Best Personal Loans in India 2024

In today’s fast-paced world, unexpected expenses can arise at any moment—be it medical bills, home repairs, or even travel plans. In such cases, a personal loan can be a valuable resource to meet the unexpected expenses. However, it might get confusing to choose the best personal loans in India with several banks and NBFCs offering personal loans at attractive interest rates. This blog post aims to guide you through the process of selecting the most suitable personal loan for your requirements in India for 2024.

Given below is the list of 10 best personal loans in India along with their latest interest rates:

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 Disbursement

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?

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. 

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.

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.

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.

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.

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.

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.

8) Central Bank of India Personal Loan

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.

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.

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.

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.

Disclaimer: This blog is solely for educational purposes.