Top 10 Banks & NBFCs for Low-Interest Personal Loans in India

Personal loans are a popular financial solution for individuals seeking funds for various needs, from debt consolidation to home renovation or medical emergencies. When looking for the cheapest personal loan in India, choosing the right financial institution with competitive interest rates is critical. Below, we explore the top 10 banks and NBFCs offering the best personal loan rates and low-interest personal loans in India to help you make an informed decision.

1. State Bank of India (SBI)

SBI is a leading name when it comes to providing low-interest personal loans in India. The bank offers attractive rates starting from 10.10% per annum, making it a go-to option for individuals seeking the best low-interest personal loans. Additionally, SBI provides flexibility in repayment, ranging from 6 to 72 months.

2. HDFC Bank

HDFC Bank is renowned for its quick loan disbursals and competitive interest rates starting from 10.50% per annum. It offers the best personal loans with low interest rates for salaried and self-employed individuals with a seamless online application process.

3. ICICI Bank

ICICI Bank offers one of the best low-interest loans in India, starting at 10.75% per annum. The bank provides pre-approved personal loans to existing customers, which makes the process hassle-free and quick.

4. Axis Bank

Axis Bank’s personal loans are popular among customers looking for competitive rates. With interest rates starting from 10.49% per annum, Axis Bank is ideal for individuals seeking the cheapest personal loan in India.

5. Bajaj Finserv

Bajaj Finserv is one of the top NBFCs offering personal loans at rates starting from 13.00% per annum. Known for its high loan amounts and fast approvals, it caters to both salaried and self-employed individuals looking for the best personal loan rates.

6. Kotak Mahindra Bank

Kotak Mahindra Bank offers low-interest personal loans in India, with rates starting from 10.99% per annum. The bank provides flexible loan terms and quick disbursal, making it a top choice for the best low-interest loans.

7. Tata Capital

Tata Capital is another NBFC known for its competitive rates starting at 10.99% per annum. It provides loans tailored to customer needs, with no hidden charges, making it a reliable option for those seeking the cheapest personal loan in India.

8. Punjab National Bank (PNB)

PNB offers personal loans with interest rates starting as low as 10.30% per annum. Its extensive branch network and competitive pricing make it a preferred choice for low-interest personal loans in India.

9. IDFC First Bank

IDFC First Bank provides best personal loans with low interest rates, starting at 10.49% per annum. The bank also offers a flexible repayment tenure of up to 60 months, catering to diverse financial needs.

10. Fullerton India

Fullerton India is an NBFC offering personal loans at interest rates starting from 11.99% per annum. It is ideal for individuals seeking customized loan solutions with minimal documentation.

Tips to Choose the Best Low-Interest Personal Loans

1. Compare Rates: Always compare the rates offered by various banks and NBFCs to find the cheapest personal loan in India.
2. Check Processing Fees: Low-interest rates might come with high processing fees. Ensure to check the total cost of the loan.
3. Evaluate Repayment Terms: Look for institutions offering flexible repayment tenures to manage EMIs comfortably.
4. Assess Eligibility: Choose a lender where you meet the eligibility criteria to ensure smooth approval.

Conclusion

Finding the best low interest personal loans requires thorough research and comparison. The top banks and NBFCs mentioned above offer competitive rates, flexible tenures, and excellent service, ensuring you get the best personal loan rates tailored to your needs. Whether you're looking for the cheapest personal loan in India or the most convenient terms, these financial institutions have you covered.