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