Top 10 Personal Loan Finance Companies In India

Personal loans are a great funding option when it comes to instant finance. Whether it be weddings, home renovations, travel, medical expenses, fees for education, or anything for that matter, personal loans are an easy source of money to turn to. Nowadays, with the advent of many companies and online sources to give you personal loans, you may not know the best personal loan to opt for. This article lists the top 10 personal loan finance companies in India.

List of Top 10 Personal Loan Finance Companies in India

Disclaimer: The interest rates given above are as of 07/05/2024 and are subject to change. For exact interest rates refer to the websites of the respective banks or contact the bank. 

1. HDFC Bank Personal Loan 

HDFC Bank offers one of the best personal loans in India. The interest rates are reasonable and the repayment options are workable. There is no end-purpose restriction for the loan. The amount can be put to use for anything - weddings, home renovation, medical expenses, travel, etc. The loan application journey is hassle-free and completely digital. Disbursal of loans is fast thus facilitating quick access to funds. 

Key Features:

• Interest Rate: 10.50% p.a. Onwards 
• Loan  amount - Up to 40 lakhs
• Loan tenure  - Up to 60 months

2. SBI Personal Loan

State Bank of India, the largest public sector bank in India offers personal loans at affordable interest rates and comes with flexible repayment options. It offers a variety of personal loans for various categories of people like salaried people who have and don’t have accounts with SBI, pensioners, salaried people who have incomes of 1 lakh and above, etc. Government employees and pensioners are eligible for a special interest rate. 

Key Features:

• Interest Rate: 11.15% p.a. Onwards 
• Loan  amount - Up to 20 lakhs
• Loan tenure  - Up to 72 months

For pensioners, the loan tenure may vary up to 7 years. 

3. PNB Personal Loan

Punjab National Bank offers various personal loan schemes at competitive interest rates. The different PNB personal loan schemes include:

• Personal loan scheme for Life Insurance Corporation of India Employees
• Personal loan scheme for the public 
• Personal loan scheme for doctors
• Personal loan scheme for pensioners
• PNB Baghban Scheme for house owning senior citizens of India Under `Reverse Mortgage Concept`
• Personal loan scheme for an advance against gold jewelry or gold ornaments and for an advance against sovereign gold bonds. 

So, with an Axis Bank personal loan, you can effortlessly meet your financial requirements whichever category you belong to. 

Key Features: 

• Interest rate: 8.7% p.a. to 14.25% p.a. 
• Loan amount: Rs. 50,000 to Rs. 10 lakhs or 20 times the monthly net income, whichever is lower.  
• Loan tenure: 5 to 7 years

4. Axis Bank Personal Loan 

Axis Bank offers personal loans at attractive interest rates and flexible tenures. Experience benefits like fast processing and disbursal, nil paperwork, and flexible repayment plans. Other advantages are that you get to choose your EMI and also transfer your high interest personal loans to Axis Bank from other banks. 

Key Features:

• Interest rate: 10.75% p.a. to 22% p.a. 
• Loan amount: Up to Rs. 40 lakhs 
• Loan tenure: 12 months - 84 months 

5. Canara Bank Budget Personal Loan 

Canara Bank Budget Personal Loan comes with beneficial features like higher loan amounts, affordable interest rates, Nil prepayment penalty, and quick loan approval and disbursal. Canara Bank Budget Personal loan comes in two variants namely - Canara Budget Prime and Canara Budget - Delight. 

Canara Budget Prime: This variant caters to the confirmed employees of the central government, state government, defense and paramilitary forces, PSUs, and autonomous bodies of central and state government. They should have at least 1 year of service.

Canara Budget Delight: This variant caters to the confirmed employees of reputed corporates, MNCs, public and private limited companies, private institutions, universities, reputed schools, reputed colleges, reputed hospitals, and IT BT companies. They should have at least 1 year of service. 

Key features: 

• Interest rate: 11.30% p.a. to 12.30% p.a. 
• Loan amount: Rs. 3 lakhs or gross salary for 6 months, whichever is lower
• Loan tenure: Up to 60 months 

6. ICICI Bank Personal Loan 

ICICI Bank personal loans come with attractive interest rates and flexible loan tenures.  These loans come with minimal paperwork. Foreclosure charges are zero after the payment of 12 EMIs. No collateral is required and interest rates are fixed. 

Key features: 

• Interest rate: 10.80% p.a. to 16.15% p.a. 
• Loan amount: Up to Rs. 50 lakhs 
• Loan tenure: 12 months to 72 months 

7. Indian Overseas Bank Personal Loan

Indian Overseas Bank offers 3 types of personal loans - IOB Personal Loan,  IOB Passion, and Special Personal Loan HNI VIP.  

• IOB Personal Loan: This option can be availed by all customers. It can be used to fund the purchase of your consumer durables. This includes metal and wooden furniture, electronic goods, and electrical products. 

• IOB Passion:  This loan can be availed to buy products which you are passionate about. For example: If you love sports equipment, home decor, or electronic items, then you can go for it using the funds disbursed through this loan

• Special Personal Loan HNI VIP - This loan can be taken for buying household goods and is meant for high networth individuals. 

 

8. Mahindra Finance Personal Loan

Mahindra Finance Personal Loans are available both to Mahindra Group Employees and also to the customers. The loan application process is simple since there is Nil documentation. Loan disbursal is quick within a few hours for Mahindra Finance customers and within a day for the employees. Prepayment of loans is also possible at a nominal pre-closure rate. 

Key Features: 

For Mahindra Finance Personal Loan Customers 

• Interest rate: Varies according to the creditworthiness of the borrower, tenure, and loan amount. 
• Loan amount: 50,000 to 6 lakhs 
• Loan tenure: 12 to 36 months 

For Mahindra Finance Employees

• Interest rate: Depends on the credit profile of the borrower, tenure, and the loan amount. 
• Loan amount: Rs. 25,000 to Rs. 1.75 lakhs 
• Loan tenure: 6 to 18 months 

9. IDBI Bank Personal Loan 

IDBI Bank personal loans are available at competitive interest rates. You can use the funds from the personal loan for any purpose like marriage, home repairs, educational needs, travel, managing margin money, etc. The loan can be obtained in 3 easy steps in a hassle-free manner. The types of IDBI personal loans available are: 

• Personal loans to salaried individuals or pensioners
• Personal loans to self-employed professionals 
• Personal loans to self-employed non-professionals
• Salary account with an in-built overdraft facility 
• Pension account with an in-built overdraft facility 

Key Features: 

Fixed rate of interest: 11:00% to 15.50% 

• Personal loans to salaried individuals or pensioners: 

Loan amount: 25,000 to 3,00000 (For the pensioner) and 500000 (For the salaried)

Loan tenure: 12 months to 60 months 

• Personal loans to self-employed professionals: 

Loan amount: 25,000 to 5,00000

Loan tenure: 12 months to 60 months 

• Personal loans to self-employed non-professionals

Loan amount: 25,000 to 5,00000

Loan tenure: 12 months to 60 months 

• Salary account with in-built overdraft facility: 

Loan amount: Up to five times the net salary (Based on the average salary of the previous 6 months)

Loan tenure: Valid for 2 years and can be renewed every 2 years. 

• Pension account with in-built overdraft facility: 

Loan amount: Up to 5 times of net income

Loan tenure:  Valid for 1 year and can be renewed every year. 

10. Tata Capital Personal Loan 

Tata Capital, a financial services company, offers personal loans at affordable interest rates along with simplified documentation. 

Key Features:

• Interest rate: Starting from 10.99% onwards
• Loan amount: Up to Rs. 35 lakhs 
• Repayment tenure: Up to 72 months 

Disclaimer: The features, interest rates, loan amount, and repayment tenure of the loans are as of 07/05/2024. For exact information on these, contact the respective banks or refer to their websites.  

Conclusion 

Personal loans are an easy financing option to turn to. After reading the above, you will learn about the best personal loan options in India and choose from them. Compare the interest rates of these personal loans and also assess the cost of the loan before you take one.  

 FAQs on Top Personal Loan Finance Companies in India

1. What is the minimum and maximum age eligibility for a personal loan?

The minimum age to apply for a personal loan is 21 years for all banks and the maximum age is 76 years offered by State Bank of India. 

2. What is the interest rate range for a personal loan?

The interest rate range will vary according to the financial institution, credit profile of the person, loan amount, and loan tenure. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.