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    Top 10 Personal Loan Finance Companies in India

    Personal loans are one of the most popular modes of financing in the world. A personal loan is an unsecured loan that helps one in meeting his or her personal needs conveniently. While personal loans are easily available in the country, one should choose a reliable personal loan lender in order to have a smooth borrowing experience.

    Both banks and non-banking financial corporations (NBFCs) provide personal loans at great interest rates. You can compare different personal loan options offered by various lenders and then take your pick. Keeping the financial condition and requirements of borrowers in mind, lenders have multiple options.

    Uses of Personal Loans

    You can utilise a personal loan for the following reasons:

    • To consolidate your debts and pay off all of them together.
    • To renovate or remodel your home.
    • To buy high-value consumables and electronics goods.
    • To sponsor your travel plans.
    • To pay your credit card bills.
    • To take care of wedding expenses.

    List of Top 10 Personal Loan Lending Companies in India

    Let us now take a look at some of the best personal loan lending companies in the country:

    1. HDFC Bank Personal Loan:

    HDFC Bank is a leading bank that offers numerous banking products at affordable prices. The personal loan product provided by the bank is affordable and attractive.

    Details of HDFC Bank Personal Loan

    Interest rate 14.75% to 20.70% p.a.
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.15,000 net income on a monthly basis For residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru: Rs.20,000
    Processing fee Up to 2.5% of the loan amount with a minimum of Rs.1,999 and maximum of Rs.25,000
    Loan amount Up to Rs.15 lakh
    Loan tenure 12 to 60 months
    Loan disbursal time 2 days

    The bank has exclusive loan offers for applicants who are women employees. You can also check your personal loan eligibility in 1 minute on the official website of the bank.

    2. SBI Personal Loan

    The bank offers multiple personal loan products at different interest rates.

    1. State Bank of India (SBI) Xpress Credit Personal Loan
    Interest rate 11.85% to 14.70% p.a.
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.5,000
    Loan amount Rs.25,000 to Rs.15 lakh
    Loan tenure Up to 60 months
    1. State Bank of India (SBI) Personal Loan for Pensioners
    Interest rate 12.40% p.a.
    Minimum age requirement -
    Maximum age requirement 76 years
    Minimum income requirement -
    Loan amount Rs.25,000 to Rs.14 lakh
    Loan tenure Up to 84 months
    1. State Bank of India (SBI) Saral Personal Loan
    Interest rate 11.85% to 14.70% p.a.
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.5,000
    Loan amount Rural areas or semi-urban centres: Rs.10,000 to Rs.10 lakh Metro and semi-urban centres: Rs.24,000 to Rs.10 lakh
    Loan tenure Up to 48 months

    3. Punjab National Bank (PNB) Personal Loan

    Interest rate Up to 15% p.a.
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Semi-urban or rural centres: Rs.10,000 Urban centres: Rs.12,500 Metro centres: Rs.15,000
    Loan amount Rs.50,000 to Rs.10 lakh or 20 times the monthly net income
    Loan tenure Up to 60 months

    4. Axis Bank Personal Loan

    Interest rate 15.50% to 24% p.a.
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.15,000
    Loan amount Rs.50,000 to Rs.15 lakh
    Loan tenure 12 to 60 months

    5. Canara Bank Personal Loan

    Canara Bank has 3 kinds of personal loan products and they include:

    1. Canara Bank Consumer Personal Loan
    Interest rate 12.75%
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.12,500
    Loan amount Rs.1 lakh or 15 months of net income or 75% of invoice value, whichever is lesser
    Loan tenure Up to 36 months
    1. Canara Bank Teachers’ Personal Loan
    Interest rate 12.25%
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.10,000
    Loan amount Rs.3 lakh or gross salary for 6 months, whichever is lesser
    Loan tenure Up to 48 months
    1. Canara Bank Budget Personal Loan
    Interest rate 12.60% to 13.60
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.10,000
    Loan amount Rs.3 lakh or gross salary for 6 months, whichever is lesser
    Loan tenure Up to 60 months

    6. Bajaj Finserv Personal Loan

    Bajaj Finserv is a leading NBFC that offers a wide range of financial products. The company provides a great personal loan product that can be utilised for several personal requirements.

    Interest rate 13.99%
    Minimum age requirement 25 years
    Maximum age requirement 58 years
    Minimum income requirement Rs.40,000; Rs.35,000; and Rs.30,000
    Loan amount Up to Rs.25 lakh
    Loan tenure 12 to 60 months
    Loan disbursal time 24 hours

    7. Mahindra Finance Personal Loan

    Mahindra Finance is a prominent NBFC that extends various forms of financing.

    Interest rate Information not provided
    Minimum age requirement 21 years
    Maximum age requirement 58 years
    Minimum income requirement Information not provided
    Loan amount Up to Rs.3 lakh
    Loan tenure Up to 3 years

    8. IDBI Bank Personal Loan

    Interest rate 12.49% to 13.49%
    Minimum age requirement 22 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.15,000
    Loan amount Rs.50,000 to Rs.10 lakh
    Loan tenure 12 to 60 months

    9. Allahabad Bank

    Interest rate 13%
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Rs.15,000
    Loan amount Rs.50,000 to 12 or 24 times of current gross monthly salary
    Loan tenure Up to 60 months

    10. Indian Overseas Bank Personal Loan

    Interest rate 11.65%
    Minimum age requirement 21 years
    Maximum age requirement 60 years
    Minimum income requirement Above Rs.5,000
    Loan amount Up to Rs.5 lakh
    Loan tenure Up to 60 months

    These are some of the prominent personal loan finance companies that provide attractive personal loan options at reasonable interest rates. You do not have to submit any collateral or security for procuring these personal loans.

    Apply for Personal Loan

    Simple Guidelines to Get Your Personal Loan Application Approved

    • Make sure you compare the interest rates, processing fees, pre-payment fees, and other features of various personal loans before you select one.
    • Make sure your credit score is good before you apply for a personal loan.
    • Plan your monthly expenses thoroughly. You can decide your EMI accordingly. You can use an online EMI calculator to get an idea of your loan expenses.

    With proper research, you can choose the most appropriate personal loan as per your preferences and financial requirements.

    Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with this loan, there has been some charges of 16% and the process in getting this loan had been easy and simple. The loan amount which they had provided had been satisfactory and there has not been any processing fee which they had been charging.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan with HDFC bank and my loan experience was good, the loan amount was for Rs 3 lakhs with 11.75% as interest rate which is nominal in market. They charge 2% for preclosure. Customer service was good with HDFC bank and the tenure period is 3 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very good and the loan amount which they had provided had been satisfactory as well. I had taken this loan for the purchase of one of the land. There has not been any sort of processing fee which they had taken and all went well. The customer support and the staff responses had been good so far and their customer support also had been good as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 17, 2018
    • Citibank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from the Citibank for 4 lacs , The interest rate mis very high. I got the loan amount with in a day and credit to the account. The application and the documentation was really easy and hassle free. They need to lower the interest rates in par with other providers.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan from SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. There are no preclosure charges and the tenure period for this loan is 4 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 17, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan from the State bank of India which took around 1 week for approval and documentation . Am satisfied with the rate of interest 10.4% which they have provided . They charged Rs 8000 for processing fees with the tenure period of 5 years .Their customer service and service is not up to the mark as i have to do follow up regarding loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "High rate of intres with easy process"
      0.5 3.5/5 "Pretty good"
      Got my personal form Hdfc bank , as the rate of interest is high They are giving loan and fixing rate of interest based on the person which could have been avoided . Making the payments through Ecs . Got approved in just one hour as instant approval process. There is processing fees of Rs 4000-6000 for the personal loan with tenure period of 36 months . I cannot pre close this before one year after one year the pre closure charges will be 3-4 % Their customer service and response is good regarding personal loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • ICICI Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my personal loan form icici bank , they instantly processed for documentation and approval process . Rate of interest is also nominal one compared to other banks, their customer service and response is good.Made payments through ECS .The tenure period is 3 years
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 17, 2018
    • Bajaj Finserv Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Its instant loan approval process which i took from Bajaj fin serve for personal loan . The approval was so quick as they did in 2-3 days amount reflected in my bank account . The rate of interest is high compared to others . They gave tenure period of 1 years . Overall their service and response is good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with HDFC bank and my experience was average, the loan amount was for Rs4.8 lakhs with rate of interest of 14% which is nominal rate. The process was smooth and i received my loan amount on time. Customer service was good with HDFC bank and the tenure for this loan is 4 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from Axis bank its instant approved loan through their mobile application. . Am satisfied with the rate of interest which they have provided . There is processing fees for the loan which is nominal one. I make the payments through Ecs every month . They gave the tenure period of 2 years . They did quick documentation and received the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Its instant paperless approval personal loan which i got from icici bank. Based on the number of transaction which i made with icici. As the rate of interest is satisfactory but it is acceptable based on our urgency. Their customer service is way good an response was quick .I have chosen the tenure period of 5 years and there is nil processing fees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with them so far, and the process in getting the loan had been very smooth and easy. The loan amount which they had provided had been satisfactory and i had taken this loan for my home renovation. The interest rate with them has been nominal when compared with the market rate.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 16, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've taken a personal loan from the HDFC bank for 70000. There is no flexibility and the loan experience was good. The process and the application was smooth and hassle free. They need to provide more flexible options for their customers...
      Was this review helpful? 1
      , pune
      Reviewed on Jul 16, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan experience was good with HDFC bank, the loan amount was for Rs 2 lakhs with 13% interest rate which is nominal rate. The process was quick and the loan amount was disbursed on time. 2% charges are applicable for preclosure of the loan and the tenure period is 3 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 16, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was for Rs 10 lakhs with nominal interest rate when compared to others. Customer service was good and they followed up on time. The tenure period for this loan is 5 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 16, 2018
    • YES Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've take a personal loan from the Yes bank for 2 lakhs. It was not good, the associate told me 13.29% but the bank is charging 14 %. I am paying an EMI of 9803 for 24 Months. There were also hidden charges too when it comes to the YES bank with respect to personal loan.
      Was this review helpful? 2
      , delhi
      Reviewed on Jul 14, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra bank. I have taken 1 lac, I got the loan with in 2 days. I applied online banking. The interest rate is low. It was a very fast personal loan experience with the bank and their services.
      Was this review helpful? 3
      , pune
      Reviewed on Jul 14, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC bank 1 year back. The loan amount was 5 lakhs and the interest rate was satisfactory . The tenure period was 5 years . The process was very quick and satisfactory . I have got the loan with in a day. Here pre closure is after 3 months and the processing fee was bit high . My overall experience was good.
      Was this review helpful? 4
      , navi mumbai
      Reviewed on Jul 14, 2018
    • SBI Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      My personal loan was taken with SBI 2 years back.The loan amount was 2 lakhs and the interest rate as very high . The EMI period was 5 years .The process was very slow and they have delayed processing it .The documentation was smooth .hey did not sanction the loan within the committed time. Their processing fee was average in the market.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 14, 2018
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