A metropolitan city where people are in a rush to get into the metro for work and office. This city has accessibility to all kinds of resources that can fulfill one’s desire. It’s a city where everyone comes to make some income from small or big businesses. This city is also a tourist spot where you can spend your weekends with your friends and relatives. Being the capital city of the country the city has the highest per capita income all over India. Delhi has the best infrastructure, tools, and educational facilities that a common man can use to become financially well established. 

So to fulfill all the desires and needs of the citizen, banks and financial institutes provide debt. Which eventually helps grow your business with the help of a Personal Loan in Delhi. Many banks can help you to overcome all financial needs. Borrowers find hassle to choose the best bank from a variety of institutions. Now a day, it is easy to get a personal loan. This article is an overview of where you can opt bank with the best personal loan interest rate. Also, it will explain how it will be helpful in the long run.

Criteria to apply for a personal loan

To apply for a personal loan, a borrower can visit the official website of any bank of your preference. Also if you find it difficult to do so you can visit the nearby branch for the same.

A borrower can avail of a personal loan if 

  • Candidates between the ages of 23 and 60 years old should be eligible.
  • The personal loan in Delhi is only available to Indian citizens.
  • He or she must be working for a multinational corporation, public or private.
  • Also a CIBIL score of 750 and above will help you avail of the personal loan at a low-interest rate. 

The borrower can avail of a personal loan from a bank with minimum documents such as 

  • Photographs the size of a passport
  • Voter’s ID, Passport, PAN card, Aadhaar, Driver’s license, and 3-6 month’s bank account statements
  • Last two months salary slips

Banks and Personal Loan Interest Rate

The borrower should examine the bank and personal loan interest rate. It gives a better picture of the current market rate. You can avail of the personal loan at a lower interest rate if you have a good CIBIL score.

 

Bank Interest Rate (p.a.) Processing Fee
State Bank of India 9.60% p.a. – 15.65% p.a. 1.50% of the loan amount with a minimum of Rs 1000 + GST and a maximum of Rs 15000 GST.
ICICI Bank 10.5% to 19% per annum Upto 2.50% of loan amount plus GST
HDFC Bank 10.5% p.a. – 21.00% p.a.

Salaried – 10.50% to 21.00%

 Up to 2.50% of the loan amount is subject to a Maximum of ₹ 25,000/- for salaried customers.
Yes Bank From 10% to 24% Up to 2.50%
Kotak Mahindra Bank Starting from 10.25% p.a. Up to 2.5% of the loan amount + GST and other applicable statutory levies
IDFC First Bank Salaried: 10.49% to 20%

Self Employed: 19% to 23%

 At the time of disbursement, processing fees of up to 3.5 percent will be levied on the loan amount.
Bajaj Finserv 13% onwards  Up to 4% of the loan +applicable tax
Standard Chartered Bank 10.25% – 21.00% Up to 2.25% of the loan amount 
Fullerton India Starting at 11.99% 0% to 6%

 

Personal Loan Tangible benefits

A Personal Loan in Delhi may be obtained quickly and easily for medical expenses, family events, an international holiday, funding for overseas education, or short-term finance for business. A personal loan is a great choice if you need money urgently and don’t want to deal with the hassle of borrowing from friends or relatives. A Personal Loan is convenient since it may be repaid in reasonable amounts over time and can be released immediately with little or no documentation.

  • Borrowers who take up a personal loan with a lower personal loan rates can lend money as much as they need it without having to fill out additional documentation.
  • A few documents are required by the bank for the loan to be accepted. You have the option of providing soft copies of the essential documents to the banker, which saves them time and effort.
  • You will receive the cash in your bank account within 24 hours of applying for the loan.
  • A personal loan from any bank might span anywhere between 12 and 72 months. The loan can be for any length of time, depending on one’s comfort.
  • There are no security or collateral requirements for personal loan.