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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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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

Banks
InstitutionTypeInterest ratesLoan amount
HDFCBankFrom 10.5%Upto 40 Lakhs
Axis BankBankFrom 10.49%`Upto 40 Lakhs
ICICI bankBank10.75%-19%Upto 40 Lakhs
Bank of BarodaBank10.75% – 18.5%Upto 5 Lakhs
SBIBankFrom 11%Upto 30 Lakhs
IndusIndBankFrom 10.49%Upto 50 Lakhs
Yes BankBankFrom 10.99%Upto 40 Lakhs
Standard CharteredBankFrom 11.5%Upto 50 lakhs
IDFCbankFrom 10.49%Upto 50 Lakhs
Kotak MahindraBankFrom 10.99%Upto 40 Lakhs
PNBBankFrom 11.40%Upto 20 Lakhs

NBFCs Interest rates for Personal Loans

NBFCs
InstitutionTypeInterest ratesLoan amount
Tata CapitalNBFCFrom 10.99%Upto 35 Lakhs
InCredNBFCFrom 18%-33%Upto 3 Lakhs
FinnableNBFCFrom 16%Upto 10 Lakhs
PaySenseNBFCFrom 16.8%Upto  5 Lakhs
PoonawallaNBFCFrom 9.99%Upto 30 Lakhs
FullertonNBFCFrom 11.99%Upto 25 Lakhs
LendingKartNBFCFrom 12%Upto 3 Lakhs
Axis FinanceNBFCFrom 13%Upto 25 Lakhs
L&T FinanceNBFCFrom 12%Upto 7 Lakhs
Personal Loans by Bank

HDFC bank personal loan

Axis bank personal loan

ICICI bank personal loan

BOB bank personal loan

SBI personal loan

IndusInd bank Personal loan

Yes bank personal loan

Standard Chartered bank PL

IDFC bank personal loan

Kotak Mahindra bank PL

Punjab National bank PL

NBFCs

Tata Capital

InCred

Finnable

PaySense

poonawalla

Fullerton

LendingKart

Axis Finance

L&T finance