Best Personal Loan Banks & NBFCs in India 2024

Today, there are several options you get when choosing the best personal loan in India. Whether you want to take the traditional bank route or go with an NBFC for a personal loan, you have several options to choose from! This blog contains a list of the best personal loans you can take in India, provided by both banks and NBFCs.

Best Personal Loan in India Provided by Banks

There are several banks in India that provide the best personal loans at the most favourable interest rates. Here is a list of some of them:

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1. HDFC Bank

• HDFC Bank personal loan interest rates start from 10.50% p.a.
• Pre-approved instant loans are available to selected customers and can be disbursed in 10 seconds.
• Balance Transfer facility allows existing loan borrowers to lower their EMI.

2. Axis Bank

• Eligibility: Employees in the government or private sector.
• Lower interest rates and processing fees.
• Fixed interest rates only.
• Quick approval and disbursal.
• Transparent features.

3. SBI Bank

• Minimal processing fees.
• Competitive low-interest rates.
• Fast loan approval process.
• Instant loan disbursement.
• Simple eligibility requirements.

4. ICICI Bank

• Apply for a Personal Loan up to ₹50 lakh for personal emergencies.
• Enticing interest rates.
• Quick approval process for a smooth borrowing experience with ICICI Bank.

5. Bajaj Finserv

• Multiple part-payment options are available.
• Loans for both small and large expenses.
• Approval in just 5 minutes.
• Unlimited part-payments with no extra charges.
• Flexible tenures for stress-free loan management.

6. Induslnd Bank

• Maximum loan amount: up to ₹50 lakh.
• Minimum loan amount: ₹30,000.
• Interest rates starting from 10.49% p.a.*
• Tenure: 12 to 72 months.

7. Kotak Mahindra Bank

• Eligibility: Government or private employees.
• Minimal paperwork required.
• Loan amount up to ₹40 lakh.
• Low processing fees.
• Quick approval and instant disbursal.

8. Standard Chartered Bank

• Pre-qualified offer: No income documents needed.
• Pre-closure and part-payment options available.
• No guarantor is required.

9. HDBFS

• No guarantor is required.
• Conditional pre-closure is available after 12 months.
• Balance transfer option.
• Top-up loan available.
• Other benefits include a part-payment option, doorstep service, and e-approval.

10. Yes Bank

• Seamless prepayment after 12 EMIs.
• 1-minute approval process.
• Check loan eligibility with Yes Bank in 60 seconds.
• Zero collateral is required for approval.
• Balance transfer option for higher loans from other banks.
• Quick disbursal: funds are transferred within one hour of approval.

11. IDFC

• Minimal paperwork.
• Lower processing fees.
• Digital personal loans.
• Flexible for multiple end uses.
• Fixed interest rates.
• Tenure options from 6 to 60 months.

12. Bank of Baroda

• Eligibility: All government or private employees.
• Easy eligibility criteria.
• Lower interest rates.
• No processing fees for government employees with a Bank of Baroda salary account.
• Choice of floating or fixed interest rates.

13. PNB

• Personal loan for salaried individuals to meet personal needs.
• Eligibility:
  • Govt/PSUs/Private employees with salary through PNB and 2 years experience in the current organisation.
  • Others require 3 years’ experience.
• Loan amount:
  • Maximum ₹20 lakh for salaried (varies based on salary).
  • ₹5 lakh maximum for self-employed (requires suitable third-party guarantee).
• Pensioners drawing through PNB:
  • Min ₹25,000.
  • Upto ₹10 lakh for age <70.
  • Upto ₹7.5 lakh for ages 70-75.
  • Upto ₹5 lakh for age >75.
  • Maximum tenure: 60 months.

Best Personal Loan in India Provided by NBFCs

Apart from the traditional banks, there are NBFCs, non-banking financial companies, that also provide personal loans in India. Below is the list of the best NBFCs that provide personal loans at the most favourable terms:

1. Jupiter

Jupiter is a user-friendly digital banking app that brings personal loans and a range of financial tools to your fingertips, helping you manage money easily and efficiently. Need quick cash? Jupiter offers instant loans with flexible repayment terms, making it a go-to for addressing short-term financial needs quickly.

• Access loans up to ₹5 lakh, with repayment terms ranging from 3 to 24 months, so you can handle urgent expenses without the hassle.
• Get a clear view of your spending by category, set budgets, and track your financial health all in one place.
• Choose from Mutual Funds, invest in Digital Gold, or lock in high-interest Fixed Deposits to grow your savings.
• Get instant assistance anytime with Jupiter’s round-the-clock chat support.

2. Pocketly

• Loan amount: ₹500 to ₹50,000.
• Interest rates: 1.00% – 3.00% per month.
• Tenure: 1 to 6 months.
• Relaxed eligibility with a minimum income of ₹15,000.
• Available for both salaried and self-employed individuals.

3. Buddy Loan

• Loan approval within 48 hours of application.
• Loan offers from ₹10,000 to ₹15 lakh.
• Interest rates start at 11.99% p.a.
• Flexible tenure options range from 6 months to 5 years.
• Open to any Indian citizen with a valid Aadhaar and PAN card.
• Self-employed individuals require company and GST details for eligibility.

4. Freo

• No-usage-no-interest feature: pay interest only on the amount used, not the entire approved amount.
• Loan amount: up to ₹5 lakh, with interest rates starting at 1.08% per month.
• Borrow any amount up to the entire approved credit limit as needed.
• Flexible repayment tenure: 3 to 36 months.
• A free MasterCard credit card is provided, with the entire credit limit available as cash.
• Eligibility: Applicants must be above 23 years and have a minimum monthly income of ₹30,000.

5. True Balance

• Apply, get loan approval, and receive funds within 30 minutes.
• Access to credit is available 24/7.
• Interest rates start from 2.40% per month.
• Loan amount: ₹5,000 to ₹1.25 lakh.
• Flexible repayment tenures: 3 to 12 months.

6. Finnable

• EMI calculation is available on the website before applying.
• EMIs are calculated using the reducing balance method.
• Loan disbursal within 24 hours.
• The entire process is completed digitally.
• Repayment terms range from 3 to 48 months.

7. Navi

• Personal loan up to ₹20 lakh.
• Flexible EMI options are available for up to 6 years.
• Interest rates starting from 9.9% p.a.
• The entire loan process is digital and accessible from anywhere.
• Choose a repayment plan based on eligibility.
• The loan amount is credited to your account within minutes of approval.

8. Bajaj Finserv

• Choose from three variants based on your requirements.
• Complete the entire process from the comfort of your home.
• Loan amount available up to ₹40 lakh.
• Minimum salary requirement: ₹25,001, based on location.
• Unsecured loans: no collateral required.
• Affordable interest rates range from 11% to 35% p.a., with tenures up to 96 months.

9. LazyPay

• Loan amounts from ₹3,000 to ₹5 lakh.
• Interest rates ranging from 15% to 32% p.a.
• Interest is calculated on a reducing balance basis.
• Repayment tenures are available from 3 to 60 months.

10. FlexSalary

• All salaried individuals are eligible for a loan.
• Minimum income requirement: ₹8,000.
• Available in metro, Tier I, and Tier II cities.
• Affordable EMIs with interest rates ranging from 18% to 54% p.a.
• Loan amount: up to ₹3 lakh, repayable in 10 to 36 months.
• Loan disbursal within 24 hours.

11. Home Credit

• Part of the International Home Credit group, operating in multiple countries.
• Available in over 150 Indian cities.
• No credit history is required to avail of a loan.
• Interest rates start from 2% per month, with 12 to 48 months tenures based on convenience.
• Loan amounts available up to ₹5 lakh for various needs.

12. mPokket

• mPokket provides loans for low-salaried and low-income earners, ranging from ₹500 to ₹45,000.
• The loan amount is disbursed within a few hours upon meeting eligibility criteria.
• College students can get a loan by providing proof of college enrollment, student ID, mark sheet, or admission letter.
• Repayment tenure ranges from 61 days to 12 months.
• Interest rates up to 48% p.a.

13. FIBE

• Loan amounts available from ₹5,000 to ₹5 lakh, based on eligibility.
• The entire application process is online and paperless.
• Unique feature: Apply for multiple loans on the same day, even with an existing loan.
• Available 24/7 for loan applications with instant disbursal.
• Salary advance option available, with interest rates starting from 12% p.a.
• Loan repayment in easy instalments spanning up to 24 months.

14. Moneyview

• The loan amount is disbursed within 24 hours after approval in most cases.
• Check eligibility criteria in just 2 minutes from anywhere in the country.
• Very minimal documentation is required.
• Loan amounts available between ₹5,000 and ₹10 lakh.
• Interest rates start from 10% annually, with flexible repayment tenures up to 60 months.
• No collateral is required; repayment through auto-debit EMIs.
• The unique credit rating model allows applicants with low credit scores to get a loan.

15. NIRA

• Nira Finance offers a line of credit up to ₹1.5 lakh.
• Credit limit information is available in just 3 minutes after document submission.
• Credit is available for first-time borrowers without a credit history; a minimum CIBIL score of 681 is required for seasoned borrowers.
• Repayment tenure can go up to 12 months.
• Pay interest only on the amount used, not the entire approved amount.
• Interest rates start from 2% per month.
• The entire loan process is paperless, but hard copies are required once for KYC purposes.

16. KreditBee

• Loan amounts range from ₹1,000 to ₹5 lakh, depending on the type of loan.
• KreditBee claims to disburse loan amounts in just 10 minutes.
• Interest rates range from 17.00% to 29.95% p.a., varying based on credit history and other factors.
• Repayment tenure starts at 3 months, extending to 10, 24, and 36 months for flexi loans, personal loans for self-employed, and personal loans for salaried individuals, respectively.

Factors to Consider When Comparing Personal Loans

With the increasing evolution in the financial sector, there are currently several big parties in the game. Hence, it’s essential to weigh all the pros and cons and analyse all the factors when comparing different personal loans from different banks and NBFCs. Here are some factors to consider when comparing personal loans:

1. Interest Rates

   Interest rates are crucial in determining how much you’ll ultimately pay for your loan. That’s why it’s so important to shop around and compare offers from various lenders. A lower interest rate can make a huge difference, leading to substantial savings over the duration of your loan. So, take the time to explore your options and secure the best deal!

2. Minimal Documents Required

   The ideal personal loan is one that’s quick and easy to obtain, especially when you’re in need of cash. In those urgent moments, the last thing you want is to deal with heaps of paperwork and lengthy forms. Fortunately, digital evolution has changed the game. You can now apply for a loan right from your own home, making the process far more convenient.

3. Loan Amount and Tenure

   Make sure you analyse the loan amount before you take a personal loan. This step is crucial to follow so that you don’t end up with a heavy loan amount that is too much to repay, as this will disrupt your entire financial planning. Also, ensure you understand the loan tenure so you don’t accumulate heavy interest rates.

4. Processing Costs

   Keep an eye out for any extra fees that may come with your loan, like origination fees, processing charges, or penalties for paying it off early. These costs can accumulate and affect the overall expense of your loan, so it’s important to consider them when making your decision.

5. Repayment Flexibility

   Ensure the personal loan you select has total repayment flexibility that suits your needs. Read all the terms and conditions before you consider taking a personal loan from one particular bank or NBFC.