Best Banks For Personal Loan
Apply for the best personal loan offers from top lenders at the lowest interest rate and processing fee. Minimal documentation required for meeting personal loan eligibility. HDFC, ICICI, Bajaj Finserv, Tata Capital, and Kotak Mahindra are some of the banks that offer best personal loans in India.
SBI E Mudra Loan Details
| Bank | Interest Rate (p.a.) | Processing Fee |
| HDFC | 10.75%- 15.25% | Up to 2.50% of loan amount |
| ICICI | 10.50%-19% | Up to 2.50% of loan amount + GST |
| Bajaj Finserv | 13% p.a. onwards | Up to 4% of the loan amount + taxes |
| SBI | 9.80% - 12.30% | 1.50% of the loan amount + GST |
| Kotak Mahindra | 10.99% - 24% | 0.75% of Loan Amount |
| YES Bank | 10.99% onwards | Up to 2.50% of the loan amount + taxes |
| Tata Capital | 10.99% onwards | Up to 2.75% of the loan amount + GST |
| Axis Bank | 10.49% - 24% | Minimum Rs. 3,999 |
| IDFC FIRST | 10.49% - 24% | Up to Rs. 9,999 |
| PNB | 9.80% - 14.65% | Up to 1% of loan amount + GST |
Documents Required for Best Personal Loan
- Personal loan application form - duly filled and signed.
- 2 recent passport size photographs.
- Processing fee cheque.
- Identity proof (any one): Passport, Driving License, Aadhaar Card, Voter ID, PAN Card, etc.
- Address proof (any one): Passport, Aadhaar Card, Driving license, Voter ID, Leave & License Agreement, recent Utility Bill, etc.
- Income proof for salaried applicants: Salary slips of the last 2 months/ current dated salary certificate, recent Form 16, bank account statements of the last 3 months of the salary account or passbook of the last 6 months.
- Income proof for self-employed applicants: P&L statements, bank account statements of last 6 months of current account, ITR, computation of income, balance sheet, etc.
- Other documents for self-employed applicants: Proof of office address, residence/ office ownership proof, and proof of business continuity.
Eligibility for Best Personal Loan
- Minimum age: The Personal loan to Salaried Applicants minimum aged should be 21 years when applying for the loan. The minimum age required for self-employed is 25 years.
- Maximum age: Salaried applicants must not be aged above 60 years when the loan matures. The maximum age of the self-employed applicant should be below 65 years when the loan matures.
- Occupation: The applicant can be a salaried individual (working with a reputed government or private company), a self-employed non-professional, self-employed professional (like doctor, chartered accountant, architect, and so on), or a business owner.
- Nationality: You must be an Indian resident to be eligible.
- CIBIL score: Your Credit Score should be at least 750 or above to get the best option for personal loan in India.
- Minimum income: Your minimum monthly income should be Rs. 25,000 or above.
- Minimum work experience: You must have worked for at least 2 years, and a minimum of 1 year should be served with the current employer.
How to Apply for a Personal Loan at Ravikash?
- Fill the online application form under the Personal Loan page given under the Loans dropdown menu on our website.
- Enter all the required personal details, including the name, address, employment, income, contact number, email id, loan requirement, etc.
- An OTP will be sent to your mobile number registered with use. Use this OTP to verify your identity.
- Now you can access the best personal loan offers according to your preferences and eligibility.
- You can apply or e-connect for the loan at the preferred lending partner from the displayed options on the website.
- Our personal loan experts will call you to assist you at each step from application to disbursal.
- A doorstep documents pick-up will be scheduled for you. Keep the required documents ready at this stage.
- After submitting your personal loan application along with the required documents, we will follow up with the lender on your behalf for a timely loan disbursal.
- We are partnered with 100+ best loan providers in India, offering you the best available personal loan deals online in the quickest time possible.
How to Choose the Best Personal Loan?
- Visit the SBI mudra loan online portal and click on the ‘Proceed’ button.
- Click on the ‘Ok’ button after reading the instructions given in Hindi or English language.
- Now, you will be redirected to a new page where you will have to enter some details like your mobile number, SBI savings or current account number, and required loan amount.
- Click the ‘Proceed’ button after entering the required details.
- Then fill the online SBI mudra loan application form and upload the required documents.
- Accept the Terms & Conditions with an e-sign.
- Provide your Aadhaar number to give consent for using your Aadhaar for e-sign.
- Now, you will receive an OTP on your registered mobile number. Enter it in the given space to complete your loan application.