The Best Personal Loans You Can Avail In India
What is a personal loan?
A personal loan is an unsecured loan granted to an individual for a short to medium term. Except for speculative purposes, it has no end-use restrictions. In other words, a personal loan is money borrowed from a local bank or online lender. Personal loans can be used to pay for wedding, education, travel, or home renovation expenses, as well as for the purchase of durable goods, two-wheelers, or used vehicles. Personal loans are a popular financing option because of their versatility, minimal documentation, and quick processing.
HDFC personal loan
HDFC Personal Loan is available at 11.00% pa for loan amounts up to Rs 40 lakh for a period of up to 6 years. HDFC Bank also offers select HDFC Bank customers HDFC Xpress Personal Loan, a pre-approved instant personal loan with loan disbursements in just 10 seconds. Existing borrowers of personal loans from other banks and NBFCs can also apply for a personal loan from HDFC Bank to transfer their outstanding personal loan to HDFC Bank at a lower interest rate.
- Interest – 11.00% pa
- Term of office – Up to 6 years
- Handling Fees – Around Rs. 4,999
Personal loans are available to employed applicants at 11% pa for loan amounts up to Rs 25 lakh and terms up to 5 years from Bajaj Finserv. It also offers personal loans for self-employed applicants at an interest rate of 15% per annum for loan amounts up to Rs 45 lakh and terms up to 7 years. It offers personal loans with instant approval, minimal documentation, and same-day loan disbursements. Select existing customers can also obtain personal loan pre-approval from Bajaj Finserv.
Interest – 11% pa
Term of office – up to 5 years
Processing Fees – Up to 4% of the loan amount
SBI Personal Loans
SBI Personal Loan has an annual interest rate of 10.65%. SBI offers retirement loans up to Rs 14 lakh with terms up to 7 years for loans up to Rs 20 lakh with terms up to 6 years. It also offers pre-approved personal loans with fast payout loans.
- Interest Rates – 10.65% – 15.15% pa
- Term of office – 6 years
- Handling Fees – up to 1.50% (maximum Rs. 15000)
Personal loans from ICICI Bank
ICICI Bank offers personal loans from 10.75% pa for loan amounts up to Rs 50 lakh and terms up to 6 years. It also offers pre-approved instant loans to selected ICICI Bank customers with a loan payout in just three seconds. ICICI Bank offers the possibility to transfer an existing personal loan from another bank/NBFC to ICICI Bank at a lower interest rate. Customers who have salary accounts with ICICI Bank can also use the bank’s overdraft facility.
Interest – 10.50% pa
Term of office – up to 6 years
Processing Fees – Up to 2.50% of the loan amount
Axis Bank Personal Loans
Axis Bank offers personal loans with fixed interest rates starting at 10.49% pa for loan amounts up to Rs 40 lakh and terms of around 1 to 5 years. It also offers instant pre-approved personal loans with no paperwork and digital processing.
- Interest rates – 10.49% pa
- Term of office – up to 5 years
- Processing fees – 1.5% – 2% of the loan amount