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.
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.
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.
Bank Product | Loan Amount | Maximum Tenure | Interest Rate | Lowest EMI/ Lakh |
SBI Personal Loan | Up to 20 Lakhs | 7 years | 9.60% onwards | ₹1,640/ Lakh (T=7 years) |
HDFC Bank Personal Loan | 1 to 40 Lakhs | 5 years | 10.75 % onwards | Rs 2,162/ Lakh |
PNB Personal Loan | Up to 10 Lakhs | 5 years | 8.80% onwards | Rs 2,066/ Lakh |
Kotak Mahindra Personal Loan | Up to 20 Lakhs | 5 years | 10.75 % onwards | Rs 2162/ Lakh |
IDFC First Personal Loan | Up to 25 Lakhs | 7 years | 11.5% onwards | Rs 1,739 (T=7 years) |
ICICI Bank Personal Loan | Up to 40 Lakhs | 5 years | 11.25% onwards | Rs 2187 per Lakh |
Axis Bank Personal Loan | 50000- 15 Lakhs | 5 years | 10.85% onwards | Rs 2,167 per Lakh. |
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.
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.
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.
PNB Personal Loan Interest Rate (RRLR is 6.65%)
Category | Effective rate of interest starts from: |
Govt. Employees drawing salaries through PNB Account | 9.65% |
Corporate Employees drawing salaries through PNB Account | 10.65% |
Defence/ Para Military Personals drawing salaries through PNB Account (Rakshak Plus Scheme) | 8.80% |
Employees (Check off facility) | 11.65% |
PNB Doctors Delight- loans for Doctors | 8.80% |
Personal Loans for Pensioners | 8.80% |
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.
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.
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.
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.
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.