The Leading Top 10 Providers of Personal Loans in India

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A personal loan is a loan, which you can be used in finance to fund any financial requirements. Many utilize this unsecured loan for wedding expenses, medical emergencies, purchase of electronics items, home improvement, education and small business purpose, vacation etc. You can borrow up to Rs. 25 lakhs to 40 lakhs depending on the maximum amount limit set by the banks and NBFCs, and your creditworthiness. The tenure is generally up to 5 years, but can be lower. There several benefits of personal loans and in India, there are a number of financial institutions offering this loan to residents.

We bring to you a list of top 10 personal loan providers in India.

 

  • RBL Bank

 

RBL bank offers personal loans for immediate cash requirements. The loan can be applied for by salaried resident individuals. There is no collateral or security required to get this loan. The bank provides hassle-free loan sanction and disbursal process with simplified and quick documentation procedure.

  • The loan amount is between Rs. 1 lakh and Rs. 20 lakhs.
  • The repayment tenure varies between 12 months and 60 months. Interest rate starts at 14.5%.
  • The salaried individual should draw a minimum income of Rs. 25,000 per month.
  • The minimum age required to sanction the loan is, 25 years. The maximum age to the time of loan maturity, should be lower than 60 years.
  • Work experience required with the current employer is 1 year, and total employment experience should be at least 3 years.
  • Documents required are PAN card for individual, identity proof, address proof, passport size photographs, valid photo ID card issues by state or central government, recent 6 months’ salary slip and bank statement where salary gets credited etc.

 

  • HDFC Bank

 

Personal loan at HDFC Bank is quick and convenient. The loan amount can be used for endless purposes. Pre-approved bank customers can get the amount disbursed in 10 seconds flat or as less an in just 4 hours. HDFC adheres to transparent processing of loans.

  • You can borrow up to Rs. 40 lakhs. Interest rate starts at 15.5%.
  • Processing fee is 2% of the loan amount. Tenure is up to 2 years.
  • You can transfer loan balance with ease at lowest rates.
  • Salaried individuals between 21 years and 60 years of age can apply for the loan.
  • Individuals should be employed with current employer for at least a year and exhibit a total minimum work experience of 2 years.
  • Minimum salary required is between Rs. 15,000 and Rs. 20,000 depending on the place of residence.
  • Documents needed are proof of address, identity, salary, bank statement of last 6 months, passport size photographs etc.

 

  • Kotak Mahindra Bank

 

Personal loan Kotak helps you meet unexpected expenses. At Kotak Mahindra bank you can expect fast service and processing of the loan, with quick documentation and other benefits. Below are the features of the personal loan at Kotak Mahindra.

  • You can borrow between Rs. 50,000 and Rs. 15 lakhs. Flexible repayment options are available and tenure is up to 2 years.
  • Interest rate starts at 15.5%. Processing fee is 2 percent of the loan amount.
  • Salaried individuals of 21 years to 58 years (maximum age till the loan maturity), can apply for the loan. Qualification of the individual should be at least Graduation.
  • Net monthly income must be minimum Rs. 20,000. Total work experience should be at least 1 year.
  • Documents asked are proof of residence, identity, bank statement of salary account of last 6 months, salary slips etc.

 

  • ICICI Bank

 

There could be many reasons why you would want a personal loan, and ICICI bank makes sure your financial needs are fulfilled with the loan. You get flexible repayment options and attractive interest rates. Existing customer have additional benefits.

  • You can borrow up to Rs. 20 lakhs. Interest rates begin from 10.99% and are up to 17.99% per annum.
  • Documents required are KYC documents and income proof and banks statements.
  • Choose between tenure of 12 months and 60 months.
  • Salaried individuals can apply for the loan.
  • Top up facility is available if you have paid 12 EMIs on the existing personal loan.

 

  • State Bank of India

 

SBI or the State Bank of India offers personal loan on credit card, to pensioners, and salaried individuals. It is known to have biggest network of customers throughout the country. However, the documentation process is quite stringent. Below mentioned are the features of State Bank of India personal loan.

  • SBI Xpress Credit personal loan are for those who have salary account in the bank. Minimum income required is Rs. 5,000.
  • Term loan and overdraft facility of up to Rs. 15 lakhs is available. Tenure is maximum 2 years.
  • Personal loan for pensioners is for people up to 76 years of age, till the time of loan maturity. Eligible customers can borrow between Rs. 25 thousand and Rs. 14 lakhs. Tenure is up to 84 months maximum.
  • Documents needed are proof of identity, address, photo ID issued by central or state government, passport size photographs, bank statements, and income proof.

 

  • TATA Capital

 

TATA Capital personal loan helps you to fulfil immediate need for cash. The loan amount is usually taken to fund vacation, medical treatments, education, wedding, big-ticket purchases etc. Self-employed people and businesspersons can seek loan from this institution.

  • The salaried individual who wishes to borrow from this institution should be between 21 years and 58 years of age. Minimum income required is Rs. 20,000.
  • Loan amount is up to Rs. 25 lakhs. Interest rate starts from 11.49% and is up to 19%.
  • Tenure ranges between 1 year and 7 years. Disbursal happens as quickly as 72 hours.
  • Depending upon repaying capacity, customers are eligible for step up flexi, step down flexi, and bullet flexi EMI schemes.
  • Documents required are proof of address and identity, passport size photographs, income proof and bank statement.

 

  • Capital First

 

Capital First personal loan is the medium of finance that can make all your dreams come true with funds for wedding, holiday destination, coping with unexpected expenses and medical emergencies etc. The financial institution has an easy application system and promises funds disbursal in short time.

  • Loan amount is from Rs 1 Lakh – Rs 25 Lakhs. Top up facility is available.
  • Processing fee is maximum 2 percent of the loan amount. Interest rate starts at 13.75%.
  • Flexible repayment tenures between 1 year and 5 years
  • Salaried individual’s criteria: 23 years minimum and maximum 58 years old at the time of loan maturity.
  • Self-employed individual’s criteria: 23 years minimum and maximum 68 years old at the time of loan maturity.
  • Documents essential are KYC documents, salary proof for salaried individuals and business proof for self-employed individuals.

 

  • Fullerton India

 

Personal loan from Fullerton India enables you to satisfy your financial needs in a simple manner. You can get e-approval on applying online for the loan. There is no need of any collateral. Funds from the loan can be utilized to complete any of your monetary requirements.

  • Maximum loan amount is Rs. 25 lakhs. Processing fee is up to 2 percent of the loan amount.
  • Loan is available for both salaried and self-employed individuals.
  • Interest rate as low as 11.99% and up to 23%. Repayment tenure is up to 60 months.
  • Documentation is the basic proof of identity, residence, income, business essentials/registration/turnover, recent passport size photographs etc.

 

  • IIFL

 

IIFL personal loan is a flexible way of financing your monetary requirements. The funds are useful for emergency cash needs. The financial institution has an established network across the country with millions of satisfied customers. You can apply for the loan online as well.

  • Maximum loan amount is Rs. 25 lakhs. Processing fee is up to 2 percent of the loan amount.
  • You should be salaried and between 25 years and 60 years of age at the time of loan maturity.
  • You must possess at least 2 years of total work experience and 6 months of employment with the current employer. Monthly income must be at least Rs 35,000.
  • Tenure is between 1 year and 5 years. Interest rate is between 14% and 18%.
  • It has an easy application procedure. Disbursal happens in as less as 8 hours.

 

  • Bajaj Finserv

 

Bajaj Finserv personal loan is one of the quickest ways of finding finance for your needs. Just like other personal loan schemes from leading banks and NBFCs, the loan is unsecured and can be applied online. It offers pre-approved offers to existing customers at low interest rates.

  • Loan amount is up to Rs. 25 lakhs.  On applying for personal loan online, you can get approval within 5 minutes.
  • Interest rate lowest is 13.99%. Processing fee is between 2.25%-3% of the loan amount.
  • You can get money in bank account in as less as 24 hours. Tenure is between 12 months and 60 months.
  • You must be salaried individual and between 25 years and 58 years of age at the time of loan maturity.
  • Minimum salary required ranges between Rs. 27,000 and Rs. 37,000 per month, as per the place of residence.
  • There are no hidden charges. You can check your loan account anytime and track the progress or updates.

NOTE: All the above-mentioned details are purely for information purpose. The details can change as per the discretion of the relevant financial institutions.

These top 10 banks and NBFCs for personal loan are the right choice to finance your monetary needs at time of emergences. You can compare and apply for personal loan with any of these banking or non-banking companies after understanding the eligibility criteria and other d personal loan is a loan, which you can be used to fund any financial requirements. Many utilize this unsecured loan for wedding expenses, medical emergencies, purchase of electronics items, home improvement, education and small business purpose, vacation etc. You can borrow up to Rs. 25 lakhs to 40 lakhs depending on the maximum amount limit set by the banks and NBFCs, and your creditworthiness. The tenure is generally up to 5 years, but can be lower. There several benefits of personal loans and in India, there are a number of financial institutions offering this loan to residents.

We bring to you a list of top 10 personal loan providers in India.

 

  • RBL Bank

 

RBL bank offers personal loans for immediate cash requirements. The loan can be applied for by salaried resident individuals. There is no collateral or security required to get this loan. The bank provides hassle-free loan sanction and disbursal process with simplified and quick documentation procedure.

  • The loan amount is between Rs. 1 lakh and Rs. 20 lakhs.
  • The repayment tenure varies between 12 months and 60 months. Interest rate starts at 14.5%.
  • The salaried individual should draw a minimum income of Rs. 25,000 per month.
  • The minimum age required to sanction the loan is, 25 years. The maximum age to the time of loan maturity, should be lower than 60 years.
  • Work experience required with the current employer is 1 year, and total employment experience should be at least 3 years.
  • Documents required are PAN card for individual, identity proof, address proof, passport size photographs, valid photo ID card issues by state or central government, recent 6 months’ salary slip and bank statement where salary gets credited etc.

 

  • HDFC Bank

 

Personal loan at HDFC Bank is quick and convenient. The loan amount can be used for endless purposes. Pre-approved bank customers can get the amount disbursed in 10 seconds flat or as less an in just 4 hours. HDFC adheres to transparent processing of loans.

  • You can borrow up to Rs. 40 lakhs. Interest rate starts at 15.5%.
  • Processing fee is 2% of the loan amount. Tenure is up to 2 years.
  • You can transfer loan balance with ease at lowest rates.
  • Salaried individuals between 21 years and 60 years of age can apply for the loan.
  • Individuals should be employed with current employer for at least a year and exhibit a total minimum work experience of 2 years.
  • Minimum salary required is between Rs. 15,000 and Rs. 20,000 depending on the place of residence.
  • Documents needed are proof of address, identity, salary, bank statement of last 6 months, passport size photographs etc.

 

  • Kotak Mahindra Bank

 

Personal loan Kotak helps you meet unexpected expenses. At Kotak Mahindra bank you can expect fast service and processing of the loan, with quick documentation and other benefits. Below are the features of the personal loan at Kotak Mahindra.

  • You can borrow between Rs. 50,000 and Rs. 15 lakhs. Flexible repayment options are available and tenure is up to 2 years.
  • Interest rate starts at 15.5%. Processing fee is 2 percent of the loan amount.
  • Salaried individuals of 21 years to 58 years (maximum age till the loan maturity), can apply for the loan. Qualification of the individual should be at least Graduation.
  • Net monthly income must be minimum Rs. 20,000. Total work experience should be at least 1 year.
  • Documents asked are proof of residence, identity, bank statement of salary account of last 6 months, salary slips etc.

 

  • ICICI Bank

 

There could be many reasons why you would want a personal loan, and ICICI bank makes sure your financial needs are fulfilled with the loan. You get flexible repayment options and attractive interest rates. Existing customer have additional benefits.

  • You can borrow up to Rs. 20 lakhs. Interest rates begin from 10.99% and are up to 17.99% per annum.
  • Documents required are KYC documents and income proof and banks statements.
  • Choose between tenure of 12 months and 60 months.
  • Salaried individuals can apply for the loan.
  • Top up facility is available if you have paid 12 EMIs on the existing personal loan.

 

  • State Bank of India

 

SBI or the State Bank of India offers personal loan on credit card, to pensioners, and salaried individuals. It is known to have biggest network of customers throughout the country. However, the documentation process is quite stringent. Below mentioned are the features of State Bank of India personal loan.

  • SBI Xpress Credit personal loan are for those who have salary account in the bank. Minimum income required is Rs. 5,000.
  • Term loan and overdraft facility of up to Rs. 15 lakhs is available. Tenure is maximum 2 years.
  • Personal loan for pensioners is for people up to 76 years of age, till the time of loan maturity. Eligible customers can borrow between Rs. 25 thousand and Rs. 14 lakhs. Tenure is up to 84 months maximum.
  • Documents needed are proof of identity, address, photo ID issued by central or state government, passport size photographs, bank statements, and income proof.

 

  • TATA Capital

 

TATA Capital personal loan helps you to fulfil immediate need for cash. The loan amount is usually taken to fund vacation, medical treatments, education, wedding, big-ticket purchases etc. Self-employed people and businesspersons can seek loan from this institution.

  • The salaried individual who wishes to borrow from this institution should be between 21 years and 58 years of age. Minimum income required is Rs. 20,000.
  • Loan amount is up to Rs. 25 lakhs. Interest rate starts from 11.49% and is up to 19%.
  • Tenure ranges between 1 year and 7 years. Disbursal happens as quickly as 72 hours.
  • Depending upon repaying capacity, customers are eligible for step up flexi, step down flexi, and bullet flexi EMI schemes.
  • Documents required are proof of address and identity, passport size photographs, income proof and bank statement.

 

  • Capital First

 

Capital First personal loan is the medium of finance that can make all your dreams come true with funds for wedding, holiday destination, coping with unexpected expenses and medical emergencies etc. The financial institution has an easy application system and promises funds disbursal in short time.

  • Loan amount is from Rs 1 Lakh – Rs 25 Lakhs. Top up facility is available.
  • Processing fee is maximum 2 percent of the loan amount. Interest rate starts at 13.75%.
  • Flexible repayment tenures between 1 year and 5 years
  • Salaried individual’s criteria: 23 years minimum and maximum 58 years old at the time of loan maturity.
  • Self-employed individual’s criteria: 23 years minimum and maximum 68 years old at the time of loan maturity.
  • Documents essential are KYC documents, salary proof for salaried individuals and business proof for self-employed individuals.

 

  • Fullerton India

 

Personal loan from Fullerton India enables you to satisfy your financial needs in a simple manner. You can get e-approval on applying online for the loan. There is no need of any collateral. Funds from the loan can be utilized to complete any of your monetary requirements.

  • Maximum loan amount is Rs. 25 lakhs. Processing fee is up to 2 percent of the loan amount.
  • Loan is available for both salaried and self-employed individuals.
  • Interest rate as low as 11.99% and up to 23%. Repayment tenure is up to 60 months.
  • Documentation is the basic proof of identity, residence, income, business essentials/registration/turnover, recent passport size photographs etc.

 

  • IIFL

 

IIFL personal loan is a flexible way of financing your monetary requirements. The funds are useful for emergency cash needs. The financial institution has an established network across the country with millions of satisfied customers. You can apply for the loan online as well.

  • Maximum loan amount is Rs. 25 lakhs. Processing fee is up to 2 percent of the loan amount.
  • You should be salaried and between 25 years and 60 years of age at the time of loan maturity.
  • You must possess at least 2 years of total work experience and 6 months of employment with the current employer. Monthly income must be at least Rs 35,000.
  • Tenure is between 1 year and 5 years. Interest rate is between 14% and 18%.
  • It has an easy application procedure. Disbursal happens in as less as 8 hours.

 

  • Bajaj Finserv

 

Bajaj Finserv personal loan is one of the quickest ways of finding finance for your needs. Just like other personal loan schemes from leading banks and NBFCs, the loan is unsecured and can be applied online. It offers pre-approved offers to existing customers at low interest rates.

  • Loan amount is up to Rs. 25 lakhs.  On applying for personal loan online, you can get approval within 5 minutes.
  • Interest rate lowest is 13.99%. Processing fee is between 2.25%-3% of the loan amount.
  • You can get money in bank account in as less as 24 hours. Tenure is between 12 months and 60 months.
  • You must be salaried individual and between 25 years and 58 years of age at the time of loan maturity.
  • Minimum salary required ranges between Rs. 27,000 and Rs. 37,000 per month, as per the place of residence.
  • There are no hidden charges. You can check your loan account anytime and track the progress or updates.

NOTE: All the above-mentioned details are purely for information purpose. The details can change as per the discretion of the relevant financial institutions.

These top 10 banks and NBFCs for personal loan are the right choice to finance your monetary needs at time of emergences. You can compare and apply for personal loan with any of these banking or non-banking companies after understanding the eligibility criteria and other details.