A personal loan is essentially an unsecured loan which can be of short to medium tenure. What sets it apart is that it doesn’t require submission of any collateral and can be flexibly used for any purpose as deemed fit by the borrower. As a result, you can use it for all kinds of purposes including immediate medical expenses, home renovation, wedding expenses, unplanned vacations and more.
In India there are quite a few websites where you can avail a personal loan of up to ₹ 5 lakh online, in a completely hassle free manner; and with minimum documentation. Let’s tell you about some of these websites below:
ICICI Bank – ICICIBank.com
The official website of ICICI bank has a personal loan section where you can easily apply for a . The quantum of loan can go up to ₹ 20 lakh. In fact, their instant personal loan service can put the required funds into your account in a matter of few minutes. The offered interest rate at the time of writing this piece varied from 10.99% to 16.25%. The exact amount of loan and the interest rate charged will depend upon how well you meet the eligibility criteria.
The website also features a personal loan EMI calculator that tells you exactly what you need to pay each month, and for how long to repay the loan in full. The tenure can range from 12 months to 60 months. The loan applicant must have a minimum monthly income of ₹ 15,000, and should fall in the age bracket of 23 years to 58 years.
Citibank India – Citibank.co.in
The personal loans offered by Citibank India start at a very competitive interest rate of 9.99% per annum, which can go up to 17.99%, based on the borrower’s credentials. The bank offers personal loans of up to ₹ 30 lakh, and claims that it can credit the money into your bank account within 48 hours of approval. The minimum personal loan amount offered is ₹ 50,000. They can let you know about your eligibility within 4 hours of submitting your details. Citibank also allows for part prepayment of the personal loan. The overall loan amount can be repaid with a flexible tenure ranging from 12 to 16 months. There is a booking fee of up to 3% of the sanctioned personal loan amount involved too, which is deducted from the loan at the time of disbursal.
Kotak Mahindra Bank – Kotak.com
Kotak Mahindra Bank is another well-known banking establishment that offers very competitive interest rates on its loan products. It’s amongst websites where you can get the best interest rates, starting from 10.5%, going up to 16.9% depending upon how well you meet their eligibility criteria. As is the case with personal loans in general, you can use the loan amount for any purpose you like – home renovation, medical expenses, dream vacation, wedding etc. The offered personal loan amount can be anywhere from ₹ 50,000 to ₹ 20 lakh, with a flexible repayment tenure of 12 months to 60 months. The bank claims they can have your funds disbursed within a few minutes of approval. Their fees and charges are all very nominal and you don’t need to submit heaps of documents for approval of loan.
If you’re keen on availing a personal loan online, GoSahi.com is the ideal platform to compare the best personal loan offers from multiple providers and websites, including the above listed banks.