Best personal loans for the short term – A straightforward guide

The Personal loan is undoubtedly one of the best ways to get out of a financial crisis. You select a lender, see if it offer the loan amount you need or not. Then choose the lender, get the loan amount, and it is done. However, it would be that simple to select a lender; You would not be looking for an ideal lender on the internet browsing one page after another.

So, today the aim is simple. Here we are going to provide few lenders who are considered the best personal loan lenders in India. Read it, analyze it, then choose one of them. We begin with IIFL bank personal loan.

IIFL Bank personal loan

IIFL personal loan is focused on helping borrowers to overcome their financial crunch. It does not require collateral, has no hidden charges, and do quick disbursement.

  • IIFL offers a loan amount of up to Rs 25 lakh.
  • The interest rate starts at 13% per annum.
  • The loan processing charge is up to 2% of the loan amount.
  • The penal charge is 2% compounded monthly.
  • The cheque bounce charge is Rs 500 per instance.
  • The foreclosure charge is up to 6%.
  • The late payment charge is 2% compounded monthly.
  • The prepayment charge is NIL.

IIFL bank personal loan eligibility criteria

  • The borrower should be a salaried individual working in Delhi/NCR, Mumbai, Pune, and Bangalore.
  • The borrower should have a minimum of 2 years of work experience.
  • The borrower should be working in the current organization for at least six months.
  • The borrower’s age should be between 25 years and 60 years.
  • The borrower should have a minimum income of Rs 25,000 per month.
  • The borrower should have an ideal CIBIL score.

Required documents for IIFL Personal loan

  • Aadhar card and PAN card
  • Bank statement
  • Salary slips
  • Lease agreement papers
  • Passport size photographs

How to apply for IIFL Bank personal loan?

  • First, visit IIFL Bank personal loan official website.
  • There enter your information.
  • Click on ‘Crunch numbers.’
  • From there, follow the steps.
  • As soon as the verification process is completed, the loan amount will be disbursed.

IIFL is one of best personal loan lenders in the market because it can check your eligibility in 1 minute. Approve in 5 minutes, and the loan amount is disbursed in less than 8 hours. It shows speed and agility.  Now, we shall check out the next lender.

Axis Bank personal loan

Axis bank’s personal loan offers one of the lowest interest rates with minimal documentation and no prepayment charges. It also has eDGE loyalty points to reward dedicated borrowers. Its easy process and quick disbursement have made it the best personal loan among its peers.

  • Axis Bank offers a minimum of Rs 50,000 and a maximum of Rs 15 lakh.
  • The rate of interest is from 16% to 24% per annum.
  • The loan tenure is up to 5 years.
  • The processing fee is up to 2.20% of the loan amount.
  • The foreclosure charge is NIL.
  • The prepayment charge is NIL.

Axis bank eligibility criteria for Personal loan

  • The borrower should be a salaried individual employed at a private, government or MNC Company.
  • The applicant’s age should be at least 21 years to apply.
  • The applicant’s minimum salary should be at least Rs 15,000 monthly.
  • The applicant should have a minimum of two years of work experience.

Required documents for Axis Bank personal loan

  • The loan application form
  • Passport size photographs
  • Identity proof – Aadhar card, PAN Card, Driving license, Voter ID card
  • Address proof –  Rent agreement, electricity bill, telephone bill
  • Bank statement
  • Salary slip

How to apply?

To apply, you can visit the Axis bank website to do it. The second way is to go to the nearest Axis bank branch. Axis offers instant approval offering 24*7 customer service to help you out. The loan amount is disbursed as soon as the verification process is completed.  However, comparing to IIFL Bank personal loan, it has a higher interest rate. Now, let’s check out the next lender.

PNB Personal loan

PNB Personal loan focuses on providing loans to fulfill borrower needs. The loan is available for salaried individuals, self-employed professionals, including professional doctors and defense personnel.

  • PNB offers the loan amount from Rs 50,000 to Rs 15 lakh.
  • The rate of interest starts at 12% per annum.
  • The processing fee is up to 1.80% of the loan amount.
  • For a pensioner, the processing fee is NIL.
  • The document charge is up to Rs 500.

PNB Personal loan eligibility criteria

  • The applicant’s minimum salary should be at least Rs 15,000 for metro, Rs 12,500 for urban, and Rs 10,000 for self-urban areas per month.
  • The applicant’s minimum age should be at least Rs 21 years to apply.
  • The maximum age requirement is 65 years.
  • A professional should have an annual income of at least Rs 4 lakh and paying taxes for a minimum of 3 years.
  • The applicant should have a minimum of 2 years of professional continuity.

PNB Personal loan document requirements

  • The loan application form
  • Id proof – Aadhar card, PAN card, Driving license
  • Address proof
  • Education qualification proof
  • Age proof
  • Income proof
  • Salary slips
  • Form 16
  • Proof of residential and office address
  • ITRs
  • Latest bank statement

How to apply for PNB personal loan?

To apply for PNB Personal loan, download its app from the Google play store or visit its website. The other way is to visit its branch to apply.

PNB does not require collateral, needs minimal documentation, have easy loan repaying options, and the loan is multipurpose. Hence, it is considered one of the best personal loan lenders among the competitors.

Conclusion

Now, it is time to compare these lenders. IIFL Bank personal loan offers the most significant loan amount. The real competition is around the interest rate. PNB, IIFL, and Axis is the lineup for the cheapest rate. Choose one as per your financial requirement, then apply. Do apply negotiation tactics to get a lower rate. Lastly, before you sign the loan agreement paper, do carefully read it.

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