7 Personal Loan Offers Starting at 8.80% from SBI, HDFC & Other Top Banks

Updated on: 24 Jan 2024 // 5 min read // Personal Loans
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A Personal Loan can be your true friend in need. Be it a temporary cash crunch, or a significant shortage of funds for professional or personal needs, a Personal Loan can verily help you tide through difficult times.

Though anyone with a stable monthly income can avail of instant unsecured loans from a host of lenders these days, when it comes to borrowing the best of interest rates one needs to fulfil the eligibility criteria of the top lenders.

Here in this article, we will run you through the top lenders who offer the best personal loan interest rates for a diversified base of customers. Whether you are self employed individual or a salaried professional, hail from a metro city, or a tier 3 city, these lenders can offer you the best Personal Loan scheme.

You need to ensure the following to be eligible for these deals:

  • You should be an Indian resident
  • You must possess a credit score of 700 or above for the best deal. However, the loan will be available at higher rate of interest for a lower credit rate.
  • Stable employment/ business is mandatory to prove your loan repayment capacity.
  • Continuity of work should be there.

Top Personal Loan Offers in India

1. SBI Personal Loan

State Bank of India is the largest public sector bank in the country. You can tap the benefit of the best interest rate from SBI.

The lending major offers Personal Loan schemes for a diversified customer base. You can choose as per you needs and eligibility. Popular SBI Personal Loans are SBI Xpress Credit, SBI Quick Personal Loan and Preapproved Personal Loans on Yono App. Besides, one can also opt for SBI Pension Loan or SBI Secured Loan.

Features & Benefits of SBI Personal Loan:

  • Widest branch network, disbursals across the country.
  • Loans up to 20 lakhs
  • The lowest interest rate offers
  • Extended tenure up to 72 months
  • Low EMI as interest is calculated on a daily reducing balance.
  • Low processing fee
  • Minimal documentation
  • Contact-less, on-app loans are also available
  • No hidden charges
  • Option to apply for second loan available
  • No security or guarantor required

The SBI Personal Loan Interest Rates start from 9.60% p.a., with the provision of concession up to 100 bps for select categories. Processing fee costs up to 1.5% of the loan amount, minimum Rs 1000 and maximum up to Rs 15000, exclusive of GST.

Top Personal Loans: A Comparison among Top Lenders

Bank ProductLoan AmountMaximum TenureInterest RateLowest EMI/ Lakh
SBI Personal LoanUp to 20 Lakhs7 years9.60% onwards₹1,640/ Lakh (T=7 years)
HDFC Bank Personal Loan1 to 40 Lakhs5 years10.75 % onwardsRs 2,162/ Lakh
PNB Personal LoanUp to 10 Lakhs5  years8.80% onwardsRs 2,066/ Lakh
Kotak Mahindra Personal LoanUp to 20 Lakhs5 years10.75 % onwardsRs 2162/ Lakh
IDFC First Personal LoanUp to 25 Lakhs7 years11.5% onwardsRs 1,739
(T=7 years)
ICICI Bank Personal LoanUp to 40 Lakhs5 years11.25% onwardsRs 2187 per Lakh
Axis Bank Personal Loan50000- 15 Lakhs5 years10.85% onwardsRs 2,167  per Lakh.

2. HDFC Personal Loan

Opt for HDFC Bank Personal Loan if you need a fast loan and responsive customer service.

You can check HDFC personal loan eligibility and calculate EMI using online calculators in real time on the bank’s portal. HDFC offers same-day loans to its existing customers as well as new customers.

You can avail of unsecured loans for a variety of needs. There is no restriction, provided you meet the eligibility criteria.

Features & Benefits of HDFC Personal Loan:

  • You can avail of high loan amount, i.e. up to Rs 40 Lakhs.
  • 1 to 5 year of tenure
  • Easy eligibility
  • Same day disbursal
  • Flexible repayment structure such as step-up EMI available
  • Optional insurance with loan
  • Wide branch network
  • 24X7 customer assistance

HDFC Personal Loan Interest Rates start from 10.75%. Both salaried as well as self employed customers can apply. You can also apply for HDFC credit card and use internet banking interface being an HDFC customer.

3. PNB Personal Loan

Punjab National Bank is another leading public sector bank that offers Personal Loans at attractive rate of interest across the country.

From government employees to defence personals to doctors and general public, a range of customers can avail of the best rates of Interest starting at 8.80% p.a from Punjab National Bank. The PNB Personal Loan Interest Rates are linked to RRLR and thus you get opportunity to tap the lowest of interest rates.

Features & Benefits of PNB Personal Loans:

  • Unsecured loans for up to 15 times salary, max of Rs.10 Lakhs
  • Tenure up to 5 years
  • Suitable third party guarantee acceptable for higher eligibility
  • No margin amount charged, thus best rate of interest is offered
  • Nil prepayment charges

PNB Personal Loan Interest Rate (RRLR is 6.65%)

CategoryEffective rate of interest starts from:
Govt. Employees drawing salaries through PNB Account9.65%
Corporate Employees drawing salaries through PNB Account10.65%

Defence/ Para Military Personals drawing salaries through  PNB Account

(Rakshak Plus Scheme)

Employees (Check off facility)11.65%
PNB Doctors Delight- loans for Doctors8.80%
Personal Loans for Pensioners8.80%

4. Kotak Mahindra Bank Personal Loan

Kotak Mahindra is a private-sector bank and offers fast approval and attractive rate of Interest for both secured and unsecured loans. The Personal Loan rates are fixed in nature and start at 10.75% p.a.

Features & Benefits of Kotak Mahindra Bank Personal Loan:

  • Loan amount up to 20 Lakhs
  • Choose tenure from 1 to 5 Years
  • The processing fee varies up to 2.50% + GST
  • Low EMIs starting at 2162/ lakh
  • No collateral or guarantor is required for Personal Loan approval up to 20 Lakhs
  • Online, contactless processing
  • Flexible repayment choices
  • Minimal documentation
  • Seamless customer support service
  • Prepayment allowed after 12 EMIs

5. IDFC First Personal Loan

IDFC First Bank Personal Loans are available on flexible terms. Whether you are a self-employed or a working professional you can get approval for Personal Loan as conveniently as a salaried individual from IDFC Bank. Unsecured loans are available for up to Rs 25 Lakhs for extended tenure of 7 years.

The rate of interest starts at 11.5% p.a with nominal processing charges starting at 1.05 % + Taxes. The lowest EMI is Rs 2199 Per Lakh.

The bank offers customised schemes for a range of customers. The branch network is not as diverse as SBI or HDFC bank. If you have an IDFC first Bank in your city, it certainly is a good option for flexible unsecured borrowing.

6. ICICI Bank Personal Loan

ICICI Bank Personal Loans are the go-to option for anyone who wants to enjoy flawless digital banking benefits and services along the loan account. The rate of interest starts from 11.25% p.a. You can avail of high-ticket Personal Loans up to 40 Lakhs in the shortest turnaround time.

Features & Benefits of ICICI Bank Personal Loan

  • Customised offers for different needs
  • 1 to 5 years of tenure
  • Nominal processing fees, up to 2.55% of the loan amount
  • EMI starts at 2187 Per Lakh
  • 24X7 customer assistance

7. Axis Bank Personal Loan

Axis Bank Personal Loan is another offer from a leading private lender. It is a flexible Personal Loan at an attractive rate of interest, starting from 10.85% p.a. The loan tenure can range from 1 to 5 Years years. The processing fee is nominal at 1.50 % of the sanctioned amount, exclusive of taxes.

Both self-employed as well salaried individuals can apply for Personal Loans from Axis Bank. The lowest EMI will be Rs 2,167 per Lakh.

Features & Benefits of Axis Bank Personal Loan:

  • Flexible loans from Rs 50000 to Rs 15 lakh
  • Instant loans for medical emergencies are available
  • Flexible repayment terms
  • Minimal documentation
  • Hassle-free processing

These are top Personal Loan offers from leading banks in India. You get maximum flexibility to apply online or offline as per your convenience. Basis your needs and preferences, you can choose the best lender for yourself.