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Best Banks and NBFCs for an Instant Personal Loan

Updated on: 14 Dec 2021 // 31 min read // Personal Loans
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When it comes to financing, a vast majority of people look forward to procuring Personal Loans. And, why not? After all, Personal Loans are readily available, require minimal documentation, are quickly disbursed, and more importantly, offer complete freedom of use to the borrower.

Right from getting one’s home remodelled to bearing the expenses of a wedding, from sponsoring the education of one’s child to paying medical costs, the loan amount disbursed under this credit can be used for any purpose that the borrower deems fit.

Owing to the ever-increasing popularity and demand for Instant Personal Loans across the nation, almost all the leading banks, as well as non-banking financial companies (NBFCs), now offer a wide array of Personal Loans. While this affords you numerous choices to take your pick from, such a wide selection may also lead to unsolicited confusion. To help you avert this situation, we have consolidated a list of as many as ten best banks and NBFCs that offer instant Personal Loans across India.

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HDFC Bank

If you are looking for a loan amount of up to Rs. 15 Lakhs, HDFC Bank Personal Loan could be of interest to you. The bank offers quick loans to salaried as well as self-employed individuals, provided they meet the following criteria:

  • Are aged between 21 to 60 years
  • Have a minimum monthly income of Rs. 20,000 if residing in Tier 1 cities, and that of Rs. 15,000 for other cities and towns.

  • Can furnish proof of identity, the source of employment and quantum of income

The bank levies an interest rate of 11.25% to 22% per annum, which is on the higher side. However, facilities like quick disbursal within two days make up for the comparatively high price of this loan.

The processing fee levied for HDFC Personal Loans is up to 2.25% of loan amount plus GST.

What makes this loan from HDFC Bank truly alluring is the fact that there are some exclusive offers from salaried females.

State Bank of India

While SBI offers numerous types of Personal Loans such as Pensioners Loan, Saral Personal Loan and Festive Season Loan, it is the bank’s Xpress Credit Personal Loan that takes the cake when it comes to the quickest alternative.

To be eligible for this loan, you must –

  • Be 21 to 60 years of age
  • Have a minimum monthly income of Rs. 5,000
  • Be able to furnish proof of identity, the source of employment and quantum of income

The bank levies an interest rate of 11.05 to 17.10% on this loan, depending on your credit score.

You can expect to get a loan amount of anywhere between Rs. 25,000 and Rs. 15 Lakhs, depending on your need, your income and your ability to repay the loan.

Punjab National Bank (PNB)

Punjab National Bank’s Personal Loan is known for its competitive interest rate from 12.05% to up to 15.05% per annum. While the minimum loan amount offered by the bank is Rs. 50,000, the maximum is calculated as 20 times your monthly income.

For you to be eligible for PNB Personal Loan, you must:

  • Be aged between 21 to 60 years
  • Have a minimum monthly income of Rs. 15,000 if residing in Metro Cities, that of Rs. 12,500 for Urban Areas, and of Rs. 10,000 for rural areas

  • Be able to furnish proof of identity, the source of employment and quantum of income

This loan is offered for a maximum of 5 years.

Axis Bank

Yet another Personal Loan, which enjoys quick disbursal, albeit at a higher cost. The Axis Bank Personal Loan accrues an annual interest at the rate of 15.75% to 24%, depending on your credit score. The bank levies no prepayment penalty, which is one of the reasons why its Personal Loan is astoundingly popular. In order for you to qualify for this loan of up to Rs. 15 Lakhs, you should:

  • Be 21 to 60 years of age
  • Have a minimum monthly income of Rs. 15,000

Canara Bank Personal Loan

As is the case with SBI, even Canara Bank offers as many as 3 distinct types of Personal Loans, namely – Consumer Personal Loan, Teachers’ Personal Loan and Budget Personal Loan.

The Canara Bank Consumer Personal Loan is offered for a span of 3 years and attracts an interest rate of 13.15%. Offered to people between 21 to 60 years of age, the maximum loan amount, in this case, is Rs. 1 Lakh or 15 months’ worth of income, whichever is lower.

As far as the Canara Bank Teachers’ Personal Loan is concerned, it entitled you to a loan amount of Rs. 3 Lakhs, or 6 months’ worth of your income, whichever is lower. In this case, the interest rate is 12.65%, while the tenure is up to 4 years.

Next comes the Canara Bank Budget Personal Loan, wherein the rate of interest is 11% to 14%. The maximum loan amount for this loan is also Rs. 3 Lakhs, or 6 months’ worth of your income, whichever is lower. In this case, however, the bank mandates you to have a minimum monthly salary of Rs. 10,000 to qualify for the loan. The tenure for this loan is up to 5 years.

Bajaj Finserv

When seeking the fairly popular Bajaj Personal Loan, you must keep in mind that the financial service provider only offers loans to individuals with a minimum monthly income ranging from Rs. 30,000 to Rs. 40,000, depending on the city or town of your residence. The age requirement for this loan is 25 to 58 years.

With an interest rate of 12.99 % onward a quick disbursal time of fewer than 24 hours, this instant Personal Loan provider truly deserves your attention.

Mahindra Finance

Yet another NBFC which is known for offering quick Personal Loans, Mahindra finance extends loans to candidates in the age range of 21 to 58 years. The maximum loan amount provided by the NBFC is Rs. 3 Lakhs, offered tenure of up to 2 years. The quick approval and disbursal time of 2 days is noteworthy.

 IDBI Bank

Offered at a rate of 10.10% to 12.85%, IDBI Bank Personal Loans are an excellent pick for those with a minimum monthly income of Rs. 15,000. The bank offers loans of up to Rs. 10 Lakhs for a maximum tenure of 5 years to eligible candidates, who are between 22 and 60 years of age.

Allahabad Bank

Allahabad Bank’s instant Personal Loans are offered at an impressive rate of 10.65% to 13.15% (and 8.65% for Allahabad Bank pensioners), to people within 21 to 60 years of range with a minimum monthly income of Rs. 15,000. The bank offers loans for up to 5 years, wherein the maximum loan amount is restricted to 24 months’ worth of your gross salary.

Indian Overseas Bank

Offered at an incredibly low interest rate of 11.95% to 13.70%, the Indian overseas bank Personal Loan entitled you to a loan amount of up to Rs. 5 Lakhs. Offered for a maximum of 5 years, you can qualify for this loan if you are between 21 to 60 years of age, and have a minimum monthly income of Rs. 5,000.

We hope that you are now aware of some of the most compelling instant Personal Loan alternatives available in India. If you are in urgent need of some additional funds, you can procure a loan from any of the above-mentioned banks and NBFCs. Trust us, the minimal documentation and quick disbursal of these loans will make these loans completely worth your while!

Also Read: How to Apply Online for an Instant Personal Loan?

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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