Top 10 banks that offer personal loans in India
The following banks offer great interest rates, considerable tenure, and a reasonable loan amount. Make sure you choose the right bank to avail maximum benefit.
1. HDFC Personal Loans
The HDFC Personal loan is affordable and fetching. The interest rates range from 11.25 to 17.50 percent per annum. HDFC Personal loans have a loan tenure of 12 to 60 months.
2. SBI personal loan
There are three subcategories for this loan, namely SBI Credit Xpress Personal Loan, SBI Personal Loan for Pensioners, and SBI Saral Personal loan. The three loans have varied interest rates.
3. PNB Personal Loan
Personal loans offered by PNB have an interest rate of 12 to 15 percent per annum. The tenure is of up to 60 months.
4. Axis Bank Personal Loan
Axis bank offers this loan at an interest rate of 10.99 to 18 percent per annum. The loan amount can range from fifty thousand to twenty five lakh rupees.
5. HDB Finance Personal Loan
HDB Finance is a subsidiary of HDFC bank offering various personal loans with major focus on Government employees and school teacher. Their interest rate varies from 14% to 19% p.a.
6. Bajaj FinServ Personal Loan
This loan provides an interest rate of 12.99 percent per annum, with the maximum loan amount offered being ₹25 lakhs. They also offer an Overdraft product for both salaried and self employed professionals where only Interest needs to be paid for the amount utilized as against fixed EMI under personal loan product. Here Interest rate is higher than personal loan ranging from 13.75% to 16% p.a.
7. TATA Capital Personal loan
Tata Capital is one of the most trusted NBFC’. It provides personal loans with an interest rate of 12.50%to 18% per annum. The age of the applicant should be within 21 to 58 years.
8. ICICI Bank Personal loan
ICICI Bank offers personal loans at an interest rate ranging from 11.25 to 16.90 percent p.a. The minimum income of the borrower should be ₹25,000.
9. Yes Bank Personal loan
Yes Bank offers an interest rate of 10.99 percent p.a to 16.75% p.a. The loan amount can range from 1 lakh to 20 lakhs. The amount should be within 24 times of the applicant’s current gross monthly salary.
10. IDFC First Bank Personal Loan
IDFC First Bank offers personal loans at an interest of 12.75 to 17.25 percent p.a. A notable condition of the personal loan is that the monthly income has to be more than ₹25000.
Taking a personal loan from these banks will reap maximum benefits. The banks also provide business loans with great interest rates.
Personal loans can be of huge help to those who require them for current as well as future unforeseen events. The funds can be used for marriage, child’s education, business expansion, or anything that suits the cause of the borrower. Do make sure to go through all the terms and conditions of a loan before choosing one that suits your purpose.