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Which Bank is best for Personal Loan

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Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

Which Bank is best for Personal Loan

The search for – “Which bank is best for personal loan” is a never ending one. With so many lenders out there, it becomes quite a task to find the best personal loan offer. Each bank claims to have the best possible deal for its customers. Also, the sheer number of players in the field has upped the criteria and levelled the playing field. To top the list of banks with best personal loan, each bank offers customized loans to suits the need of the customer. However, the needs are quite varied, and the customer is spoilt for choices with different banks.

Personal loans are unsecured loans that are taken usually by salaried individual to manage the financial shortfalls. These loans do not require any collateral pledges any kind of collateral. This kind of helps in getting necessary monetary help without the guilt that comes with pledging an asset. The onus of repaying the online private loan lies with the salaried individual and he/she has to work and manage their monthly incomes to accommodate the repayments first.

A sudden hospitalization, funds to organize wedding, a long-awaited vacation, credit card debt consolidation or to pay for education all of these and more can be financed with a personal loan as there’s no capping of the end use of funds.

Both nationalized and private banks offer interesting and competitive personal loan. However, do shop around and look for the best possible deal. Here are some pointers-

  • Look for the lowest interest rate offered
  • Consider factors such as quick disbursals and turnaround time as well as digital experience offered.
  • Armed with an excellent credit profile, negotiate the best possible interest rate.
  • Choose the ideal repayment tenure offered. Short tenure ensures lesser interest paid out while long tenure equates to manageable EMIs.

Following is the list of banks which are best for personal loans

  • Ratnakar Bank Limited
  • IndusInd Bank
  • Fullerton
  • Yes bank
  • HDFC bank
  • Axis Bank
  • ICICI bank
  • SBI
  • Standard Chartered
  • Citi bank

 

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Example: A loan offer of ₹2 lac, for a tenure of 3 years at an interest Rate of 16.6% (on a reducing principal) and a processing fee of 2.5%. Translates to:
  1. Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
  2. EMI of ₹7091 per month
  3. Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
  4. Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
Repaying a Qbera Smart Loan is just as Simple
Repay your loan with automatic EMI payments.
  • Age: 21-57 years old
  • Net Monthly Income must be more than Rs. 18,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
  • Aadhaar Card
  • PAN Card
  • 4 Cheques from your Salary Account
  • Current Address Proof
  • Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
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Pradeep

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Shekhar

"I would like to thank Qbera for speedy loan processing. I was having a tough time in deciding which bank would actually take my request for a loan as the loan was supposed to be for credit card payoff. I was forced to use my credit card for an unforeseen expense which I could not avoid and was finding it tough to pay back due to the high interest cost on credit cards. I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...

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QBERA

We are a Bangalore-based company offering digital, quick, hassle-free personal loans to people when they need them.

Loan amounts range from Rs.50,000 to Rs.25,00,000. APR ranges from 10.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.

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