Which are the Best Banks for Personal Loans in India?

Loans are one of the facilities available in the market that are helping the people to meet up the financial requirements of the person. It can be related to education, marriage expenses, health expenses, property expenses, etc. 

The personal loan facility has given a great boon in the market as the person will get all the money that they need without harassing or borrowing from any family or friends. Many banks and financial institutions are making the whole procedure of granting the personal loan online, which makes it even more convenient for people to get it. Even the repayment tenure and EMIs are calculated according to the convenience of the person. There is minimal paperwork that is required to be done at the time of sanction of the loans.

How to qualify for a personal loan?

The person who is applying for the personal loan needs to meet the eligibility criteria. The details are listed below:

  • The personage should be between 21 to 60 years
  • The person should be a resident of India
  • He should be working in any MNC, Private or Public Limited Company
  • All the KYC documents need to be submitted
  • Employee ID card
  • Salary slip of 2 months
  • Bank statements of last 3 months

If he fulfils all these requirements, he is surely going to get approval for the personal loan. Various banks are providing the facility of personal loans in the market. Let's have a look at top 5 best banks for Personal Loans in India:

  • HDFC Bank Personal Loan: This is one of the leading private banks that can provide personal loans up to Rs. 40 lakhs. The loan repayment tenure can lie between 1 to 5 years. There are one-time processing fees of up to 2.5%, and the interest charged for the personal loan can lie between 10.75%- 21.50%. 
  • Indusland Bank Personal Loan: This bank provides personal loans up to 5 lakhs. The loan repayment tenure can be up to 5 years, and there is a fixed rate of interest that lies between 11.00% -16.75%. The processing fee charged up to 3.50%.
  • Citibank Personal Loan: It provides a personal loan of up to 30 lakhs and charges a rate of interest up to 10.50% - 17.99%. The repayment loan tenure is 1- 5 years, and processing fees lie between 0.50%- 3.00%.
  • Standard Chartered Bank: The personal loan amount provided by this bank is 1 lakh to 6 lakh. There is a fixed rate of interest i.e., 14.00% and a one-time processing fee which is a minimum of Rs. 1000. The repayment tenure lies between 1 to 3 years. 
  • Kotak Mahindra Bank Personal Loan: The limit of the loan amount lies between Rs. 50,000 to Rs. 25 Lakhs. The repayment tenure is 1 to 5 years, and up to 2.5% is the one-time processing fee. The interest rate is fixed i.e., 10.50%- 16.99%.

Different Non-banking Financial Institutions providing personal loans are stated below:

  • Money View: It is an online platform from where people can get a personal loan from Rs. 5k to Rs. 5 Lakh. They provide their customers with the most suitable instant loan that has multiple options. Once all the formalities are done within 24 hours, the loan amount will be credited into the account. Money View Loan interest rate starts from 1.33% per month and can get a maximum of up to 16.00% annually. The processing fees charged can be 2% of the approved loan. The loan tenure can lie between 6 months to 60 months. 
  • Tata Capital Personal Loan: This financial body can provide the loan up to Rs. 20 lakh whose repayment tenure can be 1 to 6 years. The interest rate charged for the personal loan is 11.25% - 14.49% and charges one-time processing fees up to 2.75%.
  • Home Credit: The personal loan amount lies between Rs. 50 K to Rs. 2 lakhs. The interest rate charged for the loan is 13.00% to 30.00%. There are no one-time processing fees for a loan, and the repayment tenure can be up to 4 years.
  • Aditya Birla Capital Personal Loan: This institution provides personal loans up to 30 lakhs and charges rates of interest from 11.00% to 13.75%. This institution only charges 1.00% of the total personal loan as the processing fees for the loan, and the repayment tenure is 1- 5 years. 

So, these are some of the best financial bodies that provide personal loans at different interest rates. The person can apply for the loan according to their convenience, and it will definitely help the person to meet their financial needs.


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