How to compare Personal Loans in India?

Posted on Wednesday, December 28th, 2022 | By IndusInd Bank

A personal loan is a quick and easy way to get funds instantly, without extensive paperwork or collateral. Personal loans give you the flexibility to use credit for any purpose – be it for a wedding or medical expenses or a vacation. Another reason why the demand for a personal loan has shot up following the Covid-19 pandemic is that more and more people now want to keep their savings and long-cherished fixed deposit intact. They prefer borrowing credit instead of dipping into their savings.

If you are considering a personal loan to meet your upcoming expenses, you are at the right place. Here, we will tell you how to select the best personal loan for your needs. We will also explore the preferred personal loan provider, and how can you get an instant personal loan online at low interest rate and flexible tenure.

How to compare Personal Loans?

While selecting a personal loan that meets your requirements, it is important to take time and go through what various lenders have to offer.

Here are 5 points you should check and compare before you proceed with a personal loan.

1. Application process and eligibility criteria – If you are seeking emergency funds, application process should be a crucial factor in deciding the lender. Tedious paperwork and frequent bank visits can delay the sanctioning of your personal loan. To prevent this from happening, IndusInd Bank offers you the ease of applying for a personal loan online. Indus Easy Credit is the easiest way to obtain an instant personal loan with minimal paperwork and speedy processing.

2. Interest rate – Borrowing money comes with a cost, and interest rate is the price you pay for taking a loan. The interest rate of your personal loan will determine the total cost of your loan, and how easily can you be debt free. IndusInd Bank understands this, and offers attractive interest rate on personal loans to its customers.

3. Processing fee – Processing fee is the cost that the administration of the bank bears while processing a loan. This fee can either be paid up front, or deducted from the loan amount at the time of disbursal. A hefty processing charge will make your personal loan costlier. Hence, IndusInd Bank personal loans have one of the lowest processing fees in the industry.

4. Loan tenure and EMI options – Choosing the wrong tenure could lead to financial hardship and increase the risk of defaulting on payments. Before selecting a tenure and an EMI option, take your income, needs and repayment capacity into account. IndusInd Bank offers a flexible loan tenure ranging from 1 to 6 years so you can repay the personal loan comfortably. You can also use the IndusInd Bank Personal Loan EMI Calculator before making the decision.

5. Disbursal duration – If the funds are needed urgently, the speed of disbursal becomes decisive. IndusInd Bank’s simple paperwork and quick processing results in speedy disbursal, making our personal loans a quickest way to get credit.

Top personal loan provider in India

IndusInd Bank Personal Loans offer simple documentation, quick processing, and speedy disbursal – making it the top personal loan provider of India. There’s no need for collateral or guarantors to avail an instant personal loan from IndusInd Bank. A flexible loan tenure between 12 to 60 months, low interest rate, doorstep banking and transparent approval process make us the most preferred bank for personal loans.

How to apply for instant personal loan online at low interest rate?

Getting a personal loan from IndusInd Bank is a simple process. Visit Indus easy credit and enter your PAN, Aadhar-linked mobile number, email address and your current pin code. Verify your mobile number by entering the OTP sent to your mobile number. You will be redirected to a page where you may select the amount, tenure and payment methods for your loan. Next, you will have to fill the application form with all the required details. A trained official from IndusInd Bank will reach out to assist you in the sanction and disbursal of loan.

Yes, it is that easy to get a personal loan from IndusInd Bank! Click here to apply now.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.