Which Bank is Best for Personal Loan : There are many banks in India providing personal loans to customers but some are taking a leading role in fulfilling the requirements of consumers very quickly. The list of best banks in India proving personal loans.
State Bank of India
HDFC
ICICI
IDFC First Bank
PNB
Bank of Baroda
Bajaj Finance
Axis Bank
As SBI provides the lowest interest rate@9.60% with very quick service to its clients, it is the best Bank for the personal loan sector in India.
Features of SBI Personal Loan
Low Processing Fee
No Hidden Cost
Quick Loan Processing
Easy EMI
Minimal Documents
Can apply any branch
What is Personal Loan?
A personal loan helps you borrow money to fulfill your immediate requirement. At the time of emergency, medical, education, marriage, investment for land purchase people take a personal loan. SBI provides up to 40lakh personal loans depending upon the eligibility with the lowest interest rates.
Loan Details :
SBI offering the lowest interest Personal loan. It’s a collateral-free loan. Depending upon eligibility the bank SBI offering up to 40lakh loans for individuals or family members. The flexible tenure will be 60 months.
Interest :
SBI offering interest for the personal loan starting at @10.49% per annum. Interest rates may vary for different schemes. Customers have to pay as per the Bank schedule. Some time Bank provides offers there will be no processing fee. Bank also offering zero penalties for foreclosure and pre-payment for customers.
Tenure and Loan Moratorium :
Bank offering a flexible tenure of 5 years for personal loans.
Who can apply :
Under this scheme, every salaried, non-salaried person can apply.
Minimum Age: 25 years
Maximum Age: 65 years at the time of loan maturity
The business must have been in existence for a minimum period of 3 years
Documents required :
PAN Card.
Adhar Card.
Salary Slip
Address proof etc.
Where to apply :
Customers can apply nearest SBI branch to check eligibility and loan amount. YONO app users can apply through this app. The loan amount will be credited to the SB account.
Instant Personal Loan disbursal through digital loan journey:
Any valid digital ID proof for KYC
3 months’ bank statement
Net Banking or Debit Card details to set up e-Mandate
eSign/eStamp for faster disbursal
Avail instant Personal Loan disbursal with digital loan journey
Digital KYC Capability – No need to provide any physical documents
Minimal Documentation – Only 3 months’ bank statement required in PDF format
eMandate – Use Net Banking or Debit Card to digitally set up your mandate
Digital Disbursal using eSign/eStamp ensures faster money credit to your account
Minimal documentation requirements, if opting for physical process
For KYC we require one of the following:
PAN Copy
Form 60
For identity and address proof of your instant Personal Loan online, one of the following officially valid documents (OVD) containing photo identity and address details duly self-attested:
Aadhaar card issued by UIDAI
Valid Passport with an expiry date, photograph, and signature, Voter’s Identity Card issued by the Election Commission of India, Driving License issued by regional transport authority, Job Card issued by NREGA duly signed by an officer of the State Govt.
National Population Register containing details of name and address
If the above-mentioned documents are not available, the customer can provide the following documents to be deemed as proof of address:
(Please note: You will need to submit one of the OVD mentioned above in 3 months after availing of the loan)
Utility Bill: Latest electricity, telephone, piped gas, water bill, or post-paid mobile bill
Property or Municipal tax receipt
Pension or Family Pension Payment Orders (PPOs): Issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address
Letter of Allotment of Accommodation from Employer* (subject to conditions)
Income Proof
For income details, Bank requires your banking details for the last 3 months.
For a seamless, safe, secure, and fast process, you can also log in via your Net Banking credentials to share your details or submit readable PDF copies of the bank statement, downloaded from your bank portal.
Optionally, you can also submit a physical copy of the bank statement.
If you are salaried, please ensure that your latest 3 months’ bank statement is provided with 3 salary credits.
If you are self-employed, please ensure that your main transacting bank account details are provided, showing at least 3 transactions every month and a minimum average daily balance of ₹5,000. A current account statement is preferable, however, if you provide your savings account bank statement, then the business proof is mandatory.
SBI Customer care :
1800-11-2211
Give a missed Call on 7208933142 or SMS “PERSONAL” on 7208933145 to get a call.
State Bank of India
HDFC
ICICI
IDFC First Bank
PNB
Bank of Baroda
Bajaj Finance
Axis Bank
Low Processing Fee
No Hidden Cost
Quick Loan Processing
Easy EMI
Minimal Documents
Can apply any branch
Minimum Age: 25 years
Maximum Age: 65 years at the time of loan maturity
The business must have been in existence for a minimum period of 3 years
Documents required :
PAN Card.
Adhar Card.
Salary Slip
Address proof etc.
Any valid digital ID proof for KYC
3 months’ bank statement
Net Banking or Debit Card details to set up e-Mandate
eSign/eStamp for faster disbursal
Digital KYC Capability – No need to provide any physical documents
Minimal Documentation – Only 3 months’ bank statement required in PDF format
eMandate – Use Net Banking or Debit Card to digitally set up your mandate
Digital Disbursal using eSign/eStamp ensures faster money credit to your account
Minimal documentation requirements, if opting for physical process
PAN Copy
Form 60
Aadhaar card issued by UIDAI
Valid Passport with an expiry date, photograph, and signature, Voter’s Identity Card issued by the Election Commission of India, Driving License issued by regional transport authority, Job Card issued by NREGA duly signed by an officer of the State Govt.
National Population Register containing details of name and address
Utility Bill: Latest electricity, telephone, piped gas, water bill, or post-paid mobile bill
Property or Municipal tax receipt
Pension or Family Pension Payment Orders (PPOs): Issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address
Letter of Allotment of Accommodation from Employer* (subject to conditions)
Income Proof
For a seamless, safe, secure, and fast process, you can also log in via your Net Banking credentials to share your details or submit readable PDF copies of the bank statement, downloaded from your bank portal.
If you are salaried, please ensure that your latest 3 months’ bank statement is provided with 3 salary credits.
If you are self-employed, please ensure that your main transacting bank account details are provided, showing at least 3 transactions every month and a minimum average daily balance of ₹5,000. A current account statement is preferable, however, if you provide your savings account bank statement, then the business proof is mandatory.
