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  • Personal Loans by Private Sector Banks

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  • Private sectors banks in India offer personal loans to help you meet your urgent financial crisis. The interest rates on these loans range between 10.00% and 27% p.a.. You can avail a loan of up to Rs. 40 lakh as a personal loan from private sector banks and repay it within a maximum of 60 months. To help you choose the right personal loan, below we have listed the features of personal loans offered by private sector banks in India.

    Top Private Sector Banks Offering Personal Loans

    Bank Interest Rate (p.a.) Repayment Tenure
    ICICI Bank 11.25% onwards 12 months to 60 months
    Axis Bank 16% to 24% 12 months to 60 months
    HDFC Bank 15.50% to 21.50% 12 months to 60 months
    Kotak Mahindra Bank 10.99% to 24% Up to 60 months
    YES Bank 10.75% onwards 12 months to 60 months
    Citibank 10.99% to 13.75% 12 months to 60 months
    Deutsche Bank 24% 12 months to 48 months
    Federal Bank 10.00% to 27.00% Up to 48 months
    RBL Bank 12.00% to 26.00% 12 months to 60 months
    IndusInd Bank 11.25% onwards 12 months to 60 months

    ICICI Bank Personal Loan – Features

    • You can avail a personal loan of up to Rs.20 lakh to fulfil your personal expenses such as a wedding, vacation, home renovation, etc.
    • There will be no increase in the interest rate throughout the loan tenure.
    • Top-up facility is available on ICICI Bank personal loans after you have made 12 equated monthly instalments (EMIs) payments.
    • No collateral needs to be provided for availing the loan.
    • Existing ICICI customers can avail a personal loan in just 3 seconds (select customers only).
    Loan Processing Fee Prepayment Charges Additional Interest on Late Payment Loan Cancellation Charges
    Up to 2.25% of loan amount plus GST 5% p.a. of principal outstanding plus GST 24% p.a. Rs.3,000 plus GST

    Axis Bank Personal Loan – Features

    • Balance Transfer option is available.
    • Loan amounts ranging from Rs.50,000 to Rs.15 lakh can be availed.
    • No part-payment or pre-closure charges.
    • You should be aged at least 21 years to avail a personal loan from Axis Bank.
    • Repayment can be done through Electronic Clearing Service (ECS), Standing Instruction (SI), and post-dated cheques (PDCs).
    Penal Interest Prepayment/Foreclosure Charges Duplicate Statement Issuance Charges Duplicate NOC
    Rs.500 per instance Nil Rs.250 per instance plus GST Rs.500 per instance plus GST

    HDFC Bank Personal Loan – Features

    • The loan is disbursed in as less as 10 seconds and the EMIs start at Rs.2,187 per lakh.
    • Only salaried individuals working for government institutions and corporate firms are eligible for this loan.
    • Offers an exclusive deal on personal loan balance transfer from other lenders.
    • You can avail loans ranging between Rs.50,000 and Rs.40 lakh.
    • Your monthly salary and the organisation you are working for will decide the loan amount you are eligible for.
    Processing Charges Overdue EMI Interest Prepayment/Partpayment Charges Cheque Swapping Charges
    Rs.2,999 to Rs.25,000 2% per month on principal overdue/EMI
    • 13 to 24 months – 4% of principal outstanding
    • 25 to 36 months – 3% of principal outstanding
    • Over 36 months – 2% of principal outstanding
    Rs.500

    Kotak Mahindra Bank Personal Loan – Features

    • Loan amount ranging between Rs.50,000 and Rs.15 lakh can be availed.
    • Prepayment and foreclosure option available.
    • You can change the instalment date on your personal loan instalment date anytime between 5th and 10th of every month.
    • To avail this loan, you need to be an Indian citizen working for any private or government firm, earning at least Rs.20,000 per month, and aged between 21 years and 58 years.
    • You need to an active resident of a city for a minimum of 1 year to avail the loan.
    Processing Charges Overdue Interest Prepayment/Foreclosure Charges No Due Certificate
    Up to 2.5% of loan amount plus GST 3% per month compounded monthly on the amount due 5% plus GST on principal outstanding Rs.500 plus GST

    YES Bank Personal Loan – Features

    • You can avail a personal loan ranging from Rs.1 lakh to Rs.40 lakh.
    • Customers can receive in-principle loan approvals by using the YES Bank mPower Bot.
    • The loans are speedily approved and sanctioned.
    • Doorstep banking services are available for your convenience.
    • Part-prepayment option is available after you make 12 EMI payments
    Processing Charges Foreclosure Charges Pre-partpayment Charges Loan Cancellation Charges
    Up to 2.50% of the loan amount
    • 13 to 24 months – 4% of principal outstanding
    • 25 to 36 months – 3% of principal outstanding
    • 37 to 48 months – 2% of principal outstanding
    • Over 48 months - Nil
    2% plus applicable taxes on part payment amount paid Rs.1,000 plus taxes

    Citibank Personal Loan – Features

    • On submission of the relevant documents, loans will be credited to your account within 48 hours.
    • Foreclosure and part-prepayment options are available after 12 months from your loan booking.
    • You can avail additional funds on your personal loan if the loan you availed is insufficient.
    • The interest rate on the personal loan is fixed which means that your EMI will remain constant throughout the loan tenure.
    • You can avail personal loan ranging between Rs.25,000 and Rs.30 lakh from Citibank.
    Processing Charges Loan Booking Fee Late Payment Charges Prepayment Amount
    • Self-employed applicants – 2.00% to 3.00%
    • Salaried applicants – 0.99% to 2.0%
    Up to 2.75% of the sanctioned loan amount Nil Equivalent to a minimum of 2 EMIs and a maximum of 5 EMIs

    Deutsche Bank Personal Loan – Features

    • Loans in the range of Rs.50,000 to Rs.1.5 lakh can be availed.
    • Balance transfer option is available.
    • The loan is available only to existing Deutsche Bank customers.
    • You don’t need to provide collateral for availing a personal loan from Deutsche Bank.
    • Your monthly income should be at least Rs.25,000 to be eligible for this loan.
    Processing Charges Prepayment Charges Bounce Charges Post-dated cheques/ECS/SI swap charges
    Up to 2% of the loan amount
    • Nil in case of floating interest rate
    • 5% of the principal outstanding during loan closure in case of fixed interest rate
    Rs.500 Rs.500

    Federal Bank Personal Loan – Features

    • You can avail a maximum of Rs.25 lakh as a Federal Bank personal loan, also known as FedPremia.
    • To avail this loan, your minimum monthly income should be Rs.25,000.
    • Your maximum age at the end of the loan tenure should be 60 years.
    • You need to be in the present job for at least 3 years to be eligible for this loan.
    • The loan requires minimal documentation and is quickly processed.
    Processing Charges Penalty for Delayed Repayment Prepayment or Preclosure Charges Loan Switching from Fixed to Floating Charges
    Up to 3% 2% per month of the overdue portion
    • Nil for floating rate schemes
    • 3% for fixed rate schemes
    0.25% of the balance outstanding

    RBL Bank Personal Loan – Features

    • You can avail loans ranging from Rs.1 lakh to Rs.20 lakh.
    • The loan sanction and disbursal process are hassle-free.
    • Your age at the time of loan application should be at least 25 years and not more than 60 years at the time of loan maturity.
    • You should be with your current employer for at least 1 year and have 3 years of continuous employment to be eligible for the loan.
    • Your monthly salary to be eligible for this loan should be at least Rs.25,000.
    Processing Charges Penalty for Delayed Repayment Foreclosure Charges Cheque Swapping/Bounce Charges
    4% of loan amount 2% additional interest per month on overdue EMI amount
    • 13 to 18 EMIs paid – 5% of principal outstanding
    • More than 18 EMIs paid – 3% of principal outstanding
    Rs.250 per instance

    IndusInd Bank Personal Loan – Features

    • Balance transfer option is offered on IndusInd Bank personal loan.
    • Doorstep services are available for your convenience.
    • You don’t have to provide collateral or guarantors to avail the loan.
    • The bank offers personal loans that are tailored for different purposes such as education, medical expenses, wedding, home renovation, etc.
    • Your monthly net income should be at least Rs.25,000 to avail the loan.
    Processing Fee Prepayment Charges Loan Cancelation Charges Cheque/SI/ECS Charges
    Up to 2.50% of loan amount plus tax
    • Salaried applicants – 4% of the principal outstanding after making 12 EMI payments
    • Self-employed – 4% of the principal outstanding after repayment of 6 EMIs
    Rs.1,000 plus taxes per instance Rs.500 plus taxes per event

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