In this article we know all about Bank Loan, What is Loan – Bank List of Personal Loan, Home Loan & Education Loan : Sometimes there comes a time in our life when we need more money. In such a situation, we go to any of our friends, close relatives or our family members, who can help us in this time. In such critical situations, if none of these are able to help you, then that time becomes more difficult for you. so you you can take a personal loan from India, which is a good option to get money in case of your emergency.
What is Loan
Loan makes our life easy. In today’s time, the direct connection of the loan is with the banks. This is probably because banks are the only financial institutions that provide you loans with interest. At the same time, they provide you loans soon in a very safe and secure way.
What are the components of loan ?
There are mainly three components of a loan, which are –
1. Principal or borrowed amount or amount taken in loan
2. Rate of interest or rate of interest
3. Loan duration _ or for when you have taken the loan
Whenever you take a loan from someone, whether it is a bank, a financial institution or a person, then whatever amount you take from them is called Principal Amount or Loan amount. This is the principal amount that has to be brought back and interest along with it.
Now let’s talk about Rate of Interest, this is the interest rate that gets added to the principal amount as time passes. By the way, no one will give you money without interest, so whatever interest comes along with your loan amount, in the end when you go to return the loan, it is called the rate of interest amount.
Now know what is the duration of the loan, as if you take a loan from someone, then he will never promise to return you, but he puts a time limit in front of you within which you have to return his money, this only Loan duration is called.
Loan Category
Loans are broadly divided into two categories, one is secured and the other is unsecured.
Let us now know about the categories of loans : –
1. Secured – A secured loan is called that loan which is backed by collateral or security that too in the form of assets such as property, gold, fixed deposits and PF (Provident Fund ).
For example, if you have taken a home loan or an auto loan, then a lien is created in your property and you cannot sell it until you have repaid the entire loan amount and your Can claim sole ownership of the house and vehicle.
2. Unsecured – An unsecured loan is called that loan which is a type of personal loan and which does not require any collateral, security or guarantee and it can be taken to fulfill your needs.
Banks or NBFCs provide these loans to you without any security and together they are available only to you. CIBIL Score And let’s look at personal track records only.
Loan Type
Let us now understand which type of loans Indian people prefer to take more :-
- Home Loan – Unsecured
- Car Loan – Unsecured
- Education Loan – Secured
- Personal Loan – Secured
- Business Loan – Unsecured
- Gold Loan – Unsecured
Best home loan bank in India
Given below is a list of all home loan banks in India that provide home loans to customers at attractive interest rates. You can find out which is the best home loan bank by comparing these :
| Banks‘ name | Initial interest rate (per annum) | Loan amount | Processing fee |
| City Union Bank Home loan | 10.25% | Maximum Rs 1 crore | Minimum of Rs.250 up to 1% of the loan amount |
| Deutsche Bank Home Loan | 6.60% | Maximum up to Rs.25 crore | 1% of the loan amount |
| Indian Bank Home Loan | 6.50% | Based on the repayment capacity of the applicant | 1% of the loan amount |
| HDFC Home Loan | 6.75% | Applicant’s CIBIL score, based on income | 0.50% of the loan amount or ₹ 3,000 whichever is higher |
| Union Bank of India Home loan | 6.40% | as much loan amount as you want. – In case of repairs and renewals – maximum Rs.30 lakhs | of loan amount + GST, maximum Rs.15,000 |
| IIFL Home Loan | 8.70% | 10 crore rupees | 1.75% of the loan amount |
| LIC Home Loan | 6.66% | Minimum Rs 1 lakh | 0.50% of loan amount minimum ₹ 5000 + GST and maximum ₹ 15000 + GST |
| RBL Bank Home Loan | 9.50% | 10 crore | 1.50% of the loan amount |
| Kotak Mahindra Bank Home Loan | 6.50% | depends on your profile | Salaried: 0.5% of the loan amount Self-employed, HL Top-up/Commercial Purchase: 1.0% of the loan amount |
| Shriram Finance Home Loan | 8.9% | 1 lakh to Rs 10 crore maximum up to 90% of the cost of the property | 0.50% of the loan amount or Rs.5,000 |
| UCO Bank Home Loan | 6.90% | For Construction / Purchase / Acquisition / Expansion – No Upper Limit
For Repair / Renovation – Rs 15 Lakh | 0.5% of the loan amount, Minimum – Rs 1500, Maximum – Rs 15,000 |
| Reliance Home Loan | 9.75% | 80% of the property value | 0.5%-1.5% of the loan amount |
| GIC Home loan | 7.90% | 90% of the property value | Rs 3000 + GST |
| Indiabulls Home loan | 8.65% | Depends on applicant’s profile | 1% of loan amount |
| DHFL Home Loan | 10.50% | 90% of the purchase price | 0.5% to 1% of the loan amount (minimum Rs. 2500 ) |
| SBI Home Loan | 6.80% | 100 crore | |
| IndusInd Bank Home loan | 8% | Depends on applicant’s profile | 0.50% of loan amount |
| Sundaram Finance Home loan | 6.5% | Depends on applicant’s profile | Depends on applicant’s profile |
| Yes Bank Home Loan | 6.70% | 10 lakh to 10 crore | 2% of the loan amount subject to a maximum of Rs.10,000 |
| Aavas Finance Home Loan | 12% | 1 lakh | of loan amount + GST |
| Standard Chartered Bank Home loan | 6.99% | 35 crore | 1% of the sanctioned loan amount |
| Bajaj Finance Home Loan | 6.75% | 5 crore | |
| Federal Bank Home Loan | 7.65% | 15 crore | 0.50% of the loan amount, minimum Rs.10,000 and maximum Rs.45,000 |
| Aditya Birla Home Loan | 9% | Depends on factors like your CIBIL score, income | 1% of the loan amount |
| IDFC Home loan | 6.90% | 10 crore | 3% of the loan amount |
| Saraswat Bank Home Loan | 6.50% | Maximum up to Rs 70 lakh | Rs.30 lakh |
| Karur Vysya Bank Home Loan | 7.15% | ||
| India Shelter Home Loan | 12% | 8 lakh to 50 lakh rupees | 2% to 3% of the loan amount |
| IOB Home loan | 7.05% | 90% of the property value | 0.50% of the loan amount (maximum 25000) |
| ICICI Bank Home Loan | 6.75% | up to 1.00% | |
| Bank of Maharashtra Home Loan | 6.95% | Depends on applicant’s profile | 0.50% of the loan amount |
| PNB Home Loan | 7.35% | in different plans | of loan amount + GST |
| HSBC Home Loan | 6.45% | 3 lakh to 30 crore rupees | 1% of loan amount |
| Punjab and Sind Bank Home Loan | 6.60% | Depends on applicant’s profile | 0.25% of the loan amount |
| Bandhan Bank Home Loan | 8.5% | Depends on applicant’s profile | 0.25% to 1.00% depending on the scheme GST |
| Citibank Home Loan | 6.65% | Maximum Rs 10 crore | |
| Canara Bank Home Loan | 6.90% | Depends on applicant’s profile | 0.50% of the loan amount ( Min. – Rs. 1500, Maximum – Rs. 10,000 ) |
| Bank of India Home Loan | 6.95% | 500 lakh | Up to 0.25%, Minimum ₹ 1,500 Maximum ₹ 20,000 |
| Tata Capital Home Loan | 6.90% | 5 lakh to 5 crore rupees | |
| Axis Bank Home Loan | 6.66% | 3 lakh to 5 crore rupees | Starting from 0.50% |
| Central Bank of India Home Loan | 6.85% | 90% of the property value | 0.50 % of loan amount + GST, Minimum – Rs.2500, Maximum – Rs.20,000 |
| IDBI Home Loan | 6.75% | 10 crore rupees | 0.50% of loan amount, minimum Rs.2,500 |
| Bank of Baroda Home Loan | 6.75% | depends on your income |
Home loan interest rate 2023 – Home loan interest rate
Before applying for home loan Home Loan Interest Rate very important to know about is | The table given above gives information about the home loan interest rates of all the banks. There are two main types of home loan interest rates, one is Fixed Rate Loans and the other is Floating Rate Loans. Banks also offer loans at a hybrid loan rate which is a mix of both fixed and floating.
How To Get Cheapest Home Loan – Cheapest Home Loan
Everyone wants to get Cheapest Home Loan. If the applicant wants, then he can get the cheapest home loan but it depends on some factors. The applicant should take care of these factors. Applicants can increase their eligibility keeping these factors in mind which are as follows:
- Credit Score : The credit score of the applicant matters a lot for the loan. Banks do not give loans to people whose CIBIL score means that their credit score is very bad and if they do, then that loan is not a cheap loan. Therefore, the applicant should pay a lot of attention to his credit score. If your credit score is 750 or more, then you can get cheaper rate from the bank. home loan can obtain.
- Applicant‘s income and employment status: If the applicant has a good employment, which is making him a regular income, then the applicant can get a cheap home loan. The bank checks the income and employment status of the applicant before granting the home loan.
- Home Loan for Women: If you are a woman and you are taking a home loan, then most of the banks provide interest rate rebate on home loan to women. Usually this discount is up to 0.50%. So if you are thinking of taking home loan then you should give priority to the lady of your family.
- Home Loan Amount: Home loan amount can also affect your interest rate. Therefore, you can consult the bank about how much home loan amount you get the benefit.
Personal Loan Bank List – Cheapest Personal Loan
Here are all those banks and financial institutions that provide personal loans to customers at attractive interest rates, along with information about the current interest rate of those loans has also been provided. You can find out all the personal loans for yourself by comparing the interest rates of each personal loan.
| Name of lender | Interest rate (per annum) | Loan Amount (up to Rs.) | Processing charge |
| SBI Personal Loan | Starting at 9.60% | 20 lakh | 1% – 1.50% of the loan amount |
| Aditya Birla Personal Loan | 14% | 50 lakhs | 2% of the loan amount |
| ICICI Bank Personal Loan | 10.50% | 20 lakh | of loan amount + GST |
| Hdfc personal loan | 10.75% | 40 lakhs | 2.50% of the loan amount |
| Axis Bank Personal Loan | 12% | 15 lakhs | at the discretion of the bank |
| Bank Of Baroda Personal Loan | 10.50% | 10 lakh | 2% of the loan amount |
| Bajaj Finserv Personal Loan | 13% | 25 lakhs | 4.13% of the loan amount |
| Bandhan Bank Personal Loan | 15.90% | 5 lakh | of loan amount + GST |
| IDFC Personal Loan | 10.49% | 40 lakhs | 2.5% of the loan amount |
| RBL Bank Personal Loan | 14% | 20 lakh | 3.5% of the loan amount |
| Bank Of India Personal Loan | 10.35% | 20 lakh | 2% of the loan amount |
| PNB Personal Loan | 8.95% | 15 lakhs | of loan amount + GST |
| Tata Capital Personal Loan | 10.99% | 25 lakhs | of loan amount + GST |
| IndusInd Bank Personal Loan | 10.49% | 15 lakhs | 3% of the loan amount |
| Citibank Personal Loan | 9.99% | 30 lakhs | 3% of the loan amount |
| Home Credit Personal Loan | 24.9% | 2.40 lakh | 5% of the loan amount |
| Yes Bank Personal Loan | 10.99% | 40 lakhs | up to 2.50% |
| UCO Bank Personal Loan | 6.90% | 10 lakh | 1% of loan amount |
| Kotak Mahindra Bank Personal Loan | 10.25% | 20 lakh | 2.5% of the loan amount |
| IIFL Personal Loan | 21% | 2 lakh | of the loan amount – up to 4% |
| Union Bank Of India Personal Loan | 8.90% | 15 lakhs | 0.5% of the loan amount |
| Deutsche Bank Personal Loan | Starting from 24% p.a. | 15 lakh | 2% of the loan amount |
| Indian Bank Personal Loan | Starting at 9.05% | 20 times gross monthly salary | 1% of the loan amount |
| IOB Personal Loan | Starting from 10.80% | Rs.5 lakh | 3% of loan amount |
| Shriram Finance Personal Loan | As per applicant’s profile | As per applicable loan scheme | as per loan agreement |
| Reliance Personal Loan | As per applicant’s profile | As per applicant’s profile | |
| IDBI Personal Loan | Starting at 9.50% | 5 lakhs | 1% of loan amount |
| Central Bank of India Personal Loan | Starting at 9.85% | 10 lakhs | 1% of loan amount |
| Canara Bank Personal Loan | Starting at 6.90% | 10 lakhs | 1% of the loan amount |
| Punjab and Sind Bank Personal Loan | Starting at 9.50% | 10 lakh | 0.50% to 1% of the loan amount |
| Bank of Maharashtra Personal Loan | Starting at 9.45% | 20 lakhs | 1% of the loan amount |
| HSBC Personal Loan | Starting at 9.50% | As per applicant’s profile | 1% of loan amount |
| Karur Vysya Bank Personal Loan | Starting at 8.70% | Rs.300 lakh | 0.50% of loan amount |
| Saraswat Bank Personal Loan | Starting at 13.50% | 5 lakhs | 2.50% of loan amount |
| Federal Bank Personal Loan | Starting from 10.49% | 25 lakhs | up to 3% |
| Standard Chartered Personal Loan | Starting from 11.49% | 50 lakhs | 2.25% of the loan amount |
| Indiabulls Dhani Personal loan | Starting from 13.99% | 15 lakhs | 3% of loan amount |
Personal Loan Interest Rate 2024
In the above personal loan bank list, information about the interest rate of all banks and financial institutions is given. Like before taking a home loan Home Loan Interest Rate Similarly, before taking a personal loan, we need to know about Personal loan interest rate It is necessary to have information about
If you apply for that loan without knowing the interest rate of the loan properly, then you may have to face difficulties at the time of repayment of the loan. If you are an existing customer of any bank, then you can take advantage of attractive interest rates of that bank.
Best Education loan bank in India
Here is a list of Education Loan Banks which provide home loan to the customers at attractive interest rates. You can find out which is the best home loan bank by comparing these :
| Banks‘ name | Interest rate in india | Interest rate abroad |
| Avance DHFL | 12.65% | 12.65% |
| Axis Bank | 13.70% | 13.70% |
| Bank of Baroda | 7.70% | 8.35% |
| Bank of India | 8.95% | 8.95 % |
| Bank of Maharashtra | 8.55% | 8.55% |
| Canara Bank | 8.50% | 8.50% |
| Central Bank of India | 8.50% | 8.50% |
| Corporation Bank | 8.80% | 8.80% |
| Federal Bank | 10.05% | 10.05% |
| IDBI Bank | 6.90% | 8.40% |
| Indian Bank | 7.15% | 7.15% |
| Indian Overseas Bank | 9.05 % | 9.05 % |
| Karnataka Bank | 9.85% | 9.98% |
| Karur Vysya Bank | 10.60% | 10.60% |
| OBC | 7.05 % | 10.65% |
| PNB | 7.55 % | 10.65% |
| SBI | 7.00 % | 8.80% |
| UCO Bank | 9.30% | 9.30% |
| Union Bank of India | 8.40% | 8.05% |
| United Bank of India | 10.65% | 10.65% |
Documents for Education Loan
The documents to apply for the loan in different banks can be different. You can go to your nearest bank and get information about the documents, but some common documents are as follows ;
- admit card from educational institution
- Marksheet (Previous Education – School/College)
- age proof
- ID proof
- address proof
- signature proof
- Salary slip
- Recent Bank Account Details
- recent bank details
- Proof of Turnover (Service Tax Return / Sales Receipt)
- Filled Application Form with Signature
- ITR with Income Calculation
- audited balance sheet
- latest passport size photograph
- Suitable visa for study abroad
What are some important concepts related to loans:,
Income: The main concern of lenders ( who provide loans) is your repayment capacity. In such a situation, fulfilling the income requirement of the bank is the most important thing for any loan applicant. Therefore, the higher the income, the easier it will be to apply for big loans, that too for a long time.
Age: The ease of getting a long-term loan approved for a person who still has more working-age left (in this I am not talking about new job seekers ) Whether compared to an adult person or a fresher one.
Down payment: This is the share of the loan applicant towards the payment for which he has applied for the loan. For example, if you have bought a car for Rs.10 lakh and the bank has promised you Rs.8 lakh, the remaining Rs.2 lakh is called Key Down Payment. This is paid by you.
Tenure: This is called the time limit that is given to you to complete the loan. If you are not able to repay it within that time limit, then you also have to fine for this and your coletral things can also be confiscated.
Interest: This is the amount of interest that the person taking the loan has to pay along with the principal amount. Interest rates vary from one loan to another. At the same time, sometimes from one person to another because it also depends on their credit scores.
Equated Monthly Installments (EMI): This is called the monthly repayment amount that the borrowers of the loan have to return to the bank within the pre-decided time frame. In an EMI, both the principal + interest are kept together and it is divided equally in that time frame.
Benefits of Loan
Let us know about the features and benefits of loans.
1. Having Financial Flexibility : Loans provide you financial flexibility. It provides you financial help in your time of need. On the other hand, by taking a loan, it also provides you some degree of financial freedom and also handles your everyday expenses properly, while not moving your planned budget here and there.
2. Easy availability : All types of loans are mostly approved within 48 hours, provided you have already submitted all the required documents. So they can be easily obtained.
3. Received the amount needed : Based on your income and financial history, you get the money you need.
4. Having a Convenient Tenure : While taking the loan, you can choose the time frame within which you can repay the loan. Most of the time, you get loans from 12 months to 60 months.
5. Benefits in Tax Benefits : According to the Income Tax Act of 1961, you get the facility of tax benefits in almost all types of loans.
Loan apply What are the things to keep in mind before doing it ?
Taking a loan is an easy thing, but before that you must pay attention to some things because for this you may have to repent later. Let us focus on some such aspects.
Credit score: Before applying the loan, you must check your credit history once. This credit history is a kind of record which shows the investment made by you, the loans taken and the repayment record already. This will show any bank that how is your previous track record and whether you should really give loan or not. By the way, a good credit score of 750 or above is considered.
Rate of Interest: Make sure to check the loan interest rate once before applying for the loan. Because loans that require a collateral have lower interest rates than loans that do not require them.
Processing fee and other charges: If you apply for a loan and you miss your loan payment deadlines, then you have to pay a processing and penalty fee. These fees and charges depend on the loan amount and bank.
Research to get the best rate of your loan : Research and compare with different banks ; From NBFCs so that you can know about the best interest rates, EMI, tenure and other charges.
How to Get Loan
Applying a loan in the bank is very easy. But before applying, you must know your financial situation, because in the end you also have to repay that
loan amount. Whatever your need, the decision to loan the money should be the last. If you want, you can apply online and follow their given steps, while you can also apply offline, for which you have to go to the official branch and talk to the manager and understand the loan correctly.
Read also these article below:
- sbi life insurance policy
- What is Trading or Brokerage Account
- What is Affiliate Marketing
- How to Get Women Home Loan
- what is GDP/GNP
My Final Word:
So friends, I told about the loan in this article and have also given a list of the best banks, from which you can get the loan. If you want to read the article of that list thoroughly and then decide which bank is good for you for loan, I have given the bank list of home loan, personal loan and education loan in this article.
Hope you liked this post, if you liked it, please share it with your friends and subscribe to Fastread.