Personal Loan

Top 10 Personal Loan Finance Companies in India

Personal loans are one of the most popular modes of financing in the world. A personal loan is an unsecured loan that helps one in meeting his or her personal needs conveniently. While personal loans are easily available in the country, one should choose a reliable personal loan lender in order to have a smooth borrowing experience.

Both banks and non-banking financial corporations (NBFCs) provide personal loans at great interest rates. You can compare different personal loan options offered by various lenders and then take your pick. Keeping the financial condition and requirements of borrowers in mind, lenders have multiple options.

Uses of Personal Loans

1. You can utilise a personal loan for the following reasons:
2. To consolidate your debts and pay off all of them together.
3. To renovate or remodel your home.
4. To buy high-value consumables and electronics goods.
5. To sponsor your travel plans.
6. To pay your credit card bills.
7. To take care of wedding expenses.
8. List of Top 10 Personal Loan Lending Companies in India

1. HDFC Bank Personal Loan:

HDFC Bank is a leading bank that offers numerous banking products at affordable prices. The personal loan product provided by the bank is affordable and attractive.

• Details of HDFC Bank Personal Loan
• Interest rate 14.75% to 20.70% p.a.
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.15,000 net income on a monthly basis For residents of Hyderabad, Chennai, Pune, Ahmedabad, Mumbai, Cochin, Delhi, Kolkata, Bengaluru: Rs.20,000
• Processing fee Up to 2.5% of the loan amount with a minimum of Rs.1,999 and maximum of Rs.25,000
• Loan amount Up to Rs.15 lakh
• Loan tenure 12 to 60 months
• Loan disbursal time 2 days

2. SBI Personal Loan

The bank offers multiple personal loan products at different interest rates.
State Bank of India (SBI) Xpress Credit Personal Loan

• Interest rate 11.85% to 14.70% p.a.
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.5,000
• Loan amount Rs.25,000 to Rs.15 lakh
• Loan tenure Up to 60 months

State Bank of India (SBI) Personal Loan for Pensioners

• Interest rate 12.40% p.a.
• Minimum age requirement -
• Maximum age requirement 76 years
• Minimum income requirement -
• Loan amount Rs.25,000 to Rs.14 lakh
• Loan tenure Up to 84 months

State Bank of India (SBI) Saral Personal Loan

• Interest rate 11.85% to 14.70% p.a.
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.5,000
• Loan amount Rural areas or semi-urban centres: Rs.10,000 to Rs.10 lakh Metro and semi-urban centres: Rs.24,000 to Rs.10 lakh
• Loan tenure Up to 48 months

3. Punjab National Bank (PNB) Personal Loan

• Interest rate Up to 15% p.a.
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Semi-urban or rural centres: Rs.10,000 Urban centres: Rs.12,500 Metro centres: Rs.15,000
• Loan amount Rs.50,000 to Rs.10 lakh or 20 times the monthly net income
• Loan tenure Up to 60 months

4. Axis Bank Personal Loan

1. Interest rate 15.50% to 24% p.a.
2. Minimum age requirement 21 years
3. Maximum age requirement 60 years
4. Minimum income requirement Rs.15,000
5. Loan amount Rs.50,000 to Rs.15 lakh
6. Loan tenure 12 to 60 months

Canara Bank has 3 kinds of personal loan products and they include:

Canara Bank Consumer Personal Loan

• Interest rate 12.75%
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.12,500
• Loan amount Rs.1 lakh or 15 months of net income or 75% of invoice value, whichever is lesser
• Loan tenure Up to 36 months

Canara Bank Teachers’ Personal Loan

• Interest rate 12.25%
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.10,000
• Loan amount Rs.3 lakh or gross salary for 6 months, whichever is lesser
• Loan tenure Up to 48 months

Canara Bank Budget Personal Loan

• Interest rate 12.60% to 13.60
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.10,000
• Loan amount Rs.3 lakh or gross salary for 6 months, whichever is lesser
• Loan tenure Up to 60 months

6. Bajaj Finserv Personal Loan

Bajaj Finserv is a leading NBFC that offers a wide range of financial products. The company provides a great personal loan product that can be utilised for several personal requirements.

• Interest rate 13.99%
• Minimum age requirement 25 years
• Maximum age requirement 58 years
• Minimum income requirement Rs.40,000; Rs.35,000; and Rs.30,000
• Loan amount Up to Rs.25 lakh
• Loan tenure 12 to 60 months
• Loan disbursal time 24 hours

7. Mahindra Finance Personal Loan
Mahindra Finance is a prominent NBFC that extends various forms of financing.

• Interest rate Information not provided
• Minimum age requirement 21 years
• Maximum age requirement 58 years
• Minimum income requirement Information not provided
• Loan amount Up to Rs.3 lakh
• Loan tenure Up to 3 years

8. IDBI Bank Personal Loan

• Interest rate 12.49% to 13.49%
• Minimum age requirement 22 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.15,000
• Loan amount Rs.50,000 to Rs.10 lakh
• Loan tenure 12 to 60 months

9. Allahabad Bank

• Interest rate 13%
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Rs.15,000
• Loan amount Rs.50,000 to 12 or 24 times of current gross monthly salary
• Loan tenure Up to 60 months

10. Indian Overseas Bank Personal Loan

• Interest rate 11.65%
• Minimum age requirement 21 years
• Maximum age requirement 60 years
• Minimum income requirement Above Rs.5,000
• Loan amount Up to Rs.5 lakh
• Loan tenure Up to 60 months

These are some of the prominent personal loan finance companies that provide attractive personal loan options at reasonable interest rates. You do not have to submit any collateral or security for procuring these personal loans.
Simple Guidelines to Get Your Personal Loan Application Approved


Make sure you compare the interest rates, processing fees, pre-payment fees, and other features of various personal loans before you select one.
Make sure your credit score is good before you apply for a personal loan.
Plan your monthly expenses thoroughly. You can decide your EMI accordingly. You can use an online EMI calculator to get an idea of your loan expenses.