If you are wondering which bank is best for personal loans, we have the answers! We have curated a list of the top banks for you that offer beneficial personal loans.
Which Bank is Best for Personal Loans?
There are multiple banks offering personal loans with advantageous benefits and features. However, deciding which bank is the best for personal loans will vary based on certain conditions such as the interest rate, applicant’s employment status, credit score, and other loans that are currently serviced.
Given below are some of the most popular banks offering personal loans to individuals today.
Bank | Interest Rate | Amount Offered | Repayment Term |
State Bank of India | 9.60% - 15.65% | Rs. 10,000 to Rs. 20 lakhs | 12 - 72 months |
ICICI Bank | 10.75% to 19% | Rs. 50,000 to Rs. 50 lakhs | 12 - 72 months |
HDFC Bank | 10.5% to 21% | Rs. 50,000 to Rs. 40 lakhs | 12 - 60 months |
IndusInd Bank | 10.49% to 31.50% | Rs.30,000 to Rs. 50 Lakhs | 12 - 60 months |
Axis Bank | 10.49% to 22% | Rs. 50,000 to Rs. 40 Lakhs | 12 - 60 months |
Note: Please note that the above information is subject to change at the bank’s discretion.
Which Bank Gives Personal Loans With Bad Credit in India?
While most banks provide personal loans loaded with unique features and benefits, those with low credit scores may not be able to avail them. Usually banks look for credit scores of above 700 and higher the score, lower is the interest rate.
However, if you have an existing relationship with the bank then you may be able to avail a loan from any of the above options even with a low credit score.
A better option in this circ*mstance would be to avail loans through other options suchas peer-to-peer lending, secured loans, through NBFCs or private lenders such as Moneyview.
Other Options for Personal Loans
If you are unable to avail a personal loan from a bank then you do not have to worry as there are other options available.
Have you considered availing a personal loan from renowned lenders such as Money View? Not only are these loans affordable but also come with a number of benefits and features such as 24 hours disbursal and minimal documentation.
One of the most trusted banks in the country, State Bank of India or SBI offers different categories of personal loans to cater to various requirements.
Customers can also avail SBI Xpress Credit, SBI Pension Loan, Pre-approved personal loans, and more based on their needs.
Salient Features of SBI Personal Loans
- Maximum Loan Amount: Rs 20 lakhs
- Maximum Tenure: 72 months
- Rate of Interest: 9.60% - 15.65% p.a.
- Processing Fee: 1.50% of the Loan Amount plus GST
- Pre-payment charges: 3% on prepaid amount
One of the most reputed banks in the country, ICICI offers specific personal loans that could meet expenses towards a wedding, travel, etc. Select customers upon completion of online verification and approval can get their loans disbursed in less than 3 seconds. Applicants can avail personal loans of up toRs. 50 lakhs.
Salient Features of ICICI Personal Loans
- Maximum Loan Amount: Rs. 50 lakhs
- Maximum Tenure: 72 months
- Rate of Interest: 10.75% to 19% p.a.
- Processing Fee: Up to 2.5% of loan amount + GST
- Pre-payment charges:3% on the outstanding amount after payment of 1st EMI and nil, if 12 or more EMIs are paid
Easy eligibility norms make HDFC Bank personal loans one of the best in the country. In addition to the
Loan applicants are also eligible for insurance covers like Personal Accident Cover and Accidental Hospitalisation Cover among others against the payment of a small premium.
Salient Features of HDFC Personal Loans
- Maximum Loan Amount: Rs 40 lakhs
- Maximum Tenure: 60 months
- Rate of Interest: 10.5% to 21% p.a.
- Processing Fee: Up to Rs. 4999 + GST
- Pre-payment charges: 2%-4% depending on repayment tenure
In just four steps, borrowers can avail affordable Easy Credit Personal Loans from IndusInd Bank. Unique features and minimal documentation are just two of the reasons why these personal loans are so popular.
Salient Features of IndusInd Bank Personal Loans
- Maximum Loan Amount: Rs. 50 lakhs
- Maximum Tenure: 60 months
- Rate of Interest:10.49% to 31.50%
- Processing Fee: Up to 3% of loan amount
- Pre-payment charges: 4% of the principal outstanding after repayment of 12 EMIs.
If you are looking for a versatile personal loan loaded with advantageous features and benefits such as minimal documentation and quick disbursal, then Axis Bank personal loans are the perfect choice for you. Additionally, you can transfer your existing high interest personal loans to Axis bank as well while enjoying eDGE loyalty reward points on your transactions.
Salient Features of Axis Bank Personal Loans
- Maximum Loan Amount:Rs. 40 lakhs
- Maximum Tenure: 10.49% to 22%
- Processing Fee: varies depending on the loan amount and term
- Rate of Interest: 10.49% to 22%
- Pre-payment charges: 5% + GST based on the outstanding amount
Conclusion
There are a number of banks providing personal loans in India but which one is the best?
That will entirely depend on your eligibility, income, the amount you require as well as the reason for the loan. SBI, ICICI Bank, HDFC Bank, Axis Bank, and IndusInd Bank are reputed banks that provide affordable personal loans.
However, if you are looking for other options then why not consider Money View? Visit the Money Viewwebsiteordownload the appand apply now.
FAQs
For salaried professionals, the minimum salary requirement set by most lenders is Rs. 15,000 or above. Note that individuals with a minimum salary of Rs 25,000 are preferred by lenders. In case of self-employed individuals, lenders usually require gross annual income of Rs. 2 lakh or more.
Which bank gives a personal loan easily in India? ›
Top performing personal loans in India
| Sr.No. | Personal Loan Plans | Interest Rates |
|---|
| 1 | HDFC Bank Personal Loan | 10.50% p.a. onwards |
| 2 | ICICI Bank Personal Loan | 10.50% p.a. onwards |
| 3 | Bajaj Finserv Personal Loan | 13.00% p.a. onwards |
| 4 | Fullerton India Personal Loan | 11.99% p.a. onwards |
6 more rowsJul 1, 2024
Summary: Best Personal Loans From Banks
| Company | Forbes Advisor Rating | Current APR range |
|---|
| Discover | 3.5 | 7.99% to 24.99% |
| Wells Fargo | 3.5 | 7.49% to 24.99% |
| PNC Bank | 3.0 | Rates may vary by ZIP code |
| Citi® Personal Loan | 3.0 | 11.49% to 20.49%** |
2 more rowsAug 30, 2024
For salaried professionals, the minimum salary requirement set by most lenders is Rs. 15,000 or above. Note that individuals with a minimum salary of Rs 25,000 are preferred by lenders. In case of self-employed individuals, lenders usually require gross annual income of Rs. 2 lakh or more.
How easy is it to get a personal loan in India? ›
The minimum CIBIL score required for a personal loan generally ranges from 700 to 800. A CIBIL score is a measure of creditworthiness based on a borrower's credit history and repayment behaviour.
How fast is HDFC personal loan? ›
Get a personal loan in quick time
Get funds in 10 seconds if you are a pre-approved HDFC Bank customer. Other customers can get a loan within 4 working days subject to documentation and verification as per bank's requirement.
Who is eligible for 10 lakh personal loan? ›
The eligibility parameters for a personal loan of ₹10 Lakh are as follows: ⦁ Nature of Employment: Salaried individuals working in MNCs, public limited companies, or private limited companies are eligible. ⦁ Age: Applicants should fall within the age bracket of 21 to 60 years.
Which bank has the easiest loan approval? ›
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.
What is the safest place to get a personal loan? ›
Banks provide a secure and established lending environment, as well as an array of other financial services. If you need quick access to cash, personal loans from a bank can come with competitive interest rates and flexible repayment terms.
What bank is best for personal banking? ›
These are our top picks for the best banks, and why you might like to consider them a top option for your banking:
- Capital One: Best online checking account.
- Chase: Best for a large branch network.
- Axos: Best for a variety of online account options.
- Discover®: Best for doing all of your banking in one place.
HDFC Bank Personal Loan Details
| Rack Interest Rate | 10.75% p.a. - 24.00% p.a. |
|---|
| Loan Amount | Rs.50,000 to Rs.40 lakh* |
| Benefits | Disbursal in 10 seconds for pre-approved customers and in four hours for other applicants Minimal documentation required Insurance options available |
Personal loan amounts range from Rs. 50,000 up to Rs. 50 lakhs. The loan amount is determined based on factors like your age, income, credit score and job type.
What is the minimum credit score for a personal loan in India? ›
What is Minimum CIBIL score for Personal Loan? The minimum credit score for personal loans is between 730 to 750. CIBIL scores range from 300 to 900 with 900 being the highest. Higher the score, greater is the chance of getting a loan at favorable conditions.
Which bank gives a loan easily? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
Which site is best for Personal Loan in India? ›
Comparative Analysis Based on Key Features
| Lender | Interest Rate | Tenure |
|---|
| Moneyview | 15.96% onwards | Up to 60 months |
| Bajaj Finserv | Starting at 10.75% p.a. | Up to 96 months |
| KreditBee | 16% - 29.95% per annum (flat) | 6 months - 2 years |
| Olyv (SmartCoin) | 20% - 29.88% per annum | Up to 12 months |
21 more rowsDocuments Required For NRI Personal Loans
- Duly filled application form with passport-sized photographs.
- Photocopy of the applicant's Passport and Visa.
- Identity Proof: (For both applicant & co-applicant): Aadhar Card, PAN Card, etc.
- Address Proof: (For both applicant & co-applicant): Passport, Aadhar Card, etc.
The Easiest Personal Loans to Get in September 2024
- LightStream: Our top pick.
- SoFi: Best customer service.
- PenFed: Best for small loans.
- Discover: Best for low rates.
- Upstart: Best for bad credit.
- U.S. Bank: Best for bank switchers.
- Upgrade: Best discounts.
- Wells Fargo: Best for in-person service.
The process of Loan application is instant and convenient and can be done online from the comfort of your home. The instant Personal Loan approval process ensures you have a seamless and stress-free borrowing experience. Also, with our instant Personal Loan online services, you can get access to funds within 3 seconds.
Can I get a personal loan with a low CIBIL score? ›
Obtaining a Personal Loan with a low CIBIL score is possible. It involves meticulous planning and showcasing your financial stability and repayment capability to the bank. In other words, you have to prove that you have the financial means as well as the intention or will to repay the loan.
