Banks and financial institutions nationwide provide various loans that meet several needs. One of these is the personal loan, where you can borrow money from any bank without getting any collateral involved and repay your debt with a low-interest rate. However, the personal loan rates depend on several factors influencing your repayment process.Â
Below is a list of the best banks in India that are known for providing great rates and favorable conditions. Check your eligibility for a loan at these banks and chase away your financial woes!
Best Banks for Getting Personal Loans in India
Many Indian banks give amazing personal loan plans that work in your favor and deliver a hassle-free process. Below are all the banks known for offering great online personal loan that can be taken anytime.Â
ICICI Bank Personal Loan
Apply for the ICICI bank personal loan for lakhs of rupees at the best interest rates. Simplify your borrowing experience with ICICI Bank’s quick approval process.
Key Information –
Loan Amount: Rs. 50,000 to Rs. 25 lakh
Interest Rate: 10.50% p.a. onwards
Tenure: 1-6 years
HDFC Bank Personal Loan
Get HDFC Bank’s loans whether you are an independent contractor or a salaried employee. Check your eligibility for this loan to reap all of its benefits. The online personal loan process is simplified if you are a bank customer and can use net banking to see your qualifications for the pre-approved loan.Â
Key Information –
Loan Amount: Up to Rs. 40 lakh
Interest Rate: 11.00% p.a. onwards
Tenure: Up to 6 years
IndusInd Bank Personal Loan
Qualify for some of the best personal loan rates from IndusInd Bank that can be used for several things. The bank has quick loan approval and processing for instant loans online. The tenure is also long enough to pay off your loan in peace.
Key Information –
Loan Amount: Rs. 30,000 to Rs. 25 lakhs
Interest Rate: 10.49% p.a. onwards
Tenure: 1-5 years
Standard Chartered Personal Loan
Standard Chartered is among the country’s biggest banks and offers great online personal loans. It has a minimal processing cost with competitive rates. Its minimum monthly salary requirement is Rs. 22,000, and the processing cost is 2.25% of the borrowed amount.
Key Information –
Loan Amount: Rs. 1 lakh to Rs. 50 lakh
Interest Rate: 11.49% p.a. onwards
Tenure: 1-5 years
Kotak Personal Loan
Get quick cash from Kotak Mahindra Bank’s loan for any urgent financial need. The instant assistance helps with meeting any expenditure and paying off any bills. The processing fee is up to 3% of your online personal loan amount. But ensure that you have at least Rs. 30,000 as your monthly salary before applying for a loan in this bank.
Key Information –
Loan Amount: Rs. 50,000 to Rs. 25 lakhs
Interest Rate: 10.99% p.a. onwards
Tenure: 1-5 years
Central Bank of India Personal Loan
The simplest instant loan process offers the lowest personal loan rates in India. Central Bank of India levies fewer charges where the processing costs are only Rs. 500, including applicable service taxes. The loan has a maximum 48-month repayment period with fair terms and conditions.
Key Information –
Loan Amount: Up to Rs. 10 lakh
Interest Rate: 10.75% to 10.95% p.a.
Tenure: Up to 5 years
Bajaj Finserv Personal Loan
Borrow your loan without paying hidden fees and getting a competitive interest rate. The loan process is entirely transparent, which streamlines the overall borrowing process. Bajaj Finserv has a strong reputation for giving fair interest rates to its customers that do not overweigh you with debt.
Key Information –
Loan Amount: Up to Rs. 25 lakhs
Interest Rate: 13% p.a. onwards
Tenure: Up to 5 years
Conclusion
An endless number of banks are known for their personal loan offers. Quick loans are provided when you have a great credit score, and every document is in order. Comprehend the loan’s full repayment and borrowing structures by focusing keenly on the terms and conditions. Compare one online personal loan with another to find the one best suited for you. Find the right loan offer and quickly apply to complete the process and have your money.
