Best Personal Loan in India

Best Personal Loan in India

A different types of loans are offered by many banks and some other financial institutions to help individuals with their needs. Nowadays, applying for these loans is easier and faster thanks to advancements in technology.

A Personal Loan is one type of loan that is more famous among Indians. If anyone wants some money from the bank, firstly it comes in the form of a personal loan.

This is so that you can obtain this loan without having to provide the bank with anything. These Personal Loan options in India give borrowers various features and benefits to suit their financial requirements.

It's essential to compare the interest rates, loan amounts, and processing fees before making a decision. Continue reading this article to learn more about the various Personal Loan choices offered by major Indian banks this year.

Bandhan Bank Personal Loan

Bandhan Bank provides Personal Loans that are created for different needs. They have good interest rates and repay the money in a way that suits you best. You can borrow from Rs 50,000 to Rs 15,00,000, and they charge a small fee of 1% of the money you borrow. 

• Interest Rate: Starting from 10.50% p.a. onwards
• Loan Amount: Rs 50,000 – Rs 15,00,000
• Tenure: 1-5 years
• Processing Fee: 1% of Loan Amount

Bajaj Finserv Personal Loan

Bajaj Finserv offers Personal Loans borrowing up to Rs 25 lakh. They have fair interest rates that are similar to others. The loan process is easy to understand, and there are no hidden fees. You can choose to pay back the loan over up to 5 years. 

• Interest Rate: 13% p.a. onwards
• Loan Amount: Up to Rs 25 lakh
• Tenure: Up to 5 years
• Processing Fee: Up to 4% of the loan amount

Cent Personal Loan (Central Bank of India)

Central Bank of India offers Personal Loans with good interest rates, starting from 10.75% per year. You can borrow up to Rs 10 lakh, and you have up to 5 years to pay it back. The bank also gives you a break on the processing fee for some time, making it easier for you to afford.

• Interest Rate: 10.75%-10.95% p.a.
• Loan Amount: Up to Rs 10 Lakh
• Tenure: Up to 5 years
• Processing Fee: Waived up to the stipulated period

Fullerton India Personal Loan

Fullerton India offers Personal Loans with competitive interest rates starting from 11.99% p.a. 

• Interest Rate: 11.99% p.a. onwards
• Loan Amount: Up to Rs 30 lakh
• Tenure: Up to 5 years
• Processing Fee: Up to 6% of the loan amount

HDFC Bank Personal Loan

HDFC Bank gives out Personal Loans and checks if you can get one quickly. If you already have an account there, you might get a loan approved before even asking. You can borrow up to Rs 40 lakh, and the interest starts at 11.00% per year. 

• Interest Rate: 11.00% p.a. onwards
• Loan Amount: Up to Rs 40 lakh
• Tenure: Up to 6 years
• Processing Fee: Up to Rs 4,999

ICICI Bank Personal Loan

ICICI Bank gives Personal Loans quickly and approves them fast. You can borrow from Rs 50,000 to Rs 25 lakh. The interest rates start from 10.50% per year, and they might charge you up to 2.50%.

• Interest Rate: 10.50% p.a. onwards
• Loan Amount: Rs 50,000-Rs 25 lakh
• Tenure: 1-6 years
• Processing Fee: Up to 2.50% of the loan amount

IndusInd Bank Personal Loan

IndusInd Bank offers Personal Loans with low-interest rates, starting from 10.49% per year. You can borrow from Rs 30,000 to Rs 25 lakhs. They might charge you up to 3% of the loan amount to process it.

• Interest Rate: 10.49% p.a. onwards
• Loan Amount: Rs 30,000-25 lakhs
• Tenure: 1 to 5 years
• Processing Fee: Up to 3% of the sanctioned loan amount

Kotak Personal Loan

Kotak Mahindra Bank offers quick and bother Personal Loans for various financial needs. Borrowers can benefit from loan amounts from Rs 50,000 to Rs 25,00,000 with interest rates starting from 10.99% p.a. The processing fee is up to 3% of the loan amount.

• Interest Rate: 10.99% p.a. onwards
• Loan Amount: From Rs. 50,000 – Rs. 25,00,000
• Tenure: 1-5 years
• Processing Fee: Up to 3% of the loan amount

SBI Quick Personal Loan

SBI provides Personal Loans with competitive interest rates starting from 10.10% p.a. Borrowers can benefit from loan amounts of up to Rs 20 lakhs. The processing fee is up to 1.50% of the loan amount.

• Interest Rate: 10.10%-14.60% p.a.
• Loan Amount: Up to Rs 20 lakh
• Tenure: Up to 6 years
• Processing Fee: Up to 1.50% (Maximum Rs 15,000)

Standard Chartered Personal Loan

Standard Chartered offers Personal Loans with competitive interest rates beginning from 11.49% p.a. Borrowers can benefit from loan amounts ranging from Rs 1 lakh to Rs 50 lakhs. 

• Interest Rate: 11.49% p.a. onwards
• Loan Amount: Rs 1 lakh-Rs 50 lakh
• Tenure: Up to 5 years
• Processing Fee: Up to 2.25% of the loan amount

How to Choose the Best Personal Loan?

Here are some of the points to Choose the Best Personal Loan: 

Compare Offerings

First, check out what kind of different banks and some financial institutions have. Banks have lower rates, but remember, it's not only about rates; think about other things too.

Build a Good Relationship

Banks are happy when you have been their customer for a long time and you get along with them. If that's true, they might give you a lower interest rate.

Maintain a Good Credit Score

Try to get a CIBIL score of 750 or higher. Make sure to pay your EMIs and credit card bills on time, and don't let any checks bounce to keep your credit score good.

Check Charges

Check how much banks charge to process your loan, which can be between 2% and 5% of the loan amount. It's better to go for loans with lower processing fees. Also, try to find loans that don't charge you if you want to pay back the loan early, or ask if they can lower these charges for you.

Consider Tenure

Make sure the time you have to pay back the loan works for you. If you choose a longer time, your monthly payments will be less, but you'll end up paying more interest overall. It's better to try to pay off the loan in 3 years so you don't have to pay as much interest.

Quick and Digital Process

Choose loans that are fast and use computers. Loans that are already approved can be given to you in less than 72 hours, including checking everything is okay.