A personal loan is an unsecured loan that makes it easier for one to meet their individual financial demands. Personal loans are offered by banks and non-banking financial companies (NBFCs) at competitive interest rates. Make your decision after comparing the many personal loan possibilities provided by various lenders. In India, banks offer loans with rates between 10.5% and 21% and terms between 1 year and 5 years.
In this article we will discuss about the top 5 Personal Loan Lending Institutions in India and their interest rates,
1. HDFC Bank Personal Loan
Leading bank HDFC Bank provides a wide range of banking products at competitive rates. The bank offers a cost-effective and alluring personal loan package.
Interest Rate : 10.50% p.a. to 21.00% p.a.
Minimum Age : 21 Years
Maximum Age : 60 Years
Loan Processing Fee : Up to 2.5% of the loan amount (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
2. Canara Bank Personal Loan
Under the Canara Teachers Loan and Canara Budget Loan programmes, Canara Bank provides personal loans up to Rs. 3 lakh. The loans are available with minimal processing fees and interest rates starting at 12.05% p.a. The maximum loan repayment period is five years.
Interest Rate : 12.40% p.a.
Minimum Age : 21 Years
Maximum Age : 60 Years
Loan Amount : Rs.3 lakh or gross salary for 10 months, whichever is lesser
Loan Tenure : Up to 48 months
3. Mahindra Finance Personal Loan
Mahindra Finance offers personal loans with affordable interest rates. These loans are only available to Mahindra Group employees and current Mahindra Finance clients. These quick loans offer simple documentation, various payback options, and disbursement in as little as two days.
Interest Rate : Up to 26% p.a.
Minimum Age : 21 years
Maximum Age : 58 Years
Loan Amount : Up to Rs.3 lakh
Loan Tenure : Up to 3 Years
4. IDBI Bank Personal Loan
Due to their reasonable repayment terms and appealing interest rates, IDBI Bank personal loans are excellent options whether you need money for home renovations or your child’s higher education. The processing fees for personal loans from IDBI Bank start at just 1% of the loan amount, and the repayment terms are flexible, ranging from one year to five years. Interest rates start at 9.50% p.a.
Interest Rate : 8.15% – 10.90% p.a
Minimum Age : 21 Years
Maximum Age : 60 Years
Minimum Income : Rs.15,000
Loan Amount : Rs.25,000 to Rs.5 lakh
Loan Tenure : 12 to 60 months
5. Indian Overseas Bank Personal Loan
With its corporate headquarters in Chennai, Indian Overseas Bank is one of the country’s top public sector banks. The bank operates a vast network of 3400 branches throughout India as well as 6 international branches and representative offices in both India and other countries. To guarantee that its domestic and foreign customers receive the greatest financial solutions, the bank offers a wide range of goods and services, including investments, insurance, loans, deposits, credit/debit cards, savings plans, and many more.
Interest Rate : 10.80% p.a.
Minimum Age : 21 Years
Maximum Age : 60 Years
Minimum Income : Above Rs.5,000
Loan Amount : Up to Rs.5 lakh
Loan Tenure : Up to 60 months