What is a personal loan?
A personal loan is an unsecured loan granted to an individual for a short to medium term. Except for speculative purposes, there are no end use restrictions. In other words, a personal loan is money borrowed from a local bank or online lender. Personal loans can be used to cover wedding, education, travel, or home renovation expenses, as well as to purchase durable consumer goods, two-wheelers, or used vehicles. Personal loans are a popular financing option due to their versatility, minimal documentation, and fast processing.
HDFC personal loan
HDFC Personal Loan is available at 11.00% per annum for loan amounts up to Rs 40 lakh over a period of up to 6 years. HDFC Bank also offers the HDFC Xpress Personal Loan, a pre-approved instant personal loan with loan disbursement in just 10 seconds, for select HDFC Bank customers. Borrowers of existing personal loans from other banks and NBFC can also apply for a personal loan from HDFC Bank to transfer their outstanding personal loan to HDFC Bank at a lower interest rate.
- Interest rate – 11.00% per annum
- Duration – up to 6 years
- Processing Fee – Approximately Rs. 4,999
Personal loans are available for salaried applicants at 11% per annum for loan amounts up to Rs 25 lakh and terms of up to 5 years from Bajaj Finserv. It also provides personal loans to independent candidates at a rate of 15% per annum for loan amounts of up to Rs 45 lakh and terms of up to 7 years. It offers personal loans with instant approval, minimal documentation and same day loan disbursement. Some existing customers can also get pre-approved for personal loans from Bajaj Finserv.
Interest rate – 11% per annum
Term – up to 5 years
Processing fee – Up to 4% of the loan amount
SBI personal loan
The SBI personal loan has an annual interest rate of 10.65%. SBI offers retirement loans up to Rs 14 lakh with tenors up to 7 years for loans up to Rs 20 lakh with tenors up to 6 years. It also offers pre-approved personal loans with fast disbursing loans.
- Interest rate – 10.65% to 15.15% per annum
- Mandate – 6 years
- Processing fee – up to 1.50% (maximum Rs. 15,000)
ICICI Bank personal loan
ICICI Bank offers personal loans starting at 10.75% per annum for loan amounts of up to Rs 50 lakh and terms of up to 6 years. It also provides pre-approved instant personal loans to select ICICI Bank customers, with loan disbursement in as little as three seconds. ICICI Bank offers the option of transferring an existing personal loan from another bank/NBFC to ICICI Bank at a lower interest rate. Customers who have salary accounts with ICICI Bank can also use the bank’s overdraft facility.
Interest rate – 10.50% per annum
Duration – up to 6 years
Processing Fee – Up to 2.50% of loan amount
Axis Bank personal loan
Axis Bank offers personal loans with fixed interest rates starting from 10.49% per annum for loan amounts of up to Rs 40 lakh and tenors of around 1 to 5 years. It also offers instant pre-approved personal loans without paperwork or digital processing.
- Interest rate – 10.49% per annum
- Term – up to 5 years
- Processing fee – 1.5% to 2% of loan amount