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

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

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 loan from a host of lenders these days, when it comes to borrowing the best of interest rates one needs to fulfil eligibility criteria of the top lenders.

Here in this article we will run you through the top lenders who offer the best of 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.

Personal Loan on Aadhar Card Calculate Personal Loan EMI

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

  • You should be an Indian resident
  • You must possess credit score of 700 or above for best deal. However the loan will be available at higher rate of interest for 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 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.

 

Contactless Emergency Loan with instant approval

 

Benefits of SBI Personal Loan:

  • Widest branch network, disbursals across country.
  • Loans up to 20 lakhs
  • Lowest interest rate offers
  • Extended tenure up to 72 months
  • Low EMI as interest is calculated on daily reducing balance.
  • Low processing fee
  • Minimal documentation
  • Contact-less, on app loan 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 provision of concession up to 100 bps for select category. Processing fee cost 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 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.

2. HDFC Personal Loan

Opt for HDFC Bank Personal Loan if you need 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 loan for a variety of needs. There is no restriction, provided you meet the eligibility criteria.

The benefits of applying for Personal Loan with HDFC Bank are:

  • 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.

Salient features & benefits of PNB Personal Loans are:

  • 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%)

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%

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.

Here are the features and benefits of Personal Loan from Kotak Bank:

  • Loan amount up to 20 Lakhs
  • Choose tenure from 1 to 5 Years
  • Processing fee varies up to 2.50% + GST
  • Low EMIs starting at 2162/ lakh
  • No collateral or guarantor 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 start 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 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 turn-around time.

Features & benefits are:

  • Customised offers for different needs
  • 1 to 5 years of tenure
  • Nominal processing fees, up to 2.55% of 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 attractive rate of interest, starting from 10.85% p.a. The loan tenure can range from 1 to 5 Years years. Processing fee is nominal at 1.50 % of 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.

Axis Bank Personal Loan benefits & features are:

  • Flexible loans from Rs 50000 to Rs 15 lakh
  • Instant loans for medical emergency 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.

 

Also Read: Top Ten Factors that Determine Your Personal Loan Interest Rates

 

To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

 

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Category: Personal Loan