Best personal loans you can avail in India

Banks and other financial institutions offer a wide range of loans. Because of technological advancements, the loan application process has been able to accelerate and improve over time providing easy access to loans. In India's debt market, the most popular loan product is the personal loan. Many prospective borrowers prefer these loans because they are unsecured. Let's take a look at what personal loans are and the best personal loans available in india.

What is a Personal Loan ?

A personal loan is an unsecured loan given to an individual for a short to medium term. Except for speculative purposes, it has no end use restrictions. In other words, a personal loan is money borrowed from a local bank or an online lender. Personal loans can be used to cover wedding, education, travel, or home renovation costs, as well as to purchase consumer durables, two-wheelers, or used vehicles. Personal loans are a popular financing option due to their versatility, minimal documentation, and quick processing.

HDFC Personal Loan

HDFC Personal Loan is available at 11.00% p.a. for loan amounts up to Rs 40 lakh over a period of up to 6 years. HDFC Bank also provides HDFC Xpress Personal Loan, a pre-approved instant personal loan with loan disbursement in just 10 seconds, to select HDFC Bank customers. Existing personal loan borrowers from other banks and NBFCs can also apply for HDFC Bank Personal Loan in order to transfer their outstanding personal loan to HDFC Bank at a lower interest rate.

• Interest Rates- 11.00 % p.a.
• Tenure- Up to 6 years
• Processing fees- Around Rs. 4,999

Bajaj finserv-

Personal loans are available to salaried applicants at 11% p.a. for loan amounts up to Rs 25 lakh and tenures of up to 5 years from Bajaj Finserv. It also provides personal loans to self-employed applicants at a rate of 15% per annum for loan amounts of up to Rs 45 lakh and terms of up to 7 years. It offers personal loans with instant approval, minimal documentation, and loan disbursement on the same day. Select existing customers can also get pre-approved for personal loans from Bajaj Finserv.
Interest rates- 11% p.a.
Tenure- up to 5 years
Processing Fees- Up to 4% of the loan amount

SBI Personal Loan

SBI Personal Loan has an annual interest rate of 10.65%. SBI offers pension loans of up to Rs 14 lakh with terms of up to 7 years for loans of up to Rs 20 lakh with terms of up to 6 years. It also provides pre-approved personal loans with quick disbursal loans.

• Interest rates- 10.65%-15.15% p.a.
• Tenure- 6 years
• Processing Fees- up to 1.50% (Maximum Rs. 15000)

ICICI Bank Personal Loan

ICICI Bank offers personal loans starting at 10.75% p.a. for loan amounts up to Rs 50 lakh and terms up to 6 years. It also provides pre-approved instant personal loans to select ICICI Bank customers, with loan disbursement in as little as three seconds. ICICI Bank offers the option of transferring an existing personal loan from another bank/NBFC to ICICI Bank at a lower interest rate. Customers who have salary accounts with ICICI Bank can also use the bank's overdraft facility.
Interest rates- 10.50% p.a.
Tenure- up to 6 years
Processing Fees- Up to 2.50% of the loan amount

Axis Bank Personal Loan

Axis Bank offers Personal loans with fixed interest rates starting at 10.49% p.a. for loan amounts up to Rs 40 lakh and terms around 1 to 5 years. It also offers instant pre-approved personal loans with no paperwork and digital processing.

• Interest rates- 10.49% p.a.
• Tenure- up to 5 years
• Processing Fees- 1.5%-2% of the loan amount