months
IndusInd Bank INR 25 Lakh 10.99% – 16.00% 60 months