Personal loans in this era of fast life provide an easy way out for all your monetary requirements, whether it is an unexpected expense or a planned acquisition. A ₹2 lakh personal loan can be highly beneficial to repay unexpected financial obligations without touching your savings. Whereas various financial institutions are providing personal loans, choosing the best affordable one and understanding how the repayment condition of a personal loan is suited for you might become confusing. In this article, we are providing you some of the best banks and Non-Banking Financial Companies (NBFCs) of India where it is convenient for you to avail a personal loan.
Why Get a Personal Loan?
Personal loans are collateral-free, i.e., they do not require collateral. This is why they are ideal for individuals who don’t wish to use their assets. Personal loans also have relatively easy eligibility conditions, and the disbursal is usually fast, allowing applicants to get the cash quickly when required.
Best Banks and NBFCs for a ₹2 Lakh Personal Loan
1. HDFC Bank
Renowned for customer-focused policy, HDFC Bank provides personal loans with low interest rates. The bank ensures prompt loan processing and approval, usually within hours if you qualify. Repayment terms of personal loans are simple and flexible, varying between 12 to 60 months, enabling borrowers to opt for a suitable plan based on the financial condition.
2. State Bank of India
SBI, being a highly reliable Indian bank, provides personal loans at moderate interest rates. They provide easy processing, widespread customer care, and easy repayment terms. The borrowers can even opt to consolidate their existing loans with their new personal loan for easy management.
3. ICICI Bank
ICICI Bank is known for its speedy services and flexible loan products. ICICI Bank provides personal loans at different interest rates based on the customer’s credit history, and hence, you will be paying an amount suitable for your credibility. Their loan payment methods are flexible, so it will not be difficult for the borrowers to manage their funds.
4. Bajaj Finserv
Being a prominent NBFC, Bajaj Finserv is popular for its fast disbursements and approvals. They provide low-processing-fee personal loans and hassle-free personal loan repayment plans. With their friendly interface and fast customer service, they provide an easy loan application procedure.
5. Axis Bank
Axis Bank offers personal loans with low interest rates and rapid processing. They have innovative loan products, which are designed to suit various customer requirements, with versatile repayment tenures. Axis Bank has a cautious lending practice with less documentation and rapid disbursal.
6. Fullerton India
Fullerton India is a top NBFC that offers personal loans with competitive interest rates. They boast a long online application process and easy repayment cycles, which work perfectly for both salaried and self-employed professionals. Their personalized service is one of the reasons they are a darling for borrowers.
The Most Important Aspects to Bear in Mind while Applying for a ₹2 Lakh Personal Loan
Interest Rates
The interest rate has a strong influence on the cost of the loan. When you are taking a personal loan, compare banks to select the one with the lowest rates.
Personal Loan Repayment Terms
Economical repayment terms can go a long way in reducing the burden on the borrower. Ensure that the bank or NBFC you are opting for has flexible personal loan repayment terms so that you can budget your monthly expenses accordingly.
Processing Fees
Always seek out the processing fee incurred in applying for the loan. A low processing fee may make the loan cheaper.
Loan Tenure
A longer tenor will provide smaller monthly instalments, yet it may lead to larger overall interest payments. Choose a tenor that is cheap monthly as well as efficient overall.
Eligibility Criteria
It is essential to understand each lender’s requirements. Banks and NBFCs shall check a credit score, salary, and job status to determine whether the borrower shall be granted a personal loan or not.
Conclusion
In the quest for the most preferable manner in which to acquire a ₹2 lakh personal loan, banks and NBFCs must be in the running to be considered. Every financial institution has its own set of offerings in terms of interest rates, personal loan repayment terms, and customer service. Personal loans can be a handy financial leveraging tool if they are structured according to your repayment ability. Detailed research and comparative analysis across institutions will provide you with the best available deal, leaving you more financially secure with less stress.
