Personal loans are unsecured loans in which the bank loans you money on your creditworthiness and no security is required for the money borrowed. However, the interest rates of personal loans are higher than any other loan like home loan or education loan considering the amount of risk involved in lending the sum.
Most banks offer personal loans starting from Rs.50,000 to Rs.15 lakh.
Please note that eligibility criteria differ from bank to bank. To know the exact eligibility criteria for each bank, use the BankBazaar eligibility calculator tool for exact results, and also compare the criteria’s between your chosen banks.
|ICICI Bank||11.49% – 17.50%|
|HDFC Bank||11.49% – 19.50%|
|SBI||12.45% – 16.55%|
|Kotak Mahindra||11.50% – 19.65%|
|Axis Bank||15.00% – 20.00%|
|Bajaj Finserv||11.99% onwards|
|Standard Chartered||11.99%% – 13.49%|
|Fullerton India||16.00% – 32.00%|
|IndusInd Bank||14% – 16.5%|
To know more about the various personal loans on offer from 36 different banks and financial institutions, make use of the BankBazaar comparison tool.
Besides the ones listed above, some banks might offer other types of personal loans. Women often get special offers on personal loans, making the particulars different from the usual personal loan on offer, but the type being the same. For example, a wedding loan taken by a woman and a man from the same bank might get different loan particulars offered, but essentially both will be getting wedding loans.
Choosing the type of loan to opt for finally rests on your requirements. Compare and choose the personal loan that covers your need.