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Personal Loans

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Leading Banks/NBFC Offering Personal Loan at Lowest Interest Rates

Want to know the personal loan interest rates of leading banks/NBFC in India? If yes, all you need to do is just glance at the table below to know every detail.

Bank/NBFC Interest Rate (p.a) Loan Amount (in ₹) EMI per lakh(in ₹) Processing Fees Prepayment Charges
YES Bank Starting at 10.75% Up to ₹20 lakhs 2,162 Up to 2.50% of the loan amount subject to a minimum of ₹999+GST Nil- Up to 4% of the principal outstanding + GST
HDFC Bank 11.25%-21.50% For Salaried-Up to ₹25 lakhs. For Self-employed- Up to ₹15 lakhs 2,187-2,734 0.99%-2.50% of the loan amount (minimum ₹1,999) Nil – Up to 4% of the principal outstanding + GST
Standard Chartered Bank 12%-17% Up to ₹30 Lakhs 2,224-2,485 Nil-1% of the loan amount Up to 5% of the principal outstanding + GST
ICICI Bank 10.99%-18.49% Up to ₹40 lakhs 2,174-2,566 Up to 2.25% of loan amount + GST 5% of the principal outstanding + GST
Bajaj Finserv 10.99%-16.00% For Salaried – Up to ₹25 lakhs 2,174-2,432 Up to 3% of the loan amount 4% of the principal outstanding + GST
SBI 10.95%-15.35% Up to ₹15 lakhs 2,172-2,397 Nil – 1% of the loan amount + GST Nil – 3% of the principal outstanding + GST
Kotak Mahindra Bank 10.99%-20.99% Above ₹20 lakhs 2,174-2,705 0.99% to 2.50% of the loan amount+ GST 5% of the principal outstanding + GST
Axis Bank 15.75%-24.00% Up to ₹30 lakhs 2,419-2,877 1.50% to 2.00% + GST NIL
Fullerton India 14.00%-33.00% Up to ₹30 lakhs 2,733-3,777 2.00% of loan amount + GST 0-4% of the principal outstanding
RBL Bank 13.00%-18.00% Up to ₹20 lakhs 2,275-2,539 2.00%-2.5% of the loan amount + GST 3%-5% of the principal outstanding
Induslnd Bank 10.99%-16.00% Up to ₹15 lakhs 2,174-2,432 1.00%-3.00% of the loan amount + GST As applicable by the bank
Tata Capital 10.99%-18.00% Up to ₹25 lakhs 1,903-2,281 ₹999-2.50% of the loan amount + GST 4% of the principal outstanding
DCB Bank 12.00% Up to ₹5 lakhs 2,633 2.00% of loan amount + GST As Applicable by the Bank

**The above EMI calculations are based on a tenure of 5 Years.**

List of Some Other Banks Offering Personal Loan at different Interest Rates

Banks Interest Rates
Allahabad Bank 8.45%-13.00%
Andhra Bank 11.70%-13.20%
Bandhan Bank 14.00%-18.75%
Bank of Baroda 11.90%-16.90%
Bank of India 12.00%-14.00%
Bank of Maharashtra 11.75%-12.75%
Canara Bank 10.90%- 15.05%
Central Bank of India 11.25%-12.60%
Citibank 10.99%-18.99%
Corporation Bank 12.85%-13.85%
Dena Bank 13.00%-14.00%
Federal Bank 11.75%-14.65%
HSBC Bank 10.99%-17.50%
IDBI Bank 12.00%-14.00%
IDFC Bank 12.00%-20.00%
Jammu and Kashmir Bank 12.30%-14.30%
Karnataka Bank 12.70%
Karur Vysya Bank 13.40%-15.90%
Lakshmi Vilas Bank 13.15%
Nainital Bank 11.30%-14.75%
Oriental Bank of Commerce 11.40%
Punjab and Sind Bank 12.80%-14.05%
Punjab National Bank 12.05%-15.05%
Syndicate Bank 12.25%-13.50%
UCO Bank 11.35%-12.70%
United Bank of India 13.45%-14.20%
Vijaya Bank 12.55%-13.55%

 

What is a Personal Loan?

A personal loan is an unsecured form of loan provided to salaried individuals on the basis of certain criteria such as employment history, income, scope for repayment, credit score etc. In an unsecured loan, the bank or NBFC does not demand any collateral. With a personal loan, you can meet n-number of expenses. You, as a borrower can be provided this loan for any financial needs and purposes. At Financekaart.com, you can apply for personal loan online and get funds between Rs. 1 lakh and Rs. 20 lakhs within a short span. The tenure of loan is between 1 year and 5 years.

Financekaart personal loan is pretty easy to apply for, as all the procedure from application to documentation is performed online. Mostly the loan is taken for expenses such as marriage, travel, education, medical emergency, home renovation etc. Eligibility is judged on factors such as credit score, monthly salary, repayment capacity, employment history etc.

Our website provides a list of top banks and NBFCs offers for personal loan, which you can select, and apply. You can use our free-of-cost loan EMI calculator and to understand the equated monthly instalment (EMI) payable through the loan tenure, and your eligibility to apply for the loan.

Purpose of Personal Loans?

Though you can apply personal loan online if you are self employed but we at Financekaart provide this loan service to only salaried individuals. There is no restriction on the end use of this product. Collateral free personal loans are used for multiple purposes, some of which are given below:

Important point to consider before applying for a Personal loan

Benefits & Features of Personal Loan

Types of Personal Loans

Personal Loan Types Features and Details of the Loan Banks and NBFCs that Offer the Loan
Loans For Unemployed This loan is given to individuals who do not draw any income.

Interest rate is generally high.

Collateral may be needed or excluded.

Government loan plans, TATA Capital, Max Finance, etc.
Personal Loan for Business Start-up This loan is provided to small and medium enterprises and start-ups.

Interest rate is zero for first 15 months, after which the average rate of interest is from 7.9% to 19.9%.

ICICI Bank, Standard Chartered, TATA Capital, SIDBI (small industries development bank of India), Oriental Bank, IFCI (India finance corporation of India), Bank of Baroda, Kotak Mahindra, etc.
Small Cash Loan or Payday Loan/Same-day Loan This is a short term loan provided to only salaried individuals who live in Mumbai.

The loan is to meet instant cash needs. Approval is given within minutes.

Loan disbursal is done within few hours to 24 hours of loan approval. Interest rate is reasonable.

FinanceKaart.com
Low CIBIL Score Personal Loan This loan is given to people with low credit score or low CIBIL score.

The interest rate is generally high.

Getting personal loan on low CIBIL score is not easy, however, some banks and NBFCs may offer funds if they find other eligibility criteria of the borrower, sufficient enough to give the funds.

The financial institution may then offer a secured personal loan by keeping a collateral or security.

Small Business Loans for Women There are some special loan schemes for female entrepreneurs.

Some of the loan schemes are Dena Shakti Scheme by Dena Bank, Udyogini Scheme by Punjab & Sind Bank, Mahila Udyam Nidhi Scheme by SIDBI etc.,

Punjab and Sind Bank, Dena Bank, Citibank, ICICI Bank, Kotak Mahindra, IndusInd Bank, TATA Capital, Bank of Baroda, Fullerton, etc.
Govt. Loans for Small Scale Businesses This loan is provided to small scale businesses.

As these are launched by the government of India, the interest rates charges are usually low.

State Bank of India, Bank of Baroda, Andhra Bank, Government loan schemes such as SIDBI, SIDCO, NSIC (National small industries corporation limits, WASME (World association for small and medium enterprises), NABARD (National bank for agriculture and rural development, etc.
Loan for Corporate The loan is given for active businesses and industrial houses.

Secured and unsecured loan is offered.

HSBC, Bank of Baroda, Citibank, Kotak Mahindra, ICICI Bank, Standard Chartered, Allahabad Bank, IndusInd, Tata Capital, HDFC, etc.
Marriage Loan To fund marriage expenses.

Loan amount between Rs. 5 lakhs and Rs. 20 lakhs.

Interest rate from 10.99% to 34%.

Bank of Baroda, HDFC, SBI, PNB, ICICI, Axis Bank, Tata Capital, Citibank, Kotak Mahindra, IDBI etc.
Medical Loan To pay for medical costs such as hospitalization, surgery etc.

Loan amount can go up to Rs. 25 lakhs.

Unsecured form of lending.

TATA Capital, State Bank of India, Arogya Finance etc.
Home Improvement Loan This loan is provided to fund house furnishing, renovation, or repair, etc.

The rate of interest is fixed and ranges between 9% and 12.5% per year.

There is a possibility of 100% cover, while some offer up to 90% of the home improvement expenses.

Canara Bank, HDFC, ICICI, PNB, DHFL, Bank of Baroda, etc.

Documents Required For Personal Loan

List of documents for Salaried

Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)

Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).

Latest 3 months Bank Statement (where salary/income is credited).

Salary slips for last 3 months.

2 Passport Size photographs.

List of documents for Self-Employed

KYC Documents: Proof of Identity; Address proof; DOB proof.

Proof of Residence: – Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).

Income proof (audited financials for the last two years).

Latest 6 months Bank statement.

Office address proof.

Proof of residence or office ownership.

Proof of continuity of business.

 

Personal Loan EMI Calculator

You can use our FREE personal loan EMI calculator before applying for personal loan India. With EMI calculator personal loan, you can get the following details:

Why Choose FinanceKaart.com to Help You Find a Personal Loan?

We at FinanceKaart.com offer you customized financial products and unsecure form of funding, such as personal loans. We are one of the leading online platforms who are associated with several public sector banks and private sectors banks, including non-banking financial companies to offer personal loan suited for your interest. You can apply for personal loan online on our website and get quick quotes from the financial institutes. We offer quick approval of loan application. Some of the features you can use for free at our website are as follows.

Important Factors affecting your Personal Loan Eligibility Criteria

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income

Your monthly income will be the critical factor determining your loan amount and the interest rate.

Age

The age criteria may differ from lender to lender, but those aged between 21 and 58 years are more likely to get a loan.

Monthly Expenses

Your ability to pay back a loan is judged to some extent from your monthly expense, making it an important factor for evaluation.

Any Other Loan

When it comes to Loans, it’s not more the merrier. Your chances improve if you don’t have another loan to your name.

Credit History

A good credit history is like good health. Maintaining one does not hurt. And it only helps when you want a loan.

Job Stability

Your loan amount eligibility is likely to jump significantly, if you are employed at your current organisation for more than 2 years

Relationship with Lender

A good understanding with the bank goes a long way in negotiating better terms for a loan. Being a known and trusted customer helps.

Category of Your Employer

Working at a well-regarded company adds to your reputation and also your loan eligibility. A Fortune 500 Company on your visiting card helps!

FAQ’s on Personal Loans

1) What is the minimum and maximum personal loan amount I can borrow?

You can borrow between Rs. 1 lakh and Rs. 30 lakhs from financial institutes.

2) How to decide which financial institute will be best for my personal loan?

Each financial institution be it a bank or NBFC will have its own set criteria and conditions regarding eligibility, individual monthly income, credit score etc. The institution which satisfies your personal loan requirements will be the one that is the best for your need. At Financekaart.com you can understand which financial institution will provide you best offer, as you can select, and apply with banks and NBFCs of your choice, after knowing all the details of their personal loan schemes.

3) What Facilities FinanceKaart.com Offers for Personal Loan?

4) Should I always choose the lowest EMI possible before finalizing the loan provider?

You should not always pick the lowest EMI possible when selecting a loan provider. You should look at many other factors such as your repayment capacity. If you can pay larger EMIs, then you can close the loan early and save on the additional interest paid otherwise on a longer tenure. Also, understand other charges applicable by the lender, before finalizing the one.

5) How to Repay the Personal Loan?

You may have to pay timely equal monthly instalments or EMI. The money can be transferred electronically to the bank, or provide post-dated cheques for the payments.

6) What is the Best Interest Rate for Personal Loan?

The interest rate on personal loan will vary from bank to bank, and depend on your profile or the loan scheme you choose. However, the interest rate can start at as low as 10.99%

7) Do I get to Choose between Fixed and Floating Interest Rates?

You can browse through banks and financial institutes about floating and fixed interest rate offers, and select the one that suits your needs.

8) How to personal loan interest rates?

You can interest rate personal loan at FinanceKaart.com. We list the top providers of the loan so that you can loan offers under one platform. You must be careful to note that the rate of interest is floating or fixed, and the APR etc.

9) How to get personal loan lowest interest rates?

There are many ways you can get lowest interest personal loan. One is by comparing loan offers at FinanceKaart.com, and selecting the financial institute that offers the best rate, and other ways are mentioned below:

10) For personal loan, which are some of the best banks and NBFCs in India?

Many financial institutes offer personal loan, and the best one would be that provides you low rate of interest, lowest charges, flexible tenure, and easy eligibility criteria. Some of the providers to choose are TATA Capital, Bajaj Finserv, Fullerton India, Capital First, HDFC Bank, ICICI Bank, SBI, Axis Bank, PNB, and IndiaBulls etc.

11) What are the personal loan benefits?

Here is a brief view of benefits of personal loan India:

12) How do I apply online for an instant personal loan?

To apply for instant personal loan at FinanceKaart.com, you can drop your loan application online and fill the details asked such as your name, loan amount required, employment status etc. You can check the top banks and NBFCs for personal loan in India and apply for paperless loan today to get immediate quotes. You can get in touch with us on contact number +91-8881098282 or give a missed call on +91-8881098282. You can also email us at info@financekaart.com.

13) Is there a Processing Fee Involved?

Usually banks will charge you a processing fee (sometimes negotiable) for the loans, which is about 2 to 3 percent of the borrowed amount.

14) When is a Personal Loan Disbursed?

If all the documents required for personal loan application is in place, the loan amount can be disbursed within 24 to 72 hours.

15) Is there a Need for a Guarantor?

No, you do not need a guarantor to apply for personal loans.

16) Is Part-prepayment accepted?

You may be allowed to partly par for the personal loan after a certain point of time. However, some banks may charge a prepayment penalty.

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