Top 10 Personal Loan Banks and NBFCs in India (2024)

Looking for the best personal loan bank? Read this article to know about the names and interest rates of the best personal loan banks list.

Top_10_Personal_Loan_Banks_and_NBFCs

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Introduction

Unsecured low-interest personal loans are a common way to get the money you need right now. Its versatility makes it suitable for various uses, including weddings, house renovations, vacations, and more. Additionally, the sum borrowed has no restrictions and can be used for any use the borrower chooses. 

In contrast to other types of borrowing, a personal loan can accelerate the process of building your credit. This is due to the risk that comes with it because it is unsafe. Our specialists will help you understand which banks are the finest for instant personal loans with our personal loan bank list. Continue reading.

If you are looking for an instant loan, you should consider the following:

• IndusInd bank

• PaySense

Best Bank For A Personal Loan - Private

HDFC Bank provides a range of loan sizes and payback schedules ranging from 12 to 60 months for up to 15,00,000.

Best Bank For A Personal Loan - Government

SBI Bank provides a range of loan sizes, payback schedules ranging from 12 to 60 months, and multiple ranges based on the category.

Best 9-11% Interest Bank For A Personal Loan

IDBI provides a range of loan sizes and payback schedules ranging from 12 to 60 months and a range of >=25,000 to <=5,00,000.

Best 11-14% Interest Bank For A Personal Loan

Axis Bank provides a range of loan sizes and payback schedules ranging from 12 to 60 months and a range of >=50,000 to <=20,00,000

Best Instant Disbursal Bank For A Personal Loan

Bajaj Finserv provides a range of loan sizes and payback schedules ranging from 12 to 60 months for upto 25,00,000 within 48 hours.

10 Best Personal Loan Banks List In India

Below mentioned is a personal loan bank list with interest rates for your understanding:

1. HDFC Bank Personal Loan

Get instant approval within 5 minutes and find the best offers for salaried, self-employed people looking for loans up to 15 lakhs with 5 year repayment period and at the lowest interest rates only on HDFC Bank. Whatever your need, whether it be for a medical emergency, a wedding, a foreign vacation, travel, the purchase of a consumer durable, refurbishment, or the acquisition of real estate, HDFC Bank Personal Loans can assist you whenever and wherever you need them.

Interest rate	10.50% p.a. to 21.00% p.a.
Minimum age	21 years
Maximum age	60 years
Minimum income	Rs.15,000 net monthly income. (Rs.20,000 for residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru)
Processing fee	Up to 2.5% of the loan amount (minimum of Rs.1,999 and maximum of Rs.25,000)
Loan amount	Up to Rs.15 lakh
Loan tenure	12 to 60 months
Loan disbursal time	2 days

2. Bajaj Finserv Personal Loan

The most diverse non-bank in the nation, Bajaj Finserv finances the broadest range of results and supports the most ambitious goals of its clients. India's most well-known non-banking financial institution is Bajaj Finserv Ltd. Whatever your objective, Bajaj Finserv Lending has the potential to help you whenever you need it, whether it's the desire for a larger lifestyle, purchasing a home, taking that well-earned family vacation, growing your business, or making that significant acquisition.

Interest Rates	13% onwards
Processing fees	Upto 4.13%
Foreclosure Charges	Upto 4% post 1st EMI clearance
Repayment Options	Upto 5 years
Maximum loan amount	Rs.25 Lakh
Part Payment Charges	2% on part-payment amount paid + GST
Turn Around Time	48 hours

3. SBI Personal Loan

One of the largest lenders in the nation, the State Bank of India, provides a variety of low-interest personal loan programmes to assist you when you're in need. The three personal loan types offered by the State Bank of India are SBI Pension Loan, SBI Xpress Credit Personal Loan, and SBI Kavach Personal Loan.

SBI Pension Loan

All Central and State Government Pensioners, Defense Pensioners, and Family Pensioners are eligible. Get a loan for a child's wedding, to pay for a house, to go on vacation or abroad, or for medical care. You may apply for a pension loan at any SBI Bank location.

Loan Facility	Term Loan
Processing Fee	NIL till 31.03.2022
Security	NIL
Pre Payment Penalty	3%
Loan Amount	7.50 Lakh – 14 Lakh for Central & Defence, 2.50 to 5 Lakh for Family Pensioners.
Loan Tenure / Repayment Period	Up to 5 Years / 60 Months
Rate of Interest	9.75% - 10.25%
AGE	Not more than 76 Years

SBI Xpress Credit Personal Loan

A unique personal lending programme for owners of SBI payroll accounts. Obtain a loan for a wedding, a trip, an emergency, or the planned purchase of electronics, technology, or other items. SBI's Xpress Credit Scheme offers immediate approval and little documentation with timely disbursal.

Loan Facility	Term Loan / Overdraft
Processing Fee	NIL till 31.03.2022
Security	NIL
Pre Payment Penalty	3%
Loan Amount Maximum	Upto 20 Lakh / up to 5 lakh
Loan Tenure / Repayment Period	Up to 5 Years / 60 Months
Rate of Interest	9.60% - 11.35% p.a

SBI KAVACH Personal Loan

It's a unique personal financing programme for those diagnosed with COVID and need treatment for themselves or a family member as of or after April 1, 2021.

Loan Facility	Term Loan
Processing Fee	NIL
Security	NIL
Pre Payment Penalty	NIL
Loan Amount	25000 – 5 Lakh
Loan Tenure / Repayment Period	Up to 5 Years / 60 Months
Rate of Interest	8.50% p.a

4. Tata Capital Personal Loan

You may obtain a loan of up to Rs. 25,000,000 with Tata Capital's Flexi EMI Personal Loans for a maximum term of five years. You can receive a loan for a foreign vacation, your child's schooling, home improvement, your marriage or wedding, the payback of a previous loan, an emergency, or to purchase that special gift for a loved one.

Interest Rates	10.99% – 19.75%
Max. Loan Amount	25 Lakh
Processing Fees	upto 3%
Prepayment Charges	4.5%
Min. Income	Rs.15000/- p.m
Loan Repayment	6 Years

5. Axis Bank Personal Loan

Loans from Axis Bank Personal Loan can satisfy all of your needs. Rs 50,000 to Rs 20 lacs are available in loans, and there are no restrictions on how they may be used. There is also a straightforward application process that requires little documentation and speedy approval.

Interest rate	12% p.a. to 21% p.a.
Minimum age	21 years
Maximum age	60 years
Minimum income	Rs.15,000
Loan amount	Up to Rs.50,000 to Rs.20 lakhs
Loan tenure	12 to 60 months

6. Canara Bank Personal Loan

Canara Bank provides low-interest personal loans for various purposes, including company expansion, building your ideal house, providing for your children's best education, and your daughter's wedding, holidays, and vacations. A hassle-free experience, Canara Bank Personal Loan is accessible with interesting incentives, simple repayment alternatives, and low-interest rates.

Interest rate	12.40% p.a.
Minimum age	21 years
Maximum age	60 years
Minimum income	Rs.10,000
Loan amount	Rs.3 lakh or gross salary for 10 months, whichever is lesser
Loan tenure	Up to 48 months

7. Mahindra Finance Personal Loan

Mahindra Finance Personal Loans offer a simple and hassle-free alternative for obtaining a personal loan. You may apply for the loan without collateral and use it for anything from a wedding to a vacation loan to meet your credit demands.

Interest rate	Up to 26% p.a.
Minimum age	21 years
Maximum age	58 years
Minimum income	Information not provided
Loan amount	Up to Rs.3 lakh
Loan tenure	Up to 3 years

8. IDBI Bank Personal Loan

Online personal loans from IDBI Bank are available to salaried borrowers with features like loans up to 5 lakhs, adjustable interest rates, and more. Get a Personal Loan for Self-Employed Professionals from IDBI Bank at a competitive interest rate. A personal loan is available for weddings, vacations, home improvements, emergencies, and special doctor offers.

Interest rate	8.15% - 10.90% p.a.
Minimum age	21 years
Maximum age	60 years
Minimum income	Rs.15,000
Loan amount	Rs.25,000 to Rs.5 lakh
Loan tenure	12 to 60 months

9. Indian Overseas Bank Personal Loan

You no longer have to be frugal when organising your ideal wedding, getaway, upgrading your house, or paying for your child's schooling. Indian Overseas Bank has the perfect option that enables you to have huge dreams.

Interest rate	10.80% p.a.
Minimum age	21 years
Maximum age	60 years
Minimum income	Above Rs.5,000
Loan amount	Up to Rs.5 lakh
Loan tenure	Up to 60 months

10. ICICI Bank Personal Loan

ICICI Bank offers a comprehensive range of loan solutions to meet your needs. Personal loans from ICICI Bank are simple to apply for and completely hassle-free. You may now obtain a loan for up to Rs. 20 lakhs with the least amount of paperwork. Your one-stop shop for achieving your financial goals is an ICICI Bank Personal Loan!

Interest Rates	11.59 - 17.50%
Processing Fee	Rs.999 for Special offers otherwise, 1% - 2.5%
Foreclosure charges	Nil – 5.00%
Repayment	5 Years
Loan Amount	20 Lakh
Min. Income	20000 pm

Documents Required In The Best Personal Loan Bank List

You must submit the following paperwork to apply for the best personal loan available in India:

• Application for a personal loan, properly completed and signed.
• Two current passport-size photos.
• A cheque for processing fees.
• A passport, driver's licence, Aadhaar card, voter ID, PAN card, etc., are all acceptable forms of identification.
• Passport, Aadhaar card, driver's licence, voter ID, leave and licence agreement, most current utility bill, etc., are all acceptable forms of address evidence.
• Proof of income for salaried applicants: salary slips from the previous two months or a current salary certificate, a recent Form 16, bank statements from the previous three months of the salary account, or a passbook from the last six months.
• For candidates who self-identify as self-employed, examples of income include P&L statements, bank statements from the most recent six months of current accounts, ITRs, computations of income, balance sheets, etc.
• For self-employed candidates, additional papers include verification of office location, housing or office ownership, and evidence of business continuity.

Eligibility For The Best Personal Loan Bank List

The best personal loan banks in India frequently have the accompanying passing prerequisites:

• The base age for candidates while applying for a loan is 21. Self-working individuals require a base age of 25.
• Candidates who are employed should not be more than 60 years of age to avail of the loan. When the loan becomes due, the self-employed candidate's maximum age should be under 65.
• The candidate might be a paid individual (employed by a respectable government office or private venture), an independently employed individual (like a specialist, sanctioned bookkeeper, draftsman, etc), an independently employed non-individual, or an entrepreneur.
• To qualify, you should reside in India.
• For the best personal loan options in India, your credit score should be somewhere around 750.
• Your month-to-month pay ought to be essentially Rs. 25,000.
• No less than two years of business experience is expected

How To Apply For A Personal Loan?

The main procedures for applying for a personal loan are listed below:

Offline Request: Visit any nearby bank offices and submit the personal loan request form with the relationship manager's assistance.

Online Application: Sending a loan request is simple if you already have an account with the bank where you want to acquire a personal loan. The request may be managed through the net banking facility. On the other hand, you may still apply for a personal loan online on the bank's website if you don't have an active net banking service with the relevant bank.

Online Financial Marketplaces: You may examine the personal loan features supplied by many banks and NBFCs on one platform using online financial marketplaces, and then you can take advantage of the best personal loan offer based on your credit score and monthly income, employer's profile, etc. 

These markets spare you from visiting and applying through several bank websites and/or physical locations and the possibility of any adverse effects on your credit score that goes along with that. For instance, you may evaluate the characteristics of personal loans given by more than 30 banks and NBFCs and take advantage of the best personal loan offer based on your credit score and other factors of your credit profile.

Phone Banking and Email Requests: Customers can email the bank's customer service department or call them directly to submit requests related to personal loans. The bank would assess your creditworthiness and then contact you to continue the conversation.

Application through ATM Machine: A few banks enable their pre-approved/pre-qualified clients to apply for personal loans via ATMs.

How To Choose The Best Personal Loan?

• Compare the interest rates: A small rate variation in the loan fee can fundamentally impact the general expense of the credit over a couple of years. So search for the best banks for modest interest rates on individual loans and look at their loan financing costs.
• Check the eligibility criteria: While searching for the best bank in India for a personal loan, go with a moneylender whose qualifications are easy to fulfil. Accordingly, the work expected to get cash will decrease, and the confirmation and endorsement cycles will go rapidly.
• Check for additional charges: Get some information about any extra expenses related to the loan that is excluded from the financing cost and handling charge. A few banks might force additional charges, for example, desk work costs, check expenses, and different duties, expanding the proposition's expense.
• Check the documents requirement: The last thing anyone expects to do while availing of a loan is to gather the paperwork and fill out the forms. While contrasting different individual credit types, set aside some margin to audit the documentation needs of the best loaning bank in India.
• Choose a flexible tenure: Ensure the loan time frame accommodates your financial situation. Search for the best loan proposals with flexible terms to fan out your EMIs over a suitable period for credit reimbursement.

Frequently Asked Questions

Which bank gives a personal loan without checking CIBIL?

IDBI Bank provides a personal loan without checking the CIBIL score of the person. All an individual is supposed to do is fill in the necessary documents and meet their eligibility criteria.

What does the EMI for a 3 lakhs personal loan depend upon?

EMI for a 3 lakhs personal loan shall depend upon the bank's interest rate and the loan's tenure.

Is LAP required for applying for a personal loan?

It differs from bank to bank. While some bank asks for a LAP while applying for a personal loan, others don't. Therefore, it is always recommended to go through the company website or have a detailed discussion with the loan officer before applying for a personal loan.

Conclusion

With so many personal loans available, you have more options for getting fast cash loans, which makes it simpler for you to do so. One may find a wide range of options, from payday loans in India and fast loans in India to salary advance loans, by conducting a short online search for quick cash loans in India and comparing the various cash loan applications in India. Obtaining an instant personal loan is now simpler than ever with this personal loan bank list with interest rates.

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