Best Personal Loans in India 2023
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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.
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HDFC Bank Personal Loan
HDFC Bank offers one of the most popular personal loans in India, with competitive interest rates and flexible repayment options. The loan can be taken for a variety of purposes, including home renovation, medical expenses, travel, and more. Customers can borrow up to Rs. 40 lakhs with a repayment tenure of up to 60 months. Additionally, HDFC Bank provides instant loan approval for existing customers and offers a special interest rate for women applicants.
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ICICI Bank Personal Loan
ICICI Bank is another leading player in the personal loan market in India, offering personal loans at attractive interest rates and easy documentation. Customers can borrow up to Rs. 50 lakhs with repayment tenure of up to 60 months. ICICI Bank also provides a pre-approved personal loan facility for existing customers, allowing them to avail of funds instantly without any documentation.
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Bajaj Finserv Personal Loan
Bajaj Finserv is a non-banking financial company (NBFC) that provides personal loans at competitive interest rates, flexible repayment options, and minimal documentation. Customers can borrow up to Rs. 40 lakhs with a repayment tenure of up to 84 months. Bajaj Finserv also offers a unique feature called the Flexi Personal Loan facility, which allows customers to withdraw funds as per their requirement and only pay interest on the utilized amount.
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SBI Personal Loan
State Bank of India is the largest public sector bank in India and offers personal loans at attractive interest rates and flexible repayment options. Customers can borrow up to Rs. 20 lakhs with a repayment tenure of up to 72 months. SBI also provides a special interest rate for government employees and pensioners.
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Axis Bank Personal Loan
Axis Bank is a leading private sector bank in India and offers personal loans at competitive interest rates and minimal documentation. Customers can borrow up to Rs. 40 lakhs with repayment tenure from 12- 60 months and interest rates beginning from 10.49%. Axis Bank also provides a pre-approved personal loan facility for existing customers, allowing them to avail of funds instantly without any documentation.
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Citibank Personal Loan
Citibank is a multinational bank that offers personal loans at competitive interest rates and flexible repayment options. Customers can borrow up to Rs. 30 lakhs with repayment tenure from 12- 60 months. Selective customers can get Citi Quick Cash which is an exclusive instalment facility offered. It can be easily availed through Citibank Mobile App or Citibank online.
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Tata Capital Personal Loan
Tata Capital is a financial services company that provides personal loans at competitive interest rates along with easy documentation. Customers can borrow up to Rs. 35 lakhs with repayment tenure of up to 72 months at interest rates starting from 10.99%.
Bank Interest rates for Personal Loans
Institution | Type | Interest rates | Loan amount |
HDFC | Bank | From 10.5% | Upto 40 Lakhs |
Axis Bank | Bank | From 10.49%` | Upto 40 Lakhs |
ICICI bank | Bank | 10.75%-19% | Upto 40 Lakhs |
Bank of Baroda | Bank | 10.75% – 18.5% | Upto 5 Lakhs |
SBI | Bank | From 11% | Upto 30 Lakhs |
IndusInd | Bank | From 10.49% | Upto 50 Lakhs |
Yes Bank | Bank | From 10.99% | Upto 40 Lakhs |
Standard Chartered | Bank | From 11.5% | Upto 50 lakhs |
IDFC | bank | From 10.49% | Upto 50 Lakhs |
Kotak Mahindra | Bank | From 10.99% | Upto 40 Lakhs |
PNB | Bank | From 11.40% | Upto 20 Lakhs |
NBFCs Interest rates for Personal Loans
Institution | Type | Interest rates | Loan amount |
Tata Capital | NBFC | From 10.99% | Upto 35 Lakhs |
InCred | NBFC | From 18%-33% | Upto 3 Lakhs |
Finnable | NBFC | From 16% | Upto 10 Lakhs |
PaySense | NBFC | From 16.8% | Upto 5 Lakhs |
Poonawalla | NBFC | From 9.99% | Upto 30 Lakhs |
Fullerton | NBFC | From 11.99% | Upto 25 Lakhs |
LendingKart | NBFC | From 12% | Upto 3 Lakhs |
Axis Finance | NBFC | From 13% | Upto 25 Lakhs |
L&T Finance | NBFC | From 12% | Upto 7 Lakhs |
- Personal loan for salaried
- Personal loan for self-employed
- Personal Loan For Marriage
- Personal Loan For Women
- Personal Loan for Pensioners
- PL for Defence Personnel
- Personal Loan for Low Salary
- PL for Home Renovation
- PL for Medical Emergency