Best Personal Loans in India 2022

September 16, 2022

Personal loans have been identified as the most availed of products in the debt market in India. The technology-driven fourth industrial revolution has made the research and application process to obtain loan amounts from financial institutions fairly easy and convenient. According to studies, around 78% of credit requests are hinged on personal loans. It owes its popularity to the borrower not having to pledge collateral for the loan amount.

The financial institutions in India offer a rich assortment to their borrowers as they are always looking to avail of the best personal loan in India. The repayment schedule of a personal loan is like any other loan where the financial institution charges interest on the loan amount during a predetermined tenure. As the name suggests, the borrowed amount comes with flexible end-use. Find below a compiled list of the best personal loan in India offered to debt customers in the financial market.

Best Personal Loan in India

This table features the best personal loan options available in the market for individuals.

Personal Loan Rate of Interest
SBI Quick Personal Loan 10.10% – 14.40% per annum
HDFC Bank Personal Loan 11% – 21% per annum
Bajaj Finserv Personal Loan 13% Onwards
Fullerton India Personal Loan 11.99% onwards
IndusInd Bank Personal Loan 10.49% onwards
Kotak Personal Loan 10.99% onwards
Standard Chartered Personal Loan 11.49% per annum
ICICI Bank Personal Loan 10.5% onwards
Indian Overseas Bank Personal Loan 10.8% onwards
Cent Personal Loan (Central Bank) 10.95% per annum
Bandhan Bank Personal Loan Commences from 10.25%

Best Personal Loan Bank List: Detail Analysis

The most renowned financial institutions in India offer personal loans to their customers to cater to their diverse requirements. The below-mentioned list showcases the best personal loan in India that an individual can avail of after applying to the respective banking institutions.

SBI Quick Personal Loan

The SBI Quick personal loan tops the list of India’s best personal loans. SBI quick personal loan provides an option for salaried employees to avail of a loan with a convenient application process that requires minimal documentation. The borrower can also avail of the overdraft facility offered at an additional interest rate of 0.5% per annum.

Loan Amount Up to 20 Lakhs
Loan Tenure Up to 6 Years
Interest Rate 10.10% per annum – 14.40% per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee Up to 1.5%
Minimum Monthly Salary Rs 15,000

 HDFC Bank Personal Loan

The HDFC Bank personal bank loan is another worthwhile mention in the best personal loan bank list. It is one of the most sought-after financial institutions in the private sector. The bank has crafted a hassle-free application process so that the applicant can avail of the loan quickly and conveniently. The interest rate offered is attractive and the senior citizens can also avail of a 10% discount on the service charges.

Loan Amount Up to 40 Lakhs
Loan Tenure Up to 6 Years
Interest Rate 11% per annum – 21% per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee Up Rs 4,999
Minimum Monthly Salary Rs 25,000

Bajaj Finserv Personal Loan

The personal loan product offered by Bajaj Finserv is another special mention in the best personal loan bank list. The financial institution provides competitive interest rates to the customers in the market. The Bajaj Finserv offers a 24-hour disbursal service that allows the applicant to obtain funds quickly, which is beneficial, especially in the case of emergencies.

Loan Amount Up to 25 Lakhs
Loan Tenure Up to 5 Years
Interest Rate Commencing from 13% per annum
Maximum Age 67 Years
Minimum Age 21 Years
Processing Fee Up 4% of the loan amount
Minimum Monthly Salary Rs 22,000

Fullerton India Personal Loan

The best personal loan bank list is incomplete without mentioning the personal loan products the Fullerton India offers. The institution provides personal loans to the borrowers at an attractive interest rate which goes as low as 11.99% per annum. This personal loan is available for both salaried and self-employed individuals who want to cope with their personal monetary requirements from the loan.

Loan Amount Up to 25 Lakhs
Loan Tenure Up to 5 Years
Interest Rate Commencing from 11.99% per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee 6% of the loan amount
Minimum Monthly Salary Rs 20,000

IndusInd Bank Personal Loan

The IndusInd Bank provides personal loan options to customers. The financial institution has been synonymous with providing technology-driven products to customers. The bank offers an easy application process to its users so that they can avail of the bank loan without delay. The bank also offers a flexible loan tenure to its users so they can plan the repayment of the loan at their discretion.

Loan Amount Up to Rs 25 Lakhs
Loan Tenure Up to 5 Years
Interest Rate 10.49% per annum
Maximum Age 60
Minimum Age 21
Processing Fee Upto 3%
Minimum Monthly Salary Rs 25,000

 Kotak Personal Loan

The Kotak Mahindra Bank is a financial institution highly known for providing suitable debts and investment products to its consumers. The Bank offers personal loans with minimal documentation, quick approval, and easy disbursal. The interest rates offered on personal loans are very competitive and the financial institutions also provide flexible repayment tenure to the customers.

Loan Amount Up to 25 Lakhs
Loan Tenure 1-5 Years
Interest Rate 10.99% Onwards
Maximum Age 60
Minimum Age 21
Processing Fee Upto 3%
Minimum Monthly Salary Rs 30,000

Standard Chartered Personal Loan

The Standard Chartered Bank has established multiple online and offline channels for those who want to avail of the loan. The bank offers attractive interest rates to cater to the high debt demands of the customers. Standard Chartered Bank provides state-of-the-art phone banking services to borrowers to perform transactions from the comfort of their homes.

Loan Amount Rs 1 Lakhs – 5 Lakhs
Loan Tenure Up to 5 Years
Interest Rate 11.49% per annum
Maximum Age 60
Minimum Age 21
Processing Fee 2.25%
Minimum Monthly Salary Rs 22,000

ICICI Personal Loan Bank

The ICICI Bank also offers personal loans to applicants who want quick access to the funds with a streamlined and hassle-free loan application. The rate of interest offered on the debt is very promising. The bank also showcases diverse features and flexibility so that the repayment process can be convenient.

Loan Amount Rs 50,000 –  25 Lakhs
Loan Tenure Up to 5 Years
Interest Rate Commencing from 10.5% per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee 2.5% of the loan amount
Minimum Monthly Salary Rs 30,000

Indian Overseas Bank Personal Loan

The Indian Overseas Bank has segmented the personal loan requirements into three segments where the applicant can avail of a loan based on their needs. The IOB Personal provides monetary requirements to obtain consumer durables. An individual can also select the IOB Passion option, which facilitates the funding of passion projects. The Bank provides attractive interest rates and flexibility in tenure for smooth repayment.

Loan Amount Up to 5 Lakhs
Loan Tenure Up to 5 Years
Interest Rate 10.80 % per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee 0.4% of the loan amount
Minimum Monthly Salary Above Rs 5,000

Cent Personal Loan- Central Bank of India

The Cent Personal Loan is another significant mention in the best personal loan bank list. The Central Bank of India showcases an impressive portfolio of bank and financial products offered to its customers. The bank provides personal loans to permanent employees employed in a number of PSUs, and Central and State Government organizations. Employees working in the private sector who have concluded at least three years of their employment are also eligible to apply for the loan.

Loan Amount Up to 15 Lakhs
Loan Tenure Up to 5 Years
Interest Rate 10.95 % per annum
Maximum Age 60 Years
Minimum Age 21 Years
Processing Fee 1% of the loan amount

Bandhan Bank Personal Loan

The Bandhan Bank Personal Loan is one of the most lucrative options available in the market. The bank follows an easy application process so that the borrowers can conveniently obtain funds to pursue their personal obligations.

Loan Amount Rs 50,0000 – Rs 25 Lakhs
Loan Tenure Upto 60 Months
Interest Rate Commences from 10.25% per annum.
Maximum Age 60
Minimum Age 21 (23 for a self-employed individual)
Processing Fee 1% of the loan amount

Factors to Consider Before Selecting a Personal Loan

You must evaluate the following factors before selecting a personal loan:

Documents Required

The applicant should factor in the documents required to submit during the application process. This minimal documentation ensures that the borrower gets easy approval without any hassle. Generally, the financial institution asks for documents such as income statements, ITR returns, and bank statements.

Interest

The interest on the personal loan refers to the borrower’s cost to pay to the bank. A higher interest rate would increase the cost of the loan repayment amount. The individual who wants to avail of a loan must compare varying interest rates different banks offer.

Tenure

The tenure of the loan should also be accessed when selecting the personal loan. A lengthier term would reduce the amount of EMIs and make personal loan repayment more manageable.

Disbursement

The speed at which the loan is disbursed should also be accounted for when selecting the personal loan. In case the applicant is in need of the funds on an emergency basis, they should select a financial institution that disburses the loan amount at an efficient rate.

Processing Fee

The processing fee can also affect the loan cost and should be evaluated while selecting the personal loan.

Related Resource
How to Avail of a Personal Loan without Documents?
CIBIL Score for Personal Loan
Personal Loan Balance Transfer
Personal Loan Tax Exemptions & Details
Personal Loan for NRIs
A Definitive Guide to Statutory Liquidity Ratio (SLR)
Personal Loan for Pensioners

FAQs

Which bank offers the best personal loan in India?

The loan applicant can start by comparing the bank's interest rate on the loan amount. They should also factor in other parameters such as the processing fee, tenure, and disbursement speed to select the best personal loan in India that complements their goals.

Which bank offers the lowest interest on personal loans?

IDBI Bank offers customers a competitive interest rate that generally ranges between 8.9% per annum and 14% per annum. It is one of the best personal loans in India due to its minimal interest rate.

What is the highest amount of personal loan you can get?

As the nature of the personal loan is unsecured, the maximum amount an applicant can avail of is Rs 25 Lakhs.

What is the age range when it comes to applying for a personal loan?

The age to apply for a personal loan generally ranges from 21 to 60 years. However, some banks offer special personal loan options to cater to senior citizens.

 

 

 

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