Top Banks and NBFCs for taking a personal loan

 

A personal loan is a loan given to an individual for his or her own use. It could be for expenses related to house renovation, traveling or vacation, medical emergency, or just the repayment of smaller debts here and there. 

Secured personal loan: A secured personal loan requires the borrower to keep some kind of a guarantee as loan security. It could be a personal asset like a car or a shop and the bank is allowed to seize the asset and sell it if you fail to repay the loan.

Unsecured personal loan: An unsecured personal loan doesn’t require the borrower to keep any kind of collateral. It is given to a customer on the basis of their credit history and their capacity to pay back (as per their income). This type of loan is readily available if you are a customer who has a good banking history.

The process of applying for a personal loan involves the submission of your personal documents along with your proof of income. The bank will always check your CIBIL score and ensure that you have good banking history in case of an unsecured loan. The loan eligibility criteria needs to be satisfied before applying for any personal loan.

Eligibility criteria

The personal loan eligibility criteria is mostly the same for all banks other than a few details that might vary. The eligibility criteria is as follows:

• Age eligibility: 23 years to 58 years
• Types of employment: Salaried, freelancer, business owner, self-employed professional, retired
• Work experience: 2 years(for salaried) with at least 6 months in the current organization, 2 years at least in the current business (for self employed) 
• Minimum Income: Rs. 15,000 (for salaried), Rs. 5 lakhs annual gross income (for self employed)As a consumer, it is a good idea to compare the rate of interest offered by various banks to you along with the processing fee and the amount of the loan. A more informed decision can be made when you have all the choices and options available. Here, we have a list of 15 banks which offer good personal loan options:

1. HDFC Bank personal loan

HDFC bank personal loan is one of the best options available in the market. The loan application process involves minimal documentation and the approval from the bank takes less than 10 seconds sometimes. The money gets transferred into your account within 4 hours. With such a hassle free user experience, people flock towards HDFC personal loan scheme!

Interest range –  11.25% to 21.45% p.a (fixed)

Amount of the loan – Upto Rs. 40 lakhs

Processing fee range – Upto 2.50% of the loan amount

Tenure range – 1 to 5 years

 

2. Axis Bank personal loan

 Axis Bank personal loan is one of available in the market. It requires minimal documentation from the user’s end and gets instant approval. The loan includes no foreclosure or part payment charges. Moreover, you can get even better rate of interest if you are an Axis Bank customer.

Interest range  – 15% to 24% p.a

Amount of the loan – Rs. 50,000 to Rs. 15 lakhs

Processing fee range – Upto 2% of the loan amount

Tenure range – 1 to 5 years

 

3. Indiabulls personal loans

Indiabulls personal loan is another great option available in the market if you wish to apply for a personal loan even of Rs. 5,000. The application process involves a fully digitized process. There is no need to submit any collateral for getting the loan. Moreover, you get money in your bank account instantly once the loan is approved.

Interest range – Starting at 11.99% p.a 

Amount of the loan – Rs. 1,000 to Rs. 15 lakhs

Processing fee range – Upto 6% of the loan amount

Tenure range – 3 months to 2 years

 

4. ICICI personal loan

ICICI personal loan requires minimal documentation and ensures a hassle-free disbursement. It’s one of the most sought after personal loan in the market. The best part about this particular loan is that the interest rate will not increase during your loan tenure.

Interest range – 11.25% to 20% p.a 

Amount of the loan – Upto Rs. 20 lakhs

Processing fee range – Upto 2.25% of the loan amount + Taxes

Tenure range – 1 year to 5 years

 

5. SBI personal loan

SBI personal loan or rather SBI personal loans can be divided into various categories. Xpress Credit Loan, SBI Pension Loan and Xpress Power – are all a part of the SBI personal loan scheme. The range of personal loans can be used for things like business expansion, debt consolidation, foreign trip, marriage, home renovation, emergency medical expenses and anything else. The process of approval of this loan includes minimum documentation and absolutely no hidden charges.

Interest range – Starting at 11% p.a 

Amount of the loan – Rs. 24,000 to Rs. 20 lakhs

Processing fee range – Upto 1% + taxes

Tenure range – 6 months to 6 years

 

6. Bajaj Finserv personal loan

Bajaj Finserv personal loan is another good personal loan option available in the market. The application process of the loan requires minimal documentation. This loan is an unsecured loan and is thus, completely collateral free. It can get instant approval in under 5 minutes and the customer can get the money in just 24 hours in their bank account once the loan is approved.

Interest range – Starting at 12.99% p.a

Amount of the loan – Upto 25 lakhs

Processing fee range – Upto 4.13% of the loan amount

Tenure range – 1 year to 5 years

 

7. Citibank personal loan

Citibank personal loan is another loan available in the market that gets credited to your bank account within 48 hours. The loan process requires minimal documentation and a fixed interest rate which means you pay the same EMI over the whole tenure of the loan. 

Interest range – 10.99% to 18.99% p.a

Amount of the loan – Rs. 25,000 to Rs. 30 lakhs

Processing fee range – Upto 3% of the loan amount

Tenure range – 6 months to 5 years

 

8. Tata Capital personal loan

Tata Capital personal loan requires hardly any paperwork. The only paperwork needed is the application form and the rest of the loan-related activities. The loan is completely collateral free and involves zero charges on part pre-payment. You can pre pay part of the loan any time after 6 months without any additional fee.

Interest range – Starting at 11.25% p.a

Amount of the loan – Rs. 75,000 to Rs.25 lakhs

Processing fee range – Upto 2%

Tenure range – 1 year to 6 years

 

9. Fullerton personal loan

Fullerton personal loan is completely paperless. It involves quick disbursal  with online approval within 30 minutes. The whole process is absolutely hassle free and smooth with Fullerton providing counselling throughout.

Interest range – 10.99% to 40% p.a

Amount of the loan – Upto Rs. 25 lakhs

Processing fee range – Upto 6.5% of the loan amount

Tenure range – 1 year to 5 years

 

10. Yes Bank personal loan

Yes Bank personal loan is another online personal loan available in the market. Quick and easy to understand, the process of applying for the loan involves only basic documentation. 

Interest range – Starting at 10.99% p.a

Amount of the loan – Rs. 1 lakh to Rs. 40 lakhs

Processing fee range – Upto 2.50%

Tenure range – 1 year to 5 years

 

11. IDFC FIRST personal loan

IDFC FIRST(previously Capital first personal loan) is good personal loan option available in the market. The best part about this loan is that you can borrow more money any time you want by using the top up facility available. The quick disbursal of the loan amount and the flexible tenure range makes it a very attractive option for any user.

Interest range – 11.69% – 15.00% (BT rates starts from 11.50%)

Amount of the loan – Rs. 1 lakh to Rs. 25 lakhs

Processing fee range – Upto 2%

Tenure range – 1 year to 5 years

 

12. Aditya Birla personal loan

Aditya Birla personal loan scheme offers great personal loans for salaried individuals. The interest rate remains the same over the years of repayment of the loan. Instant and easy to get, the benefits offered by this loan are so great, you don’t want to miss out on this loan scheme!

Interest range – 14% p.a to 26% p.a

Amount of the loan – Rs. 1 lakh to Rs. 50 lakhs

Processing fee range – Upto 2%

Tenure range –  Upto 5 years

 

13. Kotak personal loan

Kotak personal loans are given to the customer for a flexible tenure of 12 months to 60 months. The customer service offered by Kotak Mahindra bank professionals is very efficient and ensures that you never face any impediments on your journey to get the loan. Minimal documentation and quick approval make the loan a very appealing option for any customer.  

Interest range  – 10.50% to 30% p.a

Amount of the loan – Rs. 50,000 to Rs. 15 lakhs

Processing fee range – Upto 2.5%+taxes 

Tenure range – 1 year to 5 years

 

14. Canara bank personal loan

Canara bank personal loan work for those who can pay off their loan by the end of 36 months. It takes around a week to get approved and makes for a good loan option with nominal interest rates.

Interest range – 10.10% to 14.85% p.a

Amount of the loan –  Upto Rs. 5 lakhs

Processing fee range – 1% of the loan amount+taxes

Tenure range – Upto 3 years

 

15. IndusInd bank personal loan

IndusInd bank personal loans are easily available and require minimal documentation. Along with that, they offer you doorstep services so as to ensure the maximum convenience of the customer. The loan is completely collateral free and offers you great interest rates.

Interest range  – 11% to 16.32% p.a

Amount of the loan – Rs. 15,000 to Rs. 15 lakhs

Processing fee range – Upto 2.50% of the loan amount+taxes

Tenure range – 1 year to 5 years

 

Bank Name	Rate of Interest	Processing fee (excluding taxes)	Loan Amount	Tenure range
HDFC personal loan	11.25% to 21.45% p.a	Upto 2.50%	Upto Rs. 40 lakhs	1 to 5 years
Axis bank personal loan	15% to 24% p.a	Upto 2%	Rs. 50,000 to Rs. 15 lakhs	1 year to 5 years
Indiabulls personal loan	starting at 11.99% p.a	Upto 6%	Rs. 1,000 to Rs. 15 lakhs	3 months to 2 years
ICICI personal loan	11.25% to 20% p.a	Upto 2.25%	Upto Rs. 20 lakhs	1 year to 5 years
SBI personal loan	Starting at 11% p.a	Upto 1%	Rs. 24,000 to Rs. 20 lakhs	6 months to 6 years
Bajaj finserv personal loan	Starting at 12.99% p.a	Upto 4.13%	Upto 25 lakhs	1 year to 5 years
Citibank personal loan	10.99% to 18.99% p.a	Upto 3%	Rs. 25,000 to Rs. 30 lakhs	6 months to 5 years
Tata Capital personal loan	Starting at 11.25% p.a	Upto 2.0%	Rs. 75,000 to Rs.25 lakhs	1 year to 6 years
Fullerton personal loan	10.99% to 40% p.a	Upto 6.5%	Upto Rs. 25 lakhs	1 year to 5 years
Yes Bank personal loan	Starting at 10.99% p.a	Upto 2.50%	Rs. 1 lakh to Rs. 40 lakhs	1 year to 5 years
IDFC FIRST personal loan	11.69% – 15.00% (BT rates starts from 11.50%)	Upto 2.0%	Rs. 1 lakh to Rs. 25 lakhs	1 year to 5 years
Aditya Birla personal loan	14% p.a. to 26% p.a.	Up to 2.0%	Rs. 1 lakh to Rs. 50 lakhs	Upto 5 years
Kotak personal loan	10.50% to 30% p.a	Upto 2.5%	Rs. 50,000 to Rs. 15 lakhs	1 year to 5 years
Canara bank personal loan	10.10% to 14.85% p.a	Upto 1%	Upto Rs. 5 lakhs	Upto 3 years
Indusind bank personal loan	11% to 16.32% p.a	Upto 2.50%	Rs. 15,000 to Rs. 15 lakhs	1 year to 5 years