5 Leading Personal Loan Providers in India


You can get a variety of personal loan options through leading banks and NBFCs. Entities like HDFC Bank, ICICI Bank, and State Bank of India provide comprehensive services with fast processing times. Meanwhile, companies like Bajaj Finance offer flexible lending solutions and have more lenient eligibility criteria compared to banks. Let's look at the personal loans offered by these lenders in greater detail:

HDFC Bank

HDFC Bank is one of India's largest private-sector banks. It is known for its quick disbursement of funds and transparent processing. Here, you can borrow up to ₹40 Lakhs at interest rates starting from just 10.75% p.a. You can repay the loan over flexible tenures of up to 60 months. It requires simple documentation, which enhances convenience and ease of application. Thus, these loans have become a preferred choice for both salaried and self-employed individuals.

ICICI Bank

ICICI Bank offers personal loans that are easy to apply for online. You can get a loan of up to ₹50 Lakhs for a flexible tenure of up to 72 months. Furthermore, save on repayment costs with interest rates starting from 10.80% p.a. The borrowed amount can be used for various purposes like home renovation and travel. ICICI Bank also provides instant eligibility checks and pre-approved offers for existing customers.

State Bank of India (SBI)

SBI offers customised personal loans for pensioners, defence personnel, and government officials. It also has special loans for its existing customers and other salaried customers. Such tailored loans can help fulfil your specific needs conveniently. This public sector bank offers an interest rate starting as low as 11.15% p.a. You can also enjoy an overdraft facility offered by the bank if required.

Bajaj Finance

Bajaj Finance is known for its quick loan approvals and disbursals. The documents required to get this loan are minimal and the eligibility criteria are lenient compared to banks. It offers flexible repayment options and a high loan amount of up to ₹40 Lakhs. The interest rates offered on these loans start from 11% p.a. You can also apply for a flexi loan, where the interest is charged only on the utilised amount. This feature makes it suitable for those who may have ongoing borrowing needs.

Axis Bank

Axis Bank offers personal loans with interest rates starting from 10.99% p.a. You can borrow amounts of up to ₹40 Lakhs with these loans. Also, enjoy loan tenures ranging from 12 to 84 months for easy loan repayment. The minimal documentation requirements and paperless process streamline the application procedure. Once the application has been submitted, the loan may be approved within just 30 seconds.

When choosing a personal loan, it's crucial to carefully compare options to ensure you get the best terms suited to your financial needs. Factors like interest rates, repayment terms, and additional fees can vary between lenders. Digital marketplaces like Bajaj Markets, which features over 20 personal loan providers, enable you to compare loan options side by side.

Utilising such platforms can simplify the process, helping you make an informed decision. You can even get personalised loan offers if you use apps like the Bajaj Markets app. This can help you get more suitable loan options that fit your budget and preferences.

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