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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

    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar process is excellent and I have got good service from the bank bazaar team. The customer support service and the response is good from the bank bazaar. I have the bank bazaar mobile application which is easy to use and user friendly.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The bank bazaar personal loan service was excellent and I have got the loan amount on time via bank bazaar. I know bank bazaar for more than 2 years. The customer support service and the response is good from he bank bazaar team. I use the bank bazaar mobile application which is easy to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have opted the personal loan from the HDFC bank. The promised rate of interest was not approved and I am not happy about the interest rate. I have got the loan amount within a week time. The customer support service and the response is good with the HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan of 190000 and their interest rate is flexible as per customer requirements . I got the loan with in 3 days, the documentation part was also easy and the loan amount was credited directly to my account.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The response is quite good from the bank bazaar team. I know bank bazaar for the past 1 year, I use the bank bazaar mobile application while applying fort the personal loan which is easy to use and user friendly. I would say I got good service from bank bazaar.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the HDFC bank within 5 to 6 days of time. The customer support service and the response is good from he HDFC bank. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are high with the HDFC personal loan.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with AXIS bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. There are no charges on preclosure and the tenure period is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank Bazaar was quite good and I have got the loan on time via bank bazaar ,. The customer support service and the response is good from the bank bazaar they made very good follow up . Their executives explained the product in a very good way.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank personal loan service was quite good and I have got the loan amount within 2 days of time. The customer support service and the response is good from the HDFC bank. The rate of interest and the charges are average here with the HDFC bank personal loan.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Perfect srevice"
      0.5 4.0/5 "Great!"
      I have got good service from bank bazaar in regards to my personal loan application. I know bank bazaar for more than 23 years. The customer support service and the response is good from the bank bazaar . I have used the bank bazaar website while applying for the personal loan which is easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Aditya Birla Finance Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan process took time with the ADITYA BIRLA FINANCE LIMITED . They have disbursed the loan amount within 2 weeks of time. The required loan amount has been given and I am satisfied with it. the rate of interest and the charges are average here.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the Axis. The whole application process was easy and hassle free. It took just 6 working days to disburse the loan amount to my account. The documentation was done digitally which was easy and convenient. Th EMI is paid online ..
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service was quite good from the bank bazaar team in concern to my personal loan application. I know bank bazaar for more than 3 years. The customer support service and the response is good from the bank bazaar team. I use the bank bazaar mobile application.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Tata capital Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the better service from the TATA CAPITAL in regards to my personal loan application. I have got the loan amount within 2 days of time. The customer support service and the response is good from the tata capital . The rate of interest and the charges are average.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      The Axis bank personal loan service is quite average and they were ready to offer me the loan but the requested loan amount has not been approved , so that was the reason I have closed the loan application. the customer support service and the response is average here.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I am an existing customer to HDFC ban but still , I haven't got the loan from them and they have rejected my personal loan application saying that my credit score was low. the customer support service and the response is average from the HDFC bank.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I use the bank bazaar for more than 2 months. The customer support service and the response is excellent from the bank bazaar. I have used the bank bazaar mobile application while applying for the personal loan which is easy to use and user friendly.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan amount within a week time. The customer support service and the response is very good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank when compared with others. The loan amount was low with the ICICI bank .
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost seven years back for my personal use. The services which they have provided had been good. It was a paperless approval and i had submitted the documents online and it was an easy and smooth process. The rate of interest was nominal and also the loan amount was satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
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