Personal Loan

Top 10 Banks & NBFCs for Personal Loan in India 2019

30 Aug 2019 5 min read
Personal Loan: Top 10 Banks & NBFCs for Personal Loan in India 2019

A home, holiday, destination wedding, or a car - who does not want all these! We all have aspirations and want to fulfill these. Now, fulfilling it is easy and simple, even if you did not have the necessary funds. Personal Loan is the best answer to all your financial needs and aspirations. Even for emergency needs, a personal loan can be a great savior. And of course, you should consolidate all your debts and pay with a personal loan because you can save a considerable amount of money with a low interest rate. Personal Loan sounds interesting. Right. Now, you need to know about best lenders and their conditions to make a wise decision. 

Is Personal Loan an unsecured loan?

Yes, it is. 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, and repayment capacity. However, the rate of interest on personal loans is higher than that of any secured loans. You can avail personal loan for expenses like home renovation, dream vacation, 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 a personal loan.

Best Personal loan Interest Rates 2019

Banks Interest Rates
HDFC Bank 11.25% – 21.50%
ICICI Bank 10.99% – 18.49%
SBI Bank 10.90% - 15.30%
Bajaj Finserv 10.99% – 16%
Axis Bank 16% - 24%
Kotak Mahindra Bank 10.99%-20.99%

     Apply for a Personal Loan

 

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

👉 1#. State Bank of India personal loan

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

State Bank of India (SBI) Xpress Credit Personal Loan

Loan amount Up to Rs. 15 lacs
Age 21 to 60 years
Interest rate 10.90% - 15.30% 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

11.85% p.a.

Maximum age

76 years

Loan amount

Rs. 25,000 to Rs. 14 Lacs

Loan tenure

Up to 84 months

Why should you apply for an SBI personal loan?

  • The process is online and fast
  • The interest rate is competitive
  • No hidden fees and ethical policies

👉 2#.  ICICI Bank Personal Loan

ICICI Bank offers personal loans at an attractive interest rate 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 18.49% 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 an ICICI Bank personal loan?

  • ICICI products are backed by ethical policies
  • Competitive interest rate of 10.99%
  • Instant and hassle-free loan
  • Flexible tenure ranging from 12 months to 60 months
  • Fast disbursal

👉 3#. HDFC Bank Personal Loan

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

Interest rate From 11.25% to 21.50% 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 an HDFC Bank personal loan?

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

👉 4#. Kotak Mahindra Personal Loan

Kotak Bank offers personal loans to all individuals whether they are salaried or self-employed. You can avail Kotak Bank's personal loan for sudden and unavoidable expenses also like medical emergencies. Important features of Kotak Mahindra Personal Loan are as under.

 

Interest rate From 10.99% - 20.99%
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 a Kotak Mahindra Personal Loan?

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

👉 5#.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 16% - 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 an Axis Bank personal loan?

  • A reputed name in the market
  • Quick approval with minimal documentation
  • No foreclosure charges

👉 6#.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 18.99% 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?

  • Special offers
  • Minimal documentation for Citibank customers
  • Full and part-prepayment options
  • The fixed interest rate for predictable monthly payments

👉 7#. 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 10.99% 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?

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

👉 8#. 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 

👉 9#.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 but not limited to vacations, daughter’s wedding, home renovation, higher education and so on. Some prominent features of Standard Chartered Bank's personal loan are as under.

Age limit From 23 to 58 years
Interest rates From 11.99% 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?

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

👉 10#. Tata Capital Personal Loan

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 11.25% 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 month

Why should you apply for a Tata Capital personal loan?

  • Minimal documentation and paperwork
  • Flexible repayment term ranging from 12 months to 84 months
  • Less processing fee
  • The personal 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 reputed online financial marketplace for availing loans and investment products. 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 0120-411-0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential, and above all free.