A personal loan is slowly and steadily becoming the most sought after loan in the lending market. These short term and collateral-free loans have everything that a borrower needs. There are several banks, financial institutions and NBFCs who offer personal loans to the applicants at a competitive rate of interest. LoansJagat acts as the perfect platform wherein the borrower can compare different personal loan providers for their offerings in terms of rate of interest, loan amount, loan tenure, EMI etc. One can zero in on the lender and apply for the personal loan or business loans directly from their portal.
Even though the market is filled with lenders, it is imperative to go with the ones who are named and trusted. Here is a list of top 10 personal loan finance companies leading the lending market in India in2020.
1. HDFC BANK
The HDFC personal loan is attractive and comes with minimal and easy eligibility criteria and offers a loan up to Rs. 15 lakhs. They offer personal loan to applicants aged between 21 to 60 years and have interest rate varying from 11.25 -21.50 %. With all the documents in place, the HDFC bank personal loan is disbursed in your account in mere 2 days. The maximum loan tenure for the loan varies from 1 to 5 years.
2. STATE BANK OF INDIA (SBI)
SBI offers the following personal loan products:
- State Bank of India (SBI) Xpress Credit Personal Loan
This is one easy personal loan which is offered to anyone with minimum Rs.5000 monthly income, falling in the age bracket 21-60 years. The loan amount ranges between Rs.25,000 to Rs.15 lakhs and has a loan tenure of up to 5 years.
- State Bank of India (SBI) Personal Loan for Pensioners
This loan is offered to individuals in the age group between 21-76 years. There is no minimum income criteria here and the loan amount which can be availed ranges between Rs. 25000 to Rs. 14 lakhs. The loan tenure for this personal loan is up to 7 years.
- State Bank of India (SBI) Saral Personal Loan
This short term loan comes with a loan tenure of 2 years and loan amount ranging from Rs.10,000 to Rs.10 lakh (for rural and semi-urban areas) and Rs.24,000 to Rs.10 lakh (for metro and semi-urban areas). The interest rate varies between 11.75% to 12.45% and can be availed with a minimum income of Rs. 5000.
3. PUNJAB NATIONAL BANK (PNB)
One can avail PNB personal loan for a period of 5 years with the loan amount ranging from Rs. 50000 to Rs. 10lakhs. The interest rate varies between 12-15 % and the minimum income criteria involved is Rs. 10000 (rural), Rs. 12500 (urban) and Rs. 15000 (metros). One can avail a loan amount of 20 times their net monthly income.
4. AXIS BANK
They offer personal loan at 15.75% to 24% for loan tenure varying from 1 year to 5 years. The applicant must have a minimum income of Rs.15000 to apply for a loan ranging from Rs.50000 to Rs. 15 lakhs.
5. CANARA BANK
The personal loan products offered by Canara bank are:
- Canara Bank Consumer Personal Loan
Rate of interest: 13.15% – 14.15% per annum
Age: 21- 60 years
Loan amount: Rs.1 lakh or 15 months of net income or 75% of the invoice value, whichever is lesser
Loan tenure: up to 3 years
- Canara Bank Teachers’ Personal Loan
Rate of interest: 12.65% per annum
Age: 21- 60 years
Loan amount: Rs.3 lakh or gross salary for 6 months, whichever is lesser
Loan tenure: up to 4 years
- Canara Bank Budget Personal Loan
Rate of interest: 11.00% -13.00% per annum
Age: 21- 60 years
Loan amount: Rs.3 lakh or gross salary for 6 months, whichever is lesser
Loan tenure: up to 5 years
6. BAJAJ Finserv
This is one of the best options for anyone wanting a quick loan disbursal within 24 hours of approval. Their age criteria lie between 25-58 years and the loan is offered to individuals with minimum income of Rs. 30000. They offer loan up to Rs. 25 lakhs at an interest rate of 12.99% per annum for a tenure ranging from 1 to 5 years.
7. MAHINDRA FINANCE
This NBFC offers personal loan up to Rs. 3 Lakhs for a loan tenure up to 3 years. The rate of interest offered on their personal loan is 11.70 % per annum. The applicant must be aged between 21 -58 years to avail this loan.
8. IDBI BANK
Their personal loan interest rate varies between 10.15 -12.90 % per annum. The loan can be availed with a minimum income of Rs. 15000 by the applicants aged between 22-60 years. They offer loan up to Rs. 10 lakhs for a tenure of 1-5 years.
9. ALLAHABAD BANK
Allahabad bank personal loan can be availed for a tenure of up to 5 years at 13 % interest rate per annum. They offer loan up to 12 lakhs to applicants with minimum income of Rs.15000.
10. INDIAN OVERSEAS BANK
Their personal loan can be availed for up to Rs. 5 lakhs for a loan tenure of 5 years. They offer loan to individuals with a minimum income of Rs. 5000 at 12.75% – 15.25% per annum.
Different banks and financial institutions offer varied offers and deals time and again. Thus, it is important to check for them with the banks to grab the best possible deal.
