Top 3 Loan Products in India
Out of 93 commercial banks in India, each bank has its own set of popular loan offerings. Whether it’s a home loan, personal loan, car loan, education loan, so on and so forth, banks have wide spectrum loan packages. In our article, we are all set to cover the top 3 loan products in India.
It is highly imperative to carefully evaluate all options before applying for a personal loan. Carefully read through all the terms and conditions related to interest rates, installments, foreclosure, part payment, etc.
Here, we are discussing the following loan options only:
- Home Loan
- Personal Loan
- Education Loan
Read further to find out which loan products in India are considered the best:
- SBI FlexiPay Home Loan – This loan is specifically powered by SBI (State Bank of India) targeted at working professionals. Under this scheme, borrowers can pay just for the interest component for the first few years. This will be useful in enhancing eligibility for the sanctioned loan amount by at least 20%. State Bank of India requires you to have sufficient resources to meet down payments and also have additional funds. Banks are allowed to have only 75-85% of their property value. The maximum age for the scheme is about 45 years. However, you could pay up the loan before if you like. Its salient features include higher loan installment, low EMIs, and longer tenure.
- HDFC Bank Diva– This personal loan is specifically aimed at women borrowers with an intention to self-help! This is specifically designed for women borrowers. It provides special rights to women once it is approved and sanctioned. HFDC Bank Diva also adds online offers, products, gift vouchers and so on. HDFC is currently offering a range of only 100 products. The bank sanctions loan amount upto 3 lacs, available in 40 cities. An important criterion here is that you must be working off an average salary of 12000 or more. The salient features can be quoted as exclusivity for women, multiple options and pre-approved loan packages.
- KVB Education Loan– This education loan is meant for aspiring students by Karur Vysya Bank who finance their study courses, nationally or internationally. As a part of this education loan, a guarantor is required before granting any loans. Here, they act as joint borrowers. If the guardian has sufficient bank balance or net worth, then the bank will waive off the need for a guarantor. This is quite different from other loans where we need to bring in guarantors for security cover-up. The maximum threshold for a KVB loan is upto 7.5 lacs. For an amount over 7.5 lacs, you need to provide collateral security like a house or financial investments. There’s another privilege that comes with this type of loan. The rate of interest for female students is much lower as compared to male students. The salient features of this education loan can be quoted as the following like:
- No third-party guarantee required
- The lower interest rate for females
- Zero processing fee & flexible interest rate