Best Banks For Personal Loan In India 2022? A personal loan is an amount that you can borrow from any financial institution to use for various purposes.
Personal loans help you solve short-term financial crises but incur high interest charges. Do not misuse the personal loan facility otherwise you may end up in a financial mess.
Best Banks For Personal Loan In India
1. State Bank of India
State Bank of India (SBI) provides the best personal loans to the citizens of India. And it is the Best Banks For Personal Loan In India.
With a low processing fee of up to 1% of the loan amount (excluding taxes), SBI offers various personal loan schemes including SBI Xpress Power Personal Loan and SBI Xpress Credit personal loan.
However, You can get personal loans from SBI under three categories SBI Express Credit Personal Loan, SBI Pension Loan, and SBI Quick Personal Loan.
In addition, SBI personal loan is accessible to all salaried individuals with a minimum service of 1 year and for pensioners.
All adult salaried and self-employed persons in India who are citizens of India can apply for these personal loans with interest rates ranging from 10.50% to 16.55% up to Rs.15 lakh. SBI offers a loan term of up to 5 years. Know about Best Bike Loan Interest Rate in India.
Documents Required
- Application Form or online application through SBI web portal
- PAN Card
- ID Proof & Address Proof
- Latest Salary Slip with ITR, bank account statement for last 6 months
- Your salary/ pension account number with SBI for Xpress Credit & Pension Loan.
Personal Loan Details for State Bank of India
| Loan Amount | Up to 20 Lakh |
| Processing Fee | Up to 1.5%; Minimum – Rs. 1,000 and Maximum – Rs. 15,000 |
| Late Fee | 24% p.a |
| Prepayment Charges | 3% on prepaid amount |
| Loan Tenure | Up to 72 months |
SBI Xpress Credit Personal Loan
Xpress Credit personal loans are for employees working in the institutions below and to maintain a salary account with SBI.
These institutions include central and state government, quasi-government, central and profit-making state public sector undertakings, national institutes of educational institutions, and selected corporates having a business relationship with the bank.
SBI Pension Loan
SBI pension loan is for individuals who are central, state government, family, or defense pensioners. Attracting their pension through one of the SBI branches and not exceeding 76 years of age.
SBI Quick Personal Loan
SBI Instant Personal Loan is available to employees working with Central and State Government, Semi-Government, Public Sector Undertakings, Educational Institutions of National repute and Corporates.
You have Rs. Should have a minimum net monthly income of Rs. 15,000 and there is no need to maintain a salary account with SBI.
2. HDFC Bank
HDFC Bank offers a personal loan of up to Rs 40 lakh with interest rates of 10.40% to 21.30% per annum.
You have the option to borrow from Rs. 50,000 to Rs. 40 lakhs as a personal loan from HDFC Bank. The loan is available to a salaried person in corporate, public sector undertakings, and government institutions.
Therefore, The minimum amount of loan presented was Rs. It is 50000. The processing fee for personal loans goes up to 2.5% with the applicable general sales tax.
Once the documentation is completed, your personal loan will be disbursed within 4 hours. Existing HDFC customers can get personal loan approval in 10 seconds.
However, With a loan, you can also avail of accident or loan insurance cover at a nominal premium.
Documents Required
- Application Form or online application through HDFC web portal
- ID Proof, Address Proof
- 3 Month bank statement (Passbook of previous 6 months)
- 2 Latest salary slip or current dated salary certificate with the latest Form 16.
- Proof of end-use
Personal Loan Details for HDFC Bank
| Loan Amount | Up to 40 Lakh |
| Processing Fee | Up to 2.5% Minimum – Rs. 2,999 and Maximum – Rs. 25,000 |
| Late Fee | 24% p.a |
| Prepayment Charges | Up to 12 months- not allowed 13-24 months – 4% of principal outstanding 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding |
| Loan Tenure | Up to 60 months |
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3. Axis Bank
Axis Bank is one of the banks that offer personal loans with a lot of attractive add-on benefits.
If you want a hassle-free personal loan and also earn reward points then Axis Bank is the option.
You can take a personal loan of up to Rs.15 lakhs at an interest rate of 12.00% to 26.00% per annum.
Processing fees start from 1.5% to 2% excluding general sales taxes. Axis Bank does not charge any fee for pre-closure.
The minimum loan term for this personal loan is 12 months, and the maximum loan term is 60 months.
Documents Required
- Application form
- ID proof, & Residence proof
- Income proof and Bank statement
- Standing instruction request / ECS forms
Personal Loan Details for Axis Bank
| Loan Amount | Rs. 50,000 to 15 Lakh |
| Processing Fee | 1.5% to 2% of the loan amount |
| Late Fee | 24% p.a |
| Part-payment/ Foreclosure Charges | 0 to 12 months – 5% 13 to 24 months – 4% 25 to 36 months – 3% more than 36 months – 2% |
| Loan Tenure | 12 to 60 months |
4. Bajaj Finserv
Bajaj Finance ranks high on the list of best financial institutions offering personal loans.
The loan approval rate is better. Eligibility criteria are also more beneficial than other lenders.
Bajaj Finserv only offers personal loans to salaried professionals. The loan process is completely online, which means that you can get instant loan approval online and the loan amount is disbursed within 24 hours.
You can start from 12.6% per annum for Bajaj Finance personal loans at interest rates up to Rs.25 lakhs. The processing fee for this loan is 3.99%. The maximum tenure for the loan amount is 5 years.
Bajaj Finserv is the only financial institution that allows you to make full payment of the outstanding loan amount after the first EMI.
Documents Required
- KYC Documents
- Passport size photograph
- Previous 3 months Bank account statement of salary account
- CIBIL score of 700+ preferred
Personal Loan Details for Bajaj Finserv
| Loan Amount | Up to 25 Lakh |
| Processing Fee | Up to 4.13% |
| Late Fee | 2% to 4% per month |
| Foreclosure Charges / Part-payment Charges | 4% 2% |
| Loan Tenure | 12 to 60 months |
5. Bank of Baroda
The Bank of Baroda is one of the best banks that offer personal loans at low interest rates.
Bank of Baroda offers a personal loan for both salaried and self-employed. Bank of Baroda also considers insurance agents for personal loans.
Salaried and self-employed individuals can avail of this personal loan for a maximum amount of Rs 10 lakh. The processing fee of this personal loan is 2% which is as high as Rs. 10,000.
The loan period is from 12 months to 60 months. The interest rate starts at 11.40%.
Depending on your eligibility, the loan amount can be up to Rs. 10 lakhs for a maximum of 60 months.
Documents Required
| Salaried | Self Employed/Business |
|---|---|
| Application Form along with asset & liability details | Application Form along with asset & liability details |
| ID Proof, Address Proof | ID Proof, Address Proof |
| Last 3-month payslip, Form 16 or ITR | Last 2 years – ITR, Form 26AS, Balance sheet, and P&L, Business proof |
| 6 months bank statement | 6 months bank statement |
Personal Loan Details for Bank of Baroda
| Loan Amount | Up to 10 Lakh |
| Processing Fee | 2%. Minimum – Rs. 1,000 and Maximum – Rs. 10,000 |
| Late Fee | 24% p.a. |
| Pre-closure Charges | NIL |
| Loan Tenure | Up to 60 months |
6. Citibank
A Citibank offers personal loans to salaried individuals with reasonable interest rates.
Citibank personal loan starts at a minimum rate of 9.99% for instant personal loans. Citibank prefers the salaried class for personal loans.
Salaried individuals can avail of loans for Rs 30 lakhs with interest rates ranging from 10.30% to 10.30% to 16.49%.
Citibank offers a personal loan for a processing fee of up to 3%, and the maximum loan term is 60 months. Being a Citi customer, you can expect a better interest rate and other additional benefits.
Loans are available up to Rs. 30 million. Salaried borrowers who work with reputable companies with high net take-home salaries enjoy lower interest rates than individuals with lower take-home salaries.
Documents Required
| Salaried | Self Employed |
|---|---|
| Proof of Identity & Residence | Residence & Proof of Identity |
| Proof of Age | Proof of Age |
| Length of employment/ Continuity of business: 1.Letter from employer 2. Old payslip/ Form 16 | Length of employment/ Continuity of business: 1. Lease Deed 2. Ownership documents 3.Utility Bills 4.Tax returns from the same city 5. 3-year-old bank statement |
| Proof of income & occupation: 1. Latest 2 salary slip 2. Last 3 month Bank Statement | Proof of income & occupation: 1. Last 1 year IT Returns 2. Computation of income 3. 1 Year audited P&L 4. Last 3 month Bank statement |
Personal Loan Details for Citibank
| Loan Amount | Up to 30 Lakh |
| Processing Fee | Up to 3% |
| Late Fee | There are no late payment charges |
| Pre-closure Charges | 4% |
| Loan Tenure | 3 months to 60 months |
7. ICICI Bank
ICICI Bank is one of the top Best Banks For Personal Loan In India offering personal loans to individuals at low interest rates.
The maximum loan amount available to the user is Rs 20 lakh. ICICI Bank Personal Loan interest rates range from 11.25% to 22.00%.
ICICI Bank charges an interest rate of 10.50% on personal loans. You can take a loan of up to Rs 25 lakh without any collateral or security.
The processing fee of this loan goes up to 2.25% excluding all applicable taxes. Individuals can avail of this personal loan for a maximum tenure of 5 years. One of the attractive features of an ICICI personal loan is the ease of loan prepayment that comes with it.
For existing ICICI Bank customers, there are attractive benefits such as reduced documentation and automatic pre-eligibility condition.
If you have a plan to prepay your loan, then you should consider a personal loan from ICICI Bank.
Documents Required
| Salaried | Self Employed/Business |
|---|---|
| Application Form | Application Form |
| ID Proof, Address Proof | ID Proof, Address Proof. Proof of Residence or Office ownership |
| Latest 3-month salary slips & Bank Statement | Audited Financial for the last 2 years, 6 months Bank Statement |
| 2 Passport size photographs | Proof of continuity of business |
Personal Loan Details for ICICI Bank
| Loan Amount | Up to 25 Lakh |
| Processing Fee | Up to 2.25% of the loan amount |
| Late Fee | 24% p.a |
| Pre-payment Charges | 5% on principal outstanding |
| Loan Tenure | 12 to 60 months |
8. Kotak Mahindra
The Kotak Mahindra Bank is the Best Bank For Personal Loan In India personal loans is for all salaried and self-employed Indian citizens.
Kotak Mahindra Bank offers personal loans up to Rs 15 lakhs with interest rates ranging from 10.50% to 28.00%.
The processing fee of Kotak Mahindra Bank’s personal loan goes up to 2.50% excluding all applicable taxes. Kotak Mahindra Bank offers this loan for a minimum tenure of 1 year, and the maximum tenure of the loan term is 5 years.
Kotak Mahindra Bank offers personal loans only to salaried individuals. You can take a personal loan of Rs. 50,000 to Rs. Starting at 10.75% with a 20 lakh interest rate.
Document Required
- ID Proof, Address Proof
- 3 Month bank statement with income details
- Salary slip for the last 3 months
- 2-3 Passport size photograph
Personal Loan Details for Kotak Mahindra Bank
| Loan Amount | Rs. 50,000 to 20 Lakh |
| Processing Fee | Up to 2.5% of the loan amount |
| Late Fee | 36% p.a |
| Pre-closure Charges | Up to 12 months- not allowed > 12 months – 5% |
| Loan Tenure | 12 to 60 months |
9. Tata Capital
Tata Capital offers personal loans to individuals on very reasonable terms.
A person can avail maximum loan amount of 25 lakhs with interest rates ranging from 11.25% to 17.00%.
The processing fee is variable and depends on many factors. Individuals can get a loan amount with low EMI for a maximum of 6 years.
Tata Capital Rs. Provides a personal loan of. 25 lakhs. You can benefit from a lower EMI as the loans are for an extended period of up to 72 months.
Documents Required
- Photo Identity Proof & Address Proof
- Income Proof: Bank statement for last 6 months
- Salary slips for last 3 months
- Employment certificate stating one year of continuous employment
Personal Loan Details for Tata Capital
| Loan Amount | Rs. 75,000 to 25 Lakh |
| Processing Fee | Up to 2.75% of the loan amount |
| Late Fee | 36% p.a |
| Foreclosure Charges Part-payment Charges | 4.5% of the principal outstanding 2.5% of the principal outstanding |
| Loan Tenure | Up to 72 months |
10. Yes Bank
Yes Bank is yet another Best Banks For Personal Loan In India for attractive personal loan schemes for salaried and self-employed.
The credit ranges from 1 lakh to Rs 40 lakh with interest rates starting at 10.99%.
You can get a personal loan ranging from Rs. 1 lakh Rs. 40 lakhs from Yes Bank at an interest rate starting from 13.99%. You do not need to bring any collateral to get a personal loan to Yes Bank.
The processing fee can go up to 2.5% of the loan amount excluding normal sales taxes. The maximum loan period offered by Yes Bank is 5 years.
Yes Bank takes about 5 days (after completion of all documents) for the assessment decision and if approved the money is disbursed within a few hours.
Document Required
- Application form
- ID Proof, Address Proof
- 3 Month bank statement with income details
Personal Loan Details for Yes Bank
| Loan Amount | Rs. 1 Lakh to 40 Lakh |
| Processing Fee | Up to 2.5% of the loan amount Minimum – Rs. 999 |
| Late Fee Pre-part payment Charges | 24% p.a 2% on part payment amount |
| Pre-closure Charges | Up to 12 months- not allowed Foreclosed between 13 – 24 months – 4% Foreclosed between 25 – 36 months – 3% And Foreclosed between 37 – 48 months – 2% > 48 months – NIL |
| Loan Tenure | 12 to 60 months |
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