• Top 10 Personal Loan Finance Companies in India

    Personal loan is an unsecured loan that helps one in meeting his or her personal needs conveniently. Both banks and non-banking financial corporations (NBFCs) provide personal loans at great interest rates. Compare different personal loan options offered by various lenders and then take your pick.

    List of Top 10 Personal Loan Lending Companies in India

    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 11.25% to 21.50% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income Rs.15,000 net monthly income.
    (Rs.20,000 for residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru)
    Processing fee Up to 2.5% of the loan amount (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.

    A. SBI Xpress Credit Personal Loan

    Interest rate 12.50% to 16.60% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income Rs.5,000
    Loan amount Rs.25,000 to Rs.15 lakh
    Loan tenure Up to 60 months

    B. SBI Personal Loan for Pensioners

    Interest rate 11.95% p.a.
    Minimum age 21 Years
    Maximum age 76 years
    Minimum income -
    Loan amount Rs.25,000 to Rs.14 lakh
    Loan tenure Up to 84 months

    C. SBI Saral Personal Loan

    Interest rate 11.75% to 12.45% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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. PNB Personal Loan

    Interest rate 12% to 15% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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 15.75% to 24% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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:

    A. Canara Bank Consumer Personal Loan

    Interest rate 13.15% - 14.15% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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

    B. Canara Bank Teachers’ Personal Loan

    Interest rate 12.65% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income Rs.10,000
    Loan amount Rs.3 lakh or gross salary for 6 months, whichever is lesser
    Loan tenure Up to 48 months

    C. Canara Bank Budget Personal Loan

    Interest rate 11.00% to 13.00% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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 12.99% p.a.
    Minimum age 25 years
    Maximum age 58 years
    Minimum income 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 11.70% p.a.
    Minimum age 21 years
    Maximum age 58 years
    Minimum income Information not provided
    Loan amount Up to Rs.3 lakh
    Loan tenure Up to 3 years

    8. IDBI Bank Personal Loan

    Interest rate 10.15% - 12.90% p.a.
    Minimum age 22 years
    Maximum age 60 years
    Minimum income Rs.15,000
    Loan amount Rs.50,000 to Rs.10 lakh
    Loan tenure 12 to 60 months

    9. Allahabad Bank Personal Loan

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

    10. Indian Overseas Bank Personal Loan

    Interest rate 12.75% - 15.25% p.a.
    Minimum age 21 years
    Maximum age 60 years
    Minimum income 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.

    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.

    Frequently Asked Questions (FAQs)

    1. What is the maximum repayment tenure I can opt for?

      The maximum loan repayment tenure you can opt for is 84 months i.e., 7 years. This repayment tenure is being offered by State Bank of India on ‘SBI Personal Loan for Pensioners’.

    2. What is the age range when it comes to applying for a personal loan?

      You can apply for a personal loan if you fall in the age bracket of 21 – 76 years. While 21 years is the minimum for all banks. The maximum age limit of 76 years is offered by State Bank of India.

    3. What is the lowest interest rate when it comes to availing a personal loan?

      The lowest interest rate charged for availing a personal loan is 10.75% p.a.

    4. What is the maximum loan amount which I can borrowed?

      The maximum loan amount varies from bank to bank.

    5. I am 40 years can I apply for SBI Saral Personal loan?

      Yes, you are eligible to apply for SBI Saral personal loan.

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