Numbers of banks are providing personal loans, each of them have their own rules and regulations, processing fee, charged interest rate based on category, income, company status etc. It includes Andhra Bank, Axis bank, bank of Baroda, bank of India, bank of Maharashtra, corporation bank, Citibank, Citi financial, Fullerton, HDFC, ICICI, reliance, SBI, syndicate bank, UCO bank, Union Bank, United Bank of India and Vijay a Bank .
In the process of applying for a personal loan the first step ahead forward in this direction is enquiry with a financier, try to get information from as many lenders as you can regarding the loan offers and negotiate for best suitable interest rate. Next is the phase of document collection followed by document evaluation. With successful completion of these loan is approved.
Say SBI offers personal loan of about 1 lac to 20 lacs, for a repayment period of 1 -5 years 12-16% interest rate (self employed) and 16-20%(for salaried) with no prepayment charges and 2-3% processing fee which are subject to change with market influences. So it is very important for to search for the best available option providing personal loan, compare with others and then apply from best suitable bank which charges nominal interest rate.
ICICI bank personal loans amount range up to 15 lakh with 12-60 months repayment schedule, and prepayment of the loan is possible after 180 days of availing loan. And similarly it varies for every bank, although some terms remain common for all banks like age limit and annual income.
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