Personal Loan
Top 10 Banks for Personal Loan in India 2019
02 May 2019 5 min read
Personal Loan: Top 10 Banks for Personal Loan in India 2019

Because of the increasing cost of living, you would have experienced that it has been becoming difficult to manage your expenditure smoothly. As a result, an increasing number of people are now opting for a personal loan rather than dipping into their savings, when there is a cash crunch.

About Personal loan

Personal loans are unsecured loans issued to both salaried and self-employed individuals to fulfill their general household expenditures that are urgent and immediate in nature. Unsecured loans are not supported by any asset as collateral and are issued on the basis of key criteria such as income level, credit history, repayment capacity etc. However, the rate of interest on personal loans is higher than that on secured loans. You can get a best personal loan for expenses like renovation of your house, vacations, medical bills, lavish Indian marriage, or miscellaneous expenses.

Most public and private banks and NBFCs (Non-banking financial companies) offer best personal loan in India. You should conduct a detailed comparison of personal loan interest rates, processing fees, pre-closure charges, eligibility criteria and other such important factors before choosing the best bank for an a personal loan.

Best Personal loan Interest Rates November 2018

Banks Interest Rates
HDFC Bank 10.99 – 20.75%
ICICI Bank 10.99 – 16.50%
SBI Bank 11.75% - 14.75%
Fullerton India 14.00 – 33.00%
Bank of India 12.80% - 13.80%
IndusInd Bank 12.99 – 17.00%
Standard Chartered 12.00 – 17.00%

Apply Personal Loan

 

Let’s take a look at the list of 10 best banks for availing a personal loan in India.

State Bank of India personal loan

SBI personal loan is available for all salaried professionals and self-employed individuals. It offers personal loan under three categories – Xpress Credit Loan, SBI Pension Loan, SBI Saral Personal Loan.

State Bank of India (SBI) Xpress Credit Personal Loan

Loan amount

Up to Rs. 15lacs

Age

21 to 60 years

Interest rate

11.75% - 14.75% p.a.

Processing fee

1% of the loan amount + applicable tax

Minimum income requirement

Rs. 5000 per month

Loan tenure

Maximum 60 months or residual service period whichever is less

 

State Bank of India Personal Loan for Pensioners

Interest rate

12.40% p.a.

Maximum age

76 years

Loan amount

Rs. 25,000 to Rs. 14 Lacs

Loan tenure

Up to 84 months

 

State Bank of India Saral Personal Loan

Interest rate

From 11.85% to 14.70% p.a.

Age

21 to 60 years

Minimum income requirement

Rs. 5000 per month

Loan amount

Rural areas or semi-urban centres:Rs.10,000 to Rs.10 lacs;Metro and urban centres:Rs.24,000 to Rs.10 Lacs

Loan tenure

Up to 48 months

Why should you apply for SBI personal loan?

  • The bank offers loan under various categories

  • The largest network makes it an accessible loan option for people residing across the country
  • Comparatively lower interest rates

ICICI Bank Personal Loan

ICICI Bank offers personal loans at attractive interest rates starting from as low as 10.99% p.a. In fact, the interest is charged on a reducing balance i.e. interest will be calculated on the outstanding loan balance every month. The notable features of ICICI bank personal loan are as under.

Interest rate

10.99% to 17.99% p.a.

Age

For salaried: 23 to 58 years; self-employed: 25 to 65 years

Loan amount

Up to 20 Lacs

Processing fee

Up to 2.25% p.a. of loan amount + GST

Prepayment charge

5% p.a. of principal outstanding + GST

Loan tenure

From 12 to 60 months

Why should you apply for ICICI Bank personal loan?

  • The bank offers one of the best deals in the industry
  • The lowest interest rate of 10.99%
  • Instant and hassle-free loan
  • Flexible tenure ranging from 12 months to 60 months
  • Full freedom to use the money for any purpose

HDFC Bank Personal Loan

HDFC is a leading private sector bank that offers various banking products at an affordable price. You can take up to Rs. 15 lacs personal loan in case you are self-employed without having a guarantor or collateral security. Important features of HDFC bank personal loan are as follows.

Interest rate

From 15.00% to 20.99% p.a.

Age

From 21 to 60 years

Minimum income requirement

Rs. 15,000 per month

Processing fee

Up to 2.5% of the loan amount with a minimum of Rs. 1,999

Loan amount

Up to Rs. 15 Lacs

Loan tenure

From 12 months to 60 months

Why should you apply for HDFC Bank personal loan?

  • Zero hidden charges, lowest processing fee, and convenient repayment process
  • Minimal paperwork and documentation
  • Special offers for top corporate personnel

Kotak Mahindra Personal Loan

Kotak Bank offers personal loans to all individuals whether they are salaried or self-employed. You can avail Kotak’s personal loan for sudden and unavoidable expenses like a wedding, child’s education, home renovation, travailing, etc. Important features of Kotak Mahindra Personal Loan are as under.

Interest rate

From 10.99% to24% p.a.

Age

From 21 to 58 years

Loan amount

Up to Rs. 15 Lacs

Loan processing charge

Up to 2.5% of the loan amount + GST and other applicable statutory levies

Prepayment charge

Lock in period for 12 months. After 12 months, 5% foreclosure charge + GST on principal outstanding

Loan tenure

Up to 60 months

Why should you apply for Kotak Mahindra Personal Loan?

  • You can take a personal loan ranging from Rs. 50,000 to Rs. 15,00,000
  • Hassle-free and quick approval
  • Kotak Mahindra Bank allows you to refinance any existing personal loan
  • No collateral or security required

Axis Bank Personal Loan

Axis Bank offers great features and benefits on its personal loans such as flexible repayment tenure, lower processing fees, attractive interest rates, etc. Some important features of Axis Bank personal loan are as under.

Interest rate

From 15.5% - 24% p.a.

Processing charge

1.5% to 2% + GST as applicable

Prepayment/foreclosure charge

Nil

Age

21 – 60 years

Income requirement

Rs. 15,000

Loan amount

Rs. 50,000 to 15 Lacs

Loan tenure

Up to 60 months

Why should you apply for Axis Bank personal loan?

  • Minimum monthly income requirement
  • Quick approval with minimal documentation
  • No foreclosure charges

Citibank Personal Loan

Citibank offers personal loan for salaried class at a lower interest rate compared to the self-employed class. Some notable features of Citibank personal loan are as under.

Interest rate

From 10.99% to 17.99% p.a.

Loan amount

Up to Rs. 30 Lacs

Processing fee

Up to 3%

Late fee

24% p.a.

Pre-closure charge

4%

Loan tenure

1 to 5 years

Why should you apply for a Citibank personal loan?

  • The special interest rate for salaried individuals
  • Minimal documentation for Citibank customers
  • Full and part-prepayment options
  • The fixed interest rate for predictable monthly payments

Bajaj Finserv Personal Loan

Bajaj Finserv is a leading NBFC (Non-Banking Financial Company) that offers a wide range of products. It offers personal loans at the competitive interest rate for several personal requirements. Some notable features of Bajaj Finserv personal loan are as under.

Interest rate

From 13.99% to 16% p.a.

Processing fees

2.25% to 3%

Age

25-58 years

Minimum income requirement

Rs 30,000

Loan amount

Up to Rs. 25 Lacs

Loan tenure

12 to 60 months

Why should you apply for Bajaj Finserv personal loan?

  • No charge for partial pre-closure
  • Flexible repayment term
  • Instant disbursal within 48 hours
  • The loan procedure is an entirely online process

Bank of Baroda Personal Loan

Bank of Baroda offers personal loan for both salaried and self-employed individuals. The loan amount can be up to Rs. 10 lacs, depending upon your eligibility. Some prominent features of Bank of Baroda are as follows.

Interest rate

From 11.60% to 16.60% p.a.

Processing fee

2%

Pre-closure Charges

6% in case within 6 months, after 6 months no charges

Loan tenure

4 years

Loan amount

Up to 10 lacs

Why should you apply for Bank of Baroda personal loan?

  • No pre-closure charges after 6 EMIs
  • The best option for borrowers who want to avail personal loan as small as Rs. 20,000
  • Low processing fee with 2%

Standard Chartered Personal Loan

Standard Chartered is one of the best online personal loan providers in India. The bank offers personal loan for various expenses which include vacations, daughter’s wedding, home renovation, higher education, etc. Some prominent features of Standard Chartered personal loan are as under.

Age limit

From 23 to 58 years

Interest rates

From 10.99% to 19% p.a.

Loan amount

Up to 30 lacs

Processing fee

1%

Pre-closure Charges

Nil

Loan tenure

From 12 to 60 months

Why should you apply for Standard Chartered Personal Loan?

  • Easy process to apply online
  • Lower interest rate starting from 10.99%
  • Flexible repayment tenure
  • No collateral, no security, no guarantor required

Tata Capital Personal Loan

Tata Capital is one of the leading NBFCs (Non-Banking Financial Companies) in India. It provides personal loans to both salaried professionals and self-employed individuals. Tata Capital’s personal loan comes with several benefits like simple documentation, no collateral, no restriction to use. Notable features of Tata Capital personal loan are as under.

Interest rate

From 11.49% to 19% p.a.

Age limit

From 25 years to 65 years

Loan amount

Up to 25 Lacs

Processing fee

2%

Pre-closure charge

Up to 4%

Loan tenure

12 months to 84 months

Why should you apply for Tata Capital personal loan?

  • Minimal documentation and paperwork
  • Flexible repayment term ranging from 12 months to 84 months
  • Less processing fee
  • The loan amount ranges from Rs. 75, 000 to 25,00,000
  • Special Note: Bank & NBFC Interest Rates are subject to periodic change.

These are some of the leading personal loan lenders that provide attractive personal loan options at competitive interest rates. You do not have to submit any collateral or security for procuring these personal loans. For more information about the personal loan, please contact Afinoz.com as explained below.

What is Afinoz?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.