(New Update)

Best Personal Loan in India 2024

Get the best deals on personal loans with attractive rates. Compare personal loans from different lenders on Fincover and apply now!

loan-banner
Home Banking Loan personal loan Best Personal Loan in India
a

Check the best personal loan offers of Banks and NBFCs

In recent years, personal loans have become an increasingly popular financial solution for many individuals in India. Whether it’s to finance a wedding, home renovation, or even to pay off high-interest credit card debt, personal loans provide a flexible and convenient option for individuals looking for a quick source of funds. However, with so many options available in the market, it can be challenging to determine the best personal loans in India. In this article, we’ll explore the top personal loans available in India, highlighting their unique features and benefits.

Comparison table of Bank’s Best Personal Loans 2024

BanksInterest RatesLoan Amount
hdfc-bank10.5% onwardsUpto Rs. 40 lakhs
axis-bank10.49% onwardsUpto Rs. 40 lakhs
icici-cc10.75% to 19%Upto Rs. 40 lakhs
Bank of baroda10.75% to 18.5%Upto Rs. 5 lakhs
SBI11% onwardsUpto Rs. 30 lakhs
indusiand-bank10.5% to 18%Upto Rs. 25 lakhs
yesbank-loan12% onwardsUpto Rs. 20 lakhs
standard-chatered-loan11.75% onwardsUpto Rs. 25 lakhs
idfc-bank10.49% onwardsUpto Rs. 20 lakhs
kotak-bank10.99% onwardsUpto Rs. 20 lakhs
Bandhan_Bank10.50% onwardsUpto Rs. 30 lakhs
pnb10.50% onwardsUpto Rs. 20 lakhs

Comparison table of NBFCs Best Personal Loans 2024

NBFCsDetails
tata-capital-loanInterest Rates (10.99% onwards), Loan Amount (Upto Rs. 35 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 60 months), Features (Online application, quick approval, instant loan option, minimal documentation, flexible repayment options)
incred-fInterest Rates (10.99% to 24%), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 3%), Repayment Tenure (12 to 60 months), Features (Minimal documentation, completely online process, pre-approved offers, flexible repayment options)
finnable-loanInterest Rates (10.99% onwards), Loan Amount (Upto Rs. 15 lakhs), Processing Fee (Upto 3%), Repayment Tenure (12 to 36 months), Features (AI-powered pre-qualification, online application, EMI calculator, convenient online process)
aditya-birla-loanInterest Rates (11.49% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 60 months), Features (Strong brand reputation, pre-approved offers, doorstep service, flexible repayment options)
Paysense-fInterest Rates (16% to 24%), Loan Amount (Upto Rs. 5 lakhs), Processing Fee (Upto 2%), Repayment Tenure (3 to 60 months), Features (Mobile app-based application, pause EMI feature, convenient online process)
poonawalla-loanInterest Rates (10.75% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 84 months), Features (Competitive interest rates, pre-approved offers, doorstep service, flexible repayment options)
fullerton-loanInterest Rates (11.99% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2.5%), Repayment Tenure (12 to 84 months), Features (Established brand name, pre-approved offers, wide network of branches, flexible repayment options)
lendingkart-loanInterest Rates (10.99% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 3%), Repayment Tenure (12 to 60 months), Features (Access to diverse loan options, compare loan offers, convenient online process)
axis-financeInterest Rates (11.25% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2.5%), Repayment Tenure (12 to 60 months), Features (Flexible and customized loan solutions, balance transfer facilities, convenient online process)
Mahindra-FinanceInterest Rates (10.99% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 60 months), Features (Simple application process, pre-approved offers, dedicated customer service team, convenient online process)
bajaj-loanInterest Rates (11.99% onwards), Loan Amount (Upto Rs. 25 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 60 months), Features (Quick and easy loan solution, pre-approved offers, convenient online process)
L&TFInterest Rates (10.99% onwards), Loan Amount (Upto Rs. 20 lakhs), Processing Fee (Upto 2%), Repayment Tenure (12 to 84 months), Features (Reliable and secure option, competitive interest rates, loan options for specific needs, convenient online process)

Parameters to Compare while picking the best personal loan

Compare interest charges

The interest rate (Annual Percentage Rate or APR) is a critical factor. Compare interest rates offered by different lenders to ensure you’re getting the most competitive rate possible. A lower interest rate can significantly reduce the overall cost of the loan.

Compare Processing Fees and Charges

Review the lender’s terms and conditions for any processing fees, prepayment charges, or late payment fees associated with the loan. These can add to the overall cost. Carefully evaluate these charges from every lender before finalizing a lender

Compare Prepayment charges

Determine if the lender allows for partial prepayments or foreclosure without hefty penalties. Most lenders charge a certain amount for preclosure of loan. You must be carefully be aware of these charges from multiple lenders. This can be useful if you want to repay the loan earlier than the agreed tenure. Certain lenders allow their borrowers to preclose their loans at no charge. It has to be seen on a case-by-case basis

Compare Loan disbursement time

If you need funds urgently, consider the time it takes for the lender to process and disburse the loan. Most lenders provide instant approval for successful applications. However, the fund disbursal time varies from bank to bank. Certain lenders provide funds the same day, while some take a couple of days. Select the one based on your urgency and your financial goals

Compare repayment tenure

The loan tenure affects your monthly EMIs (Equated Monthly Installments). Choose a tenure that aligns with your financial capabilities. Compare the tenures from multiple companies before finalizing one. A longer tenure may result in lower EMIs but may cost more in interest over the long term.

Taking the time to carefully evaluate these parameters and compare offers from different lenders will help you make an informed decision and choose a personal loan that best suits your financial needs and circumstances

Personal Loans by Bank