Top 5 Best Bank for Personal Loan in India

If you ask me which is the best for the bank a personal loan in India, so I will ask you – why do you need a personal loan?

This is because personal loans should be taken only in emergency situations.

I would not recommend anyone to take a personal loan & Home loan. A personal loan because of high interest must be free of last resort.

You should repay your personal loan within 3 to 6 months.

If you take Rs. 100,000 loan for 12 months at 24% interest then you will end up paying around around Rs. 1,13,400 Rs.

Personal loans help you way out of short term financial crisis but you incur high interest charges. Do not misuse the personal loan facility otherwise you may get into a financial crisis.

You can take a personal loan either from a bank or from a private finance company.

Top 5 Best Bank for Personal Loan in India for 2021

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#1. State Bank of India Personal Loan

SBI Express credit personal loans, SBI Pension loans, and SBI Quick Personal Loans – you can get a personal loan from SBI under three categories.

The SBI is a minimum service for personal loans of 1 year and pensioners is accessible to all salaried persons.

SBI Xpress Credit Personal Loan–

Xpress credit personal loans institutions are working on the bottom and to the maintenance of a free account with the State Bank of India employees.

Institutions are central and state government, semi-government, central and state PSUs, educational institutions of national repute profit, and selected corporates who have a business relationship with the bank.

SBI Pension Loan

SBI Pension Credit people to which central, state, family or protect pensioners. The SBI is not more than 76 years of their pension drawing and age through one of the branches.

SBI Quick Personal Loan

SBI Instant Personal Loans is available to employees working with Central and State Governments, Semi Government, Public Sector Undertakings, Educational Institutions of National repute, and with companies.

You should have a minimum of Rs net monthly income. 15,000 and there is no need to maintain a salary account with the State Bank of India.

SBI Personal Loan Interest Rates– Ranges from 9.60% to 13.85%

Other Personal Loan Details–

Loan Amount	Up to 20 Lakh
Processing Fee	Up to 1.5%; Minimum – Rs. 1,000 and Maximum – Rs. 15,000
Late Fee	24% p.a
Prepayment Charges	3% on prepaid amount
Loan Tenure	Up to 72 months

Eligibility Criteria

Abbreviation Used:

NMI- Net Monthly Income

EMI- Equated Monthly Installments

NMP- Net Monthly Pension

Documents Required–

• Application Form or online application through SBI web portal
• PAN Card
• ID Proof & Address Proof
• Latest Salary Slip with ITR, bank account statement for last 6 months
• Your salary/ pension account number with SBI for Xpress Credit & Pension Loan.

#2. Axis Bank Personal Loan

If you want a hassle-free personal loan and also earn reward points Axis option. You can avail personal loan from Rs. 50,000 to Rs. 15 lakhs and up-to 450 increments earn rewards points. There is a value of re at each point. 0.20 to 0.25.

You can choose to repay the loan over a period of 12 to 60 months.

Personal Loan Interest Rates Axis Bank– Ranging from 12% to 24%

Personal Loan Details–

Loan Amount	Rs. 50,000 to 15 Lakh
Processing Fee	1.5% to 2% of the loan amount
Late Fee	24% p.a
Part-payment/ Foreclosure Charges	0 to 12 months – 5% 13 to 24 months – 4% 25 to 36 months – 3% more than 36 months – 2%
Loan Tenure	12 to 60 months

Eligibility Criteria–

Particulars	Eligibility
Employees of	Govt (including PSU, central, state, and local bodies), Public and Private Ltd employees and salaried doctors
Minimum Age	21 years
Maximum Age	60 years at the time of maturity of the personal loan
Net monthly income	Minimum of Rs. 15,000

Documents Required

• Application form
• ID proof, & Residence proof
• Income proof and Bank statement
• Standing instruction request / ECS forms

#3. HDFC Bank Personal Loan

You have an option to borrow Rs. 50,000 to Rs. 40 lakhs as a personal loan from HDFC Bank. The loan is available for a salaried person across the corporate, public sector and government institutions.

Once the documentation is complete, your personal credit will be delivered within 4 hours. Existing HDFC customers can get personal loans approved in 10 seconds.

With loans, you can also avail an accident or loan insurance cover at a nominal premium.

HDFC Personal Loan Interest Rates– Ranging between 10.40% to 21.13%

Other Personal Loan Details–

Loan Amount	Up to 40 Lakh
Processing Fee	Up to 2.5% Minimum – Rs. 2,999 and Maximum – Rs. 25,000
Late Fee	24% p.a
Prepayment Charges	Up to 12 months- not allowed 13-24 months – 4% of principal outstanding 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding
Loan Tenure	Up to 60 months

Eligibility Criteria–

Particulars	Eligibility
Employees of	Pvt Ltd, PSU including central, state, and local bodies
Age	Between 21 and 60 years
Work Period	Job for at least 2 years, with a minimum of 1 year with the current employer
Net income per month	A person having HDFC bank salary account – Minimum Rs. 25,000 Non- HDFC Bank salary account holder – Minimum Rs. 50,000

Documents Required–

• Application Form or online application through HDFC web portal
• ID Proof, Address Proof
• 3 Month bank statement (Passbook of previous 6 months)
• 2 Latest salary slip or current dated salary certificate with the latest Form 16.
• Proof of end-use

#4. Bank of Baroda Personal Loan

Bank of Baroda offers a personal loan for both salaried and self-employed. The bank of Baroda also considers the insurance agents for personal loans.

Depending on your eligibility, loan amount can be up to Rs. Up to 10 million for 60 months.

Personal Loan Interest Rates Bank of Baroda–

BRLLR+SP*+3% to BRLLR+SP+8.35% based on relationship and the risk rating of applicants.
Present BRLLR = 6.85% & *SP- Strategic Premium = 0.25%.

Personal loan ROI – 10.10% to 15.45%

Other Personal Loan Details–

Loan Amount	Up to 10 Lakh
Processing Fee	2%. Minimum – Rs. 1,000 and Maximum – Rs. 10,000
Late Fee	24% p.a.
Pre-closure Charges	NIL
Loan Tenure	Up to 60 months

Eligibility Criteria–

Eligibility	Salaried	Self Employed/Business
Age	21 to 60	21 to 65
Minimum Work Experience/ Service	1 year	1 year of a stable business.

Specific guidelines for loan eligibility:

Parameter	Salaried employees*	Others**
Repayment Capacity	60 % of Gross Monthly Income	40% to 60% of Gross Monthly Income
Period	Maximum 60 months	Maximum 48 months

Documents Required–

Salaried	Self Employed/Business
Application Form along with asset & liability details	Application Form along with asset & liability details
ID Proof, Address Proof	D Proof, Address Proof
Last 3-month payslip, Form 16 or ITR	Last 2 years – ITR, Form 26AS, Balance sheet, and P&L, Business proof
6 months bank statement	6 months bank statement

#5. Bajaj Finserv Personal Loan

Bajaj Finserv only offer personal loans to salaried professionals. The loan process which means you instant online credit approval and loan amount can deliver within 24 hours is completely online.

Bajaj Finserv only financial institution gives you full repayment feature of the outstanding loan amount after the first EMI.

Bajaj Finserv Personal Loan Interest Rates– Starting from 13% onwards

Other Personal Loan Details–

Loan Amount	Up to 25 Lakh
Processing Fee	Up to 4.13%
Late Fee	2% to 4% per month
Foreclosure Charges Part-payment Charges	4% 2%
Loan Tenure	12 to 60 months

Eligibility Criteria–

Eligibility	Salaried
Age	23 to 55 years
Monthly Income	Depending upon the city you are residing in. For example, if you are living in metro cities then your monthly income should be at least Rs. 36,000.

Documents Required–

• KYC Documents
• Passport size photograph
• Previous 3 months Bank account statement of salary account
• CIBIL score of 700+ preferred

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