10 BEST PERSONAL LOANS IN INDIA 2023

The demand for personal loans has increased exponentially in India over the last couple of years. Data shows that the personal loan segment expanded at the rate of 12.3% in 2023 compared to 9.6% in 2021. Considering the increasing personal loan market in the country, many personal loan apps have come up offering personal loans to people who require funds. If you are also one of them, looking for an app that provides an ample loan at competitive interest rates is essential.

Several banks offer personal loans in India. Personal loan interest rates are low and such loans are easy to get. But the real question is which bank is best for personal loans. This blog lists banks that offer the lowest personal loan interest rates.

To meet various needs, banks and other financial institutions offer a range of loans. The loan application process has been able to accelerate and improve over time thanks to technology. People might have simple access to loans now. Personal Loan is the most popular loan product in India’s debt market. More than 78% of credit requests in India fall into this category. Because these loans are unsecured, many prospective borrowers choose them.

In short, a Personal loan is a sum of money you borrow from a bank nearby, an online lender, or your credit union. Once you receive the money, you start making payments to the lender according to a schedule until the loan is fully repaid. In this blog, we’ve compiled a list of some of the most popular Personal Loan plans in India for 2022. Read on to learn more about the unsecured personal options by some of the significant Indian banks that are being taken into consideration in this blog.

Table of Contents

Top 10 Personal Loan Plans in India :

HDFC BANK PERSONAL LOAN :

Both salaried employees and independent contractors in India can obtain Personal Loans from HDFC Bank. Online, you can quickly check your eligibility. If you already have an HDFC Bank account, you can use Net Banking to see if you qualify for a pre-approved loan. This is considered the best HDFC Bank Personal Loan in India.

The process is hassle-free. You can apply for an HDFC Bank personal loan online, through an ATM, Loan Assist App, or personally at the bank. This process requires minimum documentation. Existing HDFC Bank customers can get a pre-approved loan in just 10 seconds or 4 hours at the most, for non-HDFC Bank customers. Personal Loans can be used for any purpose. For example, with EMI as low as Rs. 1878 / lac.

A Car Loan or a Home Loan must be used for that specific purpose but the Personal Loan can be used for any purpose like vocational courses, home renovation, medical emergency, or travel, just about anything. The choice is up to you.

No security or collateral is required for a Personal Loan. You don’t need to mortgage your house, just so you can take that much-needed vacation trip! There is minimal documentation required to obtain a Personal Loan. This also cuts down on the processing time for such a loan. All you need to secure a Personal Loan is ID proof, address proof, and income proof.

The payment terms are flexible, and you can choose your tenure as per your suitability. HDFC Bank offers tenure ranging from 12 to 60 months, with EMI as low as Rs. 1878 / lac. You can also claim tax benefits on the interest payments if you use the loan amount for buying, constructing, or renovating a home, or for higher education purposes.

ICICI BANK PERSONAL LOAN :

ICICI Bank personal loans are loaded with a host of customer-oriented benefits and features. Here are a few highlights of ICICI Banks.

They are as follows:

Significant loan amounts ranging from a minimum of Rs 25,000 to a maximum of Rs 20 lakhs. The loan amount depends on the applicant’s repayment capability, credit history, and yearly income.

Long loan tenures ranging from a minimum of 12 months and a maximum period of 60 months.

Attractive interest rates ranging between 11.50% – 16.75% per annum.

Loans available for salaried individuals, public and private company employees, and government employees.

Special offers on the applicant being an existing customer of ICICI Bank.

Various feasible repayment channels such as NEFT, post-dated cheques, and ICICI net banking.

Facility of personal loan transfer from other banks to ICICI Bank.

Simplified loan application and approval process with minimal documentation.

Dedicated 24/7 customer service desk for query resolution.

BAJAJ FINSERV PERSONAL LOAN :

Bajaj FinServ personal loan is one of the best personal loans in the market.

Most of the banks provide an average of 10%-20% and some NBFCs provide interest rates in a range of 10%-15% with lesser processing fees. Let’s compare some of the banks or NBFC personal loan interest rates as well as processing fees of the same respectively. These are the standard rate of interest and processing fees, but there are a lot of other factors which decide or affect the interest rate given below

Credit Score: The more your credit score the lesser the interest rate charged. The lesser the credit score more the interest rate charged

Old Repayment Records: Your repayment history should be proper and good

Your income: Your annual income will decide how much loan amount you are eligible for.

Debt To Earning Ratio: The ratio of your earnings with your EMI liabilities. If it is less than 43% the good the interest rate is, if it is more than 43% the interest is higher. About Bajaj FinServ Personal loan interest rates, we can easily evaluate that as compared to other banks it is affordable and attractive.

FULLERTON INDIA PERSONAL LOAN :

Fullerton India’s loan has been gaining tremendous popularity among Indian borrowers. Much of its popularity stems from the fact that it can cater to all your financial needs, as you can borrow up to Rs. 25 lakhs at an interest rate of 11.99%. The best thing about Fullerton India is that the approved loan amount will be credited to your registered bank account shortly after loan approval.

Fullerton India is the best online platform to secure a personal loan without redeeming your savings or investment. However, it is worth noting that the loan amount and the interest rate are dependent on factors such as your age, income, credit history, current financial obligations, etc.

However, it is imperative to meet all the eligibility criteria and have the requisite documents to avail of a personal loan based on your needs. So, if you do not have other means of managing your finances during a cash crunch, it would be wise to apply for Fullerton India’s loan has been gaining tremendous popularity among Indian borrowers.

Much of its popularity stems from the fact that it can cater to all your financial needs, as you can borrow up to Rs. 25 lakhs at an interest rate of 11.99%. The best thing about Fullerton India is that the approved loan amount will be credited to your registered bank account shortly after loan approval.

Since it is an unsecured loan, it does not require you to pledge your asset as collateral. You can use the loan amount for whatever reason you want, be it for a medical emergency, wedding, higher education, home renovation, car repair, or debt consolidation. However, it is imperative to meet all the eligibility criteria and have the requisite documents to avail of a personal loan based on your needs.

So, if you do not have other means of managing your finances during a cash crunch, it would be wise to apply for a personal through Fullerton India and benefit from its customer-centric personal loan services that are quick and hassle-free. a personal loan through Fullerton India and benefit from its customer-centric personal loan services that are quick and hassle-free.

There are two ways for government employees to get a loan from Fullerton India

By visiting Fullerton India’s website: The ‘Apply Now’ button is located at the top corner and right-hand side of the home page and every page of the website. Clicking it will direct you to an application section where you can choose to apply for a personal loan. Open the application page, fill in your details, your requirements, and upload your documents.

By Downloading Fullerton India’s Instaload App: You can download Fullerton India’s loan app from the App store (for Apple users) or Google Play Store (for Android users). It is a quick and convenient personal loan application for salaried professionals. You can check your eligibility and apply for a personal loan by filling in the application and submitting your documents on the app itself.

Upon receiving your application, through the app or website, a representative of the lender will get in touch with you to take the process forward.

INDUSIND BANK PERSONAL LOAN :

IndusInd Bank is one of the renowned banks in India’s private banking sector. The bank offers a diverse range of loan products that include personal loans. Personal loans are offered for salaried employees, self-employed professionals, and self-employed business people.

The bank ensures that the loan application process is hassle-free with very minimal documentation. The competitive personal loan interest rates offered by the bank make it a top choice if you are looking for a personal loan.

Factors affecting IndusInd Bank Personal loan interest rates

Some of the factors that can affect the interest rate are as follows:

Credit score: Your credit score reflects your creditworthiness. It determines how responsible you are/have been as a borrower. You have a great chance of getting attractive interest rates on your loans if your credit score is good.

Nature of employment: Your employment history will play a key role in determining the interest rate. You may get reduced rates if you fall under the high-income bracket and/or have completed 3 years or more in your present organization. However, any rate offered is at the discretion of the bank.

Loan tenure: Usually, the rate of interest is comparatively lower when you opt for a longer tenure. In comparison, short-term loans have a higher rate of interest. However, for long-term loans, since the loan is taken for a longer duration, you will end up paying a higher interest amount.

Existing loans: Most banks consider your existing loans before issuing you additional loans. This is mainly to ensure that you have adequate income for your livelihood after paying for all loan EMIs. If you already have too many loans, it could be grounds for rejection of your loan application.

Repayment capacity: The bank will check your repayment history before deciding on the interest rate. This is done to ensure that you will be able to adequately repay the loan. The bank may offer you reduced rates if you have a high annual income.

Relationship with IndusInd: Every bank gives high priority to their esteemed customers, and IndusInd is no exception. If you have a salary account with the bank or have been a long-standing customer, the bank may choose to offer you preferential rates. However, the bank will still carry out all the necessary checks before deciding on the rate.

Note: IndusInd can alter its Interest rates at its discretion.

Other fees IndusInd Bank Personal loan

The following charges may be applicable for customers who take personal loans from IndusInd Bank:

The bank charges Rs.450 for payment dishonor charges in case of missed payments.

For EMI delays beyond 5 days, the bank charges Rs.150 from customers.

Loan cancellation charges are Rs.1,000 per event.

Customers can get a duplicate statement by paying an additional Rs.250 to the bank.

To get a duplicate ‘No Dues’ certificate, customers must pay an additional Rs.250 to the bank.

KOTAK PERSONAL LOAN :

Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.

Features of Kotak Mahindra Bank personal loan

Instant loans for unforeseen expenses

Minimal documentation and immediate processing of loans

Easy access to funds for any purpose including marriage, higher education, vacation, emergency medical needs, etc.

The instalment repayment dates are 5th and 10th of every month. Customers can choose between these two days while signing up for the loan.

Customers can download their repayment schedule from the official website of the bank anytime they want. If you are not able to download it, you may visit the nearest branch office and get the repayment schedule by providing your loan details.

you will not be required to provide any collateral to avail of a personal loan from Kotak Mahindra Bank.

Eligibility for Kotak Mahindra Bank personal loan

The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:

Anyone between the ages of 21 years and 58 years can get access to this loan.

The applicant must be an active employee of a public or private sector company for at least one year.

The applicant must earn at least Rs.20,000 per month to be eligible for this loan.

The applicant must at least be a graduate.

The applicant must be a resident of the current city for at least one year.

The applicant must have a minimum work experience of at least one year.

Documents required to apply for Kotak Personal loan

The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:

Proof of identity (PAN, Aadhar, driving license, voter’s ID, etc.)

Proof of residence (Utility bill, passport, etc.)

3 passport-size photographs

Salary slips for at least 3 months

Bank statement for the last 3 months

STANDARD CHARTERED PERSONAL LOAN :

One of the most popular banks in the country, Standard Chartered offers personal loans at attractive interest rates and relatively low processing fees. The interest rates offered on Standard Chartered personal loans start from 11.49%, and the processing fee applicable to the loan is up to 2.25% of the amount borrowed. The maximum amount you can borrow is Rs.1 lakh, and the repayment tenure is quite flexible, ranging from 1 year to 5 years.

Standard Chartered offers personal loans with interest rates starting from 11.49% onwards the processing fee applicable to the loan is 2.25% of the amount borrowed. The maximum amount you can borrow is Rs.50 lakh, and the repayment tenure is quite flexible, ranging from 1 year to 5 years.

You can apply for a personal loan from Standard Chartered Bank online by clicking on the link https://www.sc.com/in/loans/personal-loans/ where you will have to click on the ‘Apply Now’ button. Under ‘Get Instant Decisions’, enter the details as asked and submit them along with all the necessary documents. The bank will verify all the documents and will disburse the loan amount to your bank account.

Standard Chartered Personal Loan Features :-

Standard Chartered Personal Loan is available for both salaried and non-salaried individuals.

The bank does not ask for security or a guarantor.

Documentation processes are easy and simple.

You can apply online and get instant approval.

The loan will get disbursed within 4-7 days post the verification of the application form.

Attractive schemes

Flexible and long repayment tenures

Competitive interest rates

Smooth application processing

Security, collateral, or guarantors are not required.

Loan top-up facility available.

Documents Required :-

Given below is the list of documents you will have to submit to avail of a personal loan from Standard Chartered Bank:

Proof of identity Aadhaar, Passport, Voter ID, Driving License, Photo PAN Card, Photo Ration Card, etc.

Proof of Address Passport, Utility Bills, Rental Agreement letter, Driving License, Insurance Policy, Ration Card, etc.

Eligibility criteria for Standard Chartered personal loan :-

Given below are the eligibility criteria you will have to fulfill to apply for a personal loan from Standard Chartered fulfil

The minimum monthly salary should be more than Rs.22,000.

The minimum and maximum age of eligibility are 22 years and 58 years respectively.

The applicant must either be self-employed or salaried.

CENT PERSONAL LOAN :

Central Bank of India offers personal loans with interest rates starting at the rate of 9.85% p.a. Under this scheme, you can avail of a personal loan of up to Rs.10 lakh for a loan repayment tenure of up to 48 months. The bank charges a processing fee of Rs.500 plus applicable service taxes, on all loans.

Personal Loans are available from the Central Bank of India with interest rates starting at 9.85% per annum. In accord Bygram, you are eligible to receive a Personal Loan of up to Rs. 10 lakhs with a maximum 48-month repayment period.

On its Loans, the bank levies a processing fee of Rs. 500 plus any applicable service taxes. The interest rate here is 11% p.a. onwards. 20 times of gross salary subject to a maximum of Rs.10 lakh and minimum net take-home pay of 40% of gross salary.

Eligibility Criteria:

Permanent employees of government institutions, railways, central and state governments, hospitals, schools, municipal bodies, etc., and must have completed at least one year of service

Permanent employees of multinational/Indian companies with at least 3 years of service.

Permanent employees of large corporate clients.

Permanent employees of any Navaratnam/Maharatna/major PSUs

Permanent teachers/employees of schools/colleges/universities, and other educational and research institutions

Salaried employees of schools, colleges, corporate clients, universities, and other organizations

Medical practitioners

Documents Required:

Application form filled and duly signed, proof of identity which may be a Passport, Voter’s ID, Aadhaar Card, Driving License, PAN card, etc. Address Proof in the form of a Driving license or a Passport or a voter’s id or an Aadhar Card, etc. Bank statement of the previous 3 months. And your latest salary slips along with the latest form 16. And finally, your passport-size photograph.

BANDHAN BANK PERSONAL LOAN :

Bandhan Bank offers personal loans for every need of an individual. The bank also offers multiple customizing options to fit the requirement of an applicant. Bandhan Bank provides Personal Loans to meet every need of a person. The bank also provides numerous customizing options to meet an applicant’s needs. For loan amounts up to Rs 15 lakh, Bandhan Bank offers Personal Loans with rates starting at 10.5% p.a. for terms of up to 5 years.

The bank states that it will release a Personal Loan after receiving the necessary paperwork in two working days.

Features of Bandhan Bank Personal Loan :-

Quick disbursal of the loan amount (within 2 working days).

Competitive interest rates.

Quick online eligibility check and application.

Hassle-free application process.

Flexible repayment tenure ranging from 12 months to 36 months.

Active customer support for convenient resolution of issues.

Special offers for existing customers of Bandhan Bank.

Eligibility criteria for Bandhan Bank Personal Loan:-

Employment status of the applicant: The applicant should be a self-employed individual or a salaried individual with a regular income.

Minimum age: The applicant should be at least 21 years old at the time of applying for the loan.

Maximum age: The applicant should not be more than 60 years old at the time of applying for the loan.

Minimum relationship with the bank: The applicant will be required to have at least 6 months of relationship with Bandhan Bank to be eligible for a personal loan.

Activities in the bank account: The bank account of the applicant should have at least 1 credit and 1 debit entry every month which is induced by the customer.

Documents required :-

Bandhan Bank offers personal loans against minimum documentation. Some of the documents which are required for making an application are listed below:

Proof of identity such as PAN card, passport, Election Commission card, Aadhaar card, driving license, etc.

Proof of address such as PAN card, passport, Election Commission card, Aadhaar card, driving license, etc.

Proof of signatures such as PAN card or passport.

Passport-sized photograph.

Form 16- and 3-month salary slips in case of salaried individuals.

Income Tax Returns for 2 years along with computed income statement, profit and loss account, and balance sheet for self-employed individuals.

SBI QUICK PERSONAL LOAN :

SBI offers Personal Loans with terms of up to 7 years and interest rates starting at 9.60% p.a. Depending on your eligibility, the loan amount can range from Rs. 25,000 to Rs. 20 lakhs. Up to 1.5% of the loan amount is charged as the processing fee.

Features of SBI quick personal loan:

Low processing fees.

Maximum loan amount of up to Rs.20 lakh.

Lowest interest rate offered is between 10.60% p.a. and 13.10% p.a.

Quick disbursal of the loan amount.

Low processing fees

Minimal documentation is required :-

You can apply for this loan even if you don’t maintain an account with the bank.

You must be drawing a minimum gross monthly income of Rs.50,000 to avail of this loan.

Repayment tenure is up to 5 years or the remainder of the service whichever is lower.

SBI QUICK Personal Loan

Key Highlights:-

You can avail of a loan amount of up to Rs.20 lakh.

You can avail of this loan even if you do not maintain a bank account with SBI.

You need to draw a minimum monthly income of Rs.15,000 to avail of this loan

Eligibility for SBI Quick Personal Loan :-

The eligibility criteria you will have to fulfill to avail of this personal loan scheme are:

You must have a salary account with another bank.

Minimum and maximum age of eligibility for this scheme are 21 years and 58 years respectively.

You must have a minimum work experience of 1 year.

You must be drawing a minimum monthly income of Rs.15,000.