Top 10 Banks & NBFCs for Low-Interest Personal Loans in India

Finding the cheapest personal loan in India can be a game-changer when managing expenses such as medical emergencies, weddings, or travel. Personal loans are popular for their flexibility and unsecured nature, but interest rates vary widely among lenders. This article explores the top 10 banks and NBFCs offering low-interest personal loans in India, ensuring you get the best deal tailored to your needs.

1. SBI (State Bank of India)

SBI is a trusted name for low-interest personal loans in India, offering rates starting from 10.90% per annum. It caters to diverse needs with flexible repayment options.

Highlights:

• Loan tenure: Up to 72 months

• High loan amount up to ₹20 lakhs

• Special schemes for government employees

2. HDFC Bank

HDFC Bank is synonymous with quick approvals and competitive rates, starting at 10.75% per annum. Its seamless online application process makes it a popular choice.

Highlights:

• Loan amount: Up to ₹40 lakhs

• Pre-approved loans for existing customers

• Dedicated benefits for salaried professionals

3. ICICI Bank

ICICI Bank’s personal loans are known for transparency and low-interest rates beginning at 10.50%. Borrowers also benefit from flexible terms and minimal paperwork.

Highlights:

• Instant online disbursal

• Loan tenure: Up to 6 years

• Balance transfer for lower interest

4. Kotak Mahindra Bank

Kotak Mahindra Bank offers one of the lowest interest rates in India for personal loans, starting at 10.25%. Their customer-first approach makes them a preferred choice.

Highlights:

• Hassle-free application process

• Flexible EMIs tailored to your budget

• Pre-approved offers for select customers

5. My Mudra

My Mudra provides low-interest personal loans with rates starting at 10.49%, ensuring borrowers enjoy affordable EMIs and attractive loan amounts.

Highlights:

• Loan amount: Up to ₹15 lakhs

• Quick and easy disbursement

• Special offers for salaried employees

6. Bajaj Finserv

Bajaj Finserv is a leader among NBFCs, offering personal loans with interest rates from 11.00%. Their high loan amounts and flexible terms suit varied borrower profiles.

Highlights:

• Loan amount: Up to ₹25 lakhs

• 100% digital process

• Quick approvals within hours

7. Tata Capital

Tata Capital delivers affordable personal loans with interest rates starting at 10.99%. They cater to both salaried and self-employed individuals.

Highlights:

• Minimal documentation

• Loan tenure: Up to 6 years

• No hidden fees

8. Fullerton India

Fullerton India offers personalized loan solutions with rates beginning at 11.99% per annum. They focus on making loans accessible to a wide audience.

Highlights:

• Loan amount: Up to ₹25 lakhs

• Easy eligibility requirements

• Quick approval and disbursal

9. IDFC FIRST Bank

IDFC FIRST Bank is known for its competitive personal loan offerings, with rates starting at 10.49%. Their transparent terms and quick processes are an added advantage.

Highlights:

• Collateral-free loans

• Loan tenure: Up to 5 years

• Instant online application

10. IndusInd Bank

IndusInd Bank provides low-interest personal loans tailored to individual needs, with rates starting at 10.75% per annum.

Highlights:

• Loan amount: Up to ₹15 lakhs

• Customized loan solutions

• No collateral required

Factors to Consider for Low-Interest Personal Loans

When looking for the cheapest personal loan in India, keep the following factors in mind:

1. Interest Rates: Opt for lenders offering competitive rates.

2. Processing Fees: Low processing fees reduce upfront costs.

3. Tenure Options: Longer tenures may result in smaller EMIs, but a higher total interest outlay.

4. Eligibility: Ensure you meet the lender’s requirements to avoid rejection.

How to Apply for Low-Interest Personal Loans

1. Compare Lenders: Use online tools to evaluate interest rates and EMIs.

2. Check Eligibility: Review the bank or NBFC’s eligibility criteria before applying.

3. Apply Online: Many banks and NBFCs provide online applications with instant approvals.

Conclusion

Selecting the right lender for a personal loan can significantly impact your financial health. The top 10 banks and NBFCs listed above offer some of the most attractive interest rates, ensuring you can access funds without unnecessary financial strain.

Choose wisely to secure low interest personal loans in India and enjoy affordable EMIs and favorable repayment terms. Always read the fine print and calculate your EMI before applying to ensure a hassle-free borrowing experience.