Personal loans have become the go-to solution for many people facing a financial crunch or planning a major purchase in the ever-evolving financial world. However, choosing the right personal loan plans with the best possible interest rates and lower processing charges has always been confusing.
As 2024 rolls in, we’ve rounded up the top 10 personal loans available in India to help you make an informed decision in choosing the right plan.
List of 10 Best Personal Loans in India
- HDFC Bank Personal Loan
- SBI Personal Loan
- ICICI Personal Loan
- Axis Bank Personal Loan
- Bajaj Finserve Personal Loan
- Kotak Mahindra Bank Personal Loan
- Yes Personal Loan
- IDFC First Personal Loan
- Tata Capital Personal Loan
- IndusInd Bank Personal Loan
1. HDFC Bank Personal Loan
HDFC offers personal loans with attractive interest rates, minimal documentation, and quick approval. The bank provides loans up to Rs. 40 Lakhs for salaried individuals with a flexible repayment tenure of up to 60 months. The interest rate ranges from 10.25% to 21.50% per annum and the processing fee is Up to ₹4,999.
2. SBI Personal Loan
SBI’s personal loans are designed to cater to diverse needs including education, marriage, healthcare, and others. SBI offers loans up to Rs. 20 Lakhs with interest rates ranging from 9.60% to 15.65%. The processing fee is up to 1%, and repayment tenure can extend up to 72 months.
3. ICICI Bank Personal Loan
ICICI Bank offers personal loans up to Rs. 25 Lakhs with an interest rate of 10.50% to 19%. The processing fee is up to 2.50% of the loan amount plus applicable tax. The bank ensures quick and hassle-free loan approval with minimum documentation and flexible repayment tenure of up to 60 months.
4. Axis Bank Personal Loan
Axis Bank’s personal loans come with competitive interest rates, minimal documentation, and speedy approval. You can avail a personal loan up to Rs. 15 Lakhs with an interest rate of 10.49% to 24%. The processing fee is up to 2% of the loan amount plus application charges. The repayment period ranges from 12 to 60 months.
5. Bajaj Finserv Personal Loan
With Bajaj Finserv, you can avail of a personal loan up to Rs. 25 Lakhs with an interest rate ranging from 13% to 16% with a processing fee of up to 4% of the loan amount. The unique feature of this loan is the flexible repayment tenure of up to 60 months and the option of prepayment without any extra charges.
6. Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank offers personal loans up to Rs. 25 Lakhs. The interest rates range from 10.25% to 16.99%, and the repayment tenure is flexible, extending up to 60 months. The processing fee is up to 3% of the loan amount.
7. Yes Bank Personal Loan
Yes Bank offers customised personal loan solutions with loan amount up to Rs. 40 Lakhs. The interest rates range from 10.99% to 20%, and the repayment period can extend up to 60 months. The processing fee is up to 2.5% of the loan amount.
8. IDFC First Personal Loan
IDFC First offers personal loans up to Rs. 5 Lakhs with interest rates ranging from 10.49% to 23% and the processing fee is up to 3.5% of the loan amount plus applicable tax. The bank offers flexible repayment tenure of up to 60 months.
9. Tata Capital Personal Loan
Tata Capital offers personal loans up to Rs. 25 Lakhs with flexible repayment options. The interest rates range from 10.99% to 19%, and the repayment tenure can extend up to 72 months. The processing fee here is flat Rs. 75.
10. IndusInd Bank Personal Loan
IndusInd Bank offers personal loans up to Rs. 30 Lakhs. The interest rates range from 10.49 % to 16.75%, and the repayment period can extend up to 60 months. The processing fee is up to 3% of the loan amount plus applicable tax.
Comparison Table
| Personal Loan Provider | Loan Amount Range | Interest Rates (per annum) | Processing Fee | Repayment Tenure |
|---|---|---|---|---|
| HDFC Bank | Up to Rs. 40 Lakhs | 10.25% to 21.50% | Up to ₹4,999 | Up to 60 months |
| SBI | Up to Rs. 20 Lakhs | 9.60% to 15.65% | Up to 1% | Up to 72 months |
| ICICI Bank | Up to Rs. 25 Lakhs | 10.50% to 19% | Up to 2.50% + tax | Up to 60 months |
| Axis Bank | Up to Rs. 15 Lakhs | 10.49% to 24% | Up to 2% + charges | 12 to 60 months |
| Bajaj Finserv | Up to Rs. 25 Lakhs | 13% to 16% | Up to 4% | Up to 60 months |
| Kotak Mahindra Bank | Up to Rs. 25 Lakhs | 10.25% to 16.99% | Up to 3% | Up to 60 months |
| Yes Bank | Up to Rs. 40 Lakhs | 10.99% to 20% | Up to 2.5% | Up to 60 months |
| IDFC First | Up to Rs. 5 Lakhs | 10.49% to 23% | Up to 3.5% + tax | Up to 60 months |
| Tata Capital | Up to Rs. 25 Lakhs | 10.99% to 19% | Flat Rs. 75 | Up to 72 months |
| IndusInd Bank | Up to Rs. 30 Lakhs | 10.49% to 16.75% | Up to 3% + tax | Up to 60 months |
Conclusion
Choosing the right personal loan can be a daunting task. However, with the right research and understanding of your financial needs and repayment capacity, you can find a personal loan that best suits you.
The 10 personal loans listed above offer competitive interest rates, high loan amounts, and flexible repayment tenures, making them the best personal loan plans in India as of 2024.
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