Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
List of Top 15 Personal Loan Companies in India
List of Top 15 Personal Loan Companies in India
In the wake of the COVID-19 pandemic, many people in India faced severe financial hardships due to widespread layoffs and economic instability. As a result, a substantial number of individuals had to resort to personal loans to manage their finances. However, the interest rates on these loans can significantly impact the total repayment amount. Even a small difference in the interest rate can translate into a considerable amount of money over the loan term.
If you're considering taking a personal loan, it's essential to choose a lender that offers competitive interest rates and favorable terms. This article provides a comprehensive list of the top 15 personal loan companies in India. Understanding what a personal loan entails and knowing which companies offer the best deals can help you make an informed decision.
What is a Personal Loan?
A personal loan is a type of installment credit that provides a lump sum of money to the borrower, who then repays it in fixed monthly installments over a predetermined period, known as the loan tenure. Unlike credit cards, which allow for ongoing borrowing up to a limit, personal loans are one-time disbursements of cash that come with a fixed repayment schedule.
The interest rate on personal loans varies depending on the lender’s assessment of the borrower’s creditworthiness. Generally, borrowers with higher credit scores can secure loans at lower interest rates because they are considered less risky by lenders.
Top 15 Personal Loan Companies in India
1. State Bank of India (SBI)
SBI is renowned for offering some of the best interest rates in India. Their SBI Xpress Credit personal loans and pension loans feature interest rates as low as 8% p.a. to 10.60% p.a. The loan amount can be up to INR 20 lakh, with a maximum repayment tenure of 7 years.
2. HDFC Bank
HDFC Bank is a leading player in the personal loan market, known for its affordable interest rates and flexible repayment schedules. The interest rates range from 10.50% to 21% p.a., and the loan amount can be up to INR 15 lakh with a tenure of up to 5 years.
3. Money View
Money View offers instant personal loans with competitive interest rates starting at 16% p.a. The processing fee is only 1% of the loan amount. Borrowers can avail of loans ranging from INR 5,000 to INR 5 lakh, with a maximum repayment tenure of 5 years.
4. IDBI Bank
IDBI Bank offers attractive personal loans with interest rates ranging from 8.15% p.a. to 10.90% p.a. The loan amounts vary from INR 25,000 to INR 5 lakh, and the maximum loan tenure is 5 years. The processing fee is also relatively low, starting at just 1%.
5. Axis Bank
Axis Bank provides personal loans with minimal paperwork and quick approval processes. Interest rates range from 12% p.a. to 21% p.a., with loan amounts between INR 50,000 and INR 15 lakh. The maximum loan tenure is 5 years.
6. Indian Overseas Bank
Indian Overseas Bank offers personal loans to individuals with stable income sources, including employees of PSUs, government bodies, and reputable private firms. The interest rates start at 10.80% p.a., with loan amounts ranging from INR 5,000 to INR 5 lakh and a maximum tenure of 5 years.
7. ICICI Bank
ICICI Bank's personal loans come with flexible repayment options ranging from 12 to 60 months. Interest rates are between 12% p.a. and 24% p.a., with loan amounts from INR 50,000 to INR 15 lakh.
8. HSBC Bank
HSBC Bank offers MyTerms Credit with four simple repayment options and competitive interest rates. Interest rates range from 13% p.a. to 15% p.a., with loan amounts from INR 50,000 to INR 15 lakh. The maximum loan tenure is 12 years.
9. Andhra Bank (now Union Bank of India)
Andhra Bank offers personal loans to cover a variety of expenses. Interest rates range from 15.75% p.a. to 16% p.a., with loan amounts between INR 50,000 and INR 15 lakh. The maximum tenure is 12 years.
10. UCO Bank
UCO Bank provides personal loan schemes tailored to meet various personal financial needs. Interest rates are set at 13.5% p.a., with loan amounts ranging from INR 50,000 to INR 15 lakh and a maximum tenure of 12 years.
11. Punjab National Bank (PNB)
PNB offers personal loans at reasonable interest rates, including a special Doctor's Delight scheme for medical professionals. Interest rates range from 8.7% p.a. to 14.25% p.a., with loan amounts between INR 50,000 and INR 10 lakh. The maximum repayment tenure is up to 7 years.
12. Canara Bank
Canara Bank offers both a personal budget loan and a teacher's personal loan. The interest rate for personal loans ranges from 11.30% p.a. to 12.30% p.a., with loan amounts up to INR 3 lakh. The maximum tenure is up to 6 months' gross salary.
13. TurboLoan by Cholamandalam
Cholamandalam's TurboLoan offers a completely digital and paperless personal loan application process. Interest rates start at 15% p.a., with loan amounts up to INR 3 lakh and a maximum tenure of 3 years.
14. Finance Buddha
Finance Buddha is known for quick loan processing and competitive interest rates ranging from 10.50% to 24.00% p.a. The maximum loan amount is INR 5 lakh, with a tenure of up to 5 years.
15. Mahindra Finance
Mahindra Finance, a leading NBFC, offers personal loans with interest rates as high as 26% p.a. The maximum loan amount is INR 3 lakh, with a tenure of up to 3 years.
Final Thoughts
When considering a personal loan, it is crucial to evaluate various factors, including interest rates, loan amounts, tenure, and the lender's reputation. Your credit score plays a significant role in securing favorable loan terms, so maintaining a good credit history is essential.
Taking a loan is not just about borrowing money; it's about managing financial responsibilities and building trust with lenders. Ensure you analyze all aspects before making a decision, and choose a lender that best suits your financial needs and capabilities.
In the wake of the COVID-19 pandemic, many people in India faced severe financial hardships due to widespread layoffs and economic instability. As a result, a substantial number of individuals had to resort to personal loans to manage their finances. However, the interest rates on these loans can significantly impact the total repayment amount. Even a small difference in the interest rate can translate into a considerable amount of money over the loan term.
If you're considering taking a personal loan, it's essential to choose a lender that offers competitive interest rates and favorable terms. This article provides a comprehensive list of the top 15 personal loan companies in India. Understanding what a personal loan entails and knowing which companies offer the best deals can help you make an informed decision.
What is a Personal Loan?
A personal loan is a type of installment credit that provides a lump sum of money to the borrower, who then repays it in fixed monthly installments over a predetermined period, known as the loan tenure. Unlike credit cards, which allow for ongoing borrowing up to a limit, personal loans are one-time disbursements of cash that come with a fixed repayment schedule.
The interest rate on personal loans varies depending on the lender’s assessment of the borrower’s creditworthiness. Generally, borrowers with higher credit scores can secure loans at lower interest rates because they are considered less risky by lenders.
Top 15 Personal Loan Companies in India
1. State Bank of India (SBI)
SBI is renowned for offering some of the best interest rates in India. Their SBI Xpress Credit personal loans and pension loans feature interest rates as low as 8% p.a. to 10.60% p.a. The loan amount can be up to INR 20 lakh, with a maximum repayment tenure of 7 years.
2. HDFC Bank
HDFC Bank is a leading player in the personal loan market, known for its affordable interest rates and flexible repayment schedules. The interest rates range from 10.50% to 21% p.a., and the loan amount can be up to INR 15 lakh with a tenure of up to 5 years.
3. Money View
Money View offers instant personal loans with competitive interest rates starting at 16% p.a. The processing fee is only 1% of the loan amount. Borrowers can avail of loans ranging from INR 5,000 to INR 5 lakh, with a maximum repayment tenure of 5 years.
4. IDBI Bank
IDBI Bank offers attractive personal loans with interest rates ranging from 8.15% p.a. to 10.90% p.a. The loan amounts vary from INR 25,000 to INR 5 lakh, and the maximum loan tenure is 5 years. The processing fee is also relatively low, starting at just 1%.
5. Axis Bank
Axis Bank provides personal loans with minimal paperwork and quick approval processes. Interest rates range from 12% p.a. to 21% p.a., with loan amounts between INR 50,000 and INR 15 lakh. The maximum loan tenure is 5 years.
6. Indian Overseas Bank
Indian Overseas Bank offers personal loans to individuals with stable income sources, including employees of PSUs, government bodies, and reputable private firms. The interest rates start at 10.80% p.a., with loan amounts ranging from INR 5,000 to INR 5 lakh and a maximum tenure of 5 years.
7. ICICI Bank
ICICI Bank's personal loans come with flexible repayment options ranging from 12 to 60 months. Interest rates are between 12% p.a. and 24% p.a., with loan amounts from INR 50,000 to INR 15 lakh.
8. HSBC Bank
HSBC Bank offers MyTerms Credit with four simple repayment options and competitive interest rates. Interest rates range from 13% p.a. to 15% p.a., with loan amounts from INR 50,000 to INR 15 lakh. The maximum loan tenure is 12 years.
9. Andhra Bank (now Union Bank of India)
Andhra Bank offers personal loans to cover a variety of expenses. Interest rates range from 15.75% p.a. to 16% p.a., with loan amounts between INR 50,000 and INR 15 lakh. The maximum tenure is 12 years.
10. UCO Bank
UCO Bank provides personal loan schemes tailored to meet various personal financial needs. Interest rates are set at 13.5% p.a., with loan amounts ranging from INR 50,000 to INR 15 lakh and a maximum tenure of 12 years.
11. Punjab National Bank (PNB)
PNB offers personal loans at reasonable interest rates, including a special Doctor's Delight scheme for medical professionals. Interest rates range from 8.7% p.a. to 14.25% p.a., with loan amounts between INR 50,000 and INR 10 lakh. The maximum repayment tenure is up to 7 years.
12. Canara Bank
Canara Bank offers both a personal budget loan and a teacher's personal loan. The interest rate for personal loans ranges from 11.30% p.a. to 12.30% p.a., with loan amounts up to INR 3 lakh. The maximum tenure is up to 6 months' gross salary.
13. TurboLoan by Cholamandalam
Cholamandalam's TurboLoan offers a completely digital and paperless personal loan application process. Interest rates start at 15% p.a., with loan amounts up to INR 3 lakh and a maximum tenure of 3 years.
14. Finance Buddha
Finance Buddha is known for quick loan processing and competitive interest rates ranging from 10.50% to 24.00% p.a. The maximum loan amount is INR 5 lakh, with a tenure of up to 5 years.
15. Mahindra Finance
Mahindra Finance, a leading NBFC, offers personal loans with interest rates as high as 26% p.a. The maximum loan amount is INR 3 lakh, with a tenure of up to 3 years.
Final Thoughts
When considering a personal loan, it is crucial to evaluate various factors, including interest rates, loan amounts, tenure, and the lender's reputation. Your credit score plays a significant role in securing favorable loan terms, so maintaining a good credit history is essential.
Taking a loan is not just about borrowing money; it's about managing financial responsibilities and building trust with lenders. Ensure you analyze all aspects before making a decision, and choose a lender that best suits your financial needs and capabilities.
Author
Share with your friends
Help you friends in learning more about personal finance by share this blog.
Help you friends in learning
more about personal finance
by share this blog.
Help you friends in learning more about personal
finance by share this blog.
Silimar Blogs
Axis Bank Credit Card Net Banking
Axis Bank Credit Card Net Banking
August 5, 2024
PNB Fixed Deposit (FD) Interest Rates
PNB Fixed Deposit (FD) Interest Rates
August 5, 2024
Linking Aadhaar to Your Punjab National Bank Account
Linking Aadhaar to Your Punjab National Bank Account
August 5, 2024
PNB SIP Calculator
PNB SIP Calculator
August 5, 2024
How to Close a PNB Account Online & Offline?
How to Close a PNB Account Online & Offline?
August 5, 2024
TDS Refund - How to Claim TDS Refund
TDS Refund - How to Claim TDS Refund
August 5, 2024
View More
Download App
Explore More
Managing assets totalling over 1 crore+