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Top private banks and NBFC for personal loans

Posted by Ajit samal on March 30th, 2020

Dozens of public and private sector banks and NBFCs offer personal loans for customers across the country. A personal loan can be used for varied reasons like medical expenses, higher education, foreign trip, home repair and business investment. While multiple private sector lenders offer personal loans in India, here are top lenders that offer personal loans at most favourable terms like lower interest rates, flexible repayment tenure and higher loan amount. 

HDFC Bank personal loan

HDFC Bank is one of the premier Indian banks. It has pan India presence with bank branches and ATMs. People can find out their eligibility within one minute using HDFC Bank personal loan eligibility calculator. HDFC Bank personal loans can be used to fulfil various financial needs such as cost of your wedding, funds for an emergency, medical expenses or any other payments. While applying for a loan, applicants can use the HDFC Bank EMI calculator to figure out the future instalments. 

Benefits of HDFC personal loan

  • HDFC Bank personal loan eligibility calculator for instant eligibility check

  • Flexible tenure from 12 to 60 months

  • Competitive interest rates starting from as low as 10.75%

  • Pocket-friendly EMIs

  • Minimal documentation and quick disbursal

  • HDFC Bank EMI calculator  

Key features of HDFC bank personal loan

Interest rate

11.75% to 21.50% p.a.

Age

21 - 60 years

Loan amount

Up to Rs. 15 lakhs

Tenure

12 - 60 months

Processing fee

Up to 2.5% of the loan 

 ICICI Bank personal loan

ICICI Bank is one of the largest Indian banks. The bank offers a host of banking and financial services in India and abroad. A personal loan is one of the key products offered by the bank. ICICI personal loan interest rates start from as low as 11.25% p.a. 

Here are the key features of ICICI Bank personal loan:

Interest rate

11.25% - 22% p.a.

Age limit

For salaried: 23 to 58 years

For self-employed: 25 to 65 years

Loan amount

Up to 20 lakh

Processing charges

Up to 2.25% p.a. of the loan + GST

Prepayment fees

5% p.a. of principal outstanding + GST

Loan term

From 12 - 60 months

 

ICICI Bank personal loans are available under different categories like a personal loan for wedding, personal loan travelling and personal loan for home renovation. While applying for a personal loan, borrowers can use the ICICI Bank personal loan EMI calculator to find out the instalment proactively. 

Axis Bank personal loan

Axis Bank offers a personal loan with flexible eligibility criteria. Individuals aged as low as 21 years can apply for a personal loan from Axis Bank. Moreover, foreclosure or part prepayment charges are not applicable on the Axis Bank personal loan. 

Key features of Axis Bank personal loan: 

Interest rate

12% - 24% p.a.

Age limit

21 - 60 years

Loan amount

Up to Rs. 15 lakhs

Loan term

12 - 60 months

 

Kotak Mahindra Bank personal loan

Individuals working with government organisations and reputed private companies can get Kotak Mahindra Bank loans. You can get a personal loan up to Rs. 15 lakh for varied personal needs like wedding, child’s school fees, renovation of home, travailing etc. Kotak Mahindra Bank personal loan interest rates and other charges: 

Rate of interest

10.99% - 24% p.a.

Age limit

Between 21 to 58 years

Quantum of loan

Up to Rs. 15 lakhs

Loan processing charge

Up to 2.5% of the loan amount plus GST and applicable statutory levis

Prepayment penalty

No prepayment in the first 12 months 

After 12 months, 5% foreclosure charge on principal outstanding + GST

Loan term

Upto 60 months

IndusInd Bank personal loan

IndusInd Bank is one of the popular ‘next-gen’ private sector banks in India. Working employees, as well as self-employed people, can apply for personal loans from IndusInd Bank. The bank extends personal loans under multiple categories, such as a personal loan for medical expenses, for education, for wedding, home renovation and personal loan balance transfer. 

Loan amount from Rs. 50,000 to Rs. 25 lakh is available from IndusInd Bank. Borrowers can get the loan for a flexible term ranging from 1 to 5 years. IndusInd Bank offers free doorstep services. 

Key features of IndusInd Bank personal loan

Interest rate

Starting from 11.25% p.a.

Age

  • Minimum 25 years at the time of application 

  • Maximum 65 years age at loan maturity 

Loan amount

Up to Rs. 25 lakhs

Prepayment charge

Salaried: Lock-in period of 12 months

4% on principal outstanding after the lock-in period

Self-employed: 6 months lock-in period

After 6 months, 4% on principal outstanding  

Loan term

Upto 60 months

Processing fee

Up to 2.5% of the loan amount

Top NBFCs for personal loans

Bajaj Finserv personal loan 

Bajaj Finserv is one of the leading NBFCs in India. It offers personal loans for multiple financial requirements. A personal loan up to Rs. 25 lakh is available for a repayment tenure ranging from 12 months to 60 months from Bajaj Finserv. 

Here are the key features of Bajaj Finserv personal loan:

Rate of interest

12.99% p.a.

Age limit

25 - 58 years

Loan amount

Up to 25 lakhs

Loan tenure

From 12 to 60 months

Foreclosure charges

4% on outstanding principal + applicable taxes

Part pre-payment charges

2% on outstanding principal + applicable taxes 

 

Fullerton India personal loan amount

Fullerton India offers personal loans of different segments of customers for their several financial needs. A personal loan starting from Rs. 60,000 up to Rs. 25 lakh can be availed with very flexible eligibility criteria. Fullerton India personal loans are available for up to 60 months. 

Interest rate

From 12% p.a.

Age limit

21 to 60 years

Loan amount

From Rs. 60,000 up to Rs. 25 lakh

Loan term

From 12 months to 60 months

Aditya Birla Finance Limited (ABFL) personal loan

Aditya Birla Finance Limited provides a wide range of financial and wealth management solutions to customers across the country. A personal loan is one of the popular products offered by ABFL. Salaried employees can get personals for a variety of financial requirements. Aditya Birla personal loan is available up to Rs. 15 lakh at attractive interest rates. 

Key features of ABFL personal loan

Interest rate

14% p.a. - 26% p.a.

Age

  • Applicant should be at least 23 years old at the time of application 

  • The maximum age for ABFL personal loan is 55 years

Quantum of loan

Up to 15 lakhs

Loan term

6 months - 36 months

Processing fee

Up to 2% of the loan amount

Foreclosure charges

3% (12th month onwards)

 

Also See: Personal Loans, Personal Loan, Bank Personal, 60 Months, Years, Up, Rs

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