Best Personal Loan in India
Last Updated : Sept. 17, 2024, 6:33 p.m.
When choosing the best personal loan deal with low interest rates in India, many applicants focus solely on interest rates, often overlooking other crucial factors. While a low interest rate is important, it's not the only consideration. You should also look for lenders who offer loan amounts that align with your income and repayment capacity. Another key factor is the processing fees, as they can significantly impact the total cost of the loan. Choosing the best banks for a personal loan is another task and could be a challenge for you and opting for a lender that provides a quick disbursal process with minimal fees can make the loan experience smoother and more convenient.
So, compare personal loan offers based on these aspects and choose the suitable deal for you. To help you understand better, we have compiled a list of the best banks for personal loans with their best low interest rate on personal loans, processing fees, loan eligibility criteria, and disbursal times. Take a look to find the most suitable option for you.
Compare Best Personal Loans at Lowest Interest Rates in India 2024
This is the list containing the top and best banks for personal loans with low interest rates -
List of Banks/Lenders | Personal Loan Interest Rates | Loan Amount | Processing Fee | Tenure |
|---|---|---|---|---|
11.25%- 22% p.a. | Up to 40 Lakh | Up to 2% - 5% of the loan amount + GST as applicable | From 12 months to 84 months | |
11.00% -35% Onwards | Upto INR 40,00,000 | Up to 3.39% of the loan amount | 96 months | |
11.15%-18.75% p.a | Urban Areas: Minimum: Rs.1 lakh | Maximum: Rs.15 lakh Semi-urban areas: Minimum: Rs.50,000 | Maximum: Rs.50 lakh | Up to 2% of the loan amount (Rs 1,000-Rs 10,000) | Up to 7 years | |
10.85% p.a. up to 14.85% (Salaried/Pensioner )RBLR+2.50%=11.85%(For Others ) | ₹10,000-₹20,000 lakh | 2% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000 | 3 Years | |
10.00% p.a to 12.80% p.a. | Up to Rs 20 lakh | NIL (Festive Offer) | Up to 7 years | |
10.95% up to 16.40% p.a. | Up to Rs 10 lakh | 1% of the loan amount (Minimum of Rs.250) | Up to 7 Years | |
12.00% p.a. - 12.75% p.a. | Up to INR 15 Lakh | Up to 1% of the loan amount | Up to 7 Years | |
11.49% - 20.49% | Upto INR 25,00,000 | Specified in the welcome letter | First installment - Before the expiration of the first 12 months | |
13.00% - 25.00% | Upto INR 2 lakh | 3% of the loan per application | Upto 5 years | |
DBS | 10.99% to 34% | Upto INR 20 lakh | 1.00% to 3.00% + GST as applicable | Up to 36 months |
11.49% up to 14.49% p.a. | Upto INR 25 lakh | 1.5%-2.5% of the loan amount | Upto 5 years | |
10.75% to 24.00% p.a. | It depends on income, repayment potential, credit score, etc. However, the maximum amount is up to 40 lakhs. | INR 3500(>=10 Lac) or 2% of the loan amount | Up to 5 years | |
Starting from 9.99% p.a. | ₹75,000 to ₹30,00,000 | Up to 2% of the loan amount | Up to 5 Years | |
10.80% - 16.15% | Upto INR 50 lakh | Up to INR 40 Lakh | 6 years | |
Indian Bank | 10.00% to 12.40% p.a | 20 Times of Monthly Income | 0.51% of the loan amount, subject to a minimum of INR 512 | Depends on the internal policy of the bank |
11.00%-15.50% p.a. | INR 25,000 - INR 5 Lakh | As applicable | 60 months | |
10.49% - 26% p.a | Up to ₹50,00,000 | Up to 3.5% of the sanctioned loan amount | 1 year to 5 years | |
12.30%-13.30% p.a. | Minimum - ₹50,000 | - | Up to 7 years | |
Starting from 11% p.a. | Upto INR 10,00,000 lakh | - | Up to 5 years | |
11.15% to 14.15% p.a. | Upto INR 10 lakh | 0.30% of the loan amount, with a minimum of INR 500 | Up to 5 years | |
10.99% Onwards | Upto INR 40 lakhs | Up to 3% of loan amount + Applicable Taxes | 1 to 5 Years | |
12.50% p.a. to 13% p.a. | Up to Rs 15 Lakh | Up to Rs.1,500 | 7 years for term loans 12 years for reducing OD | |
10.75% - 13.50% | 10 lakh | 0.50% - 1.00% + GST | Up to 6 Years | |
18.00% p.a. | INR 30,000 to INR 5,00,000 | 2% of the loan amount | From 12 to 36 months | |
12.40% onwards | Rs.20.00 Lakh depending upon the repaying capacity. | 0.35% of the loan amount | Up to 6 years | |
11.35% p.a. to 15.50% p.a. | Upto INR 20 lakh | 1% of the loan amount plus applicable GST | Depends on the internal policy of the bank | |
11.49% Onwards | Up to Rs. 30 lakhs (having a salary account with SBI)Up to Rs. 20 lakhs (not having a salary account with SBI) | 1.50% (Minimum: Rs. 1,000 to Maximum: Rs. 15,000) | Up to 6 years | |
10.95%-13.95% p.a. | Up to ₹15 Lakhs | 1% minimum Rs 750 | For State and Central government employees: For a maximum of 7 years For non-government Employees: For a maximum of 5 years For Pensioners: Not more than 4 years | |
Union Bank of India | Starting from 13.35% p.a. | For Salaried, Non-Salaried, and Government employees | 0.50% of the Loan Amount | Depends on the internal policy of the bank |
10.99% - 20% p.a. | INR 1 lakh - INR 40 lakh | Up to 2.50% of the loan amount | 12-60 months | |
Between 10.99% and 35% p.a. | ₹75,000 - ₹35,00,000 | 1% of the loan amount + GST | Upto 6 Years | |
11.99% Onwards | Upto INR 30 lakh | 0% - 6% of loan amount+ GST | Up to 5 years |
Compare the Following Parameters to Choose the Best Personal Loan
When selecting the best online personal loans, it's crucial to consider various factors to ensure you get the most suitable deal for your financial needs. Here are the key parameters to compare:
- Interest Rate: Look for the lowest interest rate possible, as it directly impacts the overall cost of borrowing. Compare both fixed and variable rates and understand how they may fluctuate over time.
- Loan Amount: Ensure the lender offers the amount you need, considering your financial requirements and repayment capacity.
- Conditions of Repayment: Consider the length of the repayment schedule and the alternatives' flexibility. Longer terms may result in lower monthly payments but could accrue more interest over time.
- Fees: Take notes of any additional expenses that may be incurred, including application, processing, and prepayment penalties. These can significantly affect the total cost of the loan.
- Credit Score Requirements: Understand the lender's minimum credit score requirements. A higher credit score often results in better loan terms, including lower interest rates.
- Collateral Requirements: Determine if the loan requires collateral, such as assets or property. Secured loans typically have lower interest rates but pose the risk of asset seizure upon default.
- Approval Time: Consider how quickly you need the funds and compare the approval and disbursement timelines of different lenders.
- Customer Service and Reputation: Research the lender's reputation for customer service, reliability, and transparency. Read reviews and consider recommendations from trusted sources.
- Additional Features: Some lenders offer additional features like payment holidays, loan top-ups, or flexible repayment schedules. Assess if these features align with your needs.
- Loan Purpose Restrictions: Certain lenders may restrict the use of funds for specific purposes, such as debt consolidation, home improvement, or education. Ensure the loan meets your intended purpose.
By comparing these parameters, you can make an informed decision and choose the personal loan that best fits your financial goals and circumstances.
Types of Personal Loan
When it comes to personal loans, there's a variety of options to suit different needs. Here are some common types:
- Unsecured Personal Loans: Since these loans don't need collateral, a large number of borrowers can apply for them. Interest rates may be higher to offset the risk for the lender.
- Secured Personal Loans: Secured loans are backed by collateral, such as a car or savings account. They often come with lower interest rates due to the reduced risk for the lender.
- Fixed-Rate Personal Loans: With fixed-rate loans, the interest rate remains constant throughout the loan term, providing predictability in monthly payments.
- Variable-Rate Personal Loans: Variable-rate loans have interest rates that can fluctuate based on market conditions. While initial rates may be lower, they can increase over time, leading to higher payments.
- Debt Consolidation Loans: These loans are used to combine multiple debts into a single loan, typically with a lower interest rate. This can make repayment easier and possibly lower interest rates overall.
- Payday loans are high-interest, short-term loans that are normally repaid by the borrower's next payday. Payday loans are high-interest, short-term loans that are normally repaid by the borrower's next payday.
- Installment Loans: Installment loans enable easier budgeting for borrowers by being repaid over a predetermined period through fixed monthly payments.
- Credit Builder Loans: Designed for borrowers with little or no credit history, credit builder loans record timely payments to credit bureaus, which helps borrowers create or raise credit scores.
- Emergency Loans: These loans, which frequently have short approval processes, offer immediate access to money for unforeseen costs like medical bills or auto repairs. By Understanding the different types of personal loans, borrowers will be able to choose between the present options that suit their financial needs.
Reasons for Applying for a Personal Loan
Depending on their objectives and financial situation, people seek personal loans for a variety of reasons. Here are some common reasons:
- Debt Consolidation: By Combining several loans into one, you may simplify repayment, possibly lowering interest rates, and ultimately save money.
- Home Improvement: Providing funds for repairs or renovations can raise the value of a home and improve living areas.
- Emergency Expenses: Unexpected medical bills, auto repairs, or other unforeseen costs could necessitate quick cash support, which a personal loan can offer.
- Weddings and Other Special Events: A personal loan can help make it easier to pay for milestone celebrations, weddings, and other important life events.
- Education Expenses: A personal loan can be used to pay for textbooks, tuition, and other education-related expenses. This is particularly true for non-traditional students or those pursuing postsecondary education.
- Medical Expenses: Paying for surgeries, treatments, or other medical procedures that aren't entirely covered by insurance might be expensive, necessitating the need for a personal loan.
- Travel: By paying for the trips and experiences, people can visit new places and take much-needed breaks without depleting their resources.
By understanding the reasons for applying for a personal loan, borrowers can make informed decisions about how to best utilize the funds and achieve their financial objectives.
Documents Required by Top Banks
Here is the list of documents that are required by the Top Banks while applying for a personal loan -
- Identity Proof – Any PAN Card, Voter ID, Driving License, Aadhaar Card or Passport
- Residence Proof – Any Voter ID, Driving License, Aadhaar Card or Passport or Utility Bill
- Employment Proof – Appointment Letter, Employee ID Card
- Income Proof – Latest salary slips, Form 16 (Salaried)
- Business Continuity Proof – Rent Receipts/Lease Deed, Ownership Document, Income Tax Return (ITR), audited balance sheet, and profit & loss account for the last 3 years
- Last 3-6 months bank statement
- Duly filled & signed application form
- Latest passport-size photographs
HDFC Personal Loan Offers
In the table above, you might see HDFC Personal Loans starting from 11.25% and ending at 21.45% per annum. But employees working with top organizations can get the loan at a much lower rate. The rate also varies based on the type of industry you work in.
HDFC Personal Loan Offers (For Special Corporates)
HDFC Personal Loan interest rates start from as low as 10.75% those working in the following entities.
- Tata Consultancy Services Limited
- Cognizant Technology Solutions India Private Limited
- Accenture Solutions Private Limited
- Wipro Limited
- IBM India Private Limited
- Capgemini Technology Services India Limited
- HCL Technologies Limited
| Income | Interest Rate (In Per Annum) | Processing Fee |
|---|---|---|
| NTH>50K | 10.75%-10.90% | INR 1,999 - INR 3,999 |
| NTH>35K | 11.00%-11.10% | INR 1,999 - INR 3,999 |
| NTH<35K | 12.25%-12.35% | INR 1,999 - INR 3,999 |
Personal Loan Rates and Processing Fee Based on Company or Product Category
| CO CAT/Product CAT | NTH Band | Segment | IRR | Processing Fee (Corporate Saving Account) | Processing Fee (Non Corporate Saving Account) |
|---|---|---|---|---|---|
| All Categories except CAT D, CSA D, GC & NRI (includes ADFC) | NTH >=75000 | Alpha | 15.50%-15.65% | 2.25% | 2.50% |
| NTH >=50000 to 75000 | Alpha | 15.75%-15.90% | 2.25% | 2.50% | |
| NTH >=35000 to 50000 | Alpha | 15.75%-15.90% | 2.25% | 2.50% | |
| NTH >=20000 to 35000 | Beta | 17.55%-17.70% | 2.25% | 2.50% | |
| NTH <20000 | Beta | 17.55%-17.70% | 2.25% | 2.50% | |
| CAT D/GC | All | Classic | 21.30%-21.45% | 2.25% | 2.50% |
| CAT E/CAT NEW | NTH >=100000 | Alpha | 15.75%-15.90% | 2.50% | 2.50% |
| NTH >=50000 -100000 | Beta | 17.55%-17.70% | 2.50% | 2.50% | |
| NTH <50000 | Classic | 21.45% | 2.50% | 2.50% | |
| CAT BBG | NTH >=75000 | Alpha | 15.50% | 2.25% | NA |
| NTH >=35000 -75000 | Beta | 17.00% | 2.25% | NA | |
| NTH <35000 | Classic | 21.45% | 2.25% | NA | |
| Defence (CAT GD/GE/GF)* | Indian Army, Navy, AirForce | Alpha | 15.75%-15.90% | 0 | 0 |
| HDFC Bank Staff/HSL Staff | All | Alpha | 12.25% | INR 1,999 | NA |
| NRI (Based on Average remittance taken for Eligibility) | >=50000 | Alpha | 15.75%-15.90% | 2.25% | 2.50% |
| <50000 | Classic | 21.30%-21.45% | 2.25% | 2.50% |
Note:
- All rates as mentioned above are subject to changes in accordance to the Retail RBP
- Top up/ Enhancement Parallel: above grid will be applicable.
- Above deviations are not applicable for Cat D/CSA D/GC, i.e. rack rates as mentioned above will be applicable
- For F4 cases, a customer will be eligible for F4 rates or company category rack rates whichever is lower. However, deviations can apply only on company category rates and not on F4 rates.
- Maximum PF can be charged up to 2.5% of the loan amount. Maximum PF capped to ₹25,000 plus applicable taxes
- Rate approvals based on different approval levels cannot be accepted from two different authorities/different emails for the same case
- Above deviation grid is not applicable for special offers like Platinum/KRC/SRC/Government/Defense and other corporate rate offers
Personal Loan Offers for Government Employees
| Government Offer | No. of Corporates | Income | IRR | Processing Fee (of the loan amount) |
|---|---|---|---|---|
| Government Employees CAT A (GA) & CAT B (GB) | Working with Central and State Government | NTH>=50K | 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.75% |
| 15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| NTH>=35K | 15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 2.00% | ||
| 15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| NTH>=24K | 17.25% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 2.00% | ||
| 17.35% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| Maharatna, Navratna & Miniratna | 56 | NTH>=75K | 11.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% |
| 11.55% (Non- corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Limited Liability A/C) | ||||
| NTH>=50K | 11.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | ||
| 12.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| NTH>=35K | 13.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | ||
| 14.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| CRPF, CISF, SSB, ITBP & BSF | All | 15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | |
| 15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| Pensioner | NTH>=35K | 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | |
| 15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| Railways | All | NTH>=50K | 14.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% |
| 15.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| NTH>=35K | 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | ||
| 15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| NTH>=25K | 16.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% | ||
| 17.25% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) |
Special Offers for Employees Working in Different Industries
| Focus Industry Offer | No. of Corporates | Income | IRR | Processing Fee |
|---|---|---|---|---|
| Pharma | 38 | NTH>=35K | 14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% |
| 14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) | ||||
| Automobile & Aviation | 61 | NTH>=35K | 14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) | 1.50% |
| 14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C) |
Special Offers for Employees Availing a Loan of ₹10 Lakh and More
| Segment | Net Loan Amount | IRR | Processing Fee (of the loan amount) |
|---|---|---|---|
| Golden Edge | LA >=20 Lakh | 11.49% (Corporate Salary Account Holders i.e. HDFC Salary Account) | 0.50% (CSA), 0.75% (Non CSA) |
| 11.60% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C) | |||
| Golden Edge | LA >=10-19.99 Lakh | 11.99% (Corporate Salary Account Holders i.e. HDFC Salary Account) | 0.50% (CSA), 0.99% (Non CSA) |
| 12.10% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C) |
Pre-approved Loan Offers
HDFC Bank also offers pre-approved personal loans for which you won’t need to submit any document. The loan will be in your account instantly or a day later. These offers are applicable to individuals having an existing relationship with the bank, a good credit score, etc.
ICICI Bank Personal Loan Offers
ICICI offers attractive interest rates for employees working in top corporate, as well as in industries such as pharma, Banking & Financial Services Industry (BFSI), etc.
Offers for Salaried Working in Reputed Organizations
| Corporate | Salary Band | Special Corporate Offer (ICICI Bank Relationship) | Special Corporate Offer (Non ICICI Bank Relationship) | Processing Fee ((ICICI Bank Relationship) | Processing Fee ((Non ICICI Bank Relationship) |
|---|---|---|---|---|---|
| Emerald Corporates | NTH >/= 35 K | 10.99% | 10.99% | 0.99% | 0.99% |
| Emerald Corporates | NTH < 35 K | 11.49% | 11.49% | 1.25% | 1.25% |
| Diamond Corporates | NTH >/= 35 K | 10.99% | 10.99% | 0.99% | 0.99% |
| Diamond Corporates | NTH < 35 K | 12.49% | 12.49% | 1.25% | 1.25% |
| Pearl Corporates | All Bands | 13.99% | 14.75% | 0.99% | 1.25% |
| Ruby Corporates | All Bands | 15.50% | 15.75% | 1.50% | 1.75% |
| Topaz Corporates | All Bands | 15.50% | 15.75% | 1.50% | 1.75% |
| Corporate | Salary Band | Special Corporate Offer (ICICI Bank Relationship) | Special Corporate Offer (Non ICICI Bank Relationship) | Processing Fee ((ICICI Bank Relationship) | Processing Fee ((Non ICICI Bank Relationship) |
|---|---|---|---|---|---|
| Reliance Group | All Bands | 12.99% | 12.99% | 0.75% | 0.75% |
| ICICI Group Employees | All Bands | 11.75% | 11.75% | ₹1,999 | ₹1,999 |
Offers for Those Working in Specific Industries
| Corporate | Salary Band | Special Corporate Offer (ICICI Bank Relationship) | Special Corporate Offer (Non ICICI Bank Relationship) | Processing Fee ((ICICI Bank Relationship) | Processing Fee ((Non ICICI Bank Relationship) |
|---|---|---|---|---|---|
| BFSI | All Bands | 13.99% | 13.99% | 0.99% | 0.99% |
| Pharma | All Bands | 13.99% | 13.99% | 1.25% | 1.25% |
| Private Banks | NTH >/= 75 K | 12.75% | 12.75% | ₹2,999/- | ₹2,999/- |
| Private Banks | NTH 35K - 75K | 12.99% | 12.99% | ₹ 2,999/- | ₹2,999/- |
| Private Banks | NTH <35 K | 13.49% | 13.49% | ₹2,999/- | ₹2,999/- |
| PSU Banks | NTH >/= 50 K | 13.25% | 13.25% | 1.49% | 1.49% |
| PSU Banks | NTH 35K - 50K | 14.70% | 14.70% | 1.49% | 1.49% |
| PSU Banks | NTH <35 K | 15.75% | 15.75% | 1.49% | 1.49% |
What’s in Store for Government Employees?
| Corporate | Salary Band | Special Corporate Offer (ICICI Bank Relationship) | Special Corporate Offer (Non ICICI Bank Relationship) | Processing Fee ((ICICI Bank Relationship) | Processing Fee ((Non ICICI Bank Relationship) |
|---|---|---|---|---|---|
| Government-Diamond | NTH >/= 75 K | 11.29% | 11.29% | 1.50% | 1.50% |
| Government-Pearl | NTH 35K - 75K | 11.50% | 11.50% | 1.50% | 1.50% |
| Government-Ruby | NTH <35 K | 13.50% | 13.50% | 1.50% | 1.50% |
Pre-approved Loan Offers
Pre-approved loans are available for those having a strong credit history with no spot of default. Even if you don’t have a credit history, you can get it provided you are an ICICI Bank customer.
Kotak Mahindra Bank Personal Loan Offers
Kotak Mahindra Bank also offers special interest rates to those working in top organizations and specific industries.
| Product Type | Category | Criteria | Interest Rate (in p.a.) | Corporate Salary Account Processing Fee (in %) | Non Corporate Salary Account Processing Fee (in %) |
|---|---|---|---|---|---|
| K-Offer (Cash in Hand) | CAT A/B/C | NTH > 75000 | 15.00% | 2.00% | 2.50% |
| NTH: 50000 - 74999 | 15.50% | 2.00% | 2.50% | ||
| NTH: 35000 - 49999 | 15.50% | 2.00% | 2.50% | ||
| NTH : 20000-34999 | 17.45% | 2.00% | 2.50% | ||
| NTH <20000 | 17.45% | 2.00% | 2.50% | ||
| CAT D | NTH >=75,000 | 18.49% | 2.00% | 2.50% | |
| NTH : 50,000 to 74,999 | 19.15% | 2.00% | 2.50% | ||
| NTH : 35,000 to 49,999 | 19.65% | 2.00% | 2.50% | ||
| NTH : 25,000 to 34,999 | 20.15% | 2.00% | 2.50% | ||
| NTH : 18,000 to 24,999 | 20.99% | 2.00% | 2.50% | ||
| Kotak employees | Ticket Size < 3Lakhs | 11.99% | NA | NA | |
| Ticket Size > 3 Lakhs (No Deviation) | 11.49% | NA | NA |
| Segment | Net Loan Amount (₹) | Interest Rate(in p.a.) | Direct Selling Agency Processing Fee | Non Direct Selling Agency Processing Fee |
|---|---|---|---|---|
| Optimus Prime (CAT A, B,C and D) Fresh Loan | Above 20 Lakhs | 11.29% | 0.75% | 0.50% |
| 15 Lakhs-19.99 Lakhs | 11.49% | 0.75% | 0.50% | |
| 10 Lakhs-14.99 Lakhs | 11.49% | 0.75% | 0.50% |
| Corporate Offer | Income | Interest Rate | Processing Fee |
|---|---|---|---|
| Super Platinum | NTH>35K NTH< 35K | 10.99% 11.75% | 0.99% 1.25% |
| Platinum | NTH>35K NTH< 35K | 10.99% 12.69% | 0.99% 1.25% |
| Gold | DSA Non DSA | 13.99% 14.75% | 0.99% 1.25% |
| Silver | All | 15.00% | 1.75% |
| Reliance Group | All | 12.99% | 0.75% |
| Pharma | All | 13.99% | 1.25% |
| Automobile & Aviation | All | 13.99% | 1.25% |
| Central and State Government Employees | NTH>=50K NTH>=35K NTH>=24K | 14.75% 15.00% 16.75% | 1.75% 2.00% 2.00% |
| Private Sector | NTH > = 75K NTH < 75K | 12.75% 12.99% | 1.25% 1.25% |
| PSU | NTH > = 50K NTH < 50K | 13.25% 15.50% | 1.25% 2.00%-2.50% |
| Maha/Minim/Nav Ratnas | NTH>75K NTH: 50K-74.99K NTH<50K | 10.99% 11.49% 13.49% | 1.50% 1.50% 1.50% |
Tata Capital Personal Loan Offers
If you are a Tata Group employee, you will get the loan at a much lower rate of interest. The rates also differ based on the category of the company you work at. Take a look at the table below.
| Company Category | 20-30k | Processing Fee (of the loan amount) | 30-60k | Processing Fee (of the loan amount) | 60K - 100K | Processing Fee (of the loan amount) | 100k and | Processing Fee (of the loan amount) |
|---|---|---|---|---|---|---|---|---|
| Tata Group | 12.75% | 1.25% | 12.50% | 1.25% | 11.99% | 999 | 11.99% | 999 |
| Super Cat A | 12.75% | 1.25% | 12.75% | 1.25% | 11.99% | 999 | 11.99% | 999 |
| Cat A | 13.50% | 1.50% | 13.00% | 1.50% | 12.50% | 999 | 11.99% | 999 |
| Cat B | NA | NA | 14.50% | 1.75% | 13.50% | 1% | 13.00% | 1% |
| Cat C | NA | NA | 15.50% | 2.00% | 14.50% | 2.00% | 14.00% | 2.00% |
| Unlisited | 18.50% | NA | 18.50% | 2.50% | 17.00% | 2.50% | 16.50% | 2.50% |
Loan Offers for Loan amount >5 Lakh
| Company Category | Rate of Interest | Processing Fee (of the loan amount) |
|---|---|---|
| SCATA/TATA Group/CAT A | 11.99% | 999 |
| Cat B | 13.00% | 999 |
| Cat C | 14.00% | 2.00% |
| Unlisited | 16.00% | 2.00% |
Personal Loan Offers for Loan amount >10 Lakh
| Company Category | Rate of Interest | Processing Fee (of the loan amount) |
|---|---|---|
| SCATA/TATA Group/CAT A | 11.49% | 999 |
Personal Loan Offers for Employees of Tata Capital
| Company | Rate of Interest | Processing Fee (of the loan amount) |
|---|---|---|
| Tata Capital | 11.49% (irrespective of salary band) | 999 (fixed) |
Bajaj Finserv Personal Loan Offers
Bajaj Finserv personal loan applications are approved almost instantly if the details are found genuine. One of the innovative products the non-banking finance company (NBFC) offers is Flexi Personal Loan. With this, you can withdraw from your loan account as and when you feel necessary. You have the option to pay only the interest portion of the EMI. This helps reduce the EMI amount by up to 45%. The lender charges the interest on a daily basis, depending on the amount utilized during the day. You can even prepay the loan partly using your surplus funds, which can be a hefty bonus or an investment yield.
Which is the Best Bank to Apply for a Personal Loan During the COVID-19 Pandemic?
The COVID-19 pandemic has brought situations never heard before, like social distancing and staying indoors. The lockdown is still in force and has led to incidents like salary cuts and delays, loss of jobs as well as businesses. As the normal KYC process is stalled due to the lockdown, banks have stopped disbursing loans. But there are banks like HDFC that offer personal loans to individuals having salary or savings accounts with the private lender. So, if you hold such a relationship with HDFC Bank, you can apply there provided you need the loan.
Shall You Apply for COVID-19 Personal Loan Schemes?
Looking at the liquidity crunch faced by many amidst lockdown caused due to the COVID-19 pandemic, PSU lenders have come up with personal loan schemes for such people. The interest rates are affordable. But does it call for a personal loan application? Certainly not, if you are receiving salary, albeit late. Even if you are taking home a reduced salary, it does not warrant a personal loan. The effect of the salary cut can be like nothing if you compare the travel expenses of now to what may have been during the pre-lockdown period.
But what about those having lost jobs or business revenue? Here also, such loans are welcome only if you don’t have savings to tide over the current phase. But a loan will make sense only if you believe you can overcome the worst phase soon. Having a loan will not serve your purpose if you can’t overcome the liquidity crunch anytime soon. Even as you can avail of the moratorium, which has now been extended till August 31, 2020, from May 31, 2020, having a loan will not serve your purpose if you can’t overcome the liquidity crunch anytime soon.
You must note that the moratorium is not an EMI waiver, instead, it will mean the addition of accrued interest to the principal outstanding. As and when the moratorium gets over, the EMI charged on the resultant principal amount (Original Loan Amount + Accrued Interest) will be higher than the one when you take a loan without exercising the moratorium option.
Frequently Asked Questions (FAQs)
What is a personal loan?
What's the most money I can borrow?
What is the interest rate on personal loans in India?
For personal loans what will be the repayment tenure?
What are the eligibility criteria for a personal loan?
How long does it take to get a personal loan approved?
Does my credit score affect my personal loan application?
Is it possible to apply for a personal loan online?
What are the benefits of a personal loan?
Best Offers For You!
Personal Loan
- Personal Loan
- Personal Loan Eligibility Calculator
- Personal Loan EMI Calculator
- Personal Loan Interest Rates
- Pre-approved Personal Loan in India
- Personal Loan Top Up in India
- Personal Loan Balance Transfer
- Apply Personal Loan on WhatsApp
- Personal Loan for Unemployed
- Personal Loan for Government Employees
- Personal Loan Without CIBIL Score
- Minimum CIBIL Score for Personal Loan
Personal Loan Rates by Top Banks
- HDFC Personal Loan Interest Rates
- ICICI Personal Loan Interest Rates
- Kotak Personal Loan Interest Rates
- IndusInd Bank Personal Loan Interest Rates
- RBL Bank Personal Loan Interest Rates
- YES BANK Personal Loan Interest Rates
- IDFC First Bank Personal Loan
- Tata Capital Personal Loan
- SMFG India Credit Personal Loan
- Standard Chartered Personal Loan Interest Rates
- SBFC Personal Loan Interest Rates
- SBI Personal Loan Interest Rates
- Axis Bank Personal Loan Interest Rates
Personal Loan Calculator by Top Banks
- HDFC Personal Loan EMI Calculator
- ICICI Personal Loan EMI Calculator
- Kotak Personal Loan EMI Calculator
- IndusInd Bank Personal Loan EMI Calculator
- RBL Bank Personal Loan EMI Calculator
- YES Bank Personal Loan EMI Calculator
- IDFC First Bank Personal Loan EMI Calculator
- Tata Capital Personal Loan EMI Calculator
- SMFG India Credit Personal Loan EMI Calculator
- Standard Chartered Personal Loan EMI Calculator
- SBI Personal Loan EMI Calculator
- Axis Bank Personal Loan EMI Calculator
