by Aadra Sharma content writer

Personal loan is an unsecured form of loan provided by banks and other financial institutions.  Personal loan is an immediate source of finance which can be used for any purpose. A personal loan can be used for paying tuition fees for higher education, going for a holiday, wedding purpose, buying a consumer durable or renovating a house. A personal loan is an instant form of finance for which actual lenders are not interested in knowing actual usage of the money provided. It can be taken to fulfill all your financial aspirations and to meet urgent cash needs in case of any emergency.

A personal loan can be taken by an individual to meet any financial contingency and acts as a perfect medium to smoothen up the cash flow at crunch times. In India, every bank and non-banking financial intermediary provides personal loan but an individual has to be diligent before applying for a personal loan. As it is unsecured form of loan, an applicant must not provide any asset as collateral. You must check your credit score before applying for a loan as good credit score boosts your chancing of a successful loan application. Moreover, good credit score also enables you to get loan at very low interest rates and also for a large sum of money. You must borrow that amount of money which you actually need to fulfill all your requirements. Be careful about the risks involved while taking a Online personal loan i.e. you must ensure that you will be able to repay all your borrowings.

Below is a list of top five private banks operating in India providing personal loans at very attractive interest rates:

·         Axis Bank: Axis bank is one of the leading banks in India providing personal loans. Axis bank is known for its customer service as processing of the loan is very simple with easy documentation and that tool with quick approvals. The bank offers flexible repayment options and individual has the discretion to choose their repayment period which is one of the best feature of the loan provided by the bank.

·         ICICI Bank: ICICI bank is the largest bank in India as far as the market capitalization is concerned. An applicant can get a large amount of personal loan sanctioned in very quick time. It has a large network of branches all over the country with its processing being fastest in the sector. The bank’s loan comes at attractive interest rates with option to repay in 12 to 60 months.

·         HDFC Bank: HDFC bank is another financial institution serving people of India by providing advances and banking services. It provides loan which is hassle free with no collateral security to be submitted to the bank. The interest rates at which loans are offered are also lowest in the sector.

·         Citi Bank: Citibank is the most aggressive banks as far as the advances provided is concerned. The bank offers interest rates which are lowest in the market and also provide option to pay in flexible installments meeting their requirements.

·         Yes Bank: Yes bank is the upcoming financial institution which has increased its penetration all over the country. The bank provides loan at very attractive interest rates. Moreover, personal loans are sanctioned very quickly.

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About Aadra Sharma Innovator   content writer

25 connections, 1 recommendations, 74 honor points.
Joined APSense since, April 25th, 2013, From Gurgaon, India.

Created on Dec 31st 1969 18:00. Viewed 0 times.


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