Banks all around the world and especially in India are synonymous with loans. Starting from home loans and vehicle loans all the way to personal loans and small business loans, banks, both private as well as public are always at the centre of lending operations.
But until recently the process of getting a personal loan from a bank in India both private as well as public was a long stretched and tedious process, mainly due to the fact that the entry barrier for the average borrower was set too high. But luckily for us, the sails have been turning, and a change for the better is on the horizon.
If you have been researching on how to get a personal loan for some time now, then this article is for you. In today’s article, we will share a list of the top 5 private banks in India which specialize in rendering personal loans. So without further ado, let’s get started.
HDFC Bank
By far, the largest private sector bank in India, HDFC is commonly associated with having loan offers suited to the needs of a mass audience. If you want to get a personal loan from HDFC, you are in good luck since the bank has many offers which are not only customizable to your specific needs but also arrive with attractive rates of interest and easy repayment plans.
Mentioned below are the details of personal loans from HDFC:
- The EMI for any loan from HDFC starts at ₹2187 per lakh, which is significantly less as compared to other competitors in the market.
- HDFC personal loans come with a feature, where you can get your loan application approved in less than 10 seconds, upon submission of the completed application form.
- You can avail a loan ranging from ₹50,000 all the way to ₹40 lakhs, depending on your eligibility.
- The interest rate for personal loans by HDFC start at 15.50% and go all the way to 21.50%.
- All personal loans come with a repayment tenure of 12 to 60 months.
ICICI Bank
Right after HDFC, another private Indian bank which specializes in personal loans is ICICI Bank. Established in 1994, ICICI has been operating in India for the past 24 years and holds a good reputation in the market for being a trustworthy and reliable lender.
Mentioned below are the personal loan details offered by ICICI:
- As a borrower, you can avail a loan amount all the way to ₹20 lakhs.
- One of the best features of loans by ICICI is the fact that they come with a single and fixed interest rate, meaning that you will be charged the same interest mentioned in the loan contract throughout its tenure.
- Along with this, once you have successfully paid 12 consecutive EMIs of your loan, a topup factor is extended to you.
- Personal loans offered by ICICI bank are unsecured loans, meaning that you do not need to put forward any collateral to avail the loan.
- Select ICICI bank customers can avail a personal loan in less than a minute.
- Interest rates on personal loans by ICICI start at 11.25% and arrive with a repayment tenure of 12 to 60 months.
Axis Bank
Although HDFC might be the largest private sector bank in India in terms of operation and scale, Axis Bank is the one with the farthest reach. Axis Bank is a proud holder of the title of most number of branches across India, and this means that no matter where you stay in India, you can get a personal loan if you meet the eligibility criteria.
Mentioned below are the details of the personal loan offered by Axis Bank:
- You can avail a loan starting from ₹50,000 all the way to ₹15 lakhs.
- All personal loans come with the option of balance transfer.
- Axis offers zero additional charges on both parts as well as prepayment of all loans.
- The interest rate of all personal loans range from 16% all the way to 24%.
- The tenure of personal loans by Axis range from 12 months to 60 months.
Kotak Mahindra Bank
A relatively new name in the Indian banking sector, Kotak Mahindra Bank was started by Uday Kotak in 2003 and has been operational for the last 17 years. Recently Kotak Mahindra gained the spotlight with its 811 offering, which is a full-service savings account complete with personal loan offerings.
Mentioned below are the details of personal loans offered by Kotak Mahindra Bank:
- You can avail a loan in the range of ₹50,000 all the way to ₹15 lakhs
- All personal loans arrive with flexible repayment plans after checking your eligibility
- You need to be between the age of 21 to 58 years to apply for this loan and need to be a permanent Indian citizen.
- All loans come with a foreclosure and prepayment option at close to minimal charges.
- Interest rates for all personal loans start at 10.99% and go all the way to 24%.
- All personal loans come with a tenure of upto 60 months.
Citibank
Last but not least, on our list is Citibank. A multinational bank by nature, Citibank has been in India since 1902 and has played a major role in the economic structure of the country both pre and post-independence. The bank is headquartered in Mumbai and has a full-service operation for its customers in India as well as other parts of the world.
Mentioned below are the details of personal loans offered by Citibank India:
- You can get a personal loan credited to your account 48 hours from submission of the completed application form.
- You can get a personal loan in the range of ₹25,000 all the way to ₹30 lakhs from Citibank.
- Both prepayment and foreclosure options are available after you have made 12 consecutive payments of your EMI.
- All along the process, you have the option to request additional funds in case the loan amount sanctioned is insufficient for your needs.
- Citibank has one of the lowest interest rates for personal loans starting from 10.99% all the way to 13.75%.
- All personal loans are delivered at a tenure of 12 to 60 months.
Ending Lines
Thanks to the rapid growth of the fintech industry in India, it is easier than ever before to get a personal loan in India. So go ahead and make a choice from the private banks listed in this article to get the personal loan you deserve.
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