Comparing Personal Loans from Top Banks for 3 Lakhs

You can get a Rs 3 lakh personal loan from most of the scheduled commercial banks, as well as NBFCs offering personal loan facility. With digital KYCs in place, the approval-to-disbursal time for personal loans has reduced significantly with all lenders expediting the processes for a smoother customer experience.

Many banks offer an instant loan without CIBIL to new customers, as well as to the existing clientele. There is a high chance that a bank or NBFC will offer you a pre-approved personal loan without documentation if you have a good CIBIL score with minimal-to-moderate liabilities. Most of the pre-approved personal loan offers don’t require CIBIL, while some may involve soft inquiries to check recent repayment patterns.

Rs 3 lakh Personal: Interest Rate, Processing Fee & Other Charges

When should you take a personal loan?

1. Personal loans can be extremely helpful in almost all credit-deficient situations provided that you’ve enough funds to begin the repayment after a month or 50 days from the date of disbursal.
2. There is absolutely no boundation on the usage of personal loans as the proceeds can be utilised for bearing travel expenses, wedding expenses, healthcare emergencies, seasonal job losses, monetary requirements for home renovation, meeting the shortfall for children’s higher education, etc.
3. However, all banks and NBFCs advise personal loan customers to refrain from manipulative and speculative activities using the funds from a personal loan.
4. Many individuals are now progressively taking a personal loan for debt consolidation, it could be multiple loans or cumulative debt of 3-4 credit cards.
5. Bundling credit card debt into a single loan is a cost-effective alternative as the annual percentage rate (APR) on credit card outstanding usually exceeds 36% and stretches up to 48% p.a., while personal loan interest rates typically hover between 10% and 18% p.a.

Rs 3 Lakh Personal Loan EMI Comparison of Top 5 Banks

Personal Loan Eligibility

1. The basic eligibility requirements include a CIBIL score in good shape, ideally over 650; stable source of income, low debt-to-income ratio, undisturbed repayment history and a low credit utilisation ratio.
2. There can be instances when a person earning in lakhs may be denied a personal loan if debt to income ratio exceeds 70-80%.
3. You should try obtaining a small-ticket loan, or salary advance credit or a secured credit card If you’re new to credit or don’t possess a credit score. These credit facilities can help build you a credit history, effectively generating your CIBIL score and making you eligible for a vast range of credit solutions.

How to identify the best bank for personal loans?

1. Shortlisting a bank or NBFC for obtaining a personal loan is the only task that can consume some time as lenders are now readily willing to approve or reject personal loan applications instantly, while some may take a couple of hours to a day’s time.
2. Personal loan disbursals followed by quick approvals happen in a few minutes to hours as Rs 3 lakh personal loan or personal loans of small-ticket size are getting disbursed instantly.
3. You should prioritise your selection criteria starting from interest rate, processing fee to other applicable charges in order to identify the best bank or NBFC for personal loan.
4. A bank which is offering the lowest possible interest rate is ideal for you irrespective of the interest rates prevalent in the market as a lower rate will translate into moderate interest charges over the period of repayment tenure.
5. Processing fees, prepayment charges, and non-repayment penalties are other key elements that you should consider while selecting a lender for a personal loan. A bank offering a personal loan low interest rate, alongside a processing fee waiver can be a double bonanza for borrowers.