Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Public Sector Bank Personal Loans in India

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.50% - 19.50% Fixed
    0 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.50% - 19.50% Fixed
    ₹0 One time fee
    25L Max
    1-5 Years
    Response Time Within 30 minutes
    Paperless approval option available Get Goibibo goCash worth Rs 5,000
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
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    Customer Reviews
    13% - 20% Fixed
    1.5% (min. ₹1150) One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 17% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    0.25% to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available Get Goibibo goCash worth Rs 5,000
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
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    Customer Reviews
    12.99% - 19% Fixed
    0.50% to 2.5% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.99% - 17% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.49% Fixed
    2.5% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
    What you'll love
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    DOCTORS LOAN
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
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    Personal Loan BYTES FROM OUR KITCHEN

    Top 9 Public Sector Banks Providing Personal Loans in India

    There may be times in life when you are in need of funds on an urgent basis but are not prepared for it. For example, if you have to pay for a family member’s wedding, hospital bills, etc. Personal loans can be a great solution at these times of need. In India, there are many banks that provide personal loans. Some of the Public Sector Banks that offer personal loans to customers are State Bank of India, Central Bank of India, Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, Bank of Maharashtra, Punjab National Bank, IDBI Bank, United Bank of India, State Bank of Travancore, etc.

    1. State Bank of India (SBI)

      SBI offers personal loans with low interest rates and the interest is charged on a daily reducing balance. The processing charges are comparatively low and there are no hidden costs /administrative charges. The bank requires minimal documentation for personal loans and you will not need security.

      Following are the personal loans that State Bank of India offers:

      1. SBI Saral Personal Loan
      2. Xpress Credit Loan
      3. SBI Pension Loan
      4. Festival Loans
    2. Central Bank of India

      Central Bank of India offers a number of personal loans that are designed to meet the requirements of individuals in different categories. For example, one of the variants of personal loans is meant for teachers. This personal loan, which is called Cent Teacher, is only available for Permanent Teachers / Employees of Schools/ Universities/ Colleges as well as other Educational and Research Institutes. These individuals must also have their salary routed through account which is maintained with our Central Bank of India. The interest rate charged on this personal loan is calculated in the following method: Base Rate+2.75%.

      Other types of personal loans that the bank offers:

      1. Personal Loan Scheme (Corporate)
      2. Personal Loan Scheme (Non Corporate)
      3. Cent Ratna Scheme
      4. Cent Personal Gold Loan
      5. Personal Loan to Pensioners
      6. Cent Teacher
      7. Cent Suvidha
    3. Bank of Maharashtra (BOM)

      The personal loan that Bank of Maharashtra offers is known as ‘Maha Bank Personal Loan Scheme’. The borrowed amount must be repaid in full in the maximum period of 36 months.

      To be eligible for the personal loan, applicant must check off the following criteria:

      1. Those who have a Housing Loan with the bank (Salaried Individuals only) or Corporate Salary Account holders who have been employed for a minimum of two years. He/ she must also have at least one year experience in the current organization. The applicant must also have a minimum of one year relationship with the Bank.
      2. Corporate Salary Account holders must be earning a minimum of Rs. 3.00 lakh (last year income).

      Those with existing housing loan with the bank (Salaried Individuals only) must be earning a minimum of Rs. 2.50 lakh (last year income).

      Only those between the ages of 21 Years and 60 Years are eligible to apply for the home loan.

    4. Punjab National Bank (PNB)

      Punjab National Bank offers personal loan that is not only easily available but is flexible when it comes to repayment as you will not be charged for prepayment. The loan can be availed by people employed in a wide range of occupation including officials of Military Station Headquarters, permanent employees of Central/State Govt/PSUs and much more. The minimum amount that can be borrowed is Rs.50000/-.

      Rate of interest:

      For Loan amount up to Rs.10 lac: Individuals, whose salary is being disbursed through any of the Punjab National Bank branches (including Defence Personnel) MCLR+3.10%
      For loan amounts between Rs. 5 lacs and Rs 10 lac, and those who do not have salary account with Punjab National Bank irrespective of check off facility (field functionaries are not empowered to sanction these cases) MCLR+4.10%
      For Loan amount up to Rs.5 lac: Those who are availing the loan under check-off facility (including Defence Personnel) MCLR+5.10%
      For others up to Rs.5 lac MCLR+6.10%
    5. State Bank of Travancore (SBT)

      State Bank of Travancore offers personal loans that are easy to avail and require minimal documentation. Individuals in the following criteria are offered different loans: Government/ PSU employees can avail Normal Personal Loan or Elite Personal Loan. Corporate employees can avail Corporate Personal Loan.

      For Normal Personal Loan, a maximum of Rs.4.00 lakhs (for persons with Net Monthly Income up to Rs.40,000) can be availed. For Elite Personal Loan, a maximum Rs.10.00 lakhs (for persons with Net Monthly Income above Rs.40,000/) can be availed. Repayment of the entire borrowed amount can be done in a maximum of 60 months. The processing charge applicable is 1.00% of the loan amount sanctioned. You will also be charged with Service Tax as per applicable rates. The minimum age that borrowers must be to be eligible for the personal loan is 21 years. The maximum age to be eligible for the loan is 3 years before the date of retirement.

    6. Oriental Bank of Commerce (OBC)

      The personal loan offered by Oriental Bank of Commerce can be availed to meet personal / family expenses such as education/ marriage/ hospital bills (and others), to buy consumer durables, gold (and more) and to meet travel related expenses. Repayment of the loan amount can be completed in 60 EMIs (subject to remaining period of service).

      The interest rates applicable for each group of borrowers are mentioned below:

      Personal loan scheme Interest rate
      Govt. (Central / State) & PSU Employees (Working & Pensioners) BR + 2.25% = 11.95%
      Personal Loan for Home Loan Borrowers BR + 1.50% = 11.20%
      Corporate Employees BR + 3.25% = 12.95%
    7. Corporation Bank

      Corporation Bank offers personal loan for any genuine purpose. The minimum loan amount that can be availed with the personal loan is Rs. 0.10 lakh and the maximum is Rs.2.50 lakh. You will not be charged extra if you decide to prepay the borrowed amount in part or in full. Salaried class can take up to 36 months for repayment. Those other than salaried class can take up to 60 Months for repayment. Those falling in the following categories are eligible to apply for the loan:

      Permanent employees of profit-making Public Sector Undertakings, Central / State Government offices, Public Limited Companies, Colleges, Schools, Universities, Pensioners drawing pension through Corporation Bank, Research Institutions.

      1. Permanent employees of reputed Private Companies.
      2. Employees whose salary is routed through the Branch.
      3. Individuals with income other than salary / pension.
      4. Other than salaried class having regular dealings with the branch.
      5. Pensioners drawing pension through the branch.
    8. State Bank of Hyderabad (SBH)

      SBH ‘Personal Loan Unsecured’ is a great choice for those looking to finance a personal emergency such as to pay medical bills, pay for a wedding, etc. Repayment of the loan can be done in 36 months. Also note that SBH does not charge customers extra if they decide to prepay the borrowed amount. The Interest Rates are Subject to Change from Time to Time:

      MCLR: 9.65% w.e.f:01/04/2016

      The eligibility for availing this loan is divided into two:

      1. Category 1 is for employees of Central Government/ State/ Semi Government/ Profit making PSUs. These applicants must be working in the present organization for a minimum of 3 years.
      2. Category 2 is for employees of Private Sector Companies with SBH 1 to 3 rating. These individuals must have been banking with SBTH and be working with the same company for a minimum of 3 years.
    9. Union Bank of India

      ‘Union Personal’, Union Bank of India personal loan can be availed for various reasons so that you can comfortably pay for something that you are not able to pay for at one go. No security is required other than the guarantees and undertaking from employee. Two guarantees are needed. First time borrowers can avail up to Rs 5.00 lakh as loan. Existing borrowers with a satisfactory repayment record of two years can avail up to Rs 10.00 lakh. The borrowed amount should be repaid in full either within 5 years or one year prior to retirement.

      These are the criteria that must be met to avail the "Union Personal - for salaried individuals":

      1. Applicant must be from the salaried class and having regular source of income. The salary account must be with Union Bank of India as well.
      2. The residual service must be enough to ensure that the entire loan is repaid at least a year before the applicant retires.

      Following is a table depicting the interest rates applicable:

        Rate of Interest
      Union Personal – under Tie-up 13.40% (fixed)
      Union Personal – For Salaried individuals 14.40% (fixed)
      Union Personal – For KVS/NVS Employees / For employees working under Home & Defence ministries, Officers in all India Services & Top executives of PSUs / For employees working under accredited GOI ministries (Science & Technology, Labour & Employment, Statistics & Programme Implementation, Environment & Forest) (MCLR + 3.40)% = 12.85%
      Union Personal – For employees of Government organisations/ State Government/ PSUs & Central undertakings under Non Tie-up 13.50% (fixed)
      Union Personal – For Housing Loan Borrowers (MCLR + 2.15)% = 11.60%
      For C-DAC Employees 12.40% (fixed)
      Union Personal – For Non - Salaried individuals 14.40% (fixed)
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