Best Personal Loan in India
Last Updated : April 29, 2024, 3:32 p.m.
How do you determine which is the best personal loan deal for you? A lot of the applicants decide the best personal loan in India solely on the basis of the interest rates and end up choosing a not so convenient option. Yes, the interest rate is an obviously very important aspect but it is not the only factor to consider. Besides lower rates, you should also look for lenders that can lend you more personal loan amounts based on your income and repayment capacity. Another factor that you must consider while choosing the best personal loan offer is the loan processing fees. It will only add to your comfort if you get the best personal loan in India quickly by paying less processing fee.
So, compare personal loan offers based on these aspects and choose the best and the suitable deal for you. To help you do so, we have listed out the lowest interest rates personal loans, processing fee, loan eligibility and disbursal time of several lenders. Take a look at the best banks for personal loans.
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Compare Best Personal Loans at Lowest Interest Rates in India 2024
List of Banks/Lenders | Personal Loan Interest Rates | Loan Amount | Processing Fee | Turnaround Time |
---|---|---|---|---|
Allahabad Bank | 10.00% - 15.00% |
| 1.22% of loan Amount, Minimum INR 1,228 | Depends on the internal policy of the bank |
Andhra Bank | 11.80% - 15.50% |
| As Applicable | Depends on the internal policy of the bank |
Axis Bank | 10.49% - 21.00% | Up to 40 Lakh | 1% of the loan amount + GST | |
Bajaj Finserv | 11.00% Onwards | Upto INR 25,00,000 | 1%-1.5% of loan amount + GST | Within 24 hours |
Bank of Baroda | 10.90% - 18.25% |
| 2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000, respectively. The fee will also include applicable GST | Depends on the internal policy of the bank |
Bank of India | 10.35% - 14.85% | Upto INR 5,00,000 - INR 10,00,000 | 2% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
Bank of Maharashtra | 9.50% - 12.80% | Upto INR 5,00,000 - INR 10,00,000 | 1% of the loan amount plus GST, subject to a minimum of INR 1,000 | Depends on the internal policy of the bank |
Canara Bank | 11.75% - 16.25% | Six months gross salary or INR 3,00,000, whichever is less | 0.50% of the loan amount, subject to a minimum and maximum of INR 1,000 and INR 5,000 respectively |
|
Central Bank of India | 12.30% | 20 times of gross salary, subject to a maximum of INR 10,00,000. The minimum net take home income must not fall below 40% of the gross salary after deductions, including the proposed EMI | INR 500 + applicable GST | Depends on the internal policy of the bank |
Citibank | 10.49% Onwards | Upto INR 30,00,000 | Upto 3% of the loan amount | Within 48 hours |
Corporation Bank | 11.80% - 15.50% | Upto INR 3,50,000 | 1.50% of the loan amount, subject to a minimum of INR 500 | Depends on the internal policy of the bank |
Dena Bank | 10.90% - 18.25% |
| 2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000, respectively. The fee will also include applicable GST | Depends on the internal policy of the bank |
DCB Bank | 13.00% - 25.00% | Upto INR 5 lakh | 2% of the loan amount | Within 3-4 working days |
Federal Bank | 10.49% - 17.99% | Upto INR 10 lakh | 0.50% of the loan amount | Depends on the internal policy of the bank |
HDFC Bank | 10.75% - 14.50% | up to 50 Lakh | INR 3500(>=10 Lac) or 2% of the loan amount | Within 3-4 working days |
HSBC | 9.75% - 16.00% | Upto INR 30 lakh | Upto 1% of the loan amount | Within 15 days post the receipt of the application form |
ICICI Bank | 10.75% - 19.00% | Upto INR 50 lakh | INR 4999(>=10 Lac) or 2% of the loan amount + GST | Within 72 hours of the submission of documents |
IDBI Bank | 10.50% - 13.25% | Upto INR 10 lakh | As applicable | Depends on the internal policy of the bank |
IndusInd Bank | 10.25% - 26.00% | Upto INR 25 lakh | Up to 3% + GST | Within 4-7 working days post receipt of the documents |
Jammu & Kashmir Bank | 12.20% - 13.20% | Upto 36 months gross salary | NIL | Depends on the internal policy of the bank |
Karnataka Bank | 13.49% | Upto INR 5 lakh | 0.50% of the loan amount | Depends on the internal policy of the bank |
Karur Vysya Bank | 12.20% - 13.20% | Upto INR 10 lakh | 1% of the loan amount | In-principle sanction - 15 minutes |
Kotak Mahindra Bank | 10.99% Onwards | Upto INR 20 lakh | 0.99%-2.50% of the loan amount plus applicable GST | Within 10 working days |
Lakshmi Vilas Bank | 11.55% | Upto INR 20 lakh | 0.25% of the loan amount, subject to a minimum of INR 2,500 plus applicable GST | Depends on the internal policy of the bank |
Nainital Bank | 12.50% Onwards |
| 0.50%-1.00% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
Oriental Bank of Commerce | 11.40% - 16.95% | 15 times of gross salary, subject to a maximum of INR 10 lakh | 0.50% of the loan amount, subject to a minimum of INR 500, plus applicable GST | Depends on the internal policy of the bank |
Punjab & Sind Bank | 11.15% - 12.75% | Upto 18 times of net monthly salary or INR 3 lakh, whichever is less | 1% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
RBL Bank | 14.00% - 23.00% | Upto INR 20 lakh | 2%-2.50% of the loan amount | Depends on the internal policy of the bank |
Punjab National Bank (PNB) | 11.40% - 16.95% | 20 times of net monthly salary or INR 4 lakh, whichever is lower | 1.80% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
State Bank of India (SBI) | 11.00% - 14.00% | Upto INR 20 lakh | 1% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
Standard Chartered Bank | 11.49% Onwards | Upto INR 50 lakh | 1% of the loan amount plus applicable GST | Within 4-7 working days post receipt of the documents |
Syndicate Bank | 11.75% - 16.25% |
| 0.50% of the loan amount, subject to a minimum of INR 500 plus applicable GST | Depends on the internal policy of the bank |
UCO Bank | 12.80% | 10 times of gross monthly salary, subject to a maximum of INR 10 lakh | 1% of the loan amount, subject to a minimum of INR 750, plus applicable GST | Depends on the internal policy of the bank |
United Bank of India | 11.40% - 16.95% | 10 months gross salary or INR 2 lakh, whichever is less | 1% of the loan amount plus applicable GST | Depends on the internal policy of the bank |
Vijaya Bank | 10.90% - 18.25% |
| 2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000 respectively. The fee will also include applicable GST | Depends on the internal policy of the bank |
YES BANK | 11.05% - 20.25% | Upto INR 40 lakh | 1% of the loan amount + GST | Within 5 days from the receipt of the application |
Tata Capital | 10.50% - 24.00% | Up to INR 25 lakh | 1% of the loan amount + GST | Within 72 hours from the receipt of the application |
SMFG India Credit | 11.99% Onwards | Upto INR 25 lakh | 2% - 6% of loan amount+ GST | Within 30 minutes of loan approval |
Compare the Following Parameters to Choose the Best Personal Loan
When selecting a personal loan, it's crucial to consider various factors to ensure you're getting the best deal suited to your needs. Here are key parameters to compare:
1. 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.
2. Loan Amount: Ensure the lender offers the amount you need, considering your financial requirements and repayment capacity.
3. Repayment Terms: Evaluate the repayment period and the flexibility of repayment options. Longer terms may result in lower monthly payments but could accrue more interest over time.
4. Fees and Charges: Pay attention to application fees, processing fees, prepayment penalties, and any other associated costs. These can significantly affect the total cost of the loan.
5. 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.
6. 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.
7. Approval Time: Consider how quickly you need the funds and compare the approval and disbursement timelines of different lenders.
8. Customer Service and Reputation: Research the lender's reputation for customer service, reliability, and transparency. Read reviews and consider recommendations from trusted sources.
9. 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.
10. 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:
1. Unsecured Personal Loans: These loans don't require collateral, making them accessible to many borrowers. Interest rates may be higher to offset the risk for the lender.
2. 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.
3. Fixed-Rate Personal Loans: With fixed-rate loans, the interest rate remains constant throughout the loan term, providing predictability in monthly payments.
4. 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.
5. Debt Consolidation Loans: These loans are used to combine multiple debts into a single loan, typically with a lower interest rate. This can simplify repayment and potentially reduce overall interest costs.
6. Payday Loans: Payday loans are short-term, high-interest loans typically due on the borrower's next payday. They are often used for emergency expenses but come with steep fees and interest rates.
7. Installment Loans: Installment loans are repaid over a set period through fixed monthly payments, making budgeting easier for borrowers.
8. Credit Builder Loans: Designed for those with limited or poor credit history, credit builder loans help establish or improve credit scores by reporting on-time payments to credit bureaus.
9. Emergency Loans: These loans provide fast access to funds for unexpected expenses, such as medical bills or car repairs, often with quick approval processes.
Understanding the different types of personal loans can help borrowers choose the option that best fits their financial situation and needs.
Reasons for Applying for a Personal Loan
People apply for personal loans for various reasons, depending on their financial circumstances and goals. Here are some common reasons:
1. Debt Consolidation: Combining multiple debts into a single loan can simplify repayment and potentially lower interest rates, saving money in the long run.
2. Home Improvement: Funding home renovation projects or repairs can increase property value and enhance living spaces.
3. Emergency Expenses: Unexpected medical bills, car repairs, or other sudden expenses may require immediate financial assistance that a personal loan can provide.
4. Weddings or Special Events: Financing weddings, milestone celebrations, or other significant life events can be made more manageable with a personal loan.
5. Education Expenses: Covering tuition fees, textbooks, or other education-related costs can be funded through a personal loan, especially for non-traditional students or those pursuing further education.
6. Travel: Funding vacations or travel experiences allows individuals to explore new destinations or take much-needed breaks without draining savings.
7. Medical Expenses: Coping with medical procedures, treatments, or surgeries that aren't fully covered by insurance can be financially challenging, prompting the need for a personal loan.
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
Identity Proof – Any of PAN Card, Voter ID, Driving License, Aadhaar Card or Passport
Residence Proof – Any of 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 Question
1. Which is the best personal loan in India?
There is no such thing known as the best personal loan. It solely depends on the requirements of the applicant. In order to obtain the best personal loan, the applicant needs to search and analyse the lender that provides you with the offers that suit your needs. You can look for several lenders and their offerings in the market at Wishfin and select the best deal for you.
2. Which bank provides you with the lowest interest rate personal loans?
The interest rates of a personal loan depends solely on the applicant’s credit life. If your creditworthiness and your financial portfolio is good, you may get the lowest interest rate personal loans.
3. What are the best banks for personal loans?
The bank that provides you with the offers that are best suited for you is the best bank for personal loan. Always look for various offerings provided by several lenders, compare them on platforms like Wishfin and select the best bank for your accordingly. Analyze your needs, the processing fees of the lender, their personal loan criteria, any hidden costs, facilities of instant personal loans, interest rates, the loan tenure, etc. and then choose according to your comfort.
4. How can I check the total amount of interest accumulated on my personal loan?
You can check the total interest calculated on your personal loan using the Personal Loan EMI Calculator. By entering the loan amount, the loan tenure and the interest rate given by the lender, you can see the monthly EMI as well as the total interest calculated on your personal loan.
5. What factors influence the best personal loan interest rates?
The factors that can help you achieve the best personal loan interest rates are your monthly income, debt-to-income ratio, repayment history, CIBIL score and the reputation of your working organization.
6. What is the maximum amount of personal loan in India?
The maximum amount of personal loan you can avail depends on your credit life and the lender’s eligibility criteria. Usually, personal loans upto Rs.50,00,000 are available in India.
7. How much time does it take to get a personal loan application approved?
If you are a pre-approved customer, you can avail a personal loan instantly. Otherwise, the approval of a personal loan usually takes a few days to a week. It also depends on the eligibility criteria of the applicant and the lender’s requirements that how fast you can avail 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
- SBFC Personal Loan EMI Calculator
- SBI Personal Loan EMI Calculator
- Axis Bank Personal Loan EMI Calculator