Which Bank Is Best For Personal Loan
- Personal Loan

Which Bank Is Best For Personal Loan

Getting an instant personal loan is easy. When you want to avail a personal loan in Mumbai it gets a bit complicated because of the aggressive marketing by all the lenders. All a person needs to do is fulfill the personal loan eligibility. This eligibility determines if a personal loan for self employed and salaried individual can be provided or no.

There are so many attractive offers which many banks give to their customers. These offers are so diverse that choosing the best options becomes a task. Hence we at Ruloans are here to help you in finding which bank is best for personal loan. We shall do this by explaining the offers given on personal loan interest rates by different banks in Mumbai.

There are many private banks that we have partnered with. In the list below you will see the personal loan interest rates given by different lenders and also the processing fees which are applicable on taking an instant personal loan.

Lender Interest Rate % EMI Processing fee (exluding taxes)
Dhanlakshmi Bank 10.20-10.70 2,135-2,159 Up to 2.50% of loan amount, minimum 1250/-
Axis Bank 10.49 – 17.00 2,149-2,485 1.50-2.00%
Yes Bank 10.75-17.50 2,162-2,515 Up to 2.50% of loan amount, minimum 999/-
IndusInd Bank 10.99-17.99 2,174-2,539 Up to 2.50% of loan amount
Personal Loan ICICI Bank 10.99-22.00 2,174-2,762 Up to 2.25% of loan amount
Kotak Mahindra Bank 10.99-24.00 2,174-2,877 Up to 2.50% of loan amount
HDFC Bank 11.29-20.00 2,189-2,649 Up to 2.50% of loan, minimum 999/-
Punjab National Bank 11.45-15.00 2,275-2,379 1.80% of loan amount (270-450/-) Nil for pensioners
Federal Bank 11.49-14.49 2,199-2,352 0.50% of loan, Minimum 500/-

*  Loan amount – 1 lakhs ; Tenure 5 years                                                           Source: MyMantra

Example:

If Mr.Amit Kumar takes a personal loan worth 1 lakh from Dhanlakshmi Bank, he will be paying an EMI of minimum 2135 rupees per month for the period of 5 years. The processing fees for this instant personal loan would cost him a minimum of 1250 per person or an amount which is up to 2.5% of the personal loan amount (up to 12500/-)

If Mr.Amit Kumar takes a personal loan worth 1 lakh from Punjab National Bank, he will be paying an EMI of minimum 2275 rupees per month for the period of 5 years. The processing fees for this instant personal loan would cost him a minimum of 270 rupees per person or an amount which is up to 1.80% of the personal loan amount (up to 9000/-)

As you can see, the banks provide competitive interest rates. There are processing charges and many other fees too which must be accounted for. Personal loan interest rates are low for banks like Dhanlakshmi, Axis and Yes bank but the processing fees are on the higher side. Similarly, personal loan interest rates are high for banks like Federal, Punjab National and HDFC Bank but the processing fees are comparatively low.

Hence we at Ruloans highly advise our customers throughout India to not just go for an instant personal loan just by checking their personal loan eligibility. They need to check personal loan interest rates and compare all the costs associated with it. After you compare all the costs, add it with the EMI. This is how you will understand what cost you are going to pay each month. Take a decision after comparing the final costs.

To understand more about the best personal loan in Mumbai

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