Personal loans are finances offered by companies for immediate personal needs of people. Personal loan acts are the perfect medium for smoothening up the cash flow in terms of rigidity in financial condition. People will have to identify their requirements and should accordingly choose the type of personal loan that can meet their requirement.

A number of financial companies are offering the service of personal loan to needy people. It is highly important to choose the right company for meeting the personal loan requirements particularly with competent rates. Depending on the practice and credit history of the company, people can go for either unsecured or secured personal loan. Here are some tips to choose the perfect personal loan for your requirement:

Tips for choosing the perfect personal loan:

• It is better to check your credit report before applying for personal loan

• Budget planning and sticking to it is highly essential

• Borrowing should be done according to your need and extra funds should not be borrowed

• Analyze well about the interest charged by the company before going for personal loan

• Check the payment delivery charges levied by the company since some company charges early payments

• Ensure whether you will be able to repay the loan before going for it

Now, the question arising in your mind would about the top players in the personal loan sector in India. The names of top financial companies offering personal loan are given below:

Top five personal loan finance companies:

• State Bank of India

• AXIS Bank

• ICICI Bank

• Punjab National Bank

• UCO Bank

To explore more details about these top personal loan finance companies, read on the content given below:

State Bank of India:

State Bank of India offers personal loan in a customized manner that enables individuals to meet different types of personal expenses. These personal loans are offered at an interest rate that are quite competitive with no repayment penalties, no administrative and hidden charges. In addition, personal loans are offered by SBI at easy repayment term.

AXIS Bank:

Axis bank offers personal loan for professionals, self-employed individuals and salaried people. They have a very easy loan processing system with fast approval and easy documentation facilities. The personal loan offered by Axis bank is called as personal power and the interest rate at which this loan is offered for salaried personnel is 15%, while for self-employed people it is offered at 23% interest rate.

ICICI Bank:

ICICI Bank offers personal with fast processing formalities and the loan is offered with attractive rates of interest along with 12-60 months repayment choices. They are offering personal loan as term loan with a minimum interest rate of 12% and maximum interest rate of 14% for salaried personnel and 22% and 24% respectively for self-employed personnel.

Punjab National Bank:

Punjab National Bank offers personal loans to state/central government employees, ITBP, CISF, CRPG and BSF employees and for permanent defence personnel. These personnel are offered with the facility of repayment of personal loan in the residual period of services or 60 EMIs, whichever is earlier.

UCO Bank:

UCO Bank offers personal loan scheme that is suitable for meeting different personal needs like traveling, medical expenses and marriage and the personal loan can be repaid in 48 EMIs. They are offering personal loan for a minimum tenure of 12 years at an interest rate of 13.5% and they take just 7 days for meeting the personal loan requirement of their customers.

In addition to these top five players in the personal loan finance field, the other top players include HSBC Bank, IDBI Bank, Standard Chartered Bank, Andhra Bank and HDFC Bank. These banks also offer personal loan at attractive rate of interest.