An urgent need for money can arise in our lives anytime and for any purpose. Personal loans are the quickest and easiest method to obtain required finances for any such occasion. Be it a dream vacation, son's admission to a medical college,daughter's wedding, renovating your house, buying a new laptop, domestic or foreign travel, a medical treatment for self or a relative, a personal loan can solve any financial emergency.
In fact personal loans can be granted for any legitimate purpose whatsoever. The funds are made readily available through personal loans by banks. They pay special attention to the urgent needs of their customers and thus the approval for personal loans is a quick process with most banks processing the request for a personal loan in less than 48 hours.
Based on their repayment capacity, both the salaried and self-employed professionals can get a personal loan ranging from Rs. 25,000 to Rs. 20,00,000. The good thing with personal loans is quick availability of cash, which can be repaid in easy monthly installments.
Personal loan from leading banks in India
The eligibility and documentation requirements for personal loans are minimal and if the bank is satisfied about your credentials and repayment capacity, the loan dispersal is almost immediate. A brief survey of major banks which provide personal loan is listed below.
The SBI Saral Personal Loan provides instant cash for any purpose as personal loan with a minimum limit of Rs.24,000/- in metro and urban centers and Rs.10,000/- in rural/semi-urban centers. The maximum loan amount available under this scheme is 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centers. The loan is repayable in 48 EMI.
ICICI bank offers a personal loan up to 15 lacs depending on the repayment capacity of borrower. This personal loan can be repaid in 12 to 60 monthly installments.
With HDFC bank personal loans one can borrow up to Rs. 10,00,000 for any purpose. The personal loan amount is decided keeping the repayment capacity of the customer in the mind. The repayment terms of HDFC bank personal loan ranges from 12 to 48 months.
Hongkong and Shanghai Banking Corporation or HSBC has started its stellar banking operations in India and offers its personal loan under the name MyTerms CreditTM Personal Loan. This excellent personal loan scheme lets you choose how to repay. The MyTerms CreditTM Personal Loan gives 4 easy repayment options and the borrower is free to choose the one that is best for him. The HSBC MyTerms CreditTM Personal Loan offers a loan for amounts ranging between Rs. 50,000 to Rs. 15,00,000 depending on the repayment capacity of the borrower. The borrower has a choice to repay the loan back in 12, 18, 24, 36, 42, 48 and 60 months.
UTI bank offers personal loans for salaried and self employed individuals and special loans for doctors, chartered accountants, engineers, architects, CS and ICWA. The amount of loan varies between Rs 50,000 to Rs 20 lacs depending on the repayment capacity of the borrower. The repayment tenures range from 12 to 60 months.