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List of Banks Offering Best Personal Loan in India
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
HDFC Bank Personal Loan
HDFC Bank personal loan interest rates start from 10.50% p.a. The bank also offers pre-approved instant personal loan branded as ‘HDFC Bank Xpress Personal Loan’ to its selected customers with loan disbursal in 10 seconds. Existing loan borrowers of other banks/NBFCs can lower their personal loan EMI by availing HDFC Personal Loan Balance Transfer facility. The bank also offers special personal loan schemes like HDFC Marriage Loan, Personal Loan Scheme for Women, Personal Loan Scheme for Home Renovation, Travel Loan and Personal Loan for Government Employees, etc.
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Key Highlights |
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| Interest Rate | 10.50% p.a. onwards |
| Loan Amount | Up to Rs 40 lakhs |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 25,000 (for applicants having HDFC salary account); Rs 50,000 (for others) |
| Processing Fee | Rs 4,999 |
State Bank of India Personal Loan
SBI personal loan interest rates start from 11.15% p.a. onwards. The loan amount can go up to Rs 30 lakh while the tenure can go up to 7 years. The bank has multiple personal loan schemes like SBI Xpress Credit Personal Loan, SBI Pre-approved Personal Loan, SBI Real Time Xpress Credit Personal Loan, SBI Quick Personal Loan, SBI Marriage Loan, SBI Xpress Flexi personal loan, SBI Pension Loan and SBI Xpress Elite Personal Loan, which is offered to the applicants based on their employment profile, customer relationship with bank and the mode of loan application. For example, the bank offers SBI Pre-approved Personal Loan (PAPL) to its select saving account holders through SBI YONO App on 24*7 basis.
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Key Highlights |
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| Interest Rate | 11.15%-15.30% p.a. |
| Loan Amount | Up to Rs 30 lakhs (Up to Rs 14 lakh for SBI pension loan) |
| Tenure | Up to 6 years (Up to 7 years for SBI pension loan) |
| Minimum Monthly Salary | Rs 15,000 |
| Processing Fee | 1.50% (Minimum Rs 1,000 to Maximum Rs 15,000) |
Axis Bank Personal Loan
Axis Bank personal loan interest rates start from 10.49% p.a. The bank offers special personal loan scheme like Personal loan for Wedding and Personal loan for Home Renovation.
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Key Highlights |
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| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | Rs 50,000- Rs 40 lakh |
| Tenure | 1 to 7 years |
| Minimum Monthly Salary | Rs 15,000 |
| Processing Fee | Up to 2% of the loan amount |
IDFC FIRST Bank Personal Loan
IDFC FIRST Bank personal loan interest rate starts from 10.99% p.a. The bank offers special personal loan schemes like Personal loan for Marriage, Travel, Emergency, Medical Loans, IDFC FIRST Debt Consolidation Loan and IDFC FIRST Small Personal Loans. Existing personal loan borrowers from other banks/NBFCs can transfer their loans to IDFC FIRST Bank at a lower interest rate with the Personal Loan Balance Transfer facility.
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Key Highlights |
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| Interest Rates | 10.99% to 23.99% p.a. |
| Loan Amount | Up to Rs 1 crore |
| Tenure | Up to 5 years |
| Minimum Monthly Salary | Not specified |
| Processing Fee | Up to 2% of the loan amount |
ICICI Bank Personal Loan
ICICI Bank personal loan interest rates start from 10.80% p.a. The salary account holders of ICICI bank can avail Flexicash i.e., overdraft facility at an interest rate ranging from 12% to 14% p.a. The bank also offers NRI Personal Loan at an interest rate of 15.49% p.a. onwards. Other personal loan schemes offered by the bank include Pre-Approved Personal Loan, Pre-Qualified Loan, Top-Up Loan, Fresher Funding and ICICI Bank Personal Loan Balance Transfer.
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Key Highlights |
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| Interest Rates | 10.80% p.a. onwards |
| Loan Amount | Up to Rs 1 crore |
| Tenure | Up to 5 years |
| Minimum Monthly Salary | Not specified |
| Processing Fee | Up to 2.50% of the loan amount |
Federal Bank Personal Loan
Federal Bank provides personal loans branded as ‘FedPremia’ at an interest rate of 11.49% p.a. The bank offers selected customers a Pre-approved BYOM Personal Loan for up to Rs 7.5 lakhs through its end-to-end digital onboarding facility. Salaried applicants can also avail Digital Personal Loans ranging from Rs 50,000 to Rs 50 lakhs for a tenure of 1 to 5 years. The bank does not levy any foreclosure charges on personal loan availed through Paisabazaar.
| Key Highlights | |
| Interest Rate | 11.49% p.a. onwards |
| Loan Amount | Up to Rs 50 lakhs |
| Tenure | Up to 5 years;
1 to 4 years for pre-approved personal loan |
| Minimum Monthly Salary | Rs 25,000 |
| Processing Fee | Up to 3% of the loan amount |
| Prepayment Charges | 3% on prepaid amount (NIL for those applying through Paisabazaar) |
IndusInd Bank Personal Loan
IndusInd Bank personal loan interest rates start from 10.49% p.a. Existing loan borrowers of other banks/NBFCs can avail IndusInd Bank Personal Loan Balance Transfer facility wherein borrowers can transfer their existing personal loan to IndusInd Bank at lower interest rates.
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Key Highlights |
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| Interest Rate | 10.49% to 26% p.a. |
| Loan Amount | Up to Rs 50 lakhs |
| Tenure | 1 to 5 years |
| Minimum Monthly Salary | Rs 25,000 |
| Processing Fee | Up to 4% of the loan amount |
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank personal loan interest rates start from 10.99% p.a. The loan amount can go up to Rs 40 lakh while the tenure can go up to 6 years. The bank offers special personal loan schemes like Kotak Marriage Loan, Kotak Personal Loan for Travel and Medical Loan.
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Key Highlights |
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| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to Rs 40 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary |
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| Processing Fee | Up to 3% of the loan amount |
Tata Capital Personal Loan
Tata Capital Personal Loan interest rates start from 10.99% p.a. The NBFC offers special personal loan schemes like Personal loan for Women, Personal loan for Government Employees, Personal loan for Travel, Personal loan for Medical, Personal loan for Marriage, Personal loan for Self-employed and Salaried and Personal loan for Home Renovation. The NBFC also offers a Personal loan Overdraft facility at an interest rate of 14.75% p.a.
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Key Highlights |
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| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to Rs 35 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 20,000 (Rs 15,000 for Government Employees, Salaried Employees, Women, Travel Loan) |
| Processing Fee | Up to 5.5% of the loan amount |
6 Tips to Choose the Best Personal Loan
Personal loan applicants should not sacrifice their existing investments or monthly contributions meant for achieving critical financial goals for making higher EMI payments. Also, applicants should note that banks/NBFCs prefer to lend to those applicants whose EMI/NMI ratio does not exceed 55%-60% of their monthly income.
The following are the key steps to take before applying for a personal loan:
- Check personal loan offers of banks and NBFCs with which you have deposit, loan or credit card accounts
- Visit online financial marketplaces such as Paisabazaar.com to compare personal loan interest rates & other loan features offered by other banks and NBFCs
- Check whether the tenures offered by lenders suit your repayment capacity
- Compare processing fees and/or admin/login fees charged by various lenders
- Compare the prepayment/foreclosure charges and restrictions on making prepayments/foreclosures, if any, by various banks/NBFCs
- Check whether the turnaround time for loan disbursement meets your needs
FAQs on Best Personal Loan
Which bank is the best for personal loan in India?
For most, the best bank for availing a personal loan would be the one that offers the lowest personal loan interest rates. However, besides the interest rates, factors such as the repayment period, loan amount, processing fees and time taken for loan approval and disbursal must also be considered while searching for the best bank for personal loan. To make your search easier, visit online financial marketplaces like Paisabazaar.com to check and compare personal loan interest rates along with tenure, processing fees and other associated costs from various banks and NBFCs.
Which bank is best for personal loan in terms of interest rates?
Personal loan interest rates start from 10.49% p.a. with some PSUs offering lower interest rates. However, the final interest rate offered to a loan applicant may vary widely across lenders depending on the credit risk assessment procedures followed by the respective lenders. Hence, an applicant should compare the personal loan interest rates available from as many lenders as possible before applying with a particular lender. The best way to do so is to visit online financial marketplaces like Paisabazaar.com and compare personal loan interest rates offered by multiple lenders on the basis of your credit score, monthly income, employment profile, etc.
Which bank or NBFC offers the quickest disbursal for personal loans?
Banks and NBFCs usually offer pre-approved personal loans to their select existing customers based on your credit profile. Such pre-approved loans are usually disbursed within a few seconds or minutes of making the loan application.
Which bank is best for personal loan balance transfer?
The primary objective of transferring personal loan to other lenders at lower interest rates is to generate savings in interest cost. However, some also transfer personal loans due to service issues or reduce their EMI burden by opting for longer tenure than the residual tenure of the original loan. Hence, the best bank for personal loan balance transfer would depend on the needs of the borrower. The best way to find the optimum personal loan balance transfer option is to visit online financial marketplaces like Paisabazaar.com and compare personal loan balance transfer options offered by multiple lenders.
What is the best way to compare personal loan from multiple lenders?
Prospective borrowers can start by checking personal loan offers from banks or NBFCs where they already have deposit, loan, or credit card accounts. This is because most lenders offer preferential interest rates to their existing customers. Additionally, they can visit online financial marketplaces like Paisabazaar.com to compare personal loan interest rates and other loan features offered by various banks and NBFCs. Then, they should use the Personal Loan APR Calculator to compare the actual borrowing cost after factoring in the interest rates, processing fees, login fees, etc.