10 Best Personal Loans in India 2024 (2024)

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 2024. 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 Loans Plans in India 2024

S.No.

Personal Loan Plans

Interest Rates

1.

HDFC Bank Personal Loan

10.50% p.a. onwards

2.

ICICI Bank Personal Loan

10.50% p.a. onwards

3.

Bajaj Finserv Personal Loan

13.00% p.a. onwards

4.

Fullerton India Personal Loan

11.99% p.a. onwards

5.

IndusInd Bank Personal Loan

10.49% p.a. onwards

6.

Kotak Personal Loan

10.99% p.a. onwards

7.

Standard Chartered Personal Loan

11.49% p.a. onwards

8.

Cent Personal Loan (Central Bank of India)

10.75% p.a. onwards

9.

Bandhan Bank Personal Loan

10.50% p.a. onwards

10.

SBI Quick Personal Loan

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 Disbursem*nt

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 2024: Brief Analysis

Here is a brief analysis of some of the popular and top personal loans-

1) HDFC Bank Personal Loan

Both salaried employees and independent contractors in India can obtain Personal Loans from HDFC Bank. Online, you can quickly check your own eligibility.

If you already have an HDFC Bank account, you can use NetBanking to see if you qualify for a pre-approved loan. This is considered the best Personal Loan in India.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.00% p.a. onwards

Up to Rs 40 lakh

Up to 6 years

Up to Rs 4,999

Rs 25,000

2) ICICI Bank Personal Loan

To handle personal emergencies that can arise at any time in life, you can apply for a Personal Loan up to Rs. 50 lakhs at enticing interest rates. Your borrowing experience will be simple thanks to the ICICI Bank's quick approval process for Personal Loans.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.50% p.a. onwards

Rs 50,000-Rs 25 lakh

1-6 years

Up to 2.50% of the loan amount

Rs 30,000

3) Bajaj Finserv Personal Loan

You can borrow up to Rs. 25 lakhs with a Bajaj Finserv Personal Loan at a competitive interest rate. The loan has zero hidden fees and complete transparency, which streamlines the borrowing process overall.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

13% p.a. onwards

Up to Rs 25 lakh

Up to 5 years

Up to 4% of the loan amount

Rs 22,000

4) Fullerton India Personal Loan

Personal Loans from Fullerton India come with total openness and simplicity. Instant online application is part of the distinctive and customized offering. Online Personal Loans are instantly available from Fullerton, and the transaction is completely paperless. They user-friendly online application is available for online submission.

Soon after the loan has been approved, you can have the money credited to your account.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.99% p.a. onwards

Up to Rs 30 lakh

Up to 5 years

Up to 6% of the loan amount

Rs 20,000

5) IndusInd Bank Personal Loan

Personal Loans from IndusInd Bank are available at low-interest rates and can be used for a number of things. They provide quick processing and loan approval for instant online Personal Loans. Personal Loans up to Rs 25 lakh are available from IndusInd Bank with rates starting at 10.49% p.a. for terms up to 5 years.

Additionally, they provide immediate online Personal Loan processing and quick loan approval in a matter of minutes.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.49% p.a. onwards

Rs 30,000-25 lakhs

1 to 5 years

Up to 3% of the sanctioned loan amount

Rs 25,000

6) Kotak Personal Loan

Personal Loans from Kotak Mahindra Bank provide you with quick cash for any pressing financial needs. Kotak Mahindra's instant Personal Loan can help you out whether you want to take a trip, plan a wedding, or cover unexpected medical expenses.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.99% p.a. onwards

From Rs. 50,000 – Rs. 25,00,000

1-5 years

Up to 3% of the loan amount

Rs 30,000 (Varies)

7) Standard Chartered Personal Loan

Standard Chartered, one of the most well-known banks in the nation, provides Personal Loans with competitive interest rates and minimal processing costs.

Standard Chartered offers Personal Loans with interest rates starting at 11.49%; the processing fee that applies to the loan is up to 2.25% of the amount borrowed. The maximum loan amount is Rs. 1 lakh, and there are no restrictions on how long it takes to repay it—it can take anywhere between 1 and 5 years.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.49% p.a. onwards

Rs 1 lakh-Rs 50 lakh

Up to 5 years

Up to 2.25% of the loan amount

Rs 22,000

8) Cent Personal Loan (Central Bank of India)

Personal Loans are available from the Central Bank of India with interest rates starting at 9.85% per annum. In accordance with this program, you are eligible to receive a Personal Loan of up to Rs. 10 lakhs with a maximum 48-month repayment period.

On its Personal Loans, the bank levies a processing fee of Rs. 500 plus any applicable service taxes.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

10.75%-10.95% p.a.

Up to Rs 10 Lakh

Up to 5 years

Waived off up to the stipulated period

9) Bandhan Bank Personal Loan

Bandhan Bank provides Personal Loans to meet every need of a person. The bank also provides numerous customizing options to meet an applicant's needs. For loan amounts up to Rs 15 lakh, Bandhan Bank offers Personal Loans with rates starting at 10.5% p.a. for terms of up to 5 years.

The bank states that it will release a Personal Loan after receiving the necessary paperwork in two working days.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

10.50% p.a. onwards

Rs 50,000 – Rs 15,00,000

1-5 years

1% of Loan Amount

10) SBI Quick Personal Loan

SBI offers Personal Loans with terms of up to 7 years and interest rates starting at 9.60% p.a. Depending on your eligibility, the loan amount can range from Rs. 25,000 to Rs. 20 lakhs. Up to 1.5% of the loan amount is charged as the processing fee.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.10%-14.60% p.a.

Up to Rs 20 lakh

Up to 6 years

Up to 1.50% (Maximum Rs 15,000)

Rs 15,000

Conclusion

The top Personal Loan plans in India for 2024 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.

You May Also Be Interested to Know

1.

How to Apply for Instant Loan

2.

Things to Keep in Mind While Applying for a Loan

3.

Best Business Loan in India

4.

Best Home Loan in India

5.

How to Avoid Rejection of Your Personal Loan Application

Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.

To read the RA disclaimer, please clickhere
Research Analyst - Bavadharini KS

10 Best Personal Loans in India 2024 (2024)

FAQs

Which bank is best for Personal Loan 2024? ›

Which Bank is Best for Personal Loans?
BankInterest RateRepayment Term
ICICI Bank10.75% to 19%12 - 72 months
HDFC Bank10.5% to 21%12 - 60 months
IndusInd Bank10.49% to 31.50%12 - 60 months
Axis Bank10.49% to 22%12 - 60 months
1 more row

Will Personal Loan rates go down in 2024? ›

According to the most recent Federal Reserve projections (made in December 2023), the median expectation is for three quarter-percentage-point cuts to the federal funds rate in 2024. Investors seem to be expecting the same.

Which Personal Loan is best in India? ›

Top performing personal loans in India
Sr.No.Personal Loan PlansInterest Rates
1HDFC Bank Personal Loan10.50% p.a. onwards
2ICICI Bank Personal Loan10.50% p.a. onwards
3Bajaj Finserv Personal Loan13.00% p.a. onwards
4Fullerton India Personal Loan11.99% p.a. onwards
6 more rows
Mar 1, 2024

Will home loan interest rates go down in 2024 in India? ›

Housing loan EMIs have increased by over 20% during these years. Nonetheless, 2024 comes up with new predictions. As per housing interest rates today, the interest rate is anticipated to reduce by 0.5% to 1.25%.

Which bank gives you a loan easily? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

Which bank offers the cheapest personal loan? ›

Current Interest Rate on Personal Loans
BankInterest Rate (p.a.)Processing Fee
Bank of India10.85% onwardsUp to 2%
(Fullerton India) SMFG India Credit11.99% p.a. onwardsUp to 6%
IDBI Bank11.00% p.a. - 15.50% p.a.Contact the bank
Karur Vysya Bank11.25% p.a. - 14.25% p.a.0.50% onwards
26 more rows

Is 7% a good rate for a personal loan? ›

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

Is 10% good on a personal loan? ›

At this time, 10% is a good interest rate for a personal loan for a borrower with good credit. Anything below the national average personal loan interest rate, set by the Federal Reserve, is considered a good personal interest rate. Borrowers with poor credit scores will likely be offered a higher interest rate.

What's a good personal loan rate? ›

A good interest rate on a personal loan is generally on the low end of the range, which currently starts around 7 percent. For example, if you have excellent credit, a rate below 11 percent would be considered good, while 12.5 percent would be less competitive.

Who is eligible for 10 lakh Personal Loan? ›

10 lakh Personal Loan, you must meet specific criteria: Age: Generally, applicants should be between 20 and 58 years of age. Employment: Salaried individuals, self-employed professionals and business owners are eligible. Income: A steady income but the minimum amount may vary across lenders.

Which bank gives fast loan in India? ›

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.

Which loan company is best? ›

Best personal loans
  • SoFi: Best overall.
  • LendingPoint: Best for fair credit.
  • Upgrade: Best for poor credit.
  • Prosper: Best peer-to-peer lender.
  • Axos Bank: Best for excellent credit.
  • LightStream: Best for fast funding.
  • Discover: Best for good credit.
  • Avant: Best for customer support.

Which bank gives the cheapest home loan? ›

Home Loan Interest Rate 2024

Currently, Union Bank of India and Bank of Maharashtra offer the lowest home loan interest rate starting from 8.35% p.a. Punjab National Bank, Bank of India, Indian Overseas Bank and Canara Bank offer rate of interest on home loans starting from 8.40% p.a.

Which loan is cheaper? ›

Generally, secured loans tend to have lower interest rates compared to unsecured loans because they are backed by collateral. However, if you do not want to pledge any of your assets as collateral to the lender, then unsecured loans like personal loan is the best financing option.

How much will interest rates drop in 2024? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

What is the best bank to get approved for a Personal Loan? ›

Summary: Best Personal Loans From Banks
CompanyForbes Advisor RatingLoan amounts
Discover3.5$2,500 to $40,000
Wells Fargo3.5$3,000 to $100,000
PNC Bank3.0$1,000 to $35,000
Citibank3.0$2,000 to $30,000
2 more rows
May 31, 2024

Will bank interest rates go up in 2024? ›

Since the beginning of 2022, the national savings interest rate has increased nearly eightfold—from 0.06% to 0.47%. However, savings rates have recently stabilized, and they may start falling at some point in 2024. The Federal Reserve has stated it will likely cut interest rates before the end of the year.

Which app has the lowest interest rate on a Personal Loan? ›

Forbes Advisor Ratings
Policy NameForbes Advisor India RatingLowest Interest Rate
Money Tap4.01.8 % per month
Money View4.01.33% per month
Kreditzy3.51% per month
FairMoney Loan App3.51% per month
4 more rows

Are banks or credit unions better for personal loans? ›

Credit unions tend to have lower interest rates for loans and lower fees. Banks often have more branches and ATMs nationwide. Many credit unions have shared branches and surcharge-free ATMs provided through the CO-OP Shared Branch network. Banks have historically had better technology online and for mobile apps.

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