Almost every bank in India provides personal loans. Let us take a look at the features and benefits of personal loans provided by some major banks in India.

State Bank of India Personal Loan

The most popular bank in India - State Bank of India or SBI as it is widely known, provides the personal loan under the name SBI Saral Personal Loan. As the 'Saral' in the name signifies this personal loan scheme has very simple documentation and provides some exceptional benefits to the customer.

Features:

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 entrees and Rs.10,000/- in rural/semi-urban centres. 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 centres. The loan is repayable in 48 EMI.

Benefits:

The SBI Saral Personal Loan comes with low interest rates, and the interest is charged on a daily reducing balance. The processing charges of SBI Saral Personal Loan are very low, only 1%-2% of loan amount. In addition to it there are no hidden costs or administrative charges. The SBI Saral Personal Loan doesn't require any security and this reduces a lot of documentation hassles, which is very much desired by the customers. There are no prepayment penalties with the SBI Saral Personal Loan and they charge you just 1% of the loan amount should you want to repay the loan before 6 months. With the SBI Saral Personal Loan one can pay more than the EMI, without attracting any prepayment penalty whatsoever.

ICICI Bank Personal Loan

ICICI bank one of the leading private sector banks in India provides a personal loan with great benefits and features.

Features:

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 - 60 monthly installments.

Benefits:

There is no requirement of security or a guarantor, and the personal loan is processed within 2 days of completion of the formatities. There are minimum documentation requirements with special waivers for ICICI bank customers. ICICI bank personal loan comes with attractive interest rates. ICICI bank personal loan are also issued based on the track record of existing home loan, car loan, personal loan or credit card repayments.

HDFC Bank Personal Loans

HDFC bank one of the premier private sector banks in India has the following features and benefits associated with its personal loans.

Features:

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.

Benefits:

HDFC bank puts its customer first while providing various services. It provides convenient doorstep service for its personal loans. The interest rates on HDFC bank personal loans are one of the lowest in the industry. The loan approval process is very fast and the loan is approved within 2 days of completing the formalities. The loan process is entirely hassle free and there is no requirement for any guarantor, security or collateral. If you are an existing HDFC bank account holder the bank has a personal loan with special reduced interest rates. If you are an existing HDFC bank Auto Loan customer with a clear repayment of 12 months or more from any of their approved financiers you can get a hassle free personal loan (without income documentation). HDFC bank offers a personal loan TOP-UP facility for all its existing personal loan customers with clear repayment record of 12 months or more. One great benefit that comes with HDFC bank personal loan is the Credit Shield facility. In case of death or total permanent disability of the loanee,the loanee/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstandings on the loan upto a maximum of the loan amount. The HDFC bank personal loan comes with a unique Personal Accident Cover insurance, this ensures that that your family is taken care of offers a Personal Accident cover of Rs.2,00,000 at a nominal premium.