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% |
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 |
Upto 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 |
Upto 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 |
Upto 48 months |
Why should you apply for SBI personal loan?
-
The bank offers loan under various categories
- 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 |
Upto 20 lacs |
|
Processing fee |
Upto 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
- 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 affordable price. You can take upto Rs. 15 lacs personal loan in case you are self-employed without having a guarantor or a 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 |
Upto 2.5% of the loan amount with a minimum of Rs. 1,999 |
|
Loan amount |
Upto 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 |
Upto Rs. 15 lacs |
|
Loan processing charge |
Upto 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 |
Upto 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 |
Upto 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 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 |
Upto Rs. 30 lacs |
|
Processing fee |
Upto 3% |
|
Late fee |
24% p.a. |
|
Pre-closure charge |
4% |
|
Loan tenure |
1 to 5 years |
Why should you apply for Citibank personal loan?
- Special interest rate for salaried individuals
- Minimal documentation for Citibank customers
- Full and part-prepayment options
- 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 |
Upto 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
- 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. Loan amount can be upto 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 |
Upto 10 lacs |
Why should you apply for Bank of Baroda personal loan?
- No pre-closure charges after 6 EMIs
- 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 |
Upto 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 |
Upto 25 lacs |
|
Processing fee |
2% |
|
Pre-closure charge |
Upto 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.
