Best Banks for Personal Loans in India [Updated 2023]

If you are wondering which bank is best for personal loans, we have the answers! We have curated a list of the top banks for you that offer beneficial personal loans.

Which Bank is Best for Personal Loans?

There are multiple banks offering personal loans with advantageous benefits and features. However, deciding which bank is the best for personal loans will vary based on certain conditions such as the interest rate, applicant’s employment status, credit score, and other loans that are currently serviced.

Given below are some of the most popular banks offering personal loans to individuals today.

Bank	Interest Rate	Amount Offered	Repayment Term
State Bank of India	9.60% - 15.65%	Rs. 10,000 to Rs. 20 lakhs	12 - 72 months
ICICI Bank	10.75% to 19%	Rs. 50,000 to Rs. 50 lakhs	12 - 72 months
HDFC Bank	10.5% to 21%	Rs. 50,000 to Rs. 40 lakhs	12 - 60 months
IndusInd Bank	10.49% to 31.50%	Rs.30,000 to Rs. 50 Lakhs	12 - 60 months
Axis Bank	10.49% to 22%	Rs. 50,000 to Rs. 40 Lakhs	12 - 60 months

Note: Please note that the above information is subject to change at the bank’s discretion.

Which Bank Gives Personal Loans With Bad Credit in India?

While most banks provide personal loans loaded with unique features and benefits, those with low credit scores may not be able to avail them. Usually banks look for credit scores of above 700 and higher the score, lower is the interest rate.

However, if you have an existing relationship with the bank then you may be able to avail a loan from any of the above options even with a low credit score.

A better option in this circumstance would be to avail loans through other options such as peer-to-peer lending, secured loans, through NBFCs or private lenders such as Money View.

Other Options for Personal Loans

If you are unable to avail a personal loan from a bank then you do not have to worry as there are other options available.

Have you considered availing a personal loan from renowned lenders such as Money View? Not only are these loans affordable but also come with a number of benefits and features such as 24 hours disbursal and minimal documentation.

State Bank of India Personal Loans

One of the most trusted banks in the country, State Bank of India or SBI offers different categories of personal loans to cater to various requirements.

Customers can also avail SBI Xpress Credit, SBI Pension Loan, Pre-approved personal loans, and more based on their needs.

Salient Features of SBI Personal Loans

Maximum Loan Amount: Rs 20 lakhs
Maximum Tenure: 72 months
Rate of Interest: 9.60% - 15.65% p.a.
Processing Fee: 1.50% of the Loan Amount plus GST
Pre-payment charges: 3% on prepaid amount

ICICI Bank Personal Loans

One of the most reputed banks in the country, ICICI offers specific personal loans that could meet expenses towards a wedding, travel, etc. Select customers upon completion of online verification and approval can get their loans disbursed in less than 3 seconds. Applicants can avail personal loans of up to Rs. 50 lakhs.

Salient Features of ICICI Personal Loans

Maximum Loan Amount: Rs. 50 lakhs
Maximum Tenure: 72 months
Rate of Interest: 10.75% to 19% p.a.
Processing Fee: Up to 2.5% of loan amount + GST
Pre-payment charges: 3% on the outstanding amount after payment of 1st EMI and nil, if 12 or more EMIs are paid

HDFC Bank Personal Loans

Easy eligibility norms make HDFC Bank personal loans one of the best in the country. In addition to the

Loan applicants are also eligible for insurance covers like Personal Accident Cover and Accidental Hospitalisation Cover among others against the payment of a small premium.

Salient Features of HDFC Personal Loans

Maximum Loan Amount: Rs 40 lakhs
Maximum Tenure: 60 months
Rate of Interest: 10.5% to 21% p.a.
Processing Fee: Up to Rs. 4999 + GST
Pre-payment charges: 2%-4% depending on repayment tenure

IndusInd Bank Personal Loan

In just four steps, borrowers can avail affordable Easy Credit Personal Loans from IndusInd Bank. Unique features and minimal documentation are just two of the reasons why these personal loans are so popular.

Salient Features of IndusInd Bank Personal Loans

Maximum Loan Amount: Rs. 50 lakhs
Maximum Tenure: 60 months
Rate of Interest: 10.49% to 31.50%
Processing Fee: Up to 3% of loan amount
Pre-payment charges: 4% of the principal outstanding after repayment of 12 EMIs.

Axis Bank Personal Loan

If you are looking for a versatile personal loan loaded with advantageous features and benefits such as minimal documentation and quick disbursal, then Axis Bank personal loans are the perfect choice for you. Additionally, you can transfer your existing high interest personal loans to Axis bank as well while enjoying eDGE loyalty reward points on your transactions.

Salient Features of Axis Bank Personal Loans

Maximum Loan Amount: Rs. 40 lakhs
Maximum Tenure: 10.49% to 22%
Processing Fee: varies depending on the loan amount and term
Rate of Interest: 10.49% to 22%
Pre-payment charges: 5% + GST based on the outstanding amount

Conclusion

There are a number of banks providing personal loans in India but which one is the best?

That will entirely depend on your eligibility, income, the amount you require as well as the reason for the loan. SBI, ICICI Bank, HDFC Bank, Axis Bank, and IndusInd Bank are reputed banks that provide affordable personal loans.

However, if you are looking for other options then why not consider Money View? Visit the Money View website or download the app and apply now.

Banks for Personal Loans in India FAQs

What Is The Maximum Loan Amount I Can Borrow?

Each bank offers a different loan amount to satisfy the needs of its customers. Depending on your eligibility and requirement, you can opt for a personal loan.

How Can I Apply For A Personal Loan?

You can go to the website of the bank you prefer and search for eligibility. I you are eligible for a personal loan, then you simply apply for it by providing the necessary information.

When Will the Loan Get Credited To My Bank Account?

Once you have applied for the personal loan and signed the loan agreement, banks will verify the information, and process your application. If your loan is approved you will receive the loan amount directly in your bank account within 7 working days. Some banks transfer the amount within minutes while others take longer.

Will I Get The Full Loan Amount?

Banks will deduct the processing fee from your loan and transfer the remaining amount to you. The processing fee generally ranges between 2% - 5% of the principal loan amount.