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Which Bank Has the Fastest Personal Loan Approval Process?

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Highlights

  • Which lender has the fastest personal loan approval process?
  • Read this post and know about the banks that sanction loans quickly

To meet your instant fund requirements, you can apply for a personal loan. You can get high loan amounts without having to submit security or collateral. But which are the banks that can approve the loan quickly? After all, personal loan applications are usually made for instant requirements. Read this post and know how to avail a personal loan quickly and which bank has the fastest approval process.

Apply Personal Loan @ 10.75%* Rate

Bajaj Finserv

The non-banking financial company Bajaj Finserv processes your loan request in 24 hours and disburses the loan amount once it’s approved. What is the loan process at Bajaj? You can apply for a personal loan at Bajaj Finserv by going to its official website, filling the loan application form and submitting it with ID and income proof. After the submission of your loan application, the NBFC will require a processing fee which is upto 3% of the loan amount. So this is how you can get a personal loan in the easiest way possible. Look at the Bajaj Finserv Personal Loan features to know what more you’ll get.

  • High loan amount up to INR 25,00,000
  • Flexi Personal loan with 45% lesser EMI
  • Tenure up to 5 years for the loan payment
  • Attractive rate of interest ranging from 10.99% - 16.00% per annum
  • No hidden charges are applicable once the loan was approved
  • Loan approval in 5 minutes of the documents upload or submission
  • Check pre-approved offers and get a quick loan by entering your name, number and OTP.
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Citibank

Get your funds credited to your account within 2 working days of the loan request. Just follow the steps to apply for a personal loan in Citibank.

  1. Log in to your account or visit the bank website and click on the ‘Click 4 Call’ button
  2. Check the eligible loan amount and apply for the loan
  3. Fill up the loan application form by mentioning the details like name, email, mobile number, income, etc.
  4. Upload necessary documents like Aadhar, Salary slip or Salary certificate
  5. Pay the processing fee that could be upto 3% of your loan amount, over which an 18% GST will also be levied.

After knowing the loan process, have a look at the features of the Citibank Personal Loan.

  • You can borrow up to INR 30 lakh from Citibank
  • A fixed interest rate is applied on your borrowed loan which ranges from 9.99% - 16.49% per annum
  • You can also consolidate your credit cards and loan balance to your Citibank personal loan

HDFC Bank

Customers can go to the HDFC bank or visit the official website to borrow funds. Your loan would be disbursed in 24 hours of the submission of the documents. If you are the bank customer, check your pre-approved offer and get a personal loan in just 10 seconds. To apply for the loan, you need to fill up a form and submit it with the necessary documents. And before you apply, check the eligibility for the loan amount, know how much you can borrow from HDFC Bank on your monthly income. Use the eligibility calculator and know the answer to your problem.

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Some of the HDFC personal loan advantages will make it your prior choice, look at the below pointers to know what they are.

  • Life Insurance cover of INR 1 to 8 lakh
  • Credit shield up to the loan balance amount
  • Customers can pay the premium amount of their insurance along with their monthly EMIs.
  • Attractive rate of interest ranging from 10.75% - 21.30% per annum

ICICI Bank

Loan in your account in 3 seconds, ICICI Bank offers an instant personal loan to its customers. If you are an ICICI Bank customer and have a pre-approved offer then you can get a loan in just 3 seconds. Otherwise, the bank will take 3 working days to sanction the loan. To apply for the ICICI personal loan, go to the bank branch, or visit the website to do so. Fill the loan application form and submit it along with documentary proof. After the submission of documents, pay 2.25% of your loan amount plus GST.

Features of ICICI personal loan

  • Loan up to INR 20 lakh
  • Interest rate ranging from 10.75% - 18.49% per annum
  • Flexible Tenure of 5 years
  • Instant loan in 3 seconds

Standard Chartered Bank

You can get a personal loan in 7 days from the date of the document submission. To apply for the loan, you can visit the bank website. The process is simple: just fill in your details in the form and submit your documents. Later, the bank representative will get in touch with you and ask a few questions to verify your details and confirm the loan request. Some of the benefits are provided to the customers which can’t be ignored.

  • Loan Amount up to INR 50 lakh
  • Interest Rate of 11.00% - 15.00% per annum
  • Tenure of 5 years
  • Part Payment facility available with which you can pay 25% of your loan balance
  • Instant approval via the net banking services
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Documents required for personal loans

You know the bank will need proof to sanction the loan amount, and the following are the documents that you’ll need to submit while applying for a loan.

ID Proof

  • Aadhar Card
  • Voter ID Card
  • Passport
  • Driving Licence
  • PAN Card

Income Proof

  • Salary Slip
  • Salary Certificate
  • ITR Report
  • TDS Certificate
  • Form 16
  • Bank statement

Address Proof

  • Aadhaar Card
  • Electricity Bill
  • Passport
  • Telephone bill
  • Gas bill
  • Water bill

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Personal Loan Interest Rates September 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2020
Axis Bank7.75% - 8.55%
Bank of Baroda7.00% - 8.40%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank6.95% - 8.05%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.20% - 9.30%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%