Best Personal Loans in India

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

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

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

    Almost done, few more details required.

    Compare Best Personal Loans at Lowest Interest Rates in India 2020

    List of Banks/LendersPersonal Loan Interest RatesLoan AmountProcessing FeeTurnaround Time
    Allahabad Bank9.05% - 13.65%
    • 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 1,228Depends on the internal policy of the bank
    Andhra Bank8.90% - 13.00%
    • 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 ApplicableDepends on the internal policy of the bank
    Axis Bank12.00% - 24.00%INR 50,000 - INR 15,00,0001.50%-2.00% of the loan amount plus applicable GST
    Bajaj Finserv10.99% - 16.00%Upto INR 25,00,000Up to 3% of the loan amountWithin 24 hours
    Bank of Baroda10.10% - 15.20%
    • 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 India9.35% - 12.35%Upto INR 5,00,000 - INR 10,00,0002% of the loan amount plus applicable GSTDepends on the internal policy of the bank
    Bank of Maharashtra9.70% - 10.70%Upto INR 5,00,000 - INR 10,00,0001% of the loan amount plus GST, subject to a minimum of INR 1,000Depends on the internal policy of the bank
    Canara Bank10.20% - 13.90%Six months gross salary or INR 3,00,000, whichever is less0.50% 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 India9.85% - 10.20%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 EMIINR 500 + applicable GSTDepends on the internal policy of the bank
    Citibank9.99% - 16.49%Upto INR 30,00,000Upto 3% of the loan amountWithin 48 hours
    Corporation Bank8.90% - 13.00%Upto INR 3,50,0001.50% of the loan amount, subject to a minimum of INR 500Depends on the internal policy of the bank
    Dena Bank10.10% - 15.20%
    • 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 GSTDepends on the internal policy of the bank
    DCB Bank13.00% - 25.00%Upto INR 5 lakh2% of the loan amountWithin 3-4 working days
    Federal Bank11.49% - 17.99%Upto INR 10 lakh0.50% of the loan amountDepends on the internal policy of the bank
    HDFC Bank10.75% - 21.30%There's no maximum limit. Your income, credit score and repayment capacity will dictate the loan amount NIL-2.50% of the loan amount plus applicable GSTWithin 3-4 working days
    HSBC10.50% - 17.84%Upto INR 30 lakhUpto 1% of the loan amountWithin 15 days post the receipt of the application form
    ICICI Bank10.75% - 17.50%Upto INR 40 lakhINR 999 -2.25% of the loan amount+ applicable GSTWithin 72 hours of the submission of documents
    IDBI Bank8.55% - 14.00%Upto INR 10 lakhAs applicableDepends on the internal policy of the bank
    IndusInd Bank11.00% OnwardsUpto INR 15 lakh1%-3% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
    Jammu & Kashmir Bank10.50% - 11.50%Upto 36 months gross salaryNILDepends on the internal policy of the bank
    Karnataka Bank12.45%Upto INR 5 lakh0.50% of the loan amountDepends on the internal policy of the bank
    Karur Vysya Bank11.00% - 19.00%Upto INR 10 lakh1% of the loan amountIn-principle sanction - 15 minutes
    Kotak Mahindra Bank10.75% - 17.99%Upto INR 20 lakh0.99%-2.50% of the loan amount plus applicable GSTWithin 10 working days
    Lakshmi Vilas Bank11.55%Upto INR 20 lakh0.25% of the loan amount, subject to a minimum of INR 2,500 plus applicable GSTDepends on the internal policy of the bank
    Nainital Bank10.00% - 10.50%
    • 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 GSTDepends on the internal policy of the bank
    Oriental Bank of Commerce8.95% - 11.80%15 times of gross salary, subject to a maximum of INR 10 lakh0.50% of the loan amount, subject to a minimum of INR 500, plus applicable GSTDepends on the internal policy of the bank
    Punjab & Sind Bank11.10%Upto 18 times of net monthly salary or INR 3 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
    RBL Bank17.50% - 26.00%Upto INR 20 lakh2%-2.50% of the loan amountDepends on the internal policy of the bank
    Punjab National Bank (PNB)8.95% - 11.80%20 times of net monthly salary or INR 4 lakh, whichever is lower1.80% of the loan amount plus applicable GSTDepends on the internal policy of the bank
    State Bank of India (SBI)9.60% - 13.60%Upto INR 20 lakh1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
    Standard Chartered Bank11.00% - 15.00%Upto INR 30 lakh1% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
    Syndicate Bank10.20% - 13.90%
    • 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 GSTDepends on the internal policy of the bank
      UCO Bank9.45% - 10.45%10 times of gross monthly salary, subject to a maximum of INR 10 lakh1% of the loan amount, subject to a minimum of INR 750, plus applicable GSTDepends on the internal policy of the bank
      United Bank of India8.95% - 11.80%10 months gross salary or INR 2 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
      Vijaya Bank10.10% - 15.20%
      • 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 BANK10.45% OnwardsUpto INR 40 lakhUpto 2.50% of the loan amount subject to a minimum of INR 999 plus applicable GSTWithin 5 days from the receipt of the application
      Tata Capital10.99% - 18.00%Upto INR 25 lakhINR 999-2.50% of the loan amount plus applicable GSTWithin 72 hours from the receipt of the application
      Fullerton India14.00% - 24.00%Upto INR 25 lakh2% of the loan amount plus applicable GSTWithin 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
      IncomeInterest Rate (In Per Annum)Processing Fee
      NTH>50K 10.75%-10.90%INR 1,999 - INR 3,999
      NTH>35K11.00%-11.10%INR 1,999 - INR 3,999
      NTH<35K12.25%-12.35%INR 1,999 - INR 3,999

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

      CO CAT/Product CATNTH BandSegmentIRR Processing Fee (Corporate Saving Account)Processing Fee (Non Corporate Saving Account)
      All Categories except CAT D, CSA D, GC & NRI (includes ADFC)NTH >=75000Alpha15.50%-15.65%2.25%2.50%
      NTH >=50000 to 75000Alpha15.75%-15.90%2.25%2.50%
      NTH >=35000 to 50000Alpha15.75%-15.90%2.25%2.50%
      NTH >=20000 to 35000Beta17.55%-17.70%2.25%2.50%
      NTH <20000Beta17.55%-17.70%2.25%2.50%
      CAT D/GCAllClassic21.30%-21.45%2.25%2.50%
      CAT E/CAT NEWNTH >=100000Alpha15.75%-15.90%2.50%2.50%
      NTH >=50000 -100000Beta17.55%-17.70%2.50%2.50%
      NTH <50000Classic21.45%2.50%2.50%
      CAT BBGNTH >=75000Alpha15.50%2.25%NA
      NTH >=35000 -75000Beta17.00%2.25%NA
      NTH <35000Classic21.45%2.25%NA
      Defence (CAT GD/GE/GF)*Indian Army, Navy, AirForceAlpha15.75%-15.90%00
      HDFC Bank Staff/HSL StaffAllAlpha12.25%INR 1,999NA
      NRI (Based on Average remittance taken for Eligibility)>=50000Alpha15.75%-15.90%2.25%2.50%
      <50000Classic21.30%-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 OfferNo. of CorporatesIncomeIRRProcessing Fee (of the loan amount)
      Government Employees CAT A (GA) & CAT B (GB)Working with Central and State GovernmentNTH>=50K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.75%
      15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      NTH>=35K15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)2.00%
      15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      NTH>=24K17.25% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)2.00%
      17.35% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      Maharatna, Navratna & Miniratna56NTH>=75K11.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      11.55% (Non- corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Limited Liability A/C)
      NTH>=50K11.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      12.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      NTH>=35K13.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      14.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      CRPF, CISF, SSB, ITBP & BSFAll15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      PensionerNTH>=35K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      RailwaysAllNTH>=50K14.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      15.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      NTH>=35K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      NTH>=25K16.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      17.25% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)

      Special Offers for Employees Working in Different Industries

      Focus Industry Offer No. of CorporatesIncomeIRRProcessing Fee
      Pharma38NTH>=35K
      14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
      Automobile & Aviation61NTH>=35K14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
      14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)

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

      SegmentNet Loan AmountIRRProcessing Fee (of the loan amount)
      Golden EdgeLA >=20 Lakh
      11.49% (Corporate Salary Account Holders i.e. HDFC Salary Account)0.50% (CSA), 0.75% (Non CSA)
      11.60% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)
      Golden EdgeLA >=10-19.99 Lakh11.99% (Corporate Salary Account Holders i.e. HDFC Salary Account)0.50% (CSA), 0.99% (Non CSA)
      12.10% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)

      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 CorporatesNTH >/= 35 K10.99%10.99%0.99%0.99%
      Emerald CorporatesNTH < 35 K11.49%11.49%1.25%1.25%
      Diamond CorporatesNTH >/= 35 K10.99%10.99%0.99%0.99%
      Diamond CorporatesNTH < 35 K12.49%12.49%1.25%1.25%
      Pearl CorporatesAll Bands13.99%14.75%0.99%1.25%
      Ruby CorporatesAll Bands15.50%15.75%1.50%1.75%
      Topaz CorporatesAll Bands15.50%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 GroupAll Bands12.99%12.99%0.75%0.75%
      ICICI Group EmployeesAll Bands11.75%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)
      BFSIAll Bands13.99%13.99%0.99%0.99%
      PharmaAll Bands13.99%13.99%1.25%1.25%
      Private BanksNTH >/= 75 K12.75%12.75%₹2,999/-₹2,999/-
      Private BanksNTH 35K - 75K12.99%12.99%₹ 2,999/-₹2,999/-
      Private BanksNTH <35 K13.49%13.49%₹2,999/-₹2,999/-
      PSU BanksNTH >/= 50 K13.25%13.25%1.49%1.49%
      PSU BanksNTH 35K - 50K14.70%14.70%1.49%1.49%
      PSU BanksNTH <35 K15.75%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-DiamondNTH >/= 75 K11.29%11.29%1.50%1.50%
      Government-PearlNTH 35K - 75K11.50%11.50%1.50%1.50%
      Government-RubyNTH <35 K13.50%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 TypeCategoryCriteriaInterest 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 - 7499915.50%2.00%2.50%
      NTH: 35000 - 4999915.50%2.00%2.50%
      NTH : 20000-3499917.45%2.00%2.50%
      NTH <2000017.45%2.00%2.50%
      CAT DNTH >=75,00018.49%2.00%2.50%
      NTH : 50,000 to 74,99919.15%2.00%2.50%
      NTH : 35,000 to 49,99919.65%2.00%2.50%
      NTH : 25,000 to 34,99920.15%2.00%2.50%
      NTH : 18,000 to 24,99920.99%2.00%2.50%
      Kotak employeesTicket Size < 3Lakhs11.99%NANA
      Ticket Size > 3 Lakhs (No Deviation)11.49%NANA
      Segment Net Loan Amount (₹)Interest Rate(in p.a.)Direct Selling Agency Processing FeeNon Direct Selling Agency Processing Fee
      Optimus Prime (CAT A, B,C and D)

      Fresh Loan
      Above 20 Lakhs11.29%0.75%0.50%
      15 Lakhs-19.99 Lakhs11.49%0.75%0.50%
      10 Lakhs-14.99 Lakhs11.49%0.75%0.50%
      Corporate OfferIncomeInterest RateProcessing Fee
      Super Platinum

      NTH>35K

      NTH< 35K
      10.99%

      11.75%
      0.99%

      1.25%
      PlatinumNTH>35K

      NTH< 35K
      10.99%

      12.69%
      0.99%

      1.25%
      GoldDSA

      Non DSA
      13.99%

      14.75%
      0.99%

      1.25%
      SilverAll15.00%1.75%
      Reliance GroupAll12.99%0.75%
      PharmaAll13.99%1.25%
      Automobile & AviationAll13.99%1.25%
      Central and State Government EmployeesNTH>=50K

      NTH>=35K

      NTH>=24K
      14.75%

      15.00%

      16.75%

      1.75%

      2.00%

      2.00%
      Private SectorNTH > = 75K

      NTH < 75K
      12.75%

      12.99%
      1.25%

      1.25%
      PSUNTH > = 50K

      NTH < 50K
      13.25%

      15.50%
      1.25%

      2.00%-2.50%
      Maha/Minim/Nav RatnasNTH>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 20-30kProcessing Fee (of the loan amount)30-60kProcessing Fee (of the loan amount)60K - 100KProcessing Fee (of the loan amount)100k and Processing Fee (of the loan amount)
      Tata Group12.75%1.25%12.50%1.25%11.99%99911.99%999
      Super Cat A12.75%1.25%12.75%1.25%11.99%99911.99%999
      Cat A13.50%1.50%13.00%1.50%12.50%99911.99%999
      Cat BNANA14.50%1.75%13.50%1%13.00%1%
      Cat CNANA15.50%2.00%14.50%2.00%14.00%2.00%
      Unlisited18.50%NA18.50%2.50%17.00%2.50%16.50%2.50%

      Personal Loan Offers for Loan amount >5 Lakh

      Company CategoryRate of InterestProcessing Fee (of the loan amount)
      SCATA/TATA Group/CAT A 11.99%999
      Cat B13.00%999
      Cat C14.00%2.00%
      Unlisited16.00%2.00%

      Personal Loan Offers for Loan amount >10 Lakh

      Company CategoryRate of InterestProcessing Fee (of the loan amount)
      SCATA/TATA Group/CAT A 11.49%999

      Personal Loan Offers for Employees of Tata Capital

      Company Rate of InterestProcessing Fee (of the loan amount)
      Tata Capital11.49% (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 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. 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.

      People Also Look For

    • Free CIBIL Score Buy 24K 99.9% Pure Digital Gold Online
    • Personal Loan Interest Rates November 2020
      Fullerton India14.00% - 24.00%
      HDFC Bank10.75% - 21.45%
      ICICI Bank10.75% - 17.50%
      IndusInd Bank11.00% - 23.00%
      Kotak Bank10.99% - 20.99%
      RBL17.50% - 26.00%
      Standard Chartered Bank11.00% - 15.00%
      Tata Capital10.99% - 19.75%