Best Bank Loans

Bank loans are the best conceivable way to make up for financial shortages. There are commercial banks, scheduled banks and cooperative banks as well as NBFC s that are offering personal loans to the salaried. The offers and tenure are equally lucrative in all the banks. The best bank loan is, however, the one that is tailor made for your specific need. Any salaried or self-employed individual can avail these online personal loans from banks. One of the key features of these personal loans is the fact that collaterals are not pledged. This ensures timely financial help without the guilt that comes with pledging an asset. The onus of repaying the loan lies with the salaried individual.

Best Bank Loans in India

The interest rate charged, and the repayment tenure applied are other important aspects of a personal loan. The best bank loan will have a less interest rate and long repayment tenure. Fintech companies along with banks are offering the best deals. A typical personal loan interest rate starts at 10.99% with a tenure of 5 years. With fintech, the hassle of going to the bank to apply for a loan is also done away with. The loan can be instantly applied to with quick online eligibility check and turnaround time.

Many private banks have partnerships with different fintech companies and offer the best possible deals to their customers. Ratnakar Bank Limited, IndusInd Bank, Fullerton and Yes bank are some of the banks that have partnered with Qbera. A Qbera loan is quick and paperless. Just log on to the website, fill in the details and the eligibility is calculated in 2 mins. After submitting the bank documents through net banking and a few other internal checks, the amount is deposited directly into your bank account within 24-48 hours.

There are however a few documents that has to be submitted. These include-

• Aadhaar Card
• PAN Card
• Proof of address
• Salary and income documents
• Photographs

The eligibility criteria for applying for a bank loan are:

• You must be a salaried individual
• You must have a min net salary of Rs.20 000/-
• You must be above 23 years of age and less than 55 years
• Minimum CIBIL score of 600 and no defaults in the last 24 months

Being unsecured loans, the banks place high importance on the credit rating of the applicant. So banks usually consider a CIBIL score of 750 and above for a loan. Fintechs, on the other hand, enable individuals to get a personal loan with a credit score of 600 too.