10 Best Personal Loans in India 2024
10 Best Personal Loans in India 2024
Nov 9, 2023
7 Minutes
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 2023. 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 Loan Plans in India 2023
1. HDFC Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
2. ICICI Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
3. Bajaj Finserv Personal Loan - Interest Rates: 13.00% p.a. onwards
4. Fullerton India Personal Loan - Interest Rates: 11.99% p.a. onwards
5. IndusInd Bank Personal Loan - Interest Rates: 10.49% p.a. onwards.
6. Kotak Personal Loan - Interest Rates: 10.99% p.a. onwards
7. Standard Chartered Personal Loan - Interest Rates: 11.49% p.a. onwards
8. Cent Personal Loan (Central Bank of India) - Interest Rates: 10.75% p.a. onwards
9. Bandhan Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
10. SBI Quick Personal Loan - Interest Rates: 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 Disbursement:
Funds are provided in a lump sum manner. The lender directly transfers the funds to a borrower's account.
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 2023: Brief Analysis
1. HDFC Bank Personal Loan - Interest Rate: 11.00% p.a. onwards - *Loan Amount*: Up to Rs 40 lakh - *Tenure*: Up to 6 years - *Processing Fee*: Up to Rs 4,999 - *Minimum Monthly Salary*: Rs 25,000
2. ICICI Bank Personal Loan - Interest Rate- 10.50% p.a. onwards - *Loan Amount*: Rs 50,000-Rs 25 lakh - Tenure: 1-6 years - *Processing Fee*: Up to 2.50% of the loan amount - *Minimum Monthly Salary*: Rs 30,000
3. Bajaj Finserv Personal Loan - *Interest Rate*: 13% p.a. onwards - *Loan Amount*: Up to Rs 25 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 4% of the loan amount - *Minimum Monthly Salary*: Rs 22,000
4. Fullerton India Personal Loan - *Interest Rate*: 11.99% p.a. onwards - *Loan Amount*: Up to Rs 30 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 6% of the loan amount - *Minimum Monthly Salary*: Rs 20,000
5. IndusInd Bank Personal Loan - *Interest Rate*: 10.49% p.a. onwards - *Loan Amount*: Rs 30,000-25 lakhs - *Tenure*: 1 to 5 years - *Processing Fee*: Up to 3% of the sanctioned loan amount - *Minimum Monthly Salary*: Rs 25,000
6. Kotak Personal Loan - *Interest Rate*: 10.99% p.a. onwards - *Loan Amount*: From Rs. 50,000 – Rs. 25,00,000 - *Tenure*: 1-5 years - *Processing Fee*: Up to 3% of the loan amount - *Minimum Monthly Salary*: Rs 30,000 (Varies)
7. Standard Chartered Personal Loan - *Interest Rate*: 11.49% p.a. onwards - *Loan Amount*: Rs 1 lakh-Rs 50 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 2.25% of the loan amount - *Minimum Monthly Salary*: Rs 22,000
8. Cent Personal Loan (Central Bank of India)- *Interest Rate*: 10.75%-10.95% p.a. - *Loan Amount*: Up to Rs 10 Lakh - *Tenure*: Up to 5 years - *Processing Fee*: Waived off up to 31st August 2023
9. Bandhan Bank Personal Loan - *Interest Rate*: 10.50% p.a. onwards - *Loan Amount*: Rs 50,000 – Rs 15,00,000 - *Tenure*: 1-5 years - *Processing Fee*: 1% of Loan Amount
10. SBI Quick Personal Loan - *Interest Rate*: 10.10%-14.60% p.a. - *Loan Amount*: Up to Rs 20 lakh - *Tenure*: Up to 6 years - *Processing Fee*: Up to 1.50% (Maximum Rs 15,000) - *Minimum Monthly Salary*: Rs 15,000
Conclusion:
The top Personal Loan plans in India for 2023 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.
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 2023. 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 Loan Plans in India 2023
1. HDFC Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
2. ICICI Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
3. Bajaj Finserv Personal Loan - Interest Rates: 13.00% p.a. onwards
4. Fullerton India Personal Loan - Interest Rates: 11.99% p.a. onwards
5. IndusInd Bank Personal Loan - Interest Rates: 10.49% p.a. onwards.
6. Kotak Personal Loan - Interest Rates: 10.99% p.a. onwards
7. Standard Chartered Personal Loan - Interest Rates: 11.49% p.a. onwards
8. Cent Personal Loan (Central Bank of India) - Interest Rates: 10.75% p.a. onwards
9. Bandhan Bank Personal Loan - Interest Rates: 10.50% p.a. onwards
10. SBI Quick Personal Loan - Interest Rates: 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 Disbursement:
Funds are provided in a lump sum manner. The lender directly transfers the funds to a borrower's account.
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 2023: Brief Analysis
1. HDFC Bank Personal Loan - Interest Rate: 11.00% p.a. onwards - *Loan Amount*: Up to Rs 40 lakh - *Tenure*: Up to 6 years - *Processing Fee*: Up to Rs 4,999 - *Minimum Monthly Salary*: Rs 25,000
2. ICICI Bank Personal Loan - Interest Rate- 10.50% p.a. onwards - *Loan Amount*: Rs 50,000-Rs 25 lakh - Tenure: 1-6 years - *Processing Fee*: Up to 2.50% of the loan amount - *Minimum Monthly Salary*: Rs 30,000
3. Bajaj Finserv Personal Loan - *Interest Rate*: 13% p.a. onwards - *Loan Amount*: Up to Rs 25 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 4% of the loan amount - *Minimum Monthly Salary*: Rs 22,000
4. Fullerton India Personal Loan - *Interest Rate*: 11.99% p.a. onwards - *Loan Amount*: Up to Rs 30 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 6% of the loan amount - *Minimum Monthly Salary*: Rs 20,000
5. IndusInd Bank Personal Loan - *Interest Rate*: 10.49% p.a. onwards - *Loan Amount*: Rs 30,000-25 lakhs - *Tenure*: 1 to 5 years - *Processing Fee*: Up to 3% of the sanctioned loan amount - *Minimum Monthly Salary*: Rs 25,000
6. Kotak Personal Loan - *Interest Rate*: 10.99% p.a. onwards - *Loan Amount*: From Rs. 50,000 – Rs. 25,00,000 - *Tenure*: 1-5 years - *Processing Fee*: Up to 3% of the loan amount - *Minimum Monthly Salary*: Rs 30,000 (Varies)
7. Standard Chartered Personal Loan - *Interest Rate*: 11.49% p.a. onwards - *Loan Amount*: Rs 1 lakh-Rs 50 lakh - *Tenure*: Up to 5 years - *Processing Fee*: Up to 2.25% of the loan amount - *Minimum Monthly Salary*: Rs 22,000
8. Cent Personal Loan (Central Bank of India)- *Interest Rate*: 10.75%-10.95% p.a. - *Loan Amount*: Up to Rs 10 Lakh - *Tenure*: Up to 5 years - *Processing Fee*: Waived off up to 31st August 2023
9. Bandhan Bank Personal Loan - *Interest Rate*: 10.50% p.a. onwards - *Loan Amount*: Rs 50,000 – Rs 15,00,000 - *Tenure*: 1-5 years - *Processing Fee*: 1% of Loan Amount
10. SBI Quick Personal Loan - *Interest Rate*: 10.10%-14.60% p.a. - *Loan Amount*: Up to Rs 20 lakh - *Tenure*: Up to 6 years - *Processing Fee*: Up to 1.50% (Maximum Rs 15,000) - *Minimum Monthly Salary*: Rs 15,000
Conclusion:
The top Personal Loan plans in India for 2023 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.
Author
Pluto Team
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