You must want to borrow a loan from a public sector union bank in India, and PSU’s are known to provide loans at a lower income. The applicant with a minimum salary of INR 10,000 can apply for a personal loan in a PSU bank. Read the given article to know the PSU bank list in India that offers the best personal loans to the customers.
Top PSU bank list in India for loans
There are 23 PSU banks in India out of which the below-mentioned banks give the best loans to the customer to fulfill their financial needs. Look at the PSU bank list in India for the best personal loan.
State Bank Of India: You can get a personal loan from SBI the top PSU in India whether you are salaried, pensioner or self-employed. SBI provides loans up to INR 20 lakh or 24 times the application net monthly income. All the defense, military or PSU employees whose pension is maintained at SBI are eligible for the pension loan. The age of the pensioner or family pensioner should be below 76 years to apply for the loan.
Bank Of India: Another bank that takes care of your financial needs is Bank Of India. And, it comes under the best PSU bank list in India for its fixed rate of interest. The bank provides personal loans to all the individuals whether they are salaried self-employed or pensioners at a starting rate of interest of 11.70%.
Bank Of Baroda: The applicants whose salary is disbursed in the Bank Of Baroda or having a relationship with the bank for at least 1 year can apply for a loan. Using the personal loan they can borrow 60% of their gross monthly income otherwise non-BOB applicants can avail 40% of their gross monthly income. Interest on the BOB personal loans ranges from 11.40% to 16.40%.
Now, you know that from which PSU bank list in India the best bank is for your loan. Then use the loan to pay debts, manage expenses for medical emergencies, weddings and travel.
Apply for a personal loan from the PSU bank list in India
Go to the nearest PSU bank branch and apply for a personal loan by filling the loan application form. Submit the duly filled loan application form along with a few documents and these are the user Aadhar card, PAN card, salary slip and bank statement. You just need to submit your ID proof and income documents to get a loan from the PSU bank in India.
And after completing the documentation process, you are required to pay certain charges for your personal loan that includes mainly the processing fee that is 1% -2% of the loan amount. The minimum processing fee for the PSU bank personal loans is INR 1,000 and a maximum of INR 10,000. When loan is disbursed in the account after that, you can pay the interest and principal amount in equated monthly installments. EMI can be paid through ECS, NACH or auto-debit methods.