Best Banks For Personal Loan

Here is the table comparing the top 10 best personal loan offers online in India at present, including their interest rates and personal loan processing fees. To know which bank is best for a personal loan, you can refer to the below table:

HDFC Personal Loan

HDFC Bank offers personal loans to salaried individuals earning a monthly income of at least Rs. 25,000. The bank lets you check your eligibility in just 1 minute online and also at select branches through its Personal Loan Eligibility Calculator tool. The loan amount is disbursed in just 10 seconds for pre-approved HDFC Bank customers and within 4 working days for other customers.

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ICICI Personal Loan

ICICI Bank personal loan is available to both salaried as well as self-employed individuals. The loan can be applied easily online from the official website and mobile application of the bank. ICICI personal loan caters to all your financial requirements, including travel, home renovation, online courses, medical emergency, weddings, and so on.

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Bajaj Finserv Personal Loan

Bajaj Finserv offers 3 unique variants of personal loans, i.e. Term Loan, Flexi Term Loan, and Flexi Hybrid Loan. You can choose any of these according to your needs. The loan can be repaid in flexible tenure of up to 84 months, which is the longest tenure for personal loan repayment. Also, the approval is provided in just 5 minutes after completing your application online.

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SBI Personal Loan

SBI personal loan comes in 4 variants, i.e. SBI Xpress Credit, SBI QUICK Personal Loan, SBI Xpress Elite, and Rela-Time Xpress credit. These loans cater to the needs of individuals having salary accounts with SBI, individuals having salary accounts with any other bank, high net income individuals, and digital loans to defence/ government salary package customers.

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Kotak Mahindra Bank Personal Loan

Kotak Mahindra personal loan assures quick sanction of loans up to Rs. 25 Lakhs. The bank offers a part-prepayment facility after 1 year and a foreclosure facility after 3 years of loan sanction at nominal prepayment charges. You can also avail of Personal Loan Overdraft which allows you to withdraw your account balance to meet your financial needs.

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YES Bank Personal Loan

YES Bank offers collateral-free personal loans up to Rs. 40 Lakhs at affordable interest rates. Customers can calculate their personal loan EMI that they are required to pay for various loan tenures to decide on a suitable repayment schedule with a personal loan EMI calculator facility.

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Tata Capital Personal Loan

Tata Capital Personal Loan is one of the instant ways to fund your larger expenses without pledging any collateral. Tata Capital offers a range of multipurpose personal loans online at attractive rates of interest. The lender has an extremely convenient online loan process and easy-to-meet eligibility criteria. Also, you can prepay part of your loan amount any time after 6 months of availing of the loan without any penalty or additional fee.

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IDFC FIRST Bank Personal Loan

IDFC FIRST Bank Personal Loans come with a super-fast and efficient process, with approval in less than 5 minutes and disbursal within 30 minutes. Salaried individuals can easily avail of IDFC FIRST personal loans with a consistent income and good credit score. The bank offers the highest personal loan amount in India to fund major financial requirements.

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PNB Personal Loan

Punjab National Bank (PNB) offers personal loans to salaried as well as self-employed individuals to meet all types of personal needs, including medical treatment of self or a family member, marriage of self/children/siblings, expenses for domestic or foreign travel, defraying expenses on the education of wards, etc.

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To avail of the best personal loan in India, you need to submit the following documents:

• Personal loan application form - duly filled and signed.
• 2 recent passport-size photographs.
• Processing fee cheque.
• Identity proof (anyone): Passport, Driving License, Aadhaar Card, Voter ID, PAN Card, etc.
• Address proof (anyone): Passport, Aadhaar Card, Driving license, Voter ID, Leave & License Agreement, recent Utility Bill, etc.
• Income proof for salaried applicants: Salary slips of the last 2 months/ current dated salary certificate, recent Form 16, bank account statements of the last 3 months of the salary account or passbook of the last 6 months.
• Income proof for self-employed applicants: P&L statements, bank account statements of last 6 months of the current account, ITR, computation of income, balance sheet, etc.
• Other documents for self-employed applicants: Proof of office address, residence/ office ownership proof, and proof of business continuity.

Here are some common eligibility criteria of the top personal loan providers in India:

• Minimum age: The Personal loan to Salaried Applicants minimum age should be 21 years when applying for the loan. The minimum age required for self-employed is 25 years.
• Maximum age: Salaried applicants must not be aged above 60 years when the loan matures. The maximum age of the self-employed applicant should be below 65 years when the loan matures.
• Occupation: The applicant can be a salaried individual (working with a reputed government or private company), a self-employed non-professional, self-employed professional (like a doctor, chartered accountant, architect, and so on), or a business owner.
• Nationality: You must be an Indian resident to be eligible.
• CIBIL score: Your CIBIL Score should be at least 750 or above to get the best option for a personal loan in India.
• Minimum income: Your minimum monthly income should be Rs. 25,000 or above.
• Minimum work experience: You must have worked for at least 2 years, and a minimum of 1 year should be served with the current employer.

• Compare the interest rates: Look out for the best banks for low-interest personal loans and compare their personal loan interest rates because even a small percentage difference in the rate can have a significant impact on the total cost of the loan over a few years.
• Check the eligibility criteria: When looking for the best bank for personal loans in India, opt for a lender that has easy-to-meet eligibility criteria. This will help lower the effort needed to obtain funds and speed up the verification as well as the approval process.
• Check for additional charges: Enquire about additional charges applicable on the loan apart from the interest rate and processing fee. Some lenders may charge documentation charges, verification charges, and other additional levies on the loan, making the offer more costly for you.
• Check the documents requirement: If you urgently need money, the last thing you would want is to gather a pile of documents and fill up a lot of forms. Take the time to check the document requirements of the best loan banks in India while checking out different personal loan types.
• Choose a flexible tenure: Make sure the repayment tenure suits your budget. Look for the best loan offers with a flexible tenure to spread out your EMIs in a suitable period for repaying the loan.