Top 10 Personal Loan Finance Companies in India
Personal loan is an unsecured loan that helps one in meeting his or her personal needs conveniently. Both banks and non-banking financial corporations (NBFCs) provide personal loans at great interest rates.
Compare different personal loan options offered by various lenders and then take your pick. The loan amount offered by banks in India ranges between 10.5% and 21% and tenure offered between 1 year and 5 years.
List of Top 10 Personal Loan Lending Companies in India
HDFC Bank Personal Loan
HDFC Bank is a leading bank that offers numerous banking products at affordable prices. The personal loan product provided by the bank is affordable and attractive.
Details of HDFC Bank Personal Loan
Particulars | Details |
Interest rate | 10.85% p.a. to 24.00% p.a. |
Minimum age | 21 years |
Maximum age | 60 years |
Processing fee | Up to 2.5% of the loan amount (minimum of Rs.1,999 and maximum of Rs.25,000) |
Loan amount | Up to Rs.15 lakh |
Loan tenure | 12 to 60 months |
Loan disbursal time | 2 days |
The bank has exclusive loan offers for applicants who are women employees. You can also check your personal loan eligibility in 1 minute on the official website of the bank.
Cholamandalam Personal Loan
Particulars | Details |
Interest rate | 15% p.a. (fixed) |
Minimum age | 21 years |
Maximum age | 60 years |
Processing fee | 3% of the loan amount |
Loan amount | Up to Rs.5 lakh |
Loan tenure | 12 to 60 months |
SBI Personal Loan
The bank offers multiple personal loan products at different interest rates.
SBI Xpress Credit Personal Loan
Particulars | Details |
Interest rate | 10.30% onwards |
Minimum age | 21 years |
Maximum age | 60 years |
Minimum income | Rs.15,000 |
Loan amount | Rs.25,000 to Rs.20 lakh |
Loan tenure | Up to 60 months |
SBI Personal Loan for Pensioners
the below are given SBI Personal Loan Pensioners
Particulars | Details |
Interest rate | 11.60% p.a. - 12.10% p.a. |
Minimum age | 21 Years |
Maximum age | 76 years |
Loan amount | Rs.25,000 to Rs.14 lakh |
Loan tenure | Up to 84 months |
PNB Personal Loan
Particulars | Details |
Interest rate | starting at 12.10% p.a. onwards |
Minimum age | 21 years |
Maximum age | 60 years |
Minimum income | As per the conditions set by the bank |
Loan amount | Rs.50,000 to Rs.10 lakh or 20 times the monthly net income |
Loan tenure | 15 times the gross monthly salary up to a maximum of Rs.10 lakh |
Axis Bank Personal Loan
Particulars | Details |
Interest rate | 10.75% p.a. to 22% p.a. |
Minimum age | 21 years |
Maximum age | 60 years |
Minimum income | Rs.15,000 |
Loan amount | Up to Rs.50,000 to Rs.40 lakh |
Loan tenure | 12 to 60 months |
Canara Bank Personal Loan
Particulars | Details |
Interest rate | 10.95% p.a. to 15.95% p.a. |
Minimum age | At the discretion of the bank |
Maximum age | At the discretion of the bank |
Minimum income | Contact the bank for more information |
Loan amount | Rs.3 lakh or gross salary for 6 months, whichever is lesser |
Loan tenure | Up to 60 months |
Mahindra Finance Personal Loan
Mahindra Finance is a prominent NBFC that extends various forms of financing.
Particulars | Details |
Interest rate | Up to 26% p.a. |
Minimum age | 21 years |
Maximum age | 58 years |
Minimum income | Information not provided |
Loan amount | Up to Rs.3 lakh |
Loan tenure | Up to 3 years |
IDBI Bank Personal Loan
Particulars | Details |
Interest rate | 10.50% - 13.25% p.a. |
Minimum age | 21 years |
Maximum age | 60 years |
Minimum income | Rs.15,000 |
Loan amount | Rs.25,000 to Rs.5 lakh |
Loan tenure | 12 to 60 months |
Indian Overseas Bank Personal Loan
Particulars | Details |
Interest rate | 10.85% p.a. - 13.00% p.a. |
Minimum age | 21 years |
Maximum age | 60 years |
Minimum income | At the discretion of the bank |
Loan amount | Up to Rs.15 lakh |
Loan tenure | Up to 84 months |
These are some of the prominent personal loan finance companies that provide attractive personal loan options at reasonable interest rates. You do not have to submit any collateral or security for procuring these personal loans.
Simple Guidelines to Get Your Personal Loan Application Approved
- Make sure you compare the interest rates, processing fees, pre-payment fees, and other features of various personal loans before you select one.
- Make sure your credit score is good before you apply for a personal loan.
- Plan your monthly expenses thoroughly. You can decide your EMI accordingly. You can use an online EMI calculator to get an idea of your loan expenses.
With proper research, you can choose the most appropriate personal loan as per your preferences and financial requirements.
FAQs on Personal Loan Finance Companies India
- What is the maximum repayment tenure I can opt for?
The maximum loan repayment tenure you can opt for is 84 months i.e., 7 years. This repayment tenure is being offered by State Bank of India on 'SBI Personal Loan for Pensioners'.
- What is the age range when it comes to applying for a personal loan?
You can apply for a personal loan if you fall in the age bracket of 21 - 76 years. While 21 years is the minimum for all banks. The maximum age limit of 76 years is offered by State Bank of India.
- What is the lowest interest rate when it comes to availing a personal loan?
The lowest interest rate charged for availing a personal loan is 8.15% p.a.
- What is the maximum loan amount which I can borrowed?
The maximum loan amount varies from bank to bank.
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