Best Banks for Personal Loans in India

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. 

Please note that the rates and charges given below may vary based on the applicant and other criteria.

Bank

Interest Rate 

Amount Offered

Repayment Term

State Bank of India

9.60% p.a. and above

Up to Rs. 20 lakhs

Up to 75 months

ICICI Bank

10.50% p.a. and above

Up to Rs. 25 lakhs

Up to 72 months

HDFC Bank

10.50% p.a. and above

Up to Rs. 40 lakhs

Up to 60 months

IndusInd Bank

10.49% p.a. and above

Up to Rs. 15 lakhs

Up to 60 months

Axis Bank

10.49% p.a. and above

Up to Rs. 15 lakhs

Up to 60 months

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.

Some of these include SBI KAVACH Personal Loan that can be availed to pay for COVID related treatments, SBI Express Credit for salaried professionals with SBI accounts, SBI Pension loan for pensioners, etc.

Salient Features of SBI Personal Loans

  • Maximum Loan Amount: Rs 20 lakhs
  • Maximum Tenure: 75 months
  • Rate of Interest: 9.60% p.a. and above
  • Processing Fee: 1.50% of the loan
  • Pre-payment charges: 3% of the outstanding loan 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. 25 lakhs

Salient Features of ICICI Personal Loans

  • Maximum Loan Amount: Rs 25 lakhs
  • Maximum Tenure: 72 months
  • Rate of Interest: 10.50% p.a. and above
  • Processing Fee: Up to 2.5% of loan amount + GST
  • Pre-payment charges: 5% on principal outstanding + GST

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: 10.50% p.a. and above
  • Processing Fee: Up to 2.5% of loan amount
  • 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 15 lakhs
  • Maximum Tenure: 60 months
  • Rate of Interest: 10.49% p.a. and above
  • Processing Fee: Up to 3% of loan amount 
  • Pre-payment charges: Varies based on the loan amount and repayment tenure

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 15 lakhs
  • Maximum Tenure: 60 months
  • Rate of Interest: 10.49% p.a. and above
  • Pre-payment charges: 2% to 5% based on the loan amount and repayment tenure

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.

Features of Money View Personal Loans

Given below are some of the unique features and benefits of Money View personal loans -

Minimal Documentation

We require just 3 documents - ID proof, address proof, and income proof

No Collateral or Guarantor

There is no need for a guarantor or collateral to get Money View personal loans

Instant Eligibility Check

Check your eligibility from the Money View website or app within just 2 minutes .

Flexibility of Loan Amount

Choose a loan amount of up to Rs. 5 lakhs

Flexibility Repayment Term

Choose repayment term of up to 60 months based on your eligibility

Loans with Low Credit Score

Even if your credit score is low, thanks to Money View’s unique credit rating model, you can still avail a loan as long as your CIBIL score is 600 and above or Experian score is 650 and above

100% Paperless

Enjoy a complete online process, right from application to loan disbursal

24 Hour Disbursement

Once your loan application is approved, your loan amount will be sent to you within just 24 hours

Versatility

From weddings to education to purchasing vehicles or gadgets, you can use a Money View personal loan for any reason as long as it is legal

With interest rates starting at just 1.33% per month, you can easily avail and repay versatile personal loans from Money View. Click here to find out the eligibility criteria and application process.

In 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.