5 Best Banks for Personal Loans in India

best banks for personal loans in India

You can take personal loans either from banks or from private finance companies like us, Finwizz Financial.

It is always recommended to take personal loans for emergency situations otherwise the higher interest rates may affect your lives badly.

What are the factors affecting the Interest rate of Personal Loan in India

  1. CIBIL Score
  2. Type of Employment (Salaried or Self-employment)
  3. Income Level
  4. Amount of Loan
  5. The reputation of the employer

Check this list of best banks for personal loans in India.

Best Banks for Personal Loans in India

 

#1) HDFC Personal Loan

You could get up to 40 Lakhs as a personal loan from HDFC Banks without any collateral security or guarantor. Salaried persons can avail the benefits of HDFC personal loans.

The personal loan rates of HDFC ranges from 15.5% to 21.5%

Documents Required to get HDFC Personal Loan

  • Latest Salary Slip
  • Address proof and ID proof
  • 3 Months Bank statement
  • HDFC personal loan application form (offline or online)

The major drawback on HDFC personal loans is the higher interest rate compared with other banks.

#2) State Bank of India Personal Loans

SBI has three categories for giving personal loans. They are SBI pension plan, SBI Xpress power personal loan and SBI Xpress credit personal loan. 

SBI personal loan interest rates vary from 11.3% to 15.55% depending on the type of loan that you choose.

Documents Required to get SBI Personal Loan

  • PAN Card
  • Address and ID proof
  • Form 16 with the latest salary slip
  • SBI personal loan application form (offline or online)

One drawback on SBI personal loan is, you could only get up to 15Lakhs as a personal loan.

#3) AXIS bank Personal Loan

The loan tenure is 60 months and AXIS Bank doesn’t have any pre-closure charges. If you want to close it earlier, you can do it without any charges.

When you are not sure about the repayment period, you can go with AXIS Bank personal loans as they have no part payment charges.

You can avail an AXIS bank personal loan up to 15 lakhs at an interest rate varying from 15.75% to 24%.

Documents Required to get AXIS Bank Personal Loan

  • ID Proof
  • Address Proof
  • Income proof and bank statement
  • Signature Verification
  • AXIS Bank personal loan application form

#4) Standard Chartered Bank Personal Loan

If you are looking for the lowest interest rate on personal loans, go for Standard Chartered. They have the lowest personal interest rate of 10.89%. You could get up to 30 Lakhs at an interest rate varying from 10.89% to 21%. 

Standard chartered loans will get sanctioned without any securities, guarantors or collaterals.

On the other hand, the processing charges and preclosure charges are high for standard chartered personal loans.

Documents Required to get AXIS Bank Personal Loan

  • Age Proof
  • ID and Address Proof
  • 3 Months bank statement
  • Form 16 or latest ITR
  • Standard Chartered personal loan application form

#5) ICICI Bank Personal Loan

One another lowest rate personal loan is ICICI bank personal loan. It is easy to get a personal loan from ICICI bank for 20 lakhs without any guarantor or security.  

The interest rate varies from 10.99% to 21%. The loan tenure is up to 60 months, if you would be able to pay 12 EMIs or more, the pre-closure charges can be waived off. 

Documents Required to get ICICI Bank Personal Loan

  • ID Proof
  • Address proof
  • Latest Salary slips and bank statements
  • Filled application form

Finally,

If you have a plan to take a personal loan and really don’t want to lose money, you should check not only the interest rates but the processing charges, pre-closure charges and late payment charges of the particular bank.

AUTHOR: reema
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