Quick disbursal, often within 10 seconds for pre-approved customers.
Minimal documentation required.
Eligibility: Minimum monthly income ₹25,000 for salaried individuals.
Why HDFC: HDFC Bank is great if you need fast disbursement and have a ready presentation for the same.
ICICI Bank Personal Loan
Interest Rate: 10.75% – 19.00% per annum
Loan Amount: ₹50,000 to ₹25 lakhs
Tenure: 12 to 72 months
Processing Fees: Up to 2.50% of the loan amount
Special Features:
Instant approval for pre-approved customers.
Flexible repayment options.
Eligibility: Minimum monthly income of ₹30,000.
Why ICICI: Suitable for those who seek longer tenures and flexible EMI options.
State Bank of India (SBI) Personal Loan
Interest Rate: 10.90% – 13.75% per annum
Loan Amount: ₹25,000 to ₹20 lakhs
Tenure: 6 to 72 months
Processing Fees: 1.50% of the loan amount
Special Features:
Competitive interest rates for salaried and self-employed individuals.
No hidden charges.
Eligibility: Salaried, self-employed, or pensioners with a stable income.
Why Choose SBI: Millions have trusted SBI, which offers reliable service and competitive rate.
Bajaj Finserv Personal Loan
Interest Rate: 11.00% – 20.00% per annum
Loan Amount: ₹1 lakh to ₹25 lakhs
Tenure: 12 to 84 months
Processing Fees: Up to 4% of the loan amount
Special Features:
Fast disbursal within 24 hours.
Flexible repayment options.
Eligibility: Minimum monthly income of ₹35,000 for salaried individuals.
Why Choose Bajaj Finserv: Excellent option for high-value loans with flexible repayment terms.
Axis Bank Personal Loan
Interest Rate: 49% – 17.20% per annum
Loan Amount: ₹50,000 to ₹40 lakhs
Tenure: 12 to 60 months
Processing Fees: 5% to 2.5% of the loan amount
Special Features:
NoPre-approved offers for existing customers.
No foreclosure charges after 12 months.
Eligibility: Minimum monthly income of ₹15,000 for salaried individuals.
Why Choose Axis Bank: Ideal for those who want to avoid foreclosure charges after the first year.
Kotak Mahindra Bank Personal Loan
Interest Rate: 10.99% – 19.99% per annum
Loan Amount: ₹50,000 to ₹25 lakhs
Tenure: 12 to 60 months
Processing Fees: Up to 2.5% of the loan amount
Special Features:
Instant approval for digital applications.
Minimal documentation.
Eligibility: Salaried individuals with a minimum monthly income of ₹25,000.
Why Choose Kotak Mahindra: Good for those who seek digital-first with minimal paperwork.
IDFC FIRST Bank Personal Loan
Interest Rate: 10.49% – 20.00% per annum
Loan Amount: ₹1 lakh to ₹40 lakhs
Tenure: 12 to 60 months
Processing Fees: Up to 3.5% of the loan amount
Special Features:
Flexible repayment options and balance transfer facility.
Pre-approved offers for existing customers.
Eligibility: Minimum monthly income of ₹20,000 for salaried individuals.
Why Choose IDFC FIRST Bank: Great for high-value loans with flexible repayment options.
Factors to Consider When Choosing a Personal Loan
Interest Rate: Always compare interest rates among banks to find the lowest one that suits your budget.
Processing Fees: Choose banks with minimal or no processing fees to minimize cost.
Loan Tenure: Choose a loan tenure that balances your EMI with your financial capacity.
Prepayment and Foreclosure Charges: If you plan to settle the loan early, look for lenders with no foreclosure charges.
Eligibility Criterion: Ensure meeting the eligibility criteria before applying for the loan to avoid rejection.
Conclusion
Personal Loan in India, 2024 would rely on your financial needs, your repayment capacity, and the eligibility criteria. The above options include competitive interest rates, flexible tenures, and other additional features suited to different profiles of borrowers. Use online EMI calculators to get a crystal-clear idea of your monthly installments and make an informed decision.
