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Compare & Apply for Personal Loan @10.89% in Just 3 Steps

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Choose an amount between ₹50,000 and ₹5,000,000.

Loan Amount

25K9L17L25L33L42L50L
Interest Rate

%

10.5%15.5%20.5%25.5%30.5%40%
Tenure

mo

12m22m32m42m52m60m
Personal Loan EMI Calculator
Loan EMI
23,537
Total Interest payable
64,888
Total Payment
(Principal + Interest)
5,64,888
Break-up of Total Payment
Interest Amount (₹64,888)
Loan Amount (₹5,00,000)

Best Personal Loans from 10 Banks / NBFCs (updated 24 Jun 2019)

Borrow as low as ₹1,000. Repay as fast as in 3 Months. Be Charged as Low as @10.89% pa.
Bank/NBFCInterest RateMin. Loan AmountMax. Loan AmountMin. TenureMax. TenureProcessing Fees Part PaymentApply Now

HDFC Bank

15.5% - 21.5%

100000

2500000

12

60

Up to 2.50% + GST as applicable

Apply

ICICI Bank

11.25% - 22%

50000

2000000

12

60

Upto 2.25% + GST as applicable

Apply

Axis Bank

15.75% - 24%

50000

1500000

12

60

1.50% to 2.00% + GST as applicable

Apply

Kotak Mahindra Bank

10.99% - 24%

50000

1500000

12

60

Upto 2.5% + GST as applicable

Apply

Citi Bank

17.99% - 18.99%

25000

3000000

6

60

2.00% - 3.00% + GST as applicable

Apply

Bajaj Finance

12.99% - 24%

50000

2500000

12

60

Up to 3.99% + GST as applicable

Apply

Standard Chartered Bank

10.5% - 19%

1000000

3000000

12

60

Upto 3% + GST as applicable

Apply

IndusInd Bank

11.25% - 30%

50000

1500000

12

60

Up to 2.50% + GST as applicable

Apply

Tata Capital

11.25% - 19%

75000

2500000

12

72

1.50% to 2.00% + GST as applicable

Apply

Capital First

12% - 18%

100000

2500000

12

60

1.99% + GST as applicable

Apply
Rate of Interest is high ?
Rate of Interest is high ?

Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases

Not getting the desired Loan Amount?
Not getting the desired Loan Amount?

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Have multiple existing loans?
Have multiple existing loans?

Financebuddha can help you consolidate all your loans into one to increase your eligibility

Personal Loan Details

Best Personal Loans in India

Different lenders offer different features and benefits. These features and benefits offer solutions to different types of borrowers and their needs.

Each borrower has their own need. And, fall into different categories from one another.

While, a high earning individual may need a loan for home renovation. On the other hand, a low income employee might need it to cover additional monthly expenses. Expenses which were unforeseen or unavoidable, but without the necessary money to meet them.

As such, the requirements of both these types of borrowers are different from each other and require different solutions to them.

Also, both of these borrowers have different profiles from each other.

Hence, there is no perfect offer which will suit all borrowers. And, no particular lender would be able to cater to all customer profiles.

Therefore, the best personal loan for you will always depend on your eligibility and needs.

We cannot emphasize enough on comparing available offers online before applying to get the best offer.

Best Banks for Personal Loans

#1. ICICI Bank 

ICICI Bank is the second largest private bank in India. The bank provides banking and financing services to its customers. ICICI is known for its customer satisfaction and quick redressal.

The bank provides personal loans at an affordable rate which makes it more appealing to the customer. The eligibility criteria are also basic.

Why should you choose?

ICICI Bank provides you a personal loan under the tagline of "Jo Bhi Ho Sapna 3 second me loan Apna". This is enough to assure that the processing is really fast.

Features:

  1. Flexible payment options: One can choose a tenure ranging from 12 to 60 months.
  2. Attractive Interest Rates: Interest rate starting from 11.25% p.a. and can go up to 17.99% p.a. depending on the borrower's profile.
  3. Quick Process: Fast processing of loan application followed by quick disbursal.
  4. No Collateral: There are no collateral required as they are totally unsecured in nature.
  5. Range of Loan Amount: With ICICI bank you can get a minimum of ₹50,000 and a maximum of ₹2,000,000.

Details:

  • Interest Rate: 11.25% to 22.00%
  • Loan Tenure: 12 months to 60 months
  • Age: 23 years to 58 years (at the time of loan maturity)
  • Maximum Loan Amount: ₹2,000,000
  • Processing Fee: Starting from ₹999 / - Up to 2.25% + GST as applicable
  • Lock-in Period: 6 months
  • Prepayment / Pre-closure Charges: Up to 5% per annum of the principal outstanding plus service tax

#2. HDFC Bank

Availing personal loans from the premium bank: HDFC Bank is quick, competitive and very transparent. If you are looking for a bank that can give approval in just 5 minutes for a personal loan, then your search ends here. The loan can be availed up to ₹2,500,000 and for a tenure of 5 years.

The service is easy to avail it has the ability to meet all your financial needs in a happy manner.

Why should you choose?

HDFC is India's largest private sector bank with its headquarters in Mumbai. HDFC understands your requirements and hence provides you the best option available.

Features:

  1. Loan amount up to ₹2,500,000.
  2. HDFC has a quick approval process.
  3. Interest rate starts from 10.99% p.a.
  4. The approval takes only 10 minutes.
  5. HDFC offers Flexible repayment tenures which ranges up to 60 months.

Details:

  • Interest Rate: 15.50% - 21.50%
  • Loan Tenure: 12 months to 60 months
  • Age: 21 years to 60 years
  • Maximum Loan Amount: ₹2,500,000
  • Processing Fee: Up to 2.50% + GST as applicable
  • Lock-in Period: 12 months
  • Prepayment Charges / Pre-closure Charges:

13-24 Months: 4% of Principal Outstanding

25-36 Months: 3% of Principal Outstanding

>36 Months: 2% of Principal Outstanding

#3. IndusInd Bank

IndusInd Bank is one of the best banks for a personal loan. It has good scrutiny and offers loan for genuine applicants. It is the first bank rated for pretty good service and offer great options to its customers.

This bank offers fast service with less interest rate. The bank is very transparent and flexible in its eligibility criteria.

It is possible to get it within just 2 days from this bank if you have all the necessary documentation and if you meet all the criteria. IndusInd Bank has fast approval processes with minimal and easy documentation along with quick processing and quick response.

Why should you choose?

The IndusInd Bank provides free services to all its customers. It is one of the best lenders to choose in India.

Features:

  1. IndusInd Bank offers you option to choose a convenient repayment option.
  2. Simple and easy documentation.
  3. No collaterals or guarantors required.
  4. Quick processing followed by speedy disbursal.
  5. With an IndusInd Bank you can choose a loan tenure as per your convenience ranging from 1 to 5 years
  6. IndusInd Bank provides you the convenience of doorstep service.

Details:

  • Interest Rate: 11.25% - 30.00%
  • Loan Tenure: 12 months to 60 months
  • Age: 21 years to 60 years
  • Maximum Loan Amount: ₹1,500,000
  • Processing Fee: Up to 2.50% of the total loan amount plus GST tax
  • Lock-in Period: 12 months
  • Prepayment Charges / Pre-closure Charges: 4% of the principal outstanding

#4. Citibank

Citibank Personal Loan services are considered one of the most approachable and the most inexpensive ones existing in the market.

Citibank offers low-interest rates for all online applications. All relevant documentation requirements are nominal, and no collateral or guarantor is required.

The top-up option is made available with all Citi Personal Loans according to your eligibility.

Why should you choose?

The bank strives to provide you with the best services that are a hassle-free and quick.

Features:

  1. Citibank provides loan amount up to ₹3,000,000*
  2. Disbursal within 48 hours.
  3. Part pre-payment and prepayment options are available with Citibank.

Details:

  • Interest Rate: 17.99% - 18.99%
  • Loan Tenure: 12 months to 60 months
  • Maximum Loan Amount: ₹3,000,000
  • Prepayment Charges / Pre-closure Charges: Up to 4% on total principal outstanding plus interest for the ongoing month.
  • Processing Fee: 2.00% - 3.00% + GST as applicable

#5. Axis Bank

Axis Bank offers the most flexible personal loans.

Why should you choose?

Easily available, flexible, quick and convenient and are available on affordable interest rates.

Features:

  1. No foreclosure charges: Axis Bank does not charges any fee on prepayment.
  2. To ease your burden, the tenure can range from 12 months to 60 months.
  3. The interest rate is totally affordable for common people.
  4. As compared to the others, Axis bank requires minimal documentation.

Details:

  • Interest Rate: 15.75% - 24.00%
  • Loan Tenure: 12 months to 36 months
  • Age: 21 years to 60 years
  • Maximum Loan Amount: ₹1,500,000
  • Processing Fee: 1.50% to 2.00% + GST as applicable
  • Prepayment Charges / Pre-closure Charges: Nil

Best NBFCs for Personal Loans

#1. Capital First

Capital First is the largest NBFC in India offering personal loan across the country with minimal documentation at affordable rates.

Features:

  • Online loan processing.
  • Minimal documentation.
  • No mortgage required.
  • Loan Insurance.
  • Faster processing.
  • Foreclosure options available.
  • Affordable interest rate.
  • Doorstep service available.

Details:

Interest Rates: 12.00% - 18.00% p.a.

Fees & Charges: 1.99% + GST as applicable

Minimum Loan Amount: ₹100,000

Maximum Loan Amount: ₹2,500,000

Minimum Tenure: 1 year

Maximum Tenure: 5 years

#2. Bajaj Finserv

Bajaj Finserv is one of the leading NBFCs in India. Bajaj Finserv offers affordable rates along with flexible repayment options.

Features:

  • Easy documentation and quick processing.
  • Transparency throughout the process.
  • Maximum Loan up to ₹2,500,000.
  • Loan tenure up to 5 years.
  • Flexible Interest Rate and special interest rates for women borrowers.
  • Very fast loan approvals.
  • Zero Hidden Charges, very lowest processing fee & most convenient Special offers, interest rates and charges.
  • Easy loan eligibility criteria.

Details:

Interest Rates: 12.99% p.a. onwards

Processing Fees & Charges: Up to 3.99% + GST as applicable

Minimum Loan Amount: ₹50,000

Maximum Loan Amount: ₹2,500,000

Minimum Tenure: 1 year

Maximum Tenure: 5 years

#3. Tata Capital

Tata Capital offers personalized loan quotations for your personal loan. The NBFC offers personal loan to its customers keeping in mind their needs and requirements, and thus attractive interest rates and with multiple features. 

Features:

  • Online loan application option available.
  • Flexible repayment option offered.
  • No hidden charges involved.
  • Fast processing.
  • Speedy loan approval.
  • Quick Disbursal.
  • Minimal eligibility criteria required.
  • Excellent customer support system.
  • Pre-closure facility available.

Details:

Interest Rates: 11.25% - 19% p.a.

Processing Fees & Charges: 1.50% to 2.00% + GST as applicable

Minimum Loan Amount: ₹75,000

Maximum Loan Amount: ₹2,500,000

Minimum Tenure: 1 year

Maximum Tenure: 5 years

Picking the Best Personal Loan Offer

There is no shortage of either the lenders or the loan offers. As the disbursal is fast and needs no to minimal paperwork, it is very easy to avail. Yet, it is not an easy task to find the best offer.

Comparing and choosing the best personal loan provider is always a tough task.

It is essential to understand the way they work, banks interest rates, types of loans offered: secured, unsecured, fixed, and variable, overdraft and line of credit, go through the bank’s application checklist and look for the customer reviews & ratings.

There are a lot of websites to compare what is offered by each bank. Use a trustworthy website to choose the top five. Then bring down your list to top 3 and then further narrow it down to the bank that has the best offer.

How to find the best offer?

The Interest Rate

The interest rate is the first concern for most of us before applying for any loan. The total cost of a loan is determined by combining the interest rate and the length of the repayment period.

So, in order to minimize the cost of borrowing, the loan should be of low-interest rate. Also, the tenure should be short. The interest rate differs from lender to lender.

To get the lowest interest rate, one must compare the offers of several lenders.

Fees and Charges

The next point to consider are the fee and charges you are to pay to the lender, excluding the principal and the interest component. Some lenders may have high fees like processing fee, documentation fee, etc. while some others may keep it low to attract customers.

In both cases, one has to be careful enough to dig deep into the matter and find out if the lender has any hidden charges. Finalize a lender only after evaluating all the involved costs to be paid to the lender during the loan tenure.

Repayment Period

The loan repayment period or the loan tenure should also be checked if you are trying to find the best loan offer.

Loan tenure makes a great impact on the total outgo of the loan. Some lenders may offer you a very long loan tenure to make the EMI amount smaller.

But remember the fact that, a longer tenure loan is costlier as the interest is compound interest. So, before you make any decision you can check using the EMI Calculator to determine how long it will take you to pay back the loan.

Repayment Flexibility

Along with all other concerns, one must be aware of the repayment flexibility of the lender. As these are installment loans, hence the ideal repayment of the loan is done in EMIs for a fixed tenure.

But during the loan tenure, it may happen that you save some extra fund. And you want to pay it towards the loan repayment to save the interest payment. In such scenarios, the lender should accept the prepayment of the loan.

Some lenders may let you pay a prepayment penalty while some others may not allow you to do the same. So, apply only if the lender accepts prepayment.

Apply for Personal Loan through Finance Buddha

Personal Loan is available with all the banks and because of less documentation and fast disbursement it has gained significant popularity too.

But, visiting multiple banks to collect all the information and then apply can get confusing and troublesome. This always leads to taking the wrong decision. So before applying, consider the following points.

Finance Buddha Advantage

Here are a few reasons why you should choose Finance Buddha for Personal Loans.

  1. Finance Buddha is the largest & #1 DSA for Loans in India and is a partner with all the Top banks and NBFCs in India. Just by providing a few details about you, you can see the best offers for you from these top financial institutions, compare them and then choose the one that best suits your needs.
  2. Finance Buddha will provide you 100% accurate information regarding any kind of loan.
  3. We have proper time management and loan management skills. With our skills, you can get your loan within a short duration of time.
  4. You can relax after you apply because you don’t need to visit the bank even for a single time. It will be the Finance Buddha executives who will get everything done for you.
  5. High Quality of Service is provided by us regarding any of our products.
  6. The documentation process will be completed at your home only. It might seem unbelievable to you but Finance Buddha executive will come to you and collect all the required documents.
  7. Most importantly your loan disbursement will be done in a short period time which can be 3 to 4 days only.
  8. Above all, it is FREE for our customers! Finance Buddha does not charges its customers for its services. Whether it is a consultation or entire application process through us, it is all free of cost.

How to Apply for a Personal Loan?

Finance Buddha is not just a loan comparison site, but you can directly apply for a loan at the best bank of your choice.

You just have to update your details such as current company, take-home salary, existing EMI amount, salary account bank, loan requirement, and tenure, and it will auto-calculate the amount that should be paid per bank interest rates, its processing fees, etc.

Once this information helps you to decide the bank you wish to avail loan from, click on “Apply Now” and share your contact. After the successful submission of the personal loan application, our customer support will contact you directly to make your interest executed.

Along with the above information, keep in mind it is possible to negotiate on the personal loan interest with the details of your income, company status, credit rating, payment history and relationship with the bank. Make every effort to reduce the interest and enjoy the benefits to the fullest!

Points to Consider before Applying

Be double sure of the need.

We have mentioned above also that personal loan is an unsecured loan which means no collateral is required for this loan. As such, the lender is at more risk. To reduce the risk factor they charge more interest rate for a personal loan as compared to that of any other loan.

Paying a big amount of your salary as EMI is never a wise thing until and unless it is very important.

It is always advisable that opt for it if it is really needed. Many people use it for buying gadgets and other luxuries of life which otherwise are not affordable.

Such an usafe should be avoided.

Before applying, always think twice as it may help at the time but it if affect your budget in the future.

Compare before applying to get the best offer.

Almost all lenders have different terms and conditions. So, before applying with any particular bank it is very important to compare different banks. This was impossible before digitization as one had to visit each bank to know all the details.

Now almost every bank has their website and you can compare them simply by visiting their website. DSAs like us also offer information about every bank on our websites. One just needs to visit our portal and check for different banks and their interest rate.

This way, you can get the best bank which suits you as well as your pocket.

Check your eligibility in advance to avoid rejection.

Eligibility is deciding, whether you can get a loan or not. Generally, eligibility depends on factors like- applicant’s age, income, CIBIL score, and applicant's employment stability. Your loan application will get approved only if you satisfy these factors.

Multiple applications and multiple rejections in a short time by different banks or even from a single bank affects your CIBIL score negatively.

So, it is better that before applying with any particular bank or any NBFC you should first check for your eligibility. Apply only if you satisfy the eligibility criteria of that bank.

Use the EMI Calculator.

EMI is one of the most important things to consider when applying for a loan. EMI always depends on the loan amount, interest rate and on the tenure period.

While searching, generally importance is given to the loan amount, interest rate and lender. But before applying for a personal loan, use EMI Calculator first to know your EMIs in advance.

Suppose you apply for a ₹500,000 loan with a bank, but you didn’t check for the EMI and they approved your loan, which costs you ₹15,000 monthly, which can affect your monthly budget adversely. This will be big trouble later on as EMIs have to be paid on time.

Delays and defaults attract penalty and affect CIBIL Score. It is always said it's better to be safe than be sorry! To avoid a situation like this, always use a Personal Loan EMI Calculator and decide loan amount and tenure period accordingly.

Make sure you have all the required documentation.

For any loan, lenders always require some documents such as identity proof, address proof, and income proof. Without these documents, no one can get a loan.

So always make sure that you have the required documents ready and then apply. Failure to provide all the required documents will lead to rejection of the application.

Check the Customer Reviews of the lender.

Before you apply for a personal loan with a particular lender it is important to check customer reviews of the lender.

When you check the review you will get to know the experiences of customers who availed the same service.

Also, you will get to know about the processing, approval, and rejection of your lender who have already availed the service. So, when you get to know your lender is worth only then apply for it.

Consequences of Missing a Payment

Though nobody applies with an intention to miss the EMIs, never to neglect the fact that the future is uncertain. Such situations may arise when you become unable to pay the loan EMIs.

In such situations, one should never wait until the EMI bounces. The best practice during those times will be contacting your lender request for consideration.

Before you apply for a loan, you should be aware of the policies of the lender during such circumstances.

Personal Loan Frequently Asked QuestionsView All

Personal Loan ReviewsView All

Hariom Kumar

5 / 5

The website is user-friendly and easy to navigate use. Applying for a loan is also easy , i applied for a personal loan and i am satisfied with everything related to it.
Gajula Joshi

5 / 5

The process of my personal loan approval has been smooth and easy. The loan amount provided is also satisfactory as well as i wanted that particular amount. The interest rate charged is average when compared with the market rate of personal loan available with other lenders.
Dhirubhai

5 / 5

I took a personal loan from HDFC to renovate my home. No collateral was required and the process went very smoothly. we got the loan amount sanctioned in just 3 days without much documentation.
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