Whether you need money for home renovation, a wedding, or have to pay off high-interest credit card debt, personal loans have become the popular financial solution in India. But, determining which personal loan deal is best for you is a real puzzle. Many applicants choose a loan based on interest rates and make the worst life decision.
If you are also searching for personal loans, today we will discuss the 5 Best Personal Loans in India and highlight their benefits and unique features. So, let's learn about each of them without any further delay!
5 Best Personal Loans in India in India
Personal loans don't require any security or collateral. So, you can get personal loans with minimum documentation, and like many other loans, you need to repay them monthly. Let’s find out which are the best personal loans in India:
HDFC Bank Personal Loans
If you need money immediately, HDFC Bank Personal Loans is the easiest credit option. HDFC loans involve a little paperwork, and you can pay up to 40 Lakhs with an interest rate of 10.5%. You have to repay the whole amount within six years. Well, both self-employed and salaried individuals can apply for this loan. If you are employed, you must have a working experience of at least two years with one year experience in the present company. Also, you will be eligible for this loan only if your monthly salary is 25000 INR or above, and the processing fee will be 4999 INR or above.
Besides that, the minimum credit score required for this loan is 650+. HDFC Personal Loans are available, including travel loans, marriage loans, personal loans for teachers, home renovation loans, personal loan balance transfers, and debt consolidation loans. The documents required for this loan are Form 16, the latest salary slip, ID proof, bank statement for the past three years, and address proof. The age limit to be eligible for this loan is from 21 to 60 years.
Axis Bank Personal Loans
Axis Bank offers personal loans from 50000 to INR 40 Lakhs with an interest rate of 10.45%. Only a few documents are required to avail of this loan service. The minimum salary required for this loan is 15000 INR, and the processing fee is 2% of the loan amount + GST. Only salaried or government sector employees are eligible for this loan. The minimum credit score needed is 650+, and individuals aged 21 to 60 can apply for Axis Bank Personal Loans.
The documents required for Axis Personal Loan are one-year employment proof, duly filled application form with the latest photos, the latest 2 bank statements with salary credit, KYC documents, loan agreement, and ECS form. You will easily get approved for this loan if you pay EMIs on time and your debt obligation is lower than 50%.
ICICI Bank Personal Loans
You can get these personal loans without collateral security; only a few documents are required. The best part is that ICICI Bank offers instant approval, and funds will be transferred to your account within three seconds. There is no restriction on fund usage, so you can fulfill all your needs. The bank offers very flexible tenures. Therefore, depending on your repayment capacity, you can choose any 12 to 72 months. The interest rates (10.75%) are fixed. So, the interest component will not vary during the tenure.
To apply for this loan, you must be 21 years old, and your minimum salary must be 30000 INR. You will easily get approved if you have good credit scores and a savings account with any of the banks in the country. Besides that, you must have lived in the current residence for at least one year, and your working experience at the current company should be at least two years. If you are self-employed, your minimum turnover must be 15 Lakhs (professionals) or 40 Lakhs (non-professionals). Besides that, the self-employed must be in the current business for the last five years. The loan processing charges are 2.5% of the loan amount plus taxes.
SBI Personal Loan
With SBI personal loan you can get 24,000 to 25 lakhs INR with 1% plus tax processing fee. The loan is available at an interest rate of 11.05% for people with a stable source of income and a credit score of 10%. The interest rate can go up 14.05% for those with lower credit scores. Those with no credit history but a stable source of income can also get this loan. Government employees can also get the SBI personal loan (24000 INR to 200000 INR) at a 10.10% interest rate.
The pre-closure charges for this loan are 3%, and the tenure period is 6 years. The minimum monthly income should be 15000 INR or higher to qualify for this loan. The minimum age requirement is 21 years, and applicants up to 58 years old are eligible for this loan. The documents required for this loan include address proof, identity proof, and other documents (processing fee cheque, duly signed loan application, and check-off letter from employer).
Tata Capital Personal Loan
You can get the Tata Capital loan today without any collateral. The application process is easy, and Tata offers you a wide range of loans at an interest rate of 10.99%. The maximum loan amount you can get is 35 Lakhs INR for government employees, 75,000 INR to 35 Lakhs for salaried, and 2 Lakhs for women. The processing charges are up to 3% of the loan amount with tax. The repayment tenure is six years.
The loan eligibility criteria vary depending on loan amount and other factors. But, to be eligible for the loan, you must be 22 to 58 years old, your minimum income must be 20000 INR, and a minimum working experience of one year is required. The documents required include ID proof, salary slips, employment certificate, address proof, and income proof.
Conclusion:
A personal loan is a financial assistance the banks provide, and the borrower can use that money. If you also need a personal loan, HDFC Bank Personal Loan is one of the best personal loans in India. The bank quickly provides the personal loan to pre-approved customers at a compatible interest rate. You can select the repayment tenure depending on your needs and make the payments in monthly installments. And, both self-employed and salaried individuals can apply for this loan.
