Best Banks For Personal Loan in India

1. State Bank of India

Features

• The loan amount can be as high as Rs. 20 lakh as per the borrower’s requirement.
• Loan schemes: SBI caters to the need of different categories of borrowers by providing role-specific loan scheme for pensioners, salaried and self-employed personal
• Flexible Repay tenure: One of the main benefits of an SBI personal loan is that you can choose the flexible tenure for payment of your borrowed amount.
• Simplified application Procedure: SBI personal loan Application process is hassle-free. It requires minimum documentation.

Benefits

• No hidden charges and transparent policies
• Nominal interest rate
• Fastest approval process

Types of SBI Personal loan:

• Suitable for the salaried employees of Central & State Government, PSUs, and Corporates with business link-ups with SBI
• You should have an SBI salary account
• Loan amount: Range from Rs. 25,000 to Rs. 20 lakh
• Loan Repayment tenure: 6 months to 60 months
• Interest rate: 10.95% onwards
• Your Minimum NMI(NMI- Net Monthly Income) should be Rs. 5000
• Your EMI/NMI ratio should be less than 50% (EMI=Equated monthly installment)

• Applicable for State Government, Defence Pensioners, and family pensioners
• Pensioners are withdrawing their pension from the SBI branch
• Age should be less than 76 years
• EMI/NMP ratio not more than 50%
• Interest rate: 10.80% onwards
• Maximum loan limit: Rs 14 Lakh

• All government, semi-government, defense, PSUs, national institute, selected rated corporate employees are eligible
• Minimum monthly income should be at least Rs 50,000
• Salary account maintenance with SBI not necessary
• EMI/NMI ratio should not exceed 50%

Fees and other charges

• Processing Fee: Up to 1% + Tax
• Late Fee: 24% p.a
• Pre-closure Charges: 3%

Documents

• Online application form filled through SBI web portal
• PAN Card
• ID Proof & Address Proof
• Latest Salary Slip with Form 16,
• Up to 6 months Salary account statement
•  Income tax return audited for the last 2 years
• Salary or pension account number details (For Xpress Credit & Pension Loan)

2. HDFC Personal Loan

Features:

• Loan Limit: Personal loan limit ranges from Rs. 50,000 to Rs. 40 lakh.
• Flexible repay tenure: The borrower itself can fix repayment tenure. However, the normal tenure for repayment of a loan ranges from 12 to 60 months.
• Hassle-free application process: Minimal documentation required for the application procedure
• Personal Loan Security: You can secure your loan with the Sarv Suraksha Pro insurance policy. It offers the following benefits:

1. The loan amount equals to Credit Shield Cover.
2. Accidental Hospitalization: Get an insurance cover of up to Rs 8 Lakh
3. Death/Permanent Disablement(Accidental): Up to Rs 1 Lakh cover

• Personal Loan Balance Transfer to HDFC: If you transfer your loan from another bank to HDFC, you will get low and revised interest rates. Other benefits include:

1. Low-interest rates: 10.75% (existing loan)
2. Processing fee: Rs. 1999

• Insurance cover with HDFC Bank Personal Loan: You can get a Personal Accident Cover (Rs. 8 lakh) and critical illness cover (Rs. 1 lakh) If you have a personal loan with HDFC Bank. Moreover, the bank will deduce the premium of these policies.from the loan amount.

• Loan Amount: Up to 40 Lakh
• Loan Tenure: Pay within 60 months
• Interest rate: Range from 15.50% to 21.50%
• The interest rate depends on various factors such as credit score, repayment history, and so on.
• Loan Preclosure can be made after 12 EMIs payment.

Benefits:

• One of the main benefits of HDFC Bank is that you can borrow money without a guarantor or collateral security.
• You can easily avail of HDFC personal loan. It is available for all salaried employees working in corporate and government settings.
• After completion of the documentation process, you will get your loan within 4 hours.
• If you are an existing loyal customer of HDFC Bank, you can get loan approvals within 10 seconds.
• After 3 years, its pre-closure charges (2%) are lower than other banks
• No hidden charges and additionally customer-friendly repayment options
• Almost minimal paperwork

Fees And Other Charges

• 13-24 months – 4% (loan principal outstanding)
• 25-36 months – 3%
• >36 months – 2%

 Eligibility

• Applicable for an employee of Private limited, PSU’s, central, a salaried doctor, CA, and so on
• Age should be between 21 years and 60 years
• Minimum Work experience should be 2 years
• You should be working for at least a year with your current employer
• The minimum monthly wages should be Rs. 20,000 for big cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, etc. For smaller cities, residents Rs. 15,000 is required as monthly income.

Documents Required

• Application Form filled through a bank web portal
• ID Proof: Passport, Adhaar card
• Address Proof: Aadhaar card, driving license, voter ID
• 3 Month bank statement and Passbook of the previous six months
• Two Latest payslips or salary certificate with Current dated and the latest Form 16

3. Kotak Mahindra Bank Personal Loan

Features

• The bank nominal interest rate ranges from 10.50% – 16.99% for a personal loan ranging from Rs 50,000 to Rs.15 lakh
• You can avail of Instant loans for unplanned expenses
• Paper-free and Minimal documents requirement
• Quick loan processing
• You may use your loan for any purpose ranging from marriage to emergency medical needs
• It provides many high-quality services at your doorsteps, such as E-approval, Top-up loan, and loan approval without a guarantor

Benefits

• The application process for a personal loan is completed through online mode.
• Complete paperless approval and quick processing
• Disbursement of loan is a Hassle-free process

Fees

• Processing fee: 2.5% of the loan amount + service tax
• Stamping charges: depends on the state’s Stamp Act
• Overdue interest charges: 3% per month that is compounded monthly
• Dishonor: Rs.750 per instance
• Collection charges: overdue interest and 30% of dishonor charges
• CIBIL report charges: Rs.50 + GST tax
• No due certificate: Rs.500 + GST tax

Eligibility

• You must be an active employee of a public or private sector from the last year
• Monthly income: at least Rs.20,000 per month
• Educational background: graduation is required
• Residential proof of the current city for at least one year.

Documents required

• ID Proof (PAN, Aadhar, driving license, voter’s ID, etc.)
• Residential proof (Utility bill, passport, etc.)
• 3 passport size photographs
• Recent Salary slips for at least 3 months
• Bank statement for the last 3 months

4. ICICI bank personal loans

Features

• Genuine Rate of Interest – ICICI Bank offers affordable interest rates. It also indicates that the interest rate will be fixed monthly during the repayment timeline.
• Minimal Documentation requirement – To make the approval process, more quick documents requirement has been reduced. It mainly includes residential and income documents.
• Fastest loan Approval–The Bank claims that ideally, they require less than 3 seconds to disburse your loan amount if the application form is duly filled. Flexible Repayment Tenors – The timeline for loan payment is flexible and can be selected between 12 months to 60 months
• Easy Repay Structure – ICICI bank encourages EMI payment through Post Dated Cheques (PDC) and ECS.

Benefits

• Personalized Loan Offer: One of the main benefits of  ICICI Bank that enhance its customer number is its ability to provide customized personal loans. The bank believes in the concept of different individual needs requires a personalized loan offer.
• Provide Lowest EMI: For a loan amount of ₹ 1 Lakh, ICICI Bank offers the lowest EMI of ₹ 2,187.
• Low processing fees: The bank charges only 2% of the loan amount as a processing fee.
• Balance Transfer to ICICI Bank and Top-up: If you transfer your high-cost loan to ICICI Bank, you will have to pay low interest. Moreover, you can get a top-up loan on existing loans by paying 6 EMIs of your loan.
• 100% Paperless approval policy
• Loan limit: ₹25,000 -₹ 20 Lakh
• Instant e-approval

Fees

• General Interest rate: 10.99%-18.49% Per annum
• Processing fee: 2.25 % of the loan amount+ service tax
• Prepayment charge: 5% per year of principal outstanding + service tax
• Loan cancellation charge: Rs. 3000 + service tax
• The additional interest levied on late payment of an ICICI bank personal loan is 24% per annum
• EMI bounce charge: is fixed at Rs 400 +GST
• Additional Interest on late payment Personal Loan: 24% yearly
• Foreclosure Statement Charges: Rs 100+GST

Eligibility

1.For salaried individuals:

• Age limit: 23 – 58 Years
• Net monthly Income: Rs.17,500 (Rs.25,000 for applicants of Mumbai and Delhi and Rs.20,000 for applicants of Chennai, Hyderabad, Bangalore, Pune, and Kolkata)
• Work Experience: 2 years
• Current residence: Min 1 year
• Loan Limit: ₹ 50,000 to ₹ 30 Lakh

 2.Self-employed individuals:

• Age limit: 28 to 65 years
• Turnover: Non-professional: Rs 40 lakh
• Professional: Rs 15 lakh
• Business stability: You should be in current business for at least 5 years
• Relationship with ICICI bank: At least 1-year liability relationship

Documentation:

Salaried Individuals

• ID proof:
• Proof of Residence
• Latest 3 Months Bank Statement
• Salary slips for the last 3 months
• Passport Size photographs.

Self-Employed Individuals

• KYC Documents: Proof of Identity; Address proof and DOB proof
• Proof of Residence: Utility Bill (not more than 3 months old) / Passport (anyone)
• Income proof (audited for the last two years)
• Bank statement of 6 months(Latest)
• Office address proof, office ownership
• Proof of business continuity

5. Axis Bank Personal Loan

Features:

• Least Documentation required: One can avail of personal loans from AXIS bank with minimal documentation requirements. Axis bank always strives for the best services to their customers.
• Quick Approval and disbursal: Another important feature of this bank that makes it one of the best banks for a personal loan in India is its fast loan approval process. The bank enables its customer to access their funds once their documents get verified.
• Lowest Interest Rates: Axis Bank is one of the lowest lenders in the market. It offers an interest rate as low as 12%.
• Zero prepayment charge: Another cutting-edge advantage of loan from axis bank is that it offers loans at Zero prepayment charge. Thus, enabling its customer to prepay their loan without any additional cost.
• EDGE Loyalty Points: Another unique feature associated with Axis Bank is that it offers eDGE loyalty points on each loan account. These points can be utilized for various transactions. Moreover, eDGE points can be used to get a credit card fee waiver or low-interest rate on another loan account.
• Flexible repayment tenure: By using the EMI calculator feature, you can calculate your EMI amount

Interest Rate

• General Interest Rates: 16-24%
• Repayment tenure: 12 to 60 month
• Loan Limit: Rs 50,000-15 lakh

Eligibility:

• For salaried professional of Private and Public Companies
• Age: 21 – 59 years
• Minimum Income:₹ 15,000 per month
• Loan limit: ₹ 25,000 to ₹ 15 Lakh
• Minimum Work Experience: 2 years

Documents required

• Application Form duly filled and signed
• 4 Passport size photographs (colored)
• ID proof, Residence proof, Income proof, Loan Agreement, Repayment Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ECS Form/ Security Cheques duly signed.

• Application Form duly filled and signed
• 4 Passport size photographs (colored)
• Identity proof, Proof of Residence, Proof of Incomes, Loan Agreement, Repayment Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ ECS Form/ Security Cheques duly signed.
• Qualification or Registration Proof required by Practicing Doctors /Chartered Accountants and others

6. IndusInd Bank personal loan

Features;

• Speedy approval process and quick loan disbursal
• No guarantors or collateral required
• Approval of your loan with the least document requirement.
• Flexible loan repayment tenures available
• Loan-related services available at your doorstep
• Competitive interest rates
• Balance transfer option available
• Use the ‘Balance Transfer Option’ to do away with high-interest debt
• Processing fee: 1% – 3% of the total loan amount

IndusInd Bank Personal Loan balance transfer

Fees

• Loan processing fee: 1% – 3%
• Pre-closure fee = 4% of principal outstanding + Service tax (Permitted after one year)
• Prepayment Charges:
  • Salaried: 4% of the principal outstanding (after 12 EMIs).
  • Self Employed: 4% of the principal outstanding( after 6 EMIs)
• Dishonor Charges: Rs.450+ tax
• Cheque / ECS / SI Swapping Charges: Rs.500+ taxes per event
• Duplicate No Dues Certificate: Rs.250+ taxes per event
• Loan Cancellation Charges: Rs.1000+ taxes per event
• Stamp Duty: according to State Laws
• CIBIL Report: Rs.50/- + Taxes

Eligibility Criteria

• Salaried – Age 21 years to 60 years
• Minimum Two years and 1-year minimum experience in present company
• Self-employed – Age between 25 years and 65 years
• Not less than 5 years of experience after relevant qualification

Documentation

1. Passport size photograph
2. ID proof
3. Last 3 months bank statement or 6 months bank passbook
4. Documentation for salaried applicants:

• • Latest payslip
  • Current dated salary certificate
  • latest Form 16

• • Latest Bank statement
  • Latest ITR or Form 16

7. Citibank Personal Loan

Features:

•       Doorstep service available for loan-related discussions
•       E-approval, so no need to visit the bank personally
•       Top-up loan facility available: You can add top-up on your existing loan amount
•       No guarantor required
•       Balance transfer facility also available
•       Loan limit: Rs 25000 to 30 lakh
•       Loan repayment tenure: 6-60 months
•       Interest rate: 10.50% to 17.99%
•       Processing fee: 0.50-3%

Benefits:

• You can avail of Loan amounts up to Rs.30 lakh
• Quick disbursal of your amount in just 48 hours
• Availability of part pre-payment facility for your convenience
• interest rates are reasonable with starting from 10.50% p.a.
• To make the application process more simplified, the document required is reduced for existing Citibank customers
• Flexible repayment options ranging from six months to 60 months that provide flexibility to the customer

Fees & Charges

Eligibility criteria

Documents required:

• Address Proof: Driving License, Voter’s ID, Driving License, Utility bills from the past 3 months
• Age Proof: Birth Certificate, Passport, School or College Leaving Certificate and so on
• Employment/Business Proof: Letter from employer, Form 16/pay slips
• Income Proof: Latest salary slips, Bank statement for the past 3 months, Latest Form 16

• ID Proof: PAN Card, Aadhaar Card, Driving License, and so on

• Address Proof: Driving License, Voter’s ID, Driving License, Utility bills from the past 3 months
• Age Proof: Birth Certificate, Passport, School or College Leaving Certificate and so on
• Employment/Business Proof: Rent receipts, Utility bills, Bank statement for and Ownership document
• Income Proof: Profit and Loss account, Income tax returns for the last 2 years, Balance sheet, Bank statement of 6 months, and Audit report