Best Personal Loan in India

Last Updated : May 5, 2017, 3:53 p.m.

How do you determine which is the best personal loan deal for you? A lot of the applicants decide the best personal loan in India solely on the basis of the interest rates and end up choosing a not so convenient option. Yes, the interest rate is an obviously very important aspect but it is not the only factor to consider. Besides lower rates, you should also look for lenders that can lend you more personal loan amounts based on your income and repayment capacity. Another factor that you must consider while choosing the best personal loan offer is the loan processing fees. It will only add to your comfort if you get the best personal loan in India quickly by paying less processing fee.

So, compare personal loan offers based on these aspects and choose the best and the suitable deal for you. To help you do so, we have listed out the lowest interest rates personal loans, processing fee, loan eligibility and disbursal time of several lenders. Take a look at the best banks for personal loans.

Compare Best Personal Loans at Lowest Interest Rates in India 2024

List of Banks/Lenders	Personal Loan Interest Rates	Loan Amount	Processing Fee	Turnaround Time
Allahabad Bank	10.00% - 15.00%	Minimum Loan Amount - INR 50,000 Maximum Loan Amount - 12 times of gross monthly salary for employees having a monthly remuneration of INR 15,000 - INR 20,000 24 times the gross monthly salary for individuals earning above INR 20,000. The maximum loan amount, however, won't exceed INR 7.50 lakh	1.22% of loan Amount, Minimum INR 1,228	Depends on the internal policy of the bank
Andhra Bank	11.80% - 15.50%	Salaried - The loan amount is set in a way that the take home income is not less than 40% of the gross salary after all the deductions, including the proposed EMI Non-salaried - 2 times the average annual income for the past 3 years as per the Income Tax Return (ITR)	As Applicable	Depends on the internal policy of the bank
Axis Bank	10.49% - 21.00%	Up to 40 Lakh	1% of the loan amount + GST
Bajaj Finserv	11.00% Onwards	Upto INR 25,00,000	1%-1.5% of loan amount + GST	Within 24 hours
Bank of Baroda	10.90% - 18.25%	Up to INR 10,00,000 for people residing in metros and urban areas Up to INR 5,00,000 for people living in semi-urban and rural areas	2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000, respectively. The fee will also include applicable GST	Depends on the internal policy of the bank
Bank of India	10.35% - 14.85%	Upto INR 5,00,000 - INR 10,00,000	2% of the loan amount plus applicable GST	Depends on the internal policy of the bank
Bank of Maharashtra	9.50% - 12.80%	Upto INR 5,00,000 - INR 10,00,000	1% of the loan amount plus GST, subject to a minimum of INR 1,000	Depends on the internal policy of the bank
Canara Bank	11.75% - 16.25%	Six months gross salary or INR 3,00,000, whichever is less	0.50% of the loan amount, subject to a minimum and maximum of INR 1,000 and INR 5,000 respectively	Sanctions at Branch/RAH - 7 Days Sanctions at Circle - 15 Days Sanctions at HO - 2-3 weeks
Central Bank of India	12.30%	20 times of gross salary, subject to a maximum of INR 10,00,000. The minimum net take home income must not fall below 40% of the gross salary after deductions, including the proposed EMI	INR 500 + applicable GST	Depends on the internal policy of the bank
Citibank	10.49% Onwards	Upto INR 30,00,000	Upto 3% of the loan amount	Within 48 hours
Corporation Bank	11.80% - 15.50%	Upto INR 3,50,000	1.50% of the loan amount, subject to a minimum of INR 500	Depends on the internal policy of the bank
Dena Bank	10.90% - 18.25%	Up to INR 10,00,000 for people residing in metros and urban areas Up to INR 5,00,000 for people living in semi-urban and rural areas	2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000, respectively. The fee will also include applicable GST	Depends on the internal policy of the bank
DCB Bank	13.00% - 25.00%	Upto INR 5 lakh	2% of the loan amount	Within 3-4 working days
Federal Bank	10.49% - 17.99%	Upto INR 10 lakh	0.50% of the loan amount	Depends on the internal policy of the bank
HDFC Bank	10.75% - 14.50%	up to 50 Lakh	INR 3500(>=10 Lac) or 2% of the loan amount	Within 3-4 working days
HSBC	9.75% - 16.00%	Upto INR 30 lakh	Upto 1% of the loan amount	Within 15 days post the receipt of the application form
ICICI Bank	10.75% - 19.00%	Upto INR 50 lakh	INR 4999(>=10 Lac) or 2% of the loan amount + GST	Within 72 hours of the submission of documents
IDBI Bank	10.50% - 13.25%	Upto INR 10 lakh	As applicable	Depends on the internal policy of the bank
IndusInd Bank	10.25% - 26.00%	Upto INR 25 lakh	Up to 3% + GST	Within 4-7 working days post receipt of the documents
Jammu & Kashmir Bank	12.20% - 13.20%	Upto 36 months gross salary	NIL	Depends on the internal policy of the bank
Karnataka Bank	13.49%	Upto INR 5 lakh	0.50% of the loan amount	Depends on the internal policy of the bank
Karur Vysya Bank	12.20% - 13.20%	Upto INR 10 lakh	1% of the loan amount	In-principle sanction - 15 minutes
Kotak Mahindra Bank	10.99% Onwards	Upto INR 20 lakh	0.99%-2.50% of the loan amount plus applicable GST	Within 10 working days
Lakshmi Vilas Bank	11.55%	Upto INR 20 lakh	0.25% of the loan amount, subject to a minimum of INR 2,500 plus applicable GST	Depends on the internal policy of the bank
Nainital Bank	12.50% Onwards	15 times of net take home salary, subject to a maximum of INR 3-5 lakh 2 times of average annual income of last 2 years, subject to a maximum of INR 2 lakh for self-employed	0.50%-1.00% of the loan amount plus applicable GST	Depends on the internal policy of the bank
Oriental Bank of Commerce	11.40% - 16.95%	15 times of gross salary, subject to a maximum of INR 10 lakh	0.50% of the loan amount, subject to a minimum of INR 500, plus applicable GST	Depends on the internal policy of the bank
Punjab & Sind Bank	11.15% - 12.75%	Upto 18 times of net monthly salary or INR 3 lakh, whichever is less	1% of the loan amount plus applicable GST	Depends on the internal policy of the bank
RBL Bank	14.00% - 23.00%	Upto INR 20 lakh	2%-2.50% of the loan amount	Depends on the internal policy of the bank
Punjab National Bank (PNB)	11.40% - 16.95%	20 times of net monthly salary or INR 4 lakh, whichever is lower	1.80% of the loan amount plus applicable GST	Depends on the internal policy of the bank
State Bank of India (SBI)	11.00% - 14.00%	Upto INR 20 lakh	1% of the loan amount plus applicable GST	Depends on the internal policy of the bank
Standard Chartered Bank	11.49% Onwards	Upto INR 50 lakh	1% of the loan amount plus applicable GST	Within 4-7 working days post receipt of the documents
Syndicate Bank	11.75% - 16.25%	Salaried - 12 months gross salary, subject to a maximum of INR 4-5 lakh Self-employed - Upto INR 5 lakh	0.50% of the loan amount, subject to a minimum of INR 500 plus applicable GST	Depends on the internal policy of the bank
UCO Bank	12.80%	10 times of gross monthly salary, subject to a maximum of INR 10 lakh	1% of the loan amount, subject to a minimum of INR 750, plus applicable GST	Depends on the internal policy of the bank
United Bank of India	11.40% - 16.95%	10 months gross salary or INR 2 lakh, whichever is less	1% of the loan amount plus applicable GST	Depends on the internal policy of the bank
Vijaya Bank	10.90% - 18.25%	Up to INR 10,00,000 for people residing in metros and urban areas Up to INR 5,00,000 for people living in semi-urban and rural areas	2% of the loan amount, subject to a minimum and maximum limit of INR 1,000 and INR 10,000 respectively. The fee will also include applicable GST	Depends on the internal policy of the bank
YES BANK	11.05% - 20.25%	Upto INR 40 lakh	1% of the loan amount + GST	Within 5 days from the receipt of the application
Tata Capital	10.50% - 24.00%	Up to INR 25 lakh	1% of the loan amount + GST	Within 72 hours from the receipt of the application
SMFG India Credit	11.99% Onwards	Upto INR 25 lakh	2% - 6% of loan amount+ GST	Within 30 minutes of loan approval

Documents Required by Top Banks

Identity Proof – Any of PAN Card, Voter ID, Driving License, Aadhaar Card or Passport

Residence Proof – Any of Voter ID, Driving License, Aadhaar Card or Passport or Utility Bill

Employment Proof – Appointment Letter, Employee ID Card

Income Proof – Latest salary slips, Form 16 (Salaried)

Business Continuity Proof – Rent Receipts/Lease Deed, Ownership Document, Income Tax Return (ITR), audited balance sheet and profit & loss account for the last 3 years

Last 3-6 months bank statement

Duly filled & signed application form

Latest passport size photographs

HDFC Personal Loan Offers

In the table above, you might see HDFC Personal Loans starting from 11.25% and ending at 21.45% per annum. But employees working with top organizations can get the loan at a much lower rate. The rate also varies based on the type of industry you work in.

HDFC Personal Loan Offers (For Special Corporates)

HDFC Personal Loan interest rates start from as low as 10.75% those working in the following entities.

Tata Consultancy Services Limited
Cognizant Technology Solutions India Private Limited
Accenture Solutions Private Limited
Wipro Limited
IBM India Private Limited
Capgemini Technology Services India Limited
HCL Technologies Limited

Income	Interest Rate (In Per Annum)	Processing Fee
NTH>50K	10.75%-10.90%	INR 1,999 - INR 3,999
NTH>35K	11.00%-11.10%	INR 1,999 - INR 3,999
NTH<35K	12.25%-12.35%	INR 1,999 - INR 3,999

Personal Loan Rates and Processing Fee Based on Company or Product Category

CO CAT/Product CAT	NTH Band	Segment	IRR	Processing Fee (Corporate Saving Account)	Processing Fee (Non Corporate Saving Account)
All Categories except CAT D, CSA D, GC & NRI (includes ADFC)	NTH >=75000	Alpha	15.50%-15.65%	2.25%	2.50%
	NTH >=50000 to 75000	Alpha	15.75%-15.90%	2.25%	2.50%
	NTH >=35000 to 50000	Alpha	15.75%-15.90%	2.25%	2.50%
	NTH >=20000 to 35000	Beta	17.55%-17.70%	2.25%	2.50%
	NTH <20000	Beta	17.55%-17.70%	2.25%	2.50%
CAT D/GC	All	Classic	21.30%-21.45%	2.25%	2.50%
CAT E/CAT NEW	NTH >=100000	Alpha	15.75%-15.90%	2.50%	2.50%
	NTH >=50000 -100000	Beta	17.55%-17.70%	2.50%	2.50%
	NTH <50000	Classic	21.45%	2.50%	2.50%
CAT BBG	NTH >=75000	Alpha	15.50%	2.25%	NA
	NTH >=35000 -75000	Beta	17.00%	2.25%	NA
	NTH <35000	Classic	21.45%	2.25%	NA
Defence (CAT GD/GE/GF)*	Indian Army, Navy, AirForce	Alpha	15.75%-15.90%	0	0
HDFC Bank Staff/HSL Staff	All	Alpha	12.25%	INR 1,999	NA
NRI (Based on Average remittance taken for Eligibility)	>=50000	Alpha	15.75%-15.90%	2.25%	2.50%
NRI (Based on Average remittance taken for Eligibility)	<50000	Classic	21.30%-21.45%	2.25%	2.50%

Note:

All rates as mentioned above are subject to changes in accordance to the Retail RBP
Top up/ Enhancement Parallel: above grid will be applicable.
Above deviations are not applicable for Cat D/CSA D/GC, i.e. rack rates as mentioned above will be applicable
For F4 cases, a customer will be eligible for F4 rates or company category rack rates whichever is lower. However, deviations can apply only on company category rates and not on F4 rates.
Maximum PF can be charged up to 2.5% of the loan amount. Maximum PF capped to ₹25,000 plus applicable taxes
Rate approvals based on different approval levels cannot be accepted from two different authorities/different emails for the same case
Above deviation grid is not applicable for special offers like Platinum/KRC/SRC/Government/Defense and other corporate rate offers

Personal Loan Offers for Government Employees

Government Offer	No. of Corporates	Income	IRR	Processing Fee (of the loan amount)
Government Employees CAT A (GA) & CAT B (GB)	Working with Central and State Government	NTH>=50K	15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.75%
		NTH>=50K	15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.75%
		NTH>=35K	15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	2.00%
		NTH>=35K	15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	2.00%
		NTH>=24K	17.25% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	2.00%
		NTH>=24K	17.35% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	2.00%
Maharatna, Navratna & Miniratna	56	NTH>=75K	11.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=75K	11.55% (Non- corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Limited Liability A/C)	1.50%
		NTH>=50K	11.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=50K	12.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
		NTH>=35K	13.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=35K	14.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
CRPF, CISF, SSB, ITBP & BSF		All	15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
CRPF, CISF, SSB, ITBP & BSF		All	15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
Pensioner		NTH>=35K	15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
Pensioner		NTH>=35K	15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
Railways	All	NTH>=50K	14.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=50K	15.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
		NTH>=35K	15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=35K	15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
		NTH>=25K	16.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
		NTH>=25K	17.25% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%

Special Offers for Employees Working in Different Industries

Focus Industry Offer	No. of Corporates	Income	IRR	Processing Fee
Pharma	38	NTH>=35K	14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
Pharma	38	NTH>=35K	14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%
Automobile & Aviation	61	NTH>=35K	14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)	1.50%
Automobile & Aviation	61	NTH>=35K	14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)	1.50%

Special Offers for Employees Availing a Loan of ₹10 Lakh and More

Segment	Net Loan Amount	IRR	Processing Fee (of the loan amount)
Golden Edge	LA >=20 Lakh	11.49% (Corporate Salary Account Holders i.e. HDFC Salary Account)	0.50% (CSA), 0.75% (Non CSA)
Golden Edge	LA >=20 Lakh	11.60% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)	0.50% (CSA), 0.75% (Non CSA)
Golden Edge	LA >=10-19.99 Lakh	11.99% (Corporate Salary Account Holders i.e. HDFC Salary Account)	0.50% (CSA), 0.99% (Non CSA)
Golden Edge	LA >=10-19.99 Lakh	12.10% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)	0.50% (CSA), 0.99% (Non CSA)

Pre-approved Loan Offers

HDFC Bank also offers pre-approved personal loans for which you won’t need to submit any document. The loan will be in your account instantly or a day later. These offers are applicable to individuals having an existing relationship with the bank, a good credit score, etc.

ICICI Bank Personal Loan Offers

ICICI offers attractive interest rates for employees working in top corporate, as well as in industries such as pharma, Banking & Financial Services Industry (BFSI), etc.

Offers for Salaried Working in Reputed Organizations

Corporate	Salary Band	Special Corporate Offer (ICICI Bank Relationship)	Special Corporate Offer (Non ICICI Bank Relationship)	Processing Fee ((ICICI Bank Relationship)	Processing Fee ((Non ICICI Bank Relationship)
Emerald Corporates	NTH >/= 35 K	10.99%	10.99%	0.99%	0.99%
Emerald Corporates	NTH < 35 K	11.49%	11.49%	1.25%	1.25%
Diamond Corporates	NTH >/= 35 K	10.99%	10.99%	0.99%	0.99%
Diamond Corporates	NTH < 35 K	12.49%	12.49%	1.25%	1.25%
Pearl Corporates	All Bands	13.99%	14.75%	0.99%	1.25%
Ruby Corporates	All Bands	15.50%	15.75%	1.50%	1.75%
Topaz Corporates	All Bands	15.50%	15.75%	1.50%	1.75%

Corporate	Salary Band	Special Corporate Offer (ICICI Bank Relationship)	Special Corporate Offer (Non ICICI Bank Relationship)	Processing Fee ((ICICI Bank Relationship)	Processing Fee ((Non ICICI Bank Relationship)
Reliance Group	All Bands	12.99%	12.99%	0.75%	0.75%
ICICI Group Employees	All Bands	11.75%	11.75%	₹1,999	₹1,999

Offers for Those Working in Specific Industries

Corporate	Salary Band	Special Corporate Offer (ICICI Bank Relationship)	Special Corporate Offer (Non ICICI Bank Relationship)	Processing Fee ((ICICI Bank Relationship)	Processing Fee ((Non ICICI Bank Relationship)
BFSI	All Bands	13.99%	13.99%	0.99%	0.99%
Pharma	All Bands	13.99%	13.99%	1.25%	1.25%
Private Banks	NTH >/= 75 K	12.75%	12.75%	₹2,999/-	₹2,999/-
Private Banks	NTH 35K - 75K	12.99%	12.99%	₹ 2,999/-	₹2,999/-
Private Banks	NTH <35 K	13.49%	13.49%	₹2,999/-	₹2,999/-
PSU Banks	NTH >/= 50 K	13.25%	13.25%	1.49%	1.49%
PSU Banks	NTH 35K - 50K	14.70%	14.70%	1.49%	1.49%
PSU Banks	NTH <35 K	15.75%	15.75%	1.49%	1.49%

What’s in Store for Government Employees?

Corporate	Salary Band	Special Corporate Offer (ICICI Bank Relationship)	Special Corporate Offer (Non ICICI Bank Relationship)	Processing Fee ((ICICI Bank Relationship)	Processing Fee ((Non ICICI Bank Relationship)
Government-Diamond	NTH >/= 75 K	11.29%	11.29%	1.50%	1.50%
Government-Pearl	NTH 35K - 75K	11.50%	11.50%	1.50%	1.50%
Government-Ruby	NTH <35 K	13.50%	13.50%	1.50%	1.50%

Pre-approved Loan Offers

Pre-approved loans are available for those having a strong credit history with no spot of default. Even if you don’t have a credit history, you can get it provided you are an ICICI Bank customer.

Kotak Mahindra Bank Personal Loan Offers

Kotak Mahindra Bank also offers special interest rates to those working in top organizations and specific industries.

Product Type	Category	Criteria	Interest Rate (in p.a.)	Corporate Salary Account Processing Fee (in %)	Non Corporate Salary Account Processing Fee (in %)
K-Offer (Cash in Hand)	CAT A/B/C	NTH > 75000	15.00%	2.00%	2.50%
		NTH: 50000 - 74999	15.50%	2.00%	2.50%
		NTH: 35000 - 49999	15.50%	2.00%	2.50%
		NTH : 20000-34999	17.45%	2.00%	2.50%
		NTH <20000	17.45%	2.00%	2.50%
	CAT D	NTH >=75,000	18.49%	2.00%	2.50%
		NTH : 50,000 to 74,999	19.15%	2.00%	2.50%
		NTH : 35,000 to 49,999	19.65%	2.00%	2.50%
		NTH : 25,000 to 34,999	20.15%	2.00%	2.50%
		NTH : 18,000 to 24,999	20.99%	2.00%	2.50%
	Kotak employees	Ticket Size < 3Lakhs	11.99%	NA	NA
	Kotak employees	Ticket Size > 3 Lakhs (No Deviation)	11.49%	NA	NA

Segment	Net Loan Amount (₹)	Interest Rate(in p.a.)	Direct Selling Agency Processing Fee	Non Direct Selling Agency Processing Fee
Optimus Prime (CAT A, B,C and D) Fresh Loan	Above 20 Lakhs	11.29%	0.75%	0.50%
	15 Lakhs-19.99 Lakhs	11.49%	0.75%	0.50%
	10 Lakhs-14.99 Lakhs	11.49%	0.75%	0.50%

Corporate Offer	Income	Interest Rate	Processing Fee
Super Platinum	NTH>35K NTH< 35K	10.99% 11.75%	0.99% 1.25%
Platinum	NTH>35K NTH< 35K	10.99% 12.69%	0.99% 1.25%
Gold	DSA Non DSA	13.99% 14.75%	0.99% 1.25%
Silver	All	15.00%	1.75%
Reliance Group	All	12.99%	0.75%
Pharma	All	13.99%	1.25%
Automobile & Aviation	All	13.99%	1.25%
Central and State Government Employees	NTH>=50K NTH>=35K NTH>=24K	14.75% 15.00% 16.75%	1.75% 2.00% 2.00%
Private Sector	NTH > = 75K NTH < 75K	12.75% 12.99%	1.25% 1.25%
PSU	NTH > = 50K NTH < 50K	13.25% 15.50%	1.25% 2.00%-2.50%
Maha/Minim/Nav Ratnas	NTH>75K NTH: 50K-74.99K NTH<50K	10.99% 11.49% 13.49%	1.50% 1.50% 1.50%

Tata Capital Personal Loan Offers

If you are a Tata Group employee, you will get the loan at a much lower rate of interest. The rates also differ based on the category of the company you work at. Take a look at the table below.

Company Category	20-30k	Processing Fee (of the loan amount)	30-60k	Processing Fee (of the loan amount)	60K - 100K	Processing Fee (of the loan amount)	100k and	Processing Fee (of the loan amount)
Tata Group	12.75%	1.25%	12.50%	1.25%	11.99%	999	11.99%	999
Super Cat A	12.75%	1.25%	12.75%	1.25%	11.99%	999	11.99%	999
Cat A	13.50%	1.50%	13.00%	1.50%	12.50%	999	11.99%	999
Cat B	NA	NA	14.50%	1.75%	13.50%	1%	13.00%	1%
Cat C	NA	NA	15.50%	2.00%	14.50%	2.00%	14.00%	2.00%
Unlisited	18.50%	NA	18.50%	2.50%	17.00%	2.50%	16.50%	2.50%

Loan Offers for Loan amount >5 Lakh

Company Category	Rate of Interest	Processing Fee (of the loan amount)
SCATA/TATA Group/CAT A	11.99%	999
Cat B	13.00%	999
Cat C	14.00%	2.00%
Unlisited	16.00%	2.00%

Personal Loan Offers for Loan amount >10 Lakh

Company Category	Rate of Interest	Processing Fee (of the loan amount)
SCATA/TATA Group/CAT A	11.49%	999

Personal Loan Offers for Employees of Tata Capital

Company	Rate of Interest	Processing Fee (of the loan amount)
Tata Capital	11.49% (irrespective of salary band)	999 (fixed)

Bajaj Finserv Personal Loan Offers

Bajaj Finserv personal loan applications are approved almost instantly if the details are found genuine. One of the innovative products the non-banking finance company (NBFC) offers is Flexi Personal Loan. With this, you can withdraw from your loan account as and when you feel necessary. You have the option to pay only the interest portion of the EMI. This helps reduce the EMI amount by up to 45%. The lender charges the interest on a daily basis, depending on the amount utilized during the day. You can even prepay the loan partly using your surplus funds, which can be a hefty bonus or an investment yield.

Which is the Best Bank to Apply for a Personal Loan During the COVID-19 Pandemic?

The COVID-19 pandemic has brought situations never heard before, like social distancing and staying indoors. The lockdown is still in force and has led to incidents like salary cuts and delays, loss of jobs as well as businesses. As the normal KYC process is stalled due to the lockdown, banks have stopped disbursing loans. But there are banks like HDFC that offer personal loans to individuals having salary or savings accounts with the private lender. So, if you hold such a relationship with HDFC Bank, you can apply there provided you need the loan.

Shall You Apply for COVID-19 Personal Loan Schemes?

Looking at the liquidity crunch faced by many amidst lockdown caused due to the COVID-19 pandemic, PSU lenders have come up with personal loan schemes for such people. The interest rates are affordable. But does it call for a personal loan application? Certainly not, if you are receiving salary, albeit late. Even if you are taking home a reduced salary, it does not warrant a personal loan. The effect of the salary cut can be like nothing if you compare the travel expenses of now to what may have been during the pre-lockdown period.

But what about those having lost jobs or business revenue? Here also, such loans are welcome only if you don’t have savings to tide over the current phase. But a loan will make sense only if you believe you can overcome the worst phase soon. Having a loan will not serve your purpose if you can’t overcome the liquidity crunch anytime soon. Even as you can avail of the moratorium, which has now been extended till August 31, 2020, from May 31, 2020, having a loan will not serve your purpose if you can’t overcome the liquidity crunch anytime soon.

You must note that the moratorium is not an EMI waiver, instead, it will mean the addition of accrued interest to the principal outstanding. As and when the moratorium gets over, the EMI charged on the resultant principal amount (Original Loan Amount + Accrued Interest) will be higher than the one when you take a loan without exercising the moratorium option.

Frequently Asked Question

1. Which is the best personal loan in India?

There is no such thing known as the best personal loan. It solely depends on the requirements of the applicant. In order to obtain the best personal loan, the applicant needs to search and analyse the lender that provides you with the offers that suit your needs. You can look for several lenders and their offerings in the market at Wishfin and select the best deal for you.

2. Which bank provides you with the lowest interest rate personal loans?

The interest rates of a personal loan depends solely on the applicant’s credit life. If your creditworthiness and your financial portfolio is good, you may get the lowest interest rate personal loans.

3. What are the best banks for personal loans?

The bank that provides you with the offers that are best suited for you is the best bank for personal loan. Always look for various offerings provided by several lenders, compare them on platforms like Wishfin and select the best bank for your accordingly. Analyze your needs, the processing fees of the lender, their personal loan criteria, any hidden costs, facilities of instant personal loans, interest rates, the loan tenure, etc. and then choose according to your comfort.

4. How can I check the total amount of interest accumulated on my personal loan?

You can check the total interest calculated on your personal loan using the Personal Loan EMI Calculator. By entering the loan amount, the loan tenure and the interest rate given by the lender, you can see the monthly EMI as well as the total interest calculated on your personal loan.

5. What factors influence the best personal loan interest rates?

The factors that can help you achieve the best personal loan interest rates are your monthly income, debt-to-income ratio, repayment history, CIBIL score and the reputation of your working organization.

6. What is the maximum amount of personal loan in India?

The maximum amount of personal loan you can avail depends on your credit life and the lender’s eligibility criteria. Usually, personal loans upto Rs.50,00,000 are available in India.

7. How much time does it take to get a personal loan application approved?

If you are a pre-approved customer, you can avail a personal loan instantly. Otherwise, the approval of a personal loan usually takes a few days to a week. It also depends on the eligibility criteria of the applicant and the lender’s requirements that how fast you can avail a personal loan.

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Shall You Apply for COVID-19 Personal Loan Schemes?

Frequently Asked Question

1. Which is the best personal loan in India?

2. Which bank provides you with the lowest interest rate personal loans?

3. What are the best banks for personal loans?

4. How can I check the total amount of interest accumulated on my personal loan?

5. What factors influence the best personal loan interest rates?

6. What is the maximum amount of personal loan in India?

7. How much time does it take to get a personal loan application approved?

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