Top 9 Personal Loan Finance Companies Available in India

If you are looking forward to procuring a Personal Loan, you may be on the lookout for the best Bank or Non-Banking Finance Company (NBFC) to this end. And why not? After all, a Personal Loan is a financial commitment, and often proves to be expensive owing to the high interest rates, as well as prepayment charges. It is for this very reason that we have consolidated a list of as many as 9 financial companies across India that offer the Best Personal Loan Deals! Let us take a quick look at each of them:

1. HDFC Bank

In order to apply for an HDFC Bank Personal Loan of up to Rs. 40 Lakhs, you must be 21 to 60 years of age. To qualify for the loan, your net monthly income should be at least Rs. 20,000 if you reside in a Tier 1 city, or Rs. 15,000 if you live in any other part of the country. The repayment tenure of this loan is up to 60 months, while the disbursal time is as quick as 2 days.

• Interest Rate – 11.25 to 22% per annum
• Processing Fee – Up to 2.50% of the sanctioned loan amount

2. SBI Personal Loan

Here are the details of the various types of Personal Loans offered by State Bank of India.

SBI Xpress Credit Personal Loan

Offered to individuals in the age of 21 to 60 years, this loan needs you to have a minimum monthly income of Rs. 5,000. While the maximum loan amount is Rs. 15 Lakhs, the repayment tenure for this loan is up to 60 months. 

• Interest Rate – 12.05 to 15.55% per annum
• Processing Fee –1% of the sanctioned loan amount + Service Tax

SBI Personal Loan for Pensioners

Offered to ex-employees of the Central or the State Government who draw their pension from SBI Bank Branches, as well as to ex-defence personnel, this loan can be acquired by individuals under the age of 78 years. While the maximum loan amount is Rs. 14 Lakhs, the repayment tenure for this loan is up to 84 months in this case.

• Interest rate – 12% per annum
• Processing Fee – Nil

SBI Xpress Power Personal Loan

Offered to the salaried individuals who don’t have SBI salary accounts and are in the age group of 21 to 60. The maximum loan amount in this case ranges from Rs. 15 Lakhs. The loan is only available for individuals with a minimum monthly income of Rs. 50,000 or more, and can be repaid in up to 60 months.

• Interest Rate – 12.15 to 14.30% per annum.
• Processing Fee – 1% of the sanctioned loan amount + applicable tax

3. Punjab National Bank (PNB)

The PNB Personal Loan is offered to individuals in the age range of 21 to 60 years, with a minimum monthly income of Rs. 15,000 for those living in metro cities, that of Rs. 12,500 for those residing in urban areas, and of Rs. 10,000 for the people living in semi-urban areas. The maximum loan amount offered is restricted to 20 times the monthly income of the borrower, or Rs. 10 Lakhs, whichever is lower. The loan tenure is up to 60 months.

• Interest Rate – 12.05% – 15.05%
• Processing Fee – 1.80% of the sanctioned loan amount

4. Axis Bank

The Axis Bank Personal Loan of up to Rs. 15 Lakhs, can be easily availed by individuals in the age range of 21 o 60 years, with a minimum monthly income of Rs. 15,000. The repayment tenure for this loan ranges from 12 to 60 months.

• Interest Rate – 15.75%-24%
• Processing Fee – 1.50% to 2% of the sanctioned loan amount + applicable GST

5. Canara Bank

Here is all you need to know about the different types of Personal Loans offered by Canara Bank.

Canara Bank Consumer Personal Loan

This loan is offered for a span of 3 years 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 salary of the borrower, whichever is lower.

• Interest Rate – 13.15% per annum
• Processing Fee – 1 % of the loan amount

Canara Bank Teachers’ Personal Loan

This loan entitles the borrower to a loan amount of Rs. 3 Lakhs, or 10 months’ worth of their income, whichever is lower. It can be repaid in a span of 4 years.

• Interest rate – 12.65% per annum
• Processing Fee – 1 % of the loan amount

Canara Bank Budget Personal Loan

The maximum loan amount for this loan is also Rs. 3 Lakh, 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.

• Interest Rate – 11.50% to 14.65% per annum
• Processing Fee – 0.5 % of the loan amount

6. Bajaj Finserv

The Bajaj Finserv Personal Loan is offered to individuals from the age of 25 to 58 years, with a minimum monthly income ranging from Rs. 30,000 to Rs. 40,000 depending on the city or town of residence. This product allows you to procure a credit of up to 25 Lakhs, for a period of up to 60 months. The quick 24-hour disbursal time is what makes this loan astoundingly popular.

• Interest Rate – 12.99% onwards
• Processing Fee – Up to 3.99% of the sanctioned loan amount

7. Mahindra Finance

Mahindra Finance extends loans to candidates in the age range of 21 to 58 years, similar to that in the case of Bajaj Finserv. However, the maximum loan amount provided by the NBFC is comparatively low at just Rs. 3 Lakhs. The loan is offered for a tenure of up to 3 years, and enjoys an instant approval and disbursal time of 2 days.

• Interest Rate – As applicable by the lender
• Processing Fee – Up to 3% of the sanctioned loan amount

8. IDBI Bank

IDBI Bank Personal Loans require the borrower to have a minimum monthly income of Rs. 15,000, and to be in the age range of 21 to 60 years. Eligible borrowers can expect to get a loan of up to Rs. 10 Lakhs, which can be conveniently repaid over the span of 5 years.

• Interest Rate – 10.10% – 12.85% per annum
• Processing Fee – up to 1% of the loan amount + applicable taxes

9. Allahabad Bank

Offered to individuals with a minimum monthly income of Rs. 15,000, the maximum loan amount for Allahabad Bank Personal Loan is calculated as 24 times the gross monthly income of the borrower (up to Rs. 7.50 Lakhs). The bank offers this loan for a maximum of 5 years, to people in the age range of 21 to 60 years.

• Interest Rate – 13.25% per annum
• Processing Fee – 1.06% of loan amount

We hope that this comprehensive information will come in handy and help you take the final call in which bank you must approach in order to get a Personal Loan and fulfil your financial obligations at the earliest possible. In order to pick the loan that proves to be the most cost-effective in the long run, you must concentrate on the rate of interest, the processing fee as well as the prepayment penalty levied by the lender. Since, Personal Loan interest rates vary on the basis of your credit score, it is highly recommended to apply for this credit only when your score is 700 or above. These simple measures will help you find a loan that best suits your needs, while still being fairly affordable!