Personal loans are a great way to meet your short-term and long-term goals. Since there are no limits on what you can use the money from a personal loan for, you can use it for vacations, medical bills, education, and more.
There are many personal loan companies on the market today, and choosing one can be difficult. If you are in a similar situation or looking to get a loan, you are in luck, as this article will list the companies you should avoid or choose when looking for the right loan with attractive interest rates.
However, before getting into the list, we need to know what a personal loan is and what it involves.
A personal loan is a form of installment credit offered to a borrower. However, unlike a credit card, a personal loan offers a lump sum cash/online payment to borrowers, who then repay the amount along with interest in regular, monthly installments over the life of the loan, known as its term or tenure.
The interest rate on the loan amount is determined according to the risk taken by the moneylender. This is why a good credit score is essential when choosing a personal loan, as a good credit score naturally implies lower risk and hence lower interest rates.
Let us now take a look at the top 15 personal loan companies in India –
| Personal Loan Providers | Rate of Interest (per annum) | Loan Amount |
|---|---|---|
| state Bank of India | 11.35% – 14.50% | Up to Rs 35 lakh |
| HDFC Bank | 10.75% – 24.00% | Up to Rs 40 lakh |
| Moneyview | 10.00% onwards | Up to Rs 10 lakh |
| IDBI Bank | 11.00% to 15.50% | Rs.25,000 – Rs.5 lakh |
| Axis Bank | 11.25% – 22.00% | Rs. 50,000 – Rs. 40 lakh |
| Indian Overseas Bank | 10.85% – 13.00% | Up to Rs 15 lakh |
| ICICI Bank | 10.85% – 16.25% | Up to Rs 50 lakh |
| HSBC Bank | 9.90% – 15.00% | Rs. 75,000 – Rs. 30 lakh |
| Andhra Bank | 13.35% – 15.45% | Up to Rs 15 lakh |
| UCO Bank | beyond 13.50% | Up to Rs 20 lakh |
| Punjab National Bank | 12.40% – 17.45% | Up to Rs 20 lakh |
| Canara Bank | Up to 17.00% | Up to Rs 30 lakh |
| Turbolon by Cholamandalam | from 14.00% | Up to Rs 2.5 lakh |
| Finance Buddha | 10.50% – 18.00% | Up to Rs 75 lakh |
| Mahindra Finance | From 10.99% | Up to Rs 15 lakh |
SBI Personal Loan offers some of the best interest rates across the country. SBI Express offers various personal loan products like Flexi Loan, Pension Loan, Quick Personal Loan, Express Elite, etc.
The maximum loan amount you can get ranges from Rs 25 lakh to Rs 35 lakh depending on the product you choose and your eligibility. Interest rates range from 11.35% – 14.50% and the tenure can be up to 6 years.
One of the leading choices, incredibly affordable interest rates and comfortable repayment schedules characterise HDFC personal loans.
The interest rate ranges between 10.75% – 24.00% per annum. The loan amount can be up to Rs 40 lakh with a repayment period between 3 – 72 months.
Moneyview offers instant personal loans at attractive interest rates. The interest rate starts from 10% per annum, however, the processing fee is nominal, and minimal documentation is required. The loan amount ranges from Rs 5,000 to Rs 10 lakh, with a maximum repayment period of 5 years.
IDBI Bank Personal Loan boasts of attractive interest rates and provides you with solutions for several personal and even professional expenses. The processing fees are very low, at 1.00% of the loan amount, subject to a minimum of Rs 2,500/- and applicable taxes.
The interest rate ranges from 11.00% to 15.50% per annum. The loan amount ranges from Rs 25,000 to Rs 5 lakh. The loan tenure is 12 – 60 months.
The specialty of Axis Bank Personal Loan offered by Axis Bank is that it is hassle free and the paperwork is also easy. Loans are easily available and the repayment process is equally easy.
The interest rate is 11.25% to 22.00% per annum. The loan amount is from Rs 50,000 to Rs 40 lakh. The tenure is from 12 to 84 months.
Indian Overseas Bank offers loans to people who have a stable source of income. These loans are for PSU employees, government employees, employees of reputed private firms and other companies.
The interest rate starts from 10.85% per annum to 13.00% per annum. You can get a loan of up to 20, 15, or 10 times your salary or Rs 15 lakh as per your category and eligibility. The maximum loan tenure is 84 months.
ICICI Bank offers personal loans with repayment options of up to 7 years. All the loans offered are designed keeping the average Indian consumer in mind.
The interest rate ranges from 10.85% to 16.25% per annum. The loan amount is up to Rs 50 lakh. ICICI Bank does not charge any foreclosure charges after paying 12 months of loan EMI.
HSBC Bank offers MyTerms Credit which includes 4 simple repayment options with competitive interest rates. There are also special relationship discounts with existing customers.
The interest rate ranges from 9.90% per annum to 15.00% per annum. The loan amount ranges from Rs 75,000 to Rs 30 lakh. The loan tenure ranges from 6 months to 5 years.
Andhra Bank (now merged with Corporation Bank to form Union Bank of India) is headquartered in Hyderabad, Telangana, and offers complete coverage of all personal expenses.
The interest rate ranges from 13.35% to 15.45% per annum. The maximum loan amount is Rs 15 lakh. The maximum loan tenure is 5 years.
UCO Bank offers a personal loan plan that is customized to take care of various expenses and other personal obligations. One can repay the loan in 48 EMI installments.
The interest rate of the loan starts from 13.50% per annum, and the maximum amount is up to Rs 20 lakh. The maximum tenure of the loan is 80 months or 7 years.
Punjab National Bank offers personal loans at reasonable interest rates to help you meet your immediate financial expenses. You can get a loan amount up to 24 times your gross monthly salary and a maximum of Rs 20 lakh, depending on your repayment capacity.
PNB offers interest rates ranging from 12.40% to 17.45% and the maximum repayment period is up to 5 years.
Canara Bank offers personal budget loans as well as teacher personal loans. Teacher loans are perfect for customers who are new to the teaching field and need an instant personal loan.
The interest rate is up to 17.00% per annum depending on several factors. The maximum loan amount is 25 months gross salary or Rs 30 lakh. The repayment period is up to 84 months.
Turboloan is a personal loan offered by Cholamandalam or Chola, which offers a completely digital and paperless way to get a personal loan. The interest rates are manageable, and the features of same-day disbursement and instant e-approval are attractive.
Interest rates start from 14.00% per annum, and the maximum loan amount is Rs 2.5 lakh, with a tenure of up to 60 months.
Finance Buddha is one of the fastest growing personal loan companies, offering relatively quick processing of loans and free loan advice. However, they are yet to make a notable mark in the mainstream market as they are still relatively new.
They offer competitive interest rates of 10.50% – 18.00% per annum for tenures up to 5 years. The maximum amount offered is Rs 75 lakh.
Mahindra Finance is counted among the top NBFCs (Non-Banking Financial Companies).
Their interest rates on personal loans start from 10.99% per annum. The maximum loan amount is up to Rs 15 lakh, and the maximum loan tenure is from 24 months to 60 months.
You can check out the list of top loan companies in India and choose the best one for yourself. When comparing loan companies, the interest rate offered by them plays a major role.
The importance of interest rates can only be understood by those who are troubled by the hefty interest rates offered by banks. There is a difference of only 1 or 2 percent in the interest rates, which can lead to paying lakhs of rupees extra on the principal amount.
However, also consider other factors such as ease of paying EMIs, flexible repayment tenure and penalties for missed payments. If you need money immediately, you can consider digital lending apps like Moneyview that approve and disburse the loan amount within 24 hours in most cases.
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