Personal Loans by Private Sector Banks
Private sectors banks in India offer personal loans to help you meet your urgent financial crisis. The interest rates on these loans range between 9.99% and 31.50% p.a. You can avail a loan of up to Rs.40 lakh as a personal loan from private sector banks and repay it within a maximum of 72 months. To help you choose the right personal loan, below we have listed the features of personal loans offered by private sector banks in India.
Top Private Sector Banks Offering Personal Loans
Bank | Interest Rate (p.a.) | Repayment Tenure |
11% p.a. - 22% p.a. | 12 months to 84 months | |
10.85% p.a. - 21.00% p.a. | 12 months to 60 months | |
10.99% p.a. onwards | Up to 72 months | |
11.25% p.a. - 21% p.a. | 12 months to 60 months | |
10.75% p.a. - 16.49% p.a. | 12 months to 60 months | |
Contact the bank for more information | 12 months to 60 months | |
11.49% p.a. - 14.49% p.a. | Up to 60 months | |
13.00% p.a. - 23.00% p.a. | 12 months to 60 months | |
10.49% p.a. - 31.50% p.a. | 12 months to 60 months |
Axis Bank Personal Loan - Features
- Balance Transfer option is available.
- Loan amounts ranging from Rs.50,000 to Rs.15 lakh can be availed.
- No part-payment or pre-closure charges.
- You should be aged at least 21 years to avail a personal loan from Axis Bank.
- Repayment can be done through Electronic Clearing Service (ECS), Standing Instruction (SI), and post-dated cheques (PDCs).
Penal Interest | 24% p.a |
Prepayment/Foreclosure Charges | 2% -5% |
Duplicate Statement Issuance Charges | Rs.250 per instance plus GST |
Duplicate No Dues Certificate | Rs.50 per instance plus GST |
HDFC Bank Personal Loan - Features
- The loan is disbursed in as less as 10 seconds and the EMIs start at Rs.2,187 per lakh.
- Only salaried individuals working for government institutions and corporate firms are eligible for this loan.
- Offers an exclusive deal on personal loan balance transfer from other lenders.
- You can avail loans ranging between Rs.50,000 and Rs.40 lakh.
- Your monthly salary and the organisation you are working for will decide the loan amount you are eligible for.
Processing Charges | 2.50% of the loan amount |
Overdue EMI Interest | 2% per month on principal overdue/EMI |
Prepayment/Partpayment Charges | 13 to 24 months - 4% of principal outstanding 25 to 36 months - 3% of principal outstanding Over 36 months - 2% of principal outstanding |
Cheque Swapping Charges | Rs.500 |
Kotak Mahindra Bank Personal Loan - Features
- Loan amount ranging between Rs.50,000 and Rs.25 lakh can be availed.
- Prepayment and foreclosure option available.
- You can change the instalment date on your personal loan instalment date anytime between 5th and 10th of every month.
- To avail this loan, you need to be an Indian citizen working for any private or government firm, earning at least Rs.20,000 per month, and aged between 21 years and 60 years.
- You need to an active resident of a city for a minimum of 1 year to avail the loan.
Processing Charges | Up to 2.5% of loan amount plus GST |
Overdue Interest | 3% per month compounded monthly on the amount due |
Prepayment/Foreclosure Charges | 5% plus GST on principal outstanding |
No Due Certificate | Rs.500 plus GST |
YES Bank Personal Loan - Features
- You can avail a personal loan ranging from Rs.1 lakh to Rs.40 lakh.
- Customers can receive in-principle loan approvals by using the YES Bank mPower Bot.
- The loans are speedily approved and sanctioned.
- Doorstep banking services are available for your convenience.
- Part-prepayment option is available after you make 12 EMI payments
Processing Charges | Contact the bank for more information |
Foreclosure Charges | 13 to 24 months - 4% of principal outstanding 25 to 36 months - 3% of principal outstanding 37 to 48 months - 2% of principal outstanding Over 48 months - Nil |
Pre-partpayment Charges | 2% plus applicable taxes on part payment amount paid |
Loan Cancellation Charges | Rs.1,000 plus taxes |
Citibank Personal Loan - Features
- On submission of the relevant documents, loans will be credited to your account within 48 hours.
- Foreclosure and part-prepayment options are available after 12 months from your loan booking.
- You can avail additional funds on your personal loan if the loan you availed is insufficient.
- The interest rate on the personal loan is fixed which means that your EMI will remain constant throughout the loan tenure.
- You can avail personal loan ranging between Rs.25,000 and Rs.30 lakh from Citibank.
Loan Pre-closure charges | Up to 4% |
Loan Booking Fee | Up to 3% of the sanctioned loan amount |
Late Payment Charges | Nil |
Prepayment Amount | Equivalent to a minimum of 2 EMIs and a maximum of 5 EMIs |
Deutsche Bank Personal Loan - Features
- Loans in the range of Rs.50,000 to Rs.1.5 lakh can be availed.
- Balance transfer option is available.
- The loan is available only to existing Deutsche Bank customers.
- You don't need to provide collateral for availing a personal loan from Deutsche Bank.
- Your monthly income should be at least Rs.25,000 to be eligible for this loan.
Processing Charges | Up to 2% of the loan amount |
Prepayment Charges | Nil in case of floating interest rate 5% of the principal outstanding during loan closure in case of fixed interest rate 3% if the loan is closed 12 months after the date of disbursement of the loan amount |
Bounce Charges | Rs.500 |
Post-dated cheques/ECS/SI swap charges | Rs.500 |
Federal Bank Personal Loan - Features
- You can avail a maximum of Rs.25 lakh as a Federal Bank personal loan, also known as FedPremia.
- To avail this loan, your minimum monthly income should be Rs.25,000.
- Your maximum age at the end of the loan tenure should be 60 years.
- You need to be in the present job for at least 3 years to be eligible for this loan.
- The loan requires minimal documentation and is quickly processed.
Processing Charges | Up to 3% |
Penalty for Delayed Repayment | 2% per month of the overdue portion |
Prepayment or Preclosure Charges | Nil for floating rate schemes 3% for fixed rate schemes |
Loan Switching from Fixed to Floating Charges | 0.25% of the balance outstanding |
RBL Bank Personal Loan - Features
- You can avail loans ranging from Rs.1 lakh to Rs.20 lakh.
- The loan sanction and disbursal process are hassle-free.
- Your age at the time of loan application should be at least 25 years and not more than 60 years at the time of loan maturity.
- You should be with your current employer for at least 1 year and have 3 years of continuous employment to be eligible for the loan.
- Your monthly salary to be eligible for this loan should be at least Rs.40,000.
Processing Charges | 3.5% of loan amount |
Penalty for Delayed Repayment | 2% additional interest per month on overdue EMI amount |
Foreclosure Charges | 13 to 18 EMIs paid - 5% of principal outstanding More than 18 EMIs paid - 3% of principal outstanding |
Cheque Swapping/Bounce Charges | Contact bank for more information |
IndusInd Bank Personal Loan - Features
- Balance transfer option is offered on IndusInd Bank personal loan.
- Doorstep services are available for your convenience.
- You don't have to provide collateral or guarantors to avail the loan.
- The bank offers personal loans that are tailored for different purposes such as education, medical expenses, wedding, home renovation, etc.
- Your monthly net income should be at least Rs.25,000 to avail the loan.
Processing Fee | Up to 2.50% of loan amount plus tax |
Prepayment Charges | Salaried applicants - 4% of the principal outstanding after making 12 EMI payments Self-employed - 4% of the principal outstanding after repayment of 6 EMIs |
Loan Cancelation Charges | Rs.1,000 plus taxes per instance |
Cheque/SI/ECS Charges | Rs.500 plus taxes per event |
FAQs on Personal Loans by Private Sector Banks
- What kind of personal loans do Indian private sector banks offer?
Numerous personal loans are available from private sector banks in India to meet a variety of requirements, including debt consolidation, travel, medical emergencies, wedding expenses, and house renovations.
- What qualifications must one meet in order to apply for a personal loan from a private sector bank?
Typical eligibility requirements include things like age (generally between 21 and 65 years old), minimum income needed, kind of work (self-employed or salaried), credit score, and current debts.
- How long is the repayment period for personal loans from banks in the private sector?
Private sector banks often offer personal loans with payback terms ranging from 12 to 60 months, giving borrowers flexibility to select an appropriate repayment plan based on their financial circumstances.
- How long does it take a private sector bank to approve a personal loan application?
Private sector banks typically expedite the approval procedure for personal loans, particularly for pre-approved clients. Within a few days of submitting and verifying the necessary paperwork, loan approval can be obtained.
- How much credit can I acquire from a bank in the private sector?
Banks in the private sector offer different loan amounts depending on things like income, creditworthiness, and ability to repay the loan. Loan amounts typically vary from several thousand to several lakhs of rupees.
- What is the interest rate that banks in the private sector charge on personal loans?
Private sector banks offer attractive interest rates on personal loans, which might change depending on the borrower's credit history, loan size, and length of time. Usually, these prices are either fixed or variable.
- How can I apply to a bank in the private sector for a personal loan?
A personal loan can be obtained from a private sector bank via several methods, such as online via the bank's website or mobile application, in-person at a bank branch, or by calling the bank's customer support hotline.
- What things should I think about before going to a private sector bank for a personal loan?
Borrowers should think about things like interest rates, processing costs, prepayment penalties, repayment terms, eligibility for the loan amount, and overall loan affordability depending on their financial circumstances before applying for a personal loan. Making an informed choice might be aided by comparing offers from several banks.
- What paperwork is needed to apply to a bank in the private sector for a personal loan?
Documents proving identity, proof of address, income (pay stubs or income tax returns), bank statements, and passport-sized photos are frequently needed. Self-employed people might also need to submit other documentation pertaining to their firm.
- Can a private sector bank foreclose on or allow me to pay back my personal loan early?
Absolutely, before the loan term expires, most private sector banks permit borrowers to foreclose or prepay their personal loans in full or in part. However, depending on the terms and conditions set forth by the bank, prepayment fees or penalties can be applicable.
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