Choosing the best bank to get your loan from can be challenging, and surveying numerous banks and their interest rates on various tenures and finding the one most suitable for you can take multiple days’ worth of time. So to make that job less tiresome, here are the top 10 personal loan bank lists for you to see which one fits your requirements best!
Why a Personal Loan?
A personal loan is an unsecured loan that you may use to address an immediate financial requirement. In terms of personal loans, both banks and non-banking financial institutions (NBFIs) charge high-interest rates. These rates range around 10.50% to 21.00% for most banks in India such as the ICICI bank personal loan that provides loans for tenure of one to five years.
List of India’s Top 10 Personal Loan Lenders
- HDFC Bank Personal Loan
The annual interest rate ranges from 10.50% to 21.00%. There is a 21-year-old minimum age requirement, and the age limit is 60 years old. Net monthly revenue of Rs. 15,000 is the required bare minimum. Borrowing capacity of up to Rs. 15 Lakh loan terms ranging from 12 to 60 months are offered.
- ICICI Personal loan
It starts from 15% annual interest rate (fixed). There is a 21-year-old minimum age requirement. The age limit is 60 years old. 3.00% of the loan amount in processing fees up to Rs. 5 Lakh in loan proceeds for a period of 12 to 48 month loan repayment term.
- SBI personal loan
A wide range of personal loans are available from this bank, each with a different interest rate—rates starting at 10.60% and above. There is a 21-year-old minimum age requirement. The age limit is 60 years old. Rs. 15,000 as the bare minimum. From Rs. 25,000 to Rs. 20 Lakh may be borrowed. The duration of a loan is for a maximum of 60 months.
- PNB Personal Loan
The interest rates start from 8.7% annual interest rate to 14.25% annual interest rate. There is a 21-year-old minimum age requirement. The age limit is 60 years old. The loan amount sanctioned ranges from Rs. 50,000 to Rs. 10 Lakh. And for the maximum loan amount of Rs.10 lakh the repayment period is limited to only 48 months.
- Axis Bank Personal Loan
The annual interest rate ranges from 12% to 21%. There is a 21-year-old minimum age requirement, and the age limit is 65 years. The highest amount of loan ranges in between Rs. 50,000 to Rs. 15 Lakh. The loan tenure ranges from 12 to 60 months at the maximum.
- Canara Bank Personal Loan
The annual interest rate starts from 12.40% per annum for salaried individuals. The minimum loan amount is Rs. 10,000 for those who earn a minimum of Rs. 20,000 per month. The basic eligibility criterion for an individual is that the income must be stable. The maximum amount of loan has repayment tenure of up to 48 months.
- IDBI Bank Personal Loans
An annual interest rate of 8.15% to 16.90% for salaried and non-salaried both, with the minimum age criteria of 21 years at the time of applying for the loan. The upper age limit is 60 years old. Loans are sanctioned up to Rs. 5 Lakh depending on the monthly income and overall credit history, and the loan repayment tenure ranges from 12 to 60 months.
This was the personal loan bank list of the top 7 banks that are offering the best personal loan in India with various additional benefits.
Following the above list, you can find the best bank that provides the personal loan that suits your need. You should also note that to know more about loans like ICICI bank personal loan you can visit Apnapaisa and get to know all the options that are worth checking out.