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Personal loan is a unsecured loan that helps a person to meet his or her personal needs.Both banks and non-banking financial corporations(NBFc) are providing personal loans at a very small interest rate.Let’s compare personal loan options offered by every bank’s and non-banking financial corporation’s and then take your pick.
List of Top 10 Personal Loan Lending Companies in India
- HDFC Bank Personal Loan
All Bank Personal Loan Interest Rates Leading bank like HDFC bank giving various type of banking product at very affordable price.The personal loan which is provided by the bank is very attractive and affordable.
- Details of HDFC Bank Personal Loan
- Interest rate:- The interest rate is in between 11.25% to 21.50% p.a.
- Minimum age :- The minimum age is 21 years
- Minimum income :- Minimum income to take this loan is
- Rs.15,000 net monthly income.
- (Rs.20,000 for residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru)
- Processing fee: The processing fee of this loan is Up to 2.5% of the loan amount (minimum of Rs.1,999 and maximum of Rs.25,000)
- Anyone who is eligible for this loan scheme can take loan upto Rs.15 lakh
- The loan tenure is 12 to 16 months.
- Loan disbursal time: The disbursal time of this loan is 2 days.
- The bank has exclusive loan offers for applicants who are women employees. You can also check your personal loan eligibility in 1 minute on the official website of the bank.
- SBI Personal Loan
The SBI bank offers multiple personal loan products at different types of interest rates.
- SBI Xpress Credit Personal Loan
- Interest Rate: The interest rate is in between 12.50% to 16.60% p.a.
- Minimum age: To take this loan minimum age should be 21 years.
- Maximum age: To take this loan maximum age should be 60 years.
- Minimum income: Minimum monthly income should be Rs.5,000
- Loan amount: Anyone who is eligible for this loan can get loan amount up to Rs.25,000 to Rs.15 lakh
- Loan tenure : Up to 60 months
SBI Personal Loan for Pensioners
- Interest rate: The interest rate is 11.95% p.a.
- Minimum age: Minimum age to take this loan is 21 Years.
- Maximum age: The maximum age is 76 years.
- Minimum income: –
- Loan amount :Anyone who is eligible for this loan scheme can get loan upto Rs.25,000 to Rs.14 lakh.
- Loan tenure: Up to 84 month
SBI Saral Personal Loan
- Interest rate: Interest rate is in between 11.75% to 12.45% p.a.
- Minimum age: Minimum age to get this loan is 21 years
- Maximum age : any one below 60 years can take this loan
- Minimum income: Minimum monthly income of the borrower should be Rs.5,000
Loan amount:
- Rural areas or semi-urban centres: Rs.10,000 to Rs.10 lakh
- Metro and semi-urban centres: Rs.24,000 to Rs.10 lakh
Loan tenure:
- PNB Personal Loan
- Interest rate: The interest rate is in between 12% to 15% p.a.
- Minimum age: The minimum age to apply for this loan scheme is 21 years
- Maximum age:The maximum age limit is 60 years
- Minimum income:The mimimum monthly income should be as following-
- Semi-urban or rural centres: Rs.10,000
- Urban centres : Rs.12,500
- Metro centres : Rs.15,000
Loan amount: Anyone who is eligible for this loan can get a loan amount of Rs.50,000 to Rs.10 lakh or 20 times the monthly net income
Loan tenure:The loan tenure is up to 60 months
Axis Bank Personal Loan
- Interest rate: The interest rate is in between 15.75% to 24% p.a.
- Minimum age:Minimum age to apply for this loan is 21 years
- Maximum age:The maximum age to apply fot this loan is 60 years
- Minimum income: The mimimum monthly income should be Rs.15,000
- Loan amount: Anyone who is eligible for this loan can get a loan amount of Rs.50,000 to Rs.15 lakh
- Loan tenure:12 to 60 months
Canara Bank Personal Loan
Canara Bank has 3 kinds of personal loan products and they include:
- Interest rate: The interest rate is in between 13.15% – 14.15% p.a.
- Minimum age: Minimum age to apply for this loan is 21 years
- Maximum age: The maximum age should be 60 years
- Minimum income: The mimimum monthly income should be Rs.12,500
- Loan amount:Rs.1 lakh or 15 months of net income or 75% of invoice value, whichever is lesser
- Loan tenure:Up to 36 months
Canara Bank Teachers’ Personal Loan
- Interest rate: The interest rate is in between 12.65% p.a.
- Minimum age: Minimum age to apply for this loan is 21 years
- Maximum age: The maximum age should be 60 years
- Minimum income: The mimimum monthly income should be Rs.10,000
- Loan amount: : Anyone who is eligible for this loan can get a loan amount of Rs.3 lakh or gross salary for 6 months, whichever is lesser
- Loan tenure:Up to 48 months
Canara Bank Budget Personal Loan
- Interest rate: The interest rate is in between 11.00% to 13.00% p.a.
- Minimum age: Minimum age to apply for this loan is 21 years
- Maximum age: The maximum age to get this loan should be 60 years.
- Minimum income: The mimimum monthly income should be Rs.10,000
- Loan amount: Anyone who is eligible for this loan can get a loan amount of Rs.3 lakh or gross salary for 6 months, whichever is lesser
- Loan tenure:Up to 60 months
Mahindra Finance Personal Loan
Mahindra Finance is a prominent NBFC that extends various forms of financing.
- Interest rate: The interest rate is 11.70% p.a.
- Minimum age: Minimum age to get this loan is 21 years.
- Maximum age : The maximum age to get this loan should be 58 years
- Minimum income:Information not provided
- Loan amount:Anyone who is eligible for this loan can get up to Rs.3 lakh
- Loan tenure:Up to 3 years
IDBI Bank Personal Loan
- Interest rate: The interest rate is in between 10.15% – 12.90% p.a.
- Minimum age: Minimum age to get this loan is 22 years
- Maximum age: The maximum age to get this loan should be 60 years
- Minimum income: The mimimum monthly income should be Rs.15,000
- Loan amount:Rs.50,000 to Rs.10 lakh
- Loan tenure:12 to 60 months
Allahabad Bank Personal Loan
- Interest rate: The interest rate is 13% p.a.
- Minimum age: Minimum age to get this loan is 21 years
- Maximum age: The maximum age to get this loan should be 60 years
- Minimum income: The mimimum monthly income should be Rs.15,000
- Loan amount: Anyone who is eligible for this loan can get up to Rs.50,000 to 12 Lakh or 24 times of current gross monthly salary
- Loan tenure:Up to 60 months
Indian Overseas Bank Personal Loan
- Interest rate: The interest rate is in between 12.75% – 15.25% p.a.
- Minimum age: Minimum age to get this loan is 21 years
- Maximum age: The maximum age to get this loan should be 60 years
- Minimum income: The mimimum monthly income should be Above Rs.5,000
- Loan amount: Anyone who is eligible for this loan can get up to Up to Rs.5 lakh
- Loan tenure:Up to 60 months
These are some of the prominent personal loan finance companies that provide attractive personal loan options at reasonable interest rates. You do not have to submit any collateral or security for procuring these personal loans.
Simple Guidelines to Get Your Personal Loan Application Approved
- Firstly you have to make sure that you compare the interest rates, processing fees, pre-payment fees, and other features of various personal loans before you select one.
- Then you have to make sure that your credit score is good before you apply for a personal loan.
- You can decide your EMI accordingly. You can use an online EMI calculator to get an idea of your loan expenses.
With proper research, you can choose the most appropriate personal loan as per your preferences and financial requirements.
Frequently Asked Questions (FAQs)
- What is the maximum repayment tenure I can opt for?
- The maximum loan repayment tenure you can opt for is 84 months i.e., 7 years. This repayment tenure is being offered by State Bank of India on ‘SBI Personal Loan for Pensioners’.
What is the age range when it comes to applying for a personal loan?
You can apply for a personal loan if you fall in the age range between 21 – 76 years. While 21 years is the minimum age for all banks and the maximum age limit of 76 years is offered by State Bank of India.
- Can you tell me what is the lowest interest rate when it comes to availing a personal loan?
- The lowest interest rate charged for availing a personal loan is 10.75% p.a.
What is the maximum loan amount which I can borrow?
The maximum loan amount varies from bank to bank you can check from above list and compare them.
- My age is 40 years can I apply for SBI Saral Personal loan?
- Yes, you are eligible to apply for SBI Saral personal loan.