To meet various needs, banks and other financial institutions offer a range of loans. The loan application process has been able to accelerate and improve over time, thanks to technology. People might have simple access to loans now.
The Personal Loan is the most popular loan product in India's debt market. More than 78% of credit requests in India fall into this category. Due to the fact that these loans are unsecured, many prospective borrowers choose them.
In short, a Personal loan is a sum of money you borrow from a bank nearby, an online lender or your credit union. Once you receive the money, you start making payments to the lender according to a schedule until the loan is fully repaid.
In this blog, we've compiled a list of some of the most popular Personal Loan plans in India for 2024. Read on to learn more about the unsecured personal options by some of the significant Indian banks that are being taken into consideration in this blog.
Top Personal Loans Plans in India 2024
S.No. | Personal Loan Plans | Interest Rates |
1. | HDFC Bank Personal Loan | 10.50% p.a. onwards |
2. | ICICI Bank Personal Loan | 10.50% p.a. onwards |
3. | Bajaj Finserv Personal Loan | 13.00% p.a. onwards |
4. | Fullerton India Personal Loan | 11.99% p.a. onwards |
5. | IndusInd Bank Personal Loan | 10.49% p.a. onwards |
6. | Kotak Personal Loan | 10.99% p.a. onwards |
7. | Standard Chartered Personal Loan | 11.49% p.a. onwards |
8. | Cent Personal Loan (Central Bank of India) | 10.75% p.a. onwards |
9. | Bandhan Bank Personal Loan | 10.50% p.a. onwards |
10. | SBI Quick Personal Loan | 10.10% p.a. onwards |
Factors To Consider Before Choosing a Personal Loan
Here are some crucial factors you must have a look at before selecting a personal loan for you-
Documentation
To avail of Personal Loans, individuals need to submit several documents like income statements, bank statements, and ITR returns.
Interest
Interests are on the higher side. It varies between 10-22% and is set according to the applicant's profile.
Tenure
The repayment tenure of Personal Loans is longer. It generally varies between 1-5 years for most lenders.
Loan Amount
The loan amount in the case of Personal Loans can be quite high. It is dependent on one's credit history and income profile.
Funds Disbursem*nt
Funds are provided in a lump sum manner. The lender directly transfers the funds to a borrower's account.
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Charges
Banks levy different fees like processing fees, late fees, etc. You may also want to read How do Pre-Approved Personal Loans Work?
Top Personal Loan Plans of 2024: Brief Analysis
Here is a brief analysis of some of the popular and top personal loans-
1) HDFC Bank Personal Loan
Both salaried employees and independent contractors in India can obtain Personal Loans from HDFC Bank. Online, you can quickly check your own eligibility.
If you already have an HDFC Bank account, you can use NetBanking to see if you qualify for a pre-approved loan. This is considered the best Personal Loan in India.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
11.00% p.a. onwards | Up to Rs 40 lakh | Up to 6 years | Up to Rs 4,999 | Rs 25,000 |
2) ICICI Bank Personal Loan
To handle personal emergencies that can arise at any time in life, you can apply for a Personal Loan up to Rs. 50 lakhs at enticing interest rates. Your borrowing experience will be simple thanks to the ICICI Bank's quick approval process for Personal Loans.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
10.50% p.a. onwards | Rs 50,000-Rs 25 lakh | 1-6 years | Up to 2.50% of the loan amount | Rs 30,000 |
3) Bajaj Finserv Personal Loan
You can borrow up to Rs. 25 lakhs with a Bajaj Finserv Personal Loan at a competitive interest rate. The loan has zero hidden fees and complete transparency, which streamlines the borrowing process overall.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
13% p.a. onwards | Up to Rs 25 lakh | Up to 5 years | Up to 4% of the loan amount | Rs 22,000 |
4) Fullerton India Personal Loan
Personal Loans from Fullerton India come with total openness and simplicity. Instant online application is part of the distinctive and customized offering. Online Personal Loans are instantly available from Fullerton, and the transaction is completely paperless. They user-friendly online application is available for online submission.
Soon after the loan has been approved, you can have the money credited to your account.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
11.99% p.a. onwards | Up to Rs 30 lakh | Up to 5 years | Up to 6% of the loan amount | Rs 20,000 |
5) IndusInd Bank Personal Loan
Personal Loans from IndusInd Bank are available at low-interest rates and can be used for a number of things. They provide quick processing and loan approval for instant online Personal Loans. Personal Loans up to Rs 25 lakh are available from IndusInd Bank with rates starting at 10.49% p.a. for terms up to 5 years.
Additionally, they provide immediate online Personal Loan processing and quick loan approval in a matter of minutes.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
10.49% p.a. onwards | Rs 30,000-25 lakhs | 1 to 5 years | Up to 3% of the sanctioned loan amount | Rs 25,000 |
6) Kotak Personal Loan
Personal Loans from Kotak Mahindra Bank provide you with quick cash for any pressing financial needs. Kotak Mahindra's instant Personal Loan can help you out whether you want to take a trip, plan a wedding, or cover unexpected medical expenses.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
10.99% p.a. onwards | From Rs. 50,000 – Rs. 25,00,000 | 1-5 years | Up to 3% of the loan amount | Rs 30,000 (Varies) |
7) Standard Chartered Personal Loan
Standard Chartered, one of the most well-known banks in the nation, provides Personal Loans with competitive interest rates and minimal processing costs.
Standard Chartered offers Personal Loans with interest rates starting at 11.49%; the processing fee that applies to the loan is up to 2.25% of the amount borrowed. The maximum loan amount is Rs. 1 lakh, and there are no restrictions on how long it takes to repay it—it can take anywhere between 1 and 5 years.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
11.49% p.a. onwards | Rs 1 lakh-Rs 50 lakh | Up to 5 years | Up to 2.25% of the loan amount | Rs 22,000 |
8) Cent Personal Loan (Central Bank of India)
Personal Loans are available from the Central Bank of India with interest rates starting at 9.85% per annum. In accordance with this program, you are eligible to receive a Personal Loan of up to Rs. 10 lakhs with a maximum 48-month repayment period.
On its Personal Loans, the bank levies a processing fee of Rs. 500 plus any applicable service taxes.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee |
10.75%-10.95% p.a. | Up to Rs 10 Lakh | Up to 5 years | Waived off up to the stipulated period |
9) Bandhan Bank Personal Loan
Bandhan Bank provides Personal Loans to meet every need of a person. The bank also provides numerous customizing options to meet an applicant's needs. For loan amounts up to Rs 15 lakh, Bandhan Bank offers Personal Loans with rates starting at 10.5% p.a. for terms of up to 5 years.
The bank states that it will release a Personal Loan after receiving the necessary paperwork in two working days.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee |
10.50% p.a. onwards | Rs 50,000 – Rs 15,00,000 | 1-5 years | 1% of Loan Amount |
10) SBI Quick Personal Loan
SBI offers Personal Loans with terms of up to 7 years and interest rates starting at 9.60% p.a. Depending on your eligibility, the loan amount can range from Rs. 25,000 to Rs. 20 lakhs. Up to 1.5% of the loan amount is charged as the processing fee.
Key Information
Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
10.10%-14.60% p.a. | Up to Rs 20 lakh | Up to 6 years | Up to 1.50% (Maximum Rs 15,000) | Rs 15,000 |
Conclusion
The top Personal Loan plans in India for 2024 are listed here. Several other loan plans in India, in addition to the ones already mentioned, provide quick Personal Loans. Since a few years ago, the market has expanded and welcomed a number of new players due to rising consumer awareness and adoption.
To make sure you fully comprehend the borrowing and repayment structures, you must always read the terms and conditions carefully before enrolling in any loan plan. Please keep in mind that this blog is only intended to provide information. Be sure to conduct your own research before selecting any of the loan plans mentioned above.
You May Also Be Interested to Know | |
1. | How to Apply for Instant Loan |
2. | Things to Keep in Mind While Applying for a Loan |
3. | Best Business Loan in India |
4. | Best Home Loan in India |
5. | How to Avoid Rejection of Your Personal Loan Application |
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
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Research Analyst - Bavadharini KS
