Personal loans are one of the most popular financing options for individuals seeking quick funds for various needs, such as medical emergencies, travel, or weddings. With numerous banks and Non-Banking Financial Companies (NBFCs) offering the cheapest personal loan in India at competitive interest rates, it can be challenging to choose the right lender. Here's a list of India's top 10 banks and NBFCs offering personal loans at low interest rates.
1. State Bank of India (SBI)
SBI is one of India’s largest banks and a trusted provider of personal loans. Known for its attractive interest rates and minimal processing fees, SBI offers flexible repayment tenures of up to 6 years, making it an ideal choice for salaried and self-employed individuals.
Interest Rate: Starting at 10.65%
Loan Amount: Up to ₹20 Lakhs
2. HDFC Bank
HDFC Bank is renowned for its quick loan disbursal and competitive rates. Its pre-approved personal loans are popular among existing customers for instant approvals and disbursals.
Interest Rate: Starting at 10.50%
Loan Amount: Up to ₹40 Lakhs
3. ICICI Bank
ICICI Bank provides personal loans with minimal documentation and flexible repayment options. The bank also offers special rates for existing customers.
Interest Rate: Starting at 10.75%
Loan Amount: Up to ₹25 Lakhs
4. My Mudra
My Mudra is known for its easy application process and attractive interest rates. It offers personal loans for various purposes, including medical emergencies and weddings.
Interest Rate: Starting at 10.49%
Loan Amount: Up to ₹40 Lakhs
5. Kotak Mahindra Bank
Kotak Mahindra Bank offers competitive rates and flexible repayment options. It also provides pre-approved loan offers for existing customers.
Interest Rate: Starting at 10.25%
Loan Amount: Up to ₹25 Lakhs
6. Bajaj Finserv
As one of the leading NBFCs, Bajaj Finserv is known for its high-value personal loans with minimal paperwork. Its Flexi Loan feature allows borrowers to withdraw funds as needed and pay interest only on the amount used.
Interest Rate: Starting at 11.00%
Loan Amount: Up to ₹25 Lakhs
7. Tata Capital
Tata Capital offers personal loans with affordable interest rates and flexible tenures. It is a preferred choice for individuals seeking loans without collateral.
Interest Rate: Starting at 10.99%
Loan Amount: Up to ₹25 Lakhs
8. IDFC FIRST Bank
IDFC FIRST Bank provides personal loans with simple documentation, fast processing, and no hidden charges. Its digital-first approach ensures seamless loan applications.
Interest Rate: Starting at 10.49%
Loan Amount: Up to ₹40 Lakhs
9. Fullerton India
Fullerton India offers tailored personal loans for salaried and self-employed individuals. With a user-friendly application process, it caters to diverse financial needs.
Interest Rate: Starting at 11.99%
Loan Amount: Up to ₹25 Lakhs
10. Indiabulls Consumer Finance
Indiabulls is a prominent NBFC offering personal loans with attractive features such as quick disbursal and flexible tenure options. It caters to both salaried and self-employed individuals.
Interest Rate: Starting at 11.50%
Loan Amount: Up to ₹15 Lakhs
Key Factors to Consider When Choosing a Personal Loan
- Interest Rate: Always compare interest rates across lenders to find the most affordable option.
- Processing Fees: Check for hidden charges or high processing fees.
- Repayment Tenure: Opt for a lender offering flexible tenure to manage EMIs conveniently.
- Eligibility Criteria: Ensure you meet the lender's income, age, and credit score requirements.
- Customer Service: Choose a lender with good customer support for a smooth experience.
Conclusion
Choosing the right bank or NBFC for your personal loan depends on your financial needs and eligibility. The lenders listed above are among the best in India, offering competitive rates and customer-friendly services. Compare their offerings and decide to secure the funds you need at a low cost.
For low interest personal loans in India, many of these lenders also provide online application facilities, making the process fast and hassle-free. Explore your options today!
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