Which Banks are offering the lowest interest rate on a personal loan?

The personal loan is an unsecured loan  offered  by various financial institutions such as Banks, NBFCS, and online loan apps.  Since the loan is unsecured, the interest rate is often higher than a secure loan due to the risk involved. They often (they often “what “ plz complete sentence ) 2% to 3% per month.

However, when every lender has increased interest rates, two banks still offer the lower interest rate on the personal loan.  Those two banks are Union Bank Of India and SBI. SBI is considered one of the best bank in India. We will discuss in detail to know about the personal loan of both banks. After reading, you could decide which lender to choose to get a personal loan.

SBI Personal loan

SBI personal loan’s purpose is to help the borrower in their financial needs. The personal loan does not require a security or collateral to get a loan. The loan amount is high to fulfill the financial requirement. The loan is processed fast and has quick disbursing.

• SBI offers instant loans up to Rs 15 lakhs.
• SBI personal loan rate of interest is from 8.90% to 12.00% P.A
• The processing fee is 1% of the loan amount.
• The loan tenure is up to 72 months.

Types of SBI Personal loan

1. SBI Xpress Credit Personal loan
2. SBI Xpress power personal loan
3. SBI Pension loan
4. SBI Xpress elite scheme personal loan
5. SBI Clean overdraft personal loan

The eligibility criteria for SBI instant loan

1. For Salaried Individuals

• The borrower age should between 21 years to 58 years.
• The borrower should be working in a government, private, or MNC Company.
• The borrower’s minimum monthly salary should be at least Rs 24,000 per month.
• The borrower should have a minimum of 2 years of working experience.

2. For Self-employed professionals

• The applicant should be a professional like Doctor, CA, or Architects.
• The applicant’s age should be between 21 years to 65 years.
• The applicant’s minimum annual income should be at least Rs 5 lakhs.
• The applicant business should be up and running for a minimum of 2 years.

The eligibility criteria

• Application form
• 4 Passport size photographs
• Proof of Identity ( Aadhar card, driving licenses, Voter ID Card, Passport)
• Proof of residence ( rent agreement, utility bills)
• Proof of income ( Bank statement for the last 3 months, Passbook statement for the last 6 months, Salary slips for the last 6 months, and ITRs for the last 2 years)

How to apply for SBI personal loan at Afinoz?

1. Download the Afinoz app from the Google play store.
2. Register yourself.
3. Fill out the application.
4. In the lender’s list, choose SBI.
5. Once the loan is approved, the loan amount is disbursed.

SBI is famous for offering a wide range of personal loan depending upon the borrower’s needs. If you are elderly, you could check out the SBI pension loan.

Union Bank of India personal loan

Union Bank of India is one of India’s oldest banks establishing in November 1919. Its personal loan has an affordable rate of interest, faster loan approval, and have flexible loan repayment tenure.

• Union bank offers personal loans up to Rs 5 lakhs.
• The rate of interest is from 90% to 12% P.A
• The loan repayment tenure could go up to 60 months.

Type of Union bank personal loan

1. Union personal scheme for Salaried individuals other than government employees.
2. Union personal loan – Non-Salaried
3. Personal loan under unique retail lender scheme for government employees

The eligibility criteria for Union Bank of India personal loan

1. The applicant should be above 18 years to apply.
2. The applicant should have a good monthly salary to apply.
3. The applicant should have working in a private or government institution.

Documents required

• Passport size photographs
• Duly filled application form
• PAN Card
• Proof of identity( Aadhar card, driving license, Employee ID, Passport)
• Proof of address ( Electricity bill, Rent agreement)
• Proof of income( Salary slip for the last 6 months, Form-16, the letter from the employer, Last three-year ITR, a letter from employer)

How to apply for Union Bank of India personal loan at Afinoz

1. Visit Afinoz official website or download the app from the Google Play Store or iOS store.
2. Sign up on the app.
3. Choose personal loans from various loan products.
4. Fill out the application providing personal and professional details.
5. Upload the required documents.
6. Once the verification is completed, the loan amount is disbursed directly into the borrower’s bank account.

SBI and Union Bank both have focused on offering a considerable loan amount with a low-interest rate to make sure several people could get it. The process is simple, fast, and efficient. If you need help to apply for a personal loan, drop a comment.