Personal loan

Key Features & Benefits of a Personal Loan

  • Rate of Interest: Personal loan interest rates start from 9.99% p.a., depending on your credit score, income, lender’s policy, and other factors.
  • Loan Amount: From Rs. 1,000 up to Rs. 50 Lakhs depending on eligibility.
  • Repayment Tenure: Flexible tenures from 2 to 84 months.
  • Security: No collateral required.
  • Turnaround Time: Approval within 48 hours in many cases.
  • Processing Fees: Usually ranges from 0.50% to 3.5% of loan amount.
  • Prepayment Penalty: 1% to 4% of outstanding loan amount.

Best Banks for Personal Loan in India 2026

Bank Name Rate of Interest (p.a.) Loan Amount Tenure
State Bank of India10.05% – 15.05%₹1 Lakh – ₹35 Lakhs6 – 84 months
HSBC9.99% – 16%₹1 Lakh – ₹20 Lakhs12 – 60 months
PNB10.25% – 15.80%₹25,000 – ₹20 LakhsUp to 72 months
Kotak Mahindra Bank10.99% onwards₹1 Lakh – ₹35 Lakhs12 – 72 months
HDFC Bank9.99% – 24%₹25,000 – ₹50 Lakhs12 – 72 months
IDFC First Bank9.99% onwardsUp to ₹10 Lakhs9 – 60 months
Axis Bank9.99% – 22%Up to ₹40 LakhsUp to 84 months
ICICI Bank10.45% – 16.50%Up to ₹50 LakhsUp to 72 months
Federal Bank11.99% – 18.99%₹50,000 – ₹25 Lakhs12 – 60 months

Best Instant Personal Loan Apps with Fast Disbursal

App Loan Amount Interest Rate Tenure
Moneyview₹3,000 – ₹10 Lakhs14% onwards3 – 60 months
MoneyTap₹3,000 – ₹5 Lakhs13% – 18%2 – 36 months
FlexSalary₹500 – ₹3 Lakhs18% – 36.5%Up to 36 months
PaySense₹5,000 – ₹5 Lakhs14% – 36%3 – 60 months
IIFL₹5,000 – ₹5 Lakhs12.75% – 44%3 – 42 months
KreditBee₹1,000 – ₹5 Lakhs17% – 29.95%6 – 60 months
LoanTap₹3,000 – ₹5 Lakhs15% – 32%6 – 60 months

5 Smart Ways to Choose the Best Online Personal Loan

  • Compare multiple offers from lenders.
  • Check special offers with your existing bank.
  • Compare total loan cost including fees.
  • Estimate affordability using EMI calculator.
  • Assess your actual requirements and capacity.

Types of Personal Loan

  • Short-term Personal Loan
  • Travel Loan
  • Medical Emergency Loan
  • Pre-approved Personal Loan
  • Debt Consolidation Loan
  • Personal Loan Balance Transfer
  • Top-Up Personal Loan

Eligibility Criteria

  • Age: 21 – 65 years
  • Monthly Income: ₹15,000+
  • Credit Score: 700+
  • Salaried & Self-employed eligible

Documents Required

  • PAN Card & Aadhaar
  • Salary Slips / ITR
  • Bank Statements
  • Photographs

Steps to Apply

  • Select Personal Loan
  • Fill Application Form
  • Upload Documents
  • Approval & Disbursal

Common Uses of Personal Loan

  • Travel & Vacations
  • Wedding Expenses
  • Festivals & Celebrations
  • Home Renovation
  • Education
  • Gadget Purchase