Top 10 Personal Loan Finance Companies in India

Personal loans are one of the most popular modes of financing in the world. A personal loan is an unsecured loan that helps one in meeting his or her personal needs conveniently. While personal loans are easily available in the country, one should choose a reliable personal loan lender in order to have a smooth borrowing experience.

Both banks and non-banking financial corporations (NBFCs) provide personal loans at great interest rates. You can compare different personal loan options offered by various lenders and then take your pick. Keeping the financial condition and requirements of borrowers in mind, lenders have multiple options.

List of Top 10 Personal Loan Lending Companies in India

1. HDFC Bank Personal Loan:

HDFC Bank is a leading bank that offers numerous banking products at affordable prices. The personal loan product provided by the bank is affordable and attractive.

Details of HDFC Bank Personal Loan

Interest rate14.75% to 20.70% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.15,000 net income on a monthly basis
For residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru: Rs.20,000
Processing feeUp to 2.5% of the loan amount with a minimum of Rs.1,999 and maximum of Rs.25,000
Loan amountUp to Rs.15 lakh
Loan tenure12 to 60 months
Loan disbursal time2 days

2. SBI Personal Loan

The bank offers multiple personal loan products at different interest rates.

State Bank of India (SBI) Xpress Credit Personal Loan

Interest rate11.85% to 14.70% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.5,000
Loan amountRs.25,000 to Rs.15 lakh
Loan tenureUp to 60 months

State Bank of India (SBI) Personal Loan for Pensioners

Interest rate12.40% p.a.
Minimum age21 Years
Maximum age76 years
Minimum income
Loan amountRs.25,000 to Rs.14 lakh
Loan tenureUp to 84 months

State Bank of India (SBI) Saral Personal Loan

Interest rate11.85% to 14.70% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.5,000
Loan amountRural 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 tenureUp to 48 months

3. Punjab National Bank (PNB) Personal Loan

Interest rateUp to 15% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeSemi-urban or rural centres: Rs.10,000
Urban centres: Rs.12,500
Metro centres: Rs.15,000
Loan amountRs.50,000 to Rs.10 lakh or 20 times the monthly net income
Loan tenureUp to 60 months

4. Axis Bank Personal Loan

Interest rate15.50% to 24% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.15,000
Loan amountRs.50,000 to Rs.15 lakh
Loan tenure12 to 60 months

5. Canara Bank Personal Loan

Canara Bank has 3 kinds of personal loan products and they include:

Canara Bank Consumer Personal Loan

Interest rate12.75% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.12,500
Loan amountRs.1 lakh or 15 months of net income or 75% of invoice value, whichever is lesser
Loan tenureUp to 36 months

Canara Bank Teachers’ Personal Loan

Interest rate12.25% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.10,000
Loan amountRs.3 lakh or gross salary for 6 months, whichever is lesser
Loan tenureUp to 48 months

Canara Bank Budget Personal Loan

Interest rate12.60% to 13.60% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.10,000
Loan amountRs.3 lakh or gross salary for 6 months, whichever is lesser
Loan tenureUp to 60 months

6. Bajaj Finserv Personal Loan

Bajaj Finserv is a leading NBFC that offers a wide range of financial products. The company provides a great personal loan product that can be utilised for several personal requirements.

Interest rate13.99% p.a.
Minimum age25 years
Maximum age58 years
Minimum incomeRs.40,000; Rs.35,000; and Rs.30,000
Loan amountUp to Rs.25 lakh
Loan tenure12 to 60 months
Loan disbursal time24 hours

7. Mahindra Finance Personal Loan

Mahindra Finance is a prominent NBFC that extends various forms of financing.

Interest rateInformation not provided
Minimum age21 years
Maximum age58 years
Minimum incomeInformation not provided
Loan amountUp to Rs.3 lakh
Loan tenureUp to 3 years

8. IDBI Bank Personal Loan

Interest rate12.49% to 13.49% p.a.
Minimum age22 years
Maximum age60 years
Minimum incomeRs.15,000
Loan amountRs.50,000 to Rs.10 lakh
Loan tenure12 to 60 months

9. Allahabad Bank

Interest rate13% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeRs.15,000
Loan amountRs.50,000 to 12 or 24 times of current gross monthly salary
Loan tenureUp to 60 months

10. Indian Overseas Bank Personal Loan

Interest rate11.65% p.a.
Minimum age21 years
Maximum age60 years
Minimum incomeAbove Rs.5,000
Loan amountUp to Rs.5 lakh
Loan tenureUp 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

  • Make sure you compare the interest rates, processing fees, pre-payment fees, and other features of various personal loans before you select one.
  • Make sure your credit score is good before you apply for a personal loan.
  • Plan your monthly expenses thoroughly. 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.