Banks and other financial organizations provide a variety of loans to suit different purposes. Thanks to technology, the loan application procedure has advanced and quickened over time. Loans may be easily accessible to anyone these days.
The most prevalent lending product in India’s debt market is the personal loan. This group includes more than 78% of credit requests in India. These loans are popular among potential borrowers since they are unsecured.
A personal loan is, in essence, a quantity of money you borrow from your credit union, a neighboring bank, or an internet lender. As soon as the money arrives, you begin paying the lender on a predetermined schedule until the loan is paid back in full.
We’ve put up a list of some of the most well-liked personal loan programs in India for 2024 in this article. Continue reading to find out more about the unsecured personal possibilities offered by some of the major Indian banks that are being discussed in this article.
The following are some important considerations you should make before choosing the right personal loan:
Record-keeping
Individuals must present a number of papers, including income statements, bank statements, and ITR returns, in order to be eligible for a personal loan.
Interest
The level of interest is strong. It is determined based on the applicant’s profile and ranges from 10 to 22%.
Teneur
Personal Loan payback terms are longer. For the majority of lenders, it typically ranges from 1 to 5 years.
Amount of Loan
When it comes to personal loans, the loan amount might be rather large. It depends on a person’s income level and credit history.
Money Disbursement
Money is given out as a single lump payment. The money is sent to the borrower’s account straight by the lender.
Fees
Banks charge various costs, such as late fees and processing fees.
2024’s Best Personal Loan Plans: A Synopsis
Below is a quick summary of some of the most well-liked and prominent personal loans:
1) Personal Loan from HDFC Bank
HDFC Bank offers personal loans to both independent contractors and salaried workers in India. You may easily verify your own eligibility online.
You may utilize NetBanking, if you already have an HDFC Bank account, to check your eligibility for a pre-approved loan. In India, this is regarded as the greatest personal loan.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.00% p.a. onwards | Up to Rs 40 lakh | Up to 6 years | Up to Rs 4,999 | Rs 25,000 |
2) Personal Loan by ICICI Bank
You can apply for an attractive interest-rate personal loan up to Rs. 50 lakhs to address personal crises, which can happen at any point in life. The speedy approval procedure for personal loans offered by ICICI Bank would make borrowing easy for you.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.50% p.a. onwards | Rs 50,000-Rs 25 lakh | 1-6 years | Up to 2.50% of the loan amount | Rs 30,000 |
3) Personal Loan from Bajaj Finserv
With a Bajaj Finserv Personal Loan, you may borrow up to Rs. 25 lakhs at an affordable interest rate. The loan offers total transparency and no additional costs, which simplifies the borrowing procedure as a whole.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 13% p.a. onwards | Up to Rs 25 lakh | Up to 5 years | Up to 4% of the loan amount | Rs 22,000 |
4) Personal Loan for Fullerton India
Fullerton India offers completely transparent and easy-to-understand personal loans. One of the unique and personalized offerings is the instantaneous online application. Fullerton offers immediate access to online personal loans, with a fully paperless process. The online application is easy to use and may be submitted online.
You can get the money credited to your account as soon as the loan is authorized.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.99% p.a. onwards | Up to Rs 30 lakh | Up to 5 years | Up to 6% of the loan amount | Rs 20,000 |
5) Personal Loan from IndusInd Bank
IndusInd Bank offers low-interest personal loans that may be utilized for a variety of purposes. They provide fast loan approval and processing for instantaneous online personal loans. IndusInd Bank offers personal loans up to Rs 25 lakh with interest rates as low as 10.49% p.a. for maturities as long as five years.
They also provide instantaneous online personal loan processing and rapid loan approval in a few short minutes.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.49% p.a. onwards | Rs 30,000-25 lakhs | 1 to 5 years | Up to 3% of the sanctioned loan amount | Rs 25,000 |
6) Personal Loan from Kotak
Kotak Mahindra Bank personal loans give you access to fast money for any urgent demands you may have. You may get assistance with Kotak Mahindra’s quick Personal Loan for financing unforeseen medical costs, wedding planning, or vacations.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.99% p.a. onwards | From Rs. 50,000 – Rs. 25,00,000 | 1-5 years | Up to 3% of the loan amount | Rs 30,000 (Varies) |
7) The Standard Chartered Individual Credit
One of the biggest banks in the country, Standard Chartered, offers Personal Loans with low processing fees and attractive interest rates.
Personal loans from Standard Chartered include interest rates as low as 11.49%, and there is a processing charge of up to 2.25% of the loan amount. There is no cap on the maximum loan amount of Rs. 1 lakh, and the repayment period is unrestricted, ranging from 1 to 5 years.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.49% p.a. onwards | Rs 1 lakh-Rs 50 lakh | Up to 5 years | Up to 2.25% of the loan amount | Rs 22,000 |
8) Central Bank of India Cent Personal Loan
The Central Bank of India offers personal loans with interest rates as low as 9.85% annually. You are qualified for a Personal Loan up to Rs. 10 lakhs under this scheme, with a maximum 48-month payback period.
The bank charges a 500 rupee processing fee and any relevant service taxes on its personal loans.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee |
| 10.75%-10.95% p.a. | Up to Rs 10 Lakh | Up to 5 years | Waived off up to the stipulated period |