Top 15 Personal Loan Finance Companies in India 2022
A personal loan agreement is a financial transaction between a lender and a borrower. The loan amount, EMIs, and terms are determined during the loan approval process. No time is wasted on documentation. A personal loan is the best option in an emergency, especially if you have no other financial support and require funds quickly.
Top 15 Personal Loan Finance Companies in India 2022
- HDFC Bank
HDFC personal loans are one of the best options, with low-interest rates and flexible payment plans. The interest rate ranges from 10.50% to 21% p.a. The loan amount is limited to INR 15 lakh, with a maximum repayment period of 5 years. It is among the best Personal Loan Finance Companies.
- Overseas Indian Bank
The Indian Overseas Bank provides loans to people with a steady source of income. The interest rate offered starts at 10.80% p.a. and goes up. The loan amount varies between INR 5,000 and INR 5 lakh. The loan has a maximum term of 5 years.
- Axis Bank
Personal loans from Axis Bank are designed for salaried individuals, self-employed individuals, and professionals. The loan is simple to process, with simple documentation and quick approval. The interest rates range from 12% to 21% p.a. Loan amounts range between INR 50,000 and INR 15 lakh. The loan has a maximum term of five years.
- Money view
Money View was founded in 2014, offering a paperless loan of up to 500,000 with EMIs ranging from 3 to 60 months. Money View may be a better option if you require cash quickly and cannot wait for your bank to approve it. It allows you to schedule EMIs for up to 60 months.
5) State Bank of India
State Bank of India personal loans have some of the lowest interest rates in the country. Personal loans and pension loans from SBI Xpress Credit have interest rates ranging from 8% p.a. to 10.60% p.a. The loan amount is limited to INR 20 lakh, with a maximum repayment period of 7 years.
- IDBI Bank
IDBI Bank personal loans have low-interest rates and can help you cover various personal and professional expenses. The processing fee is minimal, ranging from 1% to 2%. Loan amounts range between INR 25,000 and INR 5 lakh. The loan’s maximum term is 5 years.
- ICICI Bank
Personal loans are available from ICICI Bank, with repayment terms ranging from 12 to 60 months. All of the loans available are geared toward the average Indian consumer. The annual interest rate ranges from 12% to 24%. Loan amounts range between INR 50,000 and INR 15 lakh.
- HSBC Bank
HSBC Bank provides credit with four simple repayment options as well as competitive interest rates. There are also special discounts for existing customers. The annual interest rate ranges from 13% to 15%. Loan amounts range between INR 50,000 and INR 15 lakh.
- Punjab National Bank
Punjab National Bank provides a personal loan with a low-interest rate to assist you in meeting your immediate financial needs. PNB charges interest rates ranging from 8.7% p.a. to 14.25% p.a. on loans ranging from Rs. 50,000 to Rs. 10 lakh. The maximum repayment period is 5 to 7 years.
- UCO Bank
UCO Bank offers a personal loan programme that has been tailored to meet a variety of expenses and personal obligations. The loan’s interest rate is 13.5% per annum, and the maximum amount is INR 50,000 to INR 15 lakh. The maximum loan term is 12 years.
11. Mahindra Finance
Despite being one of the top NBFCs (non-banking financial companies), Mahindra Finance has the least competitive figures on the market. The maximum loan amount is INR 3 lakh, and the maximum loan term is also short.
- TurboLoan by Cholamandalam Personal Loan
Turboloan is a personal loan offered by Cholamandalam that is entirely digital and paperless. The interest rates are reasonable, and the benefits of same-day disbursement are. The maximum loan amount is only INR 3 lakh, with a maximum tenure of three years.
13. Canara Bank
Canara Bank provides a personal budget loan as well as a personal loan for teachers. The teacher’s loan is ideal for those new to the teaching profession and currently unemployed. The maximum amount available is INR 3 lakh or six months’ gross salary, whichever is less.
14. Andhra Banking Corporation
Andhra Bank is based in Hyderabad, Telangana, and provides comprehensive coverage for all personal expenses. The interest rates range from 15.75% per annum to 16% per annum.
15. Buddha Finance
Buddha Finance is one of the fastest-growing Personal Loan Finance Companies, with loan processing times that are relatively quick and free loan advice. They have yet to significantly impact the mainstream market, however, because they are still relatively unknown in the field.
Conclusion
Consider the interest rate, the processing fee, and the lender’s prepayment penalty. It is the most cost-effective in the long run. Personal loan interest rates vary depending on your credit score. These simple steps will assist you in locating a loan that meets your requirements while remaining reasonably priced. People apply for personal loans for immediate gratification, putting themselves under stress by paying high EMIs. So, if you want to buy something that you can easily postpone, think twice before taking out a personal loan.
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FAQs
- Is it possible to get a personal loan on a part-time basis?
- Some banks, including Axis and Citibank, permit part payment. However, there may be limitations on how many times you can part-pay in a year. Again, before signing the loan document, please ask our or the bank’s loan advisor for clarification on these factors.
- Will I be able to obtain a debt consolidation loan?
- Various factors, such as credit score, repayment history, etc., determine a debt consolidation loan qualification. If you meet all the eligibility requirements, you will most likely be approved for a debt consolidation loan.
- Is it possible to assign a personal loan to another person?
- If the borrower has co-signers on the personal loan, that co-signer is equally liable for the repayments and everything else related to that specific loan. But, it is not possible to transfer a personal loan to someone else under any circumstances.