TOP 5 BANKS FOR PERSONAL LOAN IN INDIA
When unexpected expenses arise or personal goals need financing, indeed, personal loans become a reliable solution. In India, numerous banks offer competitive options tailored to individual needs.
Here’s an overview of some of the best banks for personal loans-
| SR.NO. | BANKS | INTEREST RATE (per annum) | PROCESSING FEE |
| 1 | Axis Bank | 10.49% onwards | Up to 2% of the loan amount + GST |
| 2 | IndusInd Bank | 10.49% onwards | Up to 3% |
| 3 | HDFC Bank | 10.50% onwards | Up to Rs. 4999 |
| 4 | ICICI Bank | 10.50% onwards | Up to 2.50% of the loan amount + GST |
| 5 | Kotak Mahindra Bank | 10.99% onwards | Up tp 3% of the loan amount + GST |
(Interest Rates as of 21st August 2023
The figures in the table are subject to potential alterations. Kindly verify these details with the relevant bank prior to initiating your loan application.)
MORE ABOUT THESE TOP BANKS
1. AXIS BANK
Experience the advantages of an Axis Bank Personal Loan, including swift processing, minimal paperwork, competitive interest rates, and adaptable repayment choices. You can even consolidate your existing high-interest personal loan with Axis Bank to reduce interest expenses. Benefit from loan amounts ranging from Rs. 50,000 to Rs. 40 lakh and a maximum tenure of 60 months. The process is streamlined, as pre-approved personal loans require no additional documents.
2. INDUSIND BANK
IndusInd Bank, a prominent loan provider in India, eliminates the need for collateral in loan applications. Offering competitive interest rates and adaptable tenures, their personal loans stand out. Apply conveniently online for swift processing and doorstep service. Enjoy loan amounts ranging from Rs. 30,000 to Rs. 50 lakh and select a comfortable repayment period spanning 1 to 6 years.
3. HDFC BANK
HDFC Bank Personal Loan offers manageable EMIs and a simplified application process. Apply for a personal loan online effortlessly. Existing customers can unlock extra benefits like reduced interest rates and processing fees. Senior Citizen Customers enjoy a 10% service charge discount. Pre-approved HDFC Bank customers can access funds in just 10 seconds; meanwhile, others can receive a loan within 4 working days, following required documentation and verification. Enjoy competitive interest rates, borrow up to Rs. 40 lakh, and capitalize on a flexible 5-year tenure. Lower your Personal Loan EMI through balance transfer to HDFC Bank.
4. ICICI BANK
With ICICI Bank’s Personal Loans, you can access up to Rs 50 lakh at appealing interest rates, requiring minimal documentation and no collateral. ICICI Bank ensures a hassle-free borrowing journey by promptly crediting approved funds within three seconds. Enjoy flexibility in selecting the loan tenure, ranging from 12 to 72 months, tailored to your repayment capability.
5. KOTAK MAHINDRA BANK
Kotak Mahindra Bank offers Personal Loans with appealing interest rates, supported by a simplified application procedure that utilizes video KYC for effortless documentation. Collateral is not required, and borrowers can access a maximum loan amount of Rs. 40 lakh, repayable over a tenure ranging from 1 to 6 years.
CONCLUSION
All things considered, when considering a personal loan, it’s crucial to compare interest rates, processing fees, repayment terms, and additional features offered by different banks. Selecting the best bank for a personal loan involves assessing your financial situation and making an informed decision.
If you want apply for a PERSONAL LOAN read – A COMPREHENSIVE GUIDE TO ACQUIRING A PERSONAL LOAN
