Which Indian Banks Provides Best Personal loan Online?

When you begin looking for an instant personal loan, generally, the first lender you check out is banks. Whether it is a private bank or a government bank. Which bank provides the best personal loan? This question would cross your mind while looking. So, today in this blog, we are going to answer this question.

We will mention two banks which are best in providing Personal loan online. We will mention details such as their rate of interest, eligibility criteria, and how to apply.

Punjab National bank Personal loan

Known for Its fast services, PNB is one of India’s best banks, which offer instant personal loan online. The loan is provided to salaried individuals, self-employees, and LIC agents who have an active account in PNB. First and sometimes, there is a special personal loan for Infosys employees. Let us begin with the essential details.

• The loan amount is offers from a minimum of Rs 50,000 to a maximum of Rs 4 00,000.
• The rate of interest ranges from 12% to 16%P.A.
• The loan tenure is from 12 Months to 60 Months.
• The processing fee is up to 1.80% of the loan amount. If you are a pensioner, the processing fee is NIL.
• There are no prepayment charges.
• The documents charges are Rs 270 for up to 2 Lakh. Above 2 lakh, the cost is Rs 450.

Eligibility Criteria for PNB Personal loan

• The applicant age should be From 21 Years to 65 Years.
• The minimum salary of the applicant should be at least Rs 10,000.
• The applicant who is an employee of State/Central government, private companies, school and university is eligible to apply for PNB personal loan.
• The applicant should have a minimum of 2 Years of work experience. In the current company, the applicant must have spent at least 1 year.

Documents Required for PNB Personal Loan

There is a list of documents you will need to submit.

• Loan application form
• 2 Passport size photographs
• Identity proof – Aadhar Card, PAN Card, Voter ID card, Driving license
• Residence Proof – Rent Agreement, Electricity Bill
• Bank statement and salary slip for the previous 3 Months

The Process to Apply for PNB Personal Loan

• You can visit the Nearby PNB Branch to apply.
• You can download the PNB App and apply there.
• You can call on Customer care to apply.

State Bank of India Personal loan

SBI Personal loan has one of the lowest interest rates in the market. There is minimal need for documents; the products are designed to fulfil every borrower’s needs. And  There are loan schemes and discounts available too on a special occasion. Due to these features, the SBI loan is also considered among the best personal loan in India.

There is no need to submit collateral, and there are no prepayment charges. SBI to have a special interest rate on personal loan for Infosys Employees. Here are the basic details you need about SBI Personal loan.

• The maximum loan you can get is Rs 15 Lakh. The minimum amount is Rs 25,000.
• The rate of interest is 10.90%.
• The processing fee is 1% of the loan amount, excluding GST.
• The loan tenure is up to 72 Months.

There are three types of Personal loan in SBI.

• SBI Xpress Credit Personal loan
• SBI Pension Loan
• SBI Xpress Power Loan

Eligibility Criteria for SBI Personal Loan

• The applicant who is working in a government, private or MNC company is applicable to apply.
• Self-Employed professional like Doctors, CA and Architects too can apply.
• The applicant age has to be between 21 Years and 65 Years.
• Salaried individual minimum salary should be at least Rs 24,000 per month. The self- employed annual income should be a minimum of Rs 5 Lakh.
• The minimum work experience is required for 2 Years.

Documents Required to Apply for SBI Personal Loan

Here is the list of the documents you will need to submit to apply for SBI personal loan.

• 2-4 Passport Size photographs
• Proof of Identity – Passport, Driving License, Aadhar Card, Voter ID Card
• Residence Proof – Rent Agreement (Min. 1 year of stay), Utility Bills (For the last 3 months)
• Proof of Income- Salary slip, Bank statement and Passbook entry for last 6 Months

How to apply for SBI personal loan?

Here is the step by step process to apply for SBI Personal loan.

• To apply online, follow the steps.
• Visit Sbi.co.in
• Go to the ‘Loans’ option.
• There Choose ‘Personal loan’.
• Click on ‘Apply Now.
• There are three states in it. Those stages are Get eligibility, Loan offer and then complete the application.
• First, SBI Will check whether you are applicable for a personal loan or not.
• Fill out the loan application form.
• Once SBI Check your eligibility, they will offer a loan amount. If you accept it, proceed on to the third stage.
• In last, complete the loan applicant along with submitting all the required documents. Once you have filled the form, a representative from the SBI will call you to verify the details.
• Once the process is complete, you will get the loan amount directly into your bank account.

Conclusion

As you can see, both lenders offer fantastic deals. They have a low-interest rate, high loan amount and flexible loan tenure. Each of them is considered among the best personal loan in India. However, it is up to you to choose one of them as per your requirement.