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

Loan Amount

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Interest Rate

%

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Tenure

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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 Loan Offers from 19 Banks / NBFCs (updated 22 May,2019)

Borrow as low as ₹1,000. Repay as fast as in 3 Months. Be Charged as Low as @10.89% pa.

Bank / NBFC Institution Type Minimum Loan Amount Maximum Loan Amount Minimum Tenure Maximum Tenure Interest Rates Fees & Charges
Aditya Birla Finance Ltd NBFC ₹25,000 ₹50,00,000 12 months 60 months 16.85% - 17.85%

1% + GST as applicable

Arohan Financial Services Ltd. NBFC ₹1,100 ₹50,000 3 months 24 months 20.70% - 26.99%  1% + GST as applicable
Axis Bank Bank ₹50,000 ₹15,00,000 12 months 60 months 15.75% - 24.00% 1.50% to 2.00% + GST as applicable
Bajaj Finserv NBFC ₹50,000 ₹25,00,000 12 months 60 months  12.99% onwards Up to 3.99% + GST as applicable
Capital First NBFC ₹100,000 ₹25,00,000 12 months 60 months 12.00% - 18.00% 1.99% + GST as applicable
Citibank Bank ₹25,000 ₹30,00,000 6 months 60 months 17.99% - 18.99% 2.00% - 3.00% + GST as applicable
Fullerton NBFC ₹50,000 ₹20,00,000 12 months 60 months 20% - 40% Up to 6.5% + GST as applicable
HDB Financial Services Ltd. Bank ₹100,000 ₹20,00,000 12 months 60 months 12% - 36% Up to 2% + GST as applicable
HDFC Bank Bank ₹100,000 ₹40,00,000 12 months 60 months 15.50% - 21.50% Up to 2.50% + GST as applicable
ICICI Bank Bank ₹50,000 ₹20,00,000 12 months 60 months 11.25% - 22.00% Up to 2.25% + GST as applicable
IDFC Bank ₹50,000 ₹20,00,000 3 months 60 months 12%-19% 2% + GST as applicable
Incred NBFC ₹50,000 ₹7,50,000 12 months 60 months 12%- 24% Up to 3% + GST as applicable
India Infoline NBFC ₹100,000 ₹25,00,000 12 months 60 months 13% onward Up to 2% + GST as applicable
Indiabulls NBFC ₹1,000 ₹15,00,000 3 months 24 months 11.99% - 26% Up to 5% + GST as applicable
IndusInd Bank Bank ₹50,000 ₹15,00,000 12 months 60 months 11.25% - 30.00% Up to 2.50% + GST as applicable
Kotak Mahindra Bank Bank ₹50,000 ₹15,00,000 12 months 60 months 10.99% to 24% Up to 2.5% + GST as applicable
RBL Bank Ltd. Bank ₹100,000 ₹20,00,000 12 months 60 months 15.5% - 23% 3% + GST as applicable
Standard Chartered Bank Bank ₹100,000 ₹30,00,000 12 months 60 months 10.89% - 21.00% Up to 3% + GST as applicable
Tata Capital NBFC  ₹75,000 ₹25,00,000 12 months 72 months 11.25% - 19% 1.50% to 2.00% + GST as applicable
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Personal Loan Details

Your Search for Personal Loans Ends Here!

Are you a self-employed or salaried individual trying to meet both ends? Have you given a thought about personal loan option? When there is an unusual expense like child's marriage, renovation of your home or furnishing, children’s higher education, family holiday, or any other dream to be turned into reality, make use of the personal loans.

Banks and non-banking financial organisations provide a Personal Loan to satisfy the personal financing needs of the consumer. A lender will provide loan at some interest rate to the customers for a fixed time period. The borrower then uses the loan amount for any personal purpose. The borrower not answerable to the lender about the usage of the personal loan.

Also, personal loans are unsecured loans, which means that there is no need for any kind of collateral to avail them. There is no need to commit anything to the creditor as security. As such, none of your property or asset at risk, should you fail to repay.

Choiceworthy Benefits of a Personal Loan

There are several features which makes them the first choice for anyone who needs money urgently.

They are a highly beneficial financial credit facility in the case of sudden and immediate need of money. And can be availed in situations whenever there is an unusual expense like marriage, renovation of home or furnishing, children’s higher education, family holiday and from funding your start-up business to purchasing an upgraded gadget. Or, to turn any other dream to reality.

They are also, a great source to maintain and manage your cash flow during cash crunches. The point, which makes it even more useful for the customers, is its wide availability and multipurpose nature.

One can avail these loans for multiple reasons which can be either personal or professional. 

You also get the option to repay your borrowed amount gradually in the upcoming years.

Just use the simple application form above to apply.

Features of a Personal Loan

Life has various ways to provide us surprise in a good manner or in a bad way, we cannot predict. We may need money in both situations. Whether it’s an occasion of happiness or any type of emergency we may need money beyond our savings. In all such cases, personal loans are the smartest option for us.

Let us have a look into the features which make them so.

  1. Multipurpose: The loan amount can be used for any personal use.
  2. Affordable Rates of Interest: The lowest interest rate is 10.89%.
  3. The Simplicity of Repayment: The loan amount gets auto-debited from the bank account in EMIs.
  4. The Speed of the Process: It takes only 3 days from start to finish.
  5. Minimal Documentation: Only basic KYC documents along with bank statement and income proof is required.
  6. It is for Everyone: It is available to both salaried employees as well as self-employed professionals and non-professionals.
  7. A wide range of Loan Amount: The loan amount ranges from ₹1000 to ₹5,000,000.
  8. Flexible & Long Tenure: Tenure ranges from 12 months to 60 months.
  9. Collateral-free: No security or guarantor is required.
  10. Convenience: Can be applied from anywhere, anytime without visiting any lender’s office.

Types of Personal Loans

Personal loans are easily available in India. You just need to fulfil the eligibility criteria and need to have the documents required in place along with a good CIBIL Credit score. Banks and NBFCs offer loan amount typically ranging from ₹50,000 to ₹5,000,000.

  1. Debt Consolidation Loans
  2. Festival Loans
  3. Wedding Loans
  4. Travel Loans
  5. Medical Expenses Loan
  6. Loans for Low CIBIL Score
  7. Same Day Loans
  8. Top-up Loans
  9. Loans for Small Businesses
  10. Refinance / Balance Transfer
  11. Private Loans
  12. Peer to Peer (P2P) Loans
  13. Personal Loan for Self Employed

Best Banks for Personal Loans

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

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

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

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

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

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

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

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

Best Personal Loan 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.

Picking the Best 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.

Why should you choose Finance Buddha for Personal Loans?

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 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.
Personal Loan Frequently Asked QuestionsView All

What is a Personal loan?

Personal loan is a 1-5 year unsecured loan given by banks, NBFC’s (Non Banking Finance Companies) or P2P lending platforms without asking for any collateral, guarantor or hypothecation of any assets. The ultimate usage of a personal loan is left to the discretion of the borrower. In our experience, the borrowers generally use a personal loan for debt consolidation, repaying high cost debt, meeting any family or medical emergency, wedding, vacations, home renovation, rental deposits, business needs for an SME, buying certain assets etc.

How is my loan eligibility calculated?

Loan eligibility is dependent on primarily the following factors:
  1. The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances.
  2. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current personal loan that your are trying to apply for) exceeds 50-75% of your total net take home salary.
  3. Your gross/net salary
  4. Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.

My loan got rejected even though I have a decent salary package?

The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are:

Possible Issue

Already running several loans and hence a bank may not be comfortable with your existing leverage levels vis-a-vis your salary level.

Possible Way Out
  • If you have a spouse who is also working, you can add her as a co-applicant to boost the combined salary levels or
  • Try to pay off some of your debt so that your leverage levels can come down or
  • Do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional loan can also be provided.

Possible Issue

Issues in your credit history as reflected in your CIBIL, Equifax reports

Possible way out
  • If the issue is a minor one like some delay in payment of credit card due then we can try your application in some other bank who can possibly take a lenient view on the deviation
  • If you think that the credit report is erroneous and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team
  • If the issue is a major one like write off, settlement of any past dues etc then it might be difficult to obtain a loan. Certain mitigation factor like if you/your spouse/your parents have an own house in India can give comfort to certain banks to give you a loan.

Possible Issue

Most banks have certain internal credit parameters to evaluate a loan which is kept confidential and not shared with us. Several demographic, financial and credit aspects go into these internal evaluation. You might not have met the minimum cut off for obtaining a loan.

Possible way out

We can re-apply for your loan in one of the other 10 plus lenders that we are affiliated to.

ReviewsView All

Subramani G

5 / 5

I am settled in Bangalore, am needed a personal loan due to some unexpected financial expenditure. I applied for it from finance buddha website and I was in so much relief as it took only a few minutes to apply for it and within 48 hours I got the money.
Mayura R.

5 / 5

Easy documentation and minimum eligibility criteria is required to avail personal loan through Finance Buddha. I applied it with Bajaj and I am happy for choosing it. It was a smooth process and I got the amount in my bank account within 48 hours.
Sandeep Narayan

5 / 5

My CIBIL was a bit low and because of that my loan application got rejected with another lender. I am thankful to Bajaj that they approved my loan. I got the loan disbursed on 2nd day from which I applied.
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