Personal Loan in India

Personal loan in India can be availed by individuals without giving any type of collateral security on the basis of certain criteria like employment history, repayment capacity, income level, credit score, job type, etc. It is a form of unsecured loan taken by bank or NBFC to fulfill personal financial needs. You can compare personal loans interest rates in India at our website.

Before applying for such a loan, borrowers can use online tools like personal loan EMI calculator in order to assess individual repayment capability. Loanbaba.com is your trusted personal loan provider in India, where you can access top banks and NBFCs such as ICICI, Axis, and SBI etc.

Features of Personal Loan in India
  • End use: The banks/ NBFCs hardly have any interest in the end use of funds. This means that you can utilize the amount borrowed anywhere except for speculative purposes. You have full right not to disclose the reason for the same. The reasons for the loan can be like renovation of house, medical expenditure, marriage, etc.
  • Security: There is no need of any collateral security for getting the loan sanctioned as this loan is sanctioned on the basis of financial history of the applicant and not on the existing/ acquired fixed assets.
  • Quantum of loan: Depending upon the credit history and financial stability of the applicant, a loan up to 20 lakh can be sanctioned by the bank or NBFC, subject to individual norms.
  • Flexible tenure: One can choose any repayment period up to a maximum of 60 months.
Top Banks Giving Personal Loans in India

1. HDFC

As far as personal loans are concerned, HDFC is market leader. Along with the personal loan, the bank offers an accidental cover (personal) of up to 8 lakh and a critical illness cover of Rs. 1 lakh. The bank offers a high quantum of loan which can be sanctioned to any individual. There are no prepayment charges after 36 months of loan. For women applicants, HDFC offers a pre-sanctioned personal loan of up to 3 lakh with complimentary access to lifestyle diva products and services.

2. ICICI

The bank offers personal loan to both salaried individuals as well as self employed. The maximum quantum of loan sanctioned to salaried employees is Rs. 15 lakh; however it is Rs. 30 lakh in case of self-employed.

3. Bajaj Finserv

It is one of the leading non banking financial companies in India which offers personal loans up to Rs. 25 lakh for salaried employees. The borrowers are allowed for a prepayment of up to 6 times in a year.

4. SBI

SBI offers this loan for both categories of individuals i.e. salaried as well as self-employed. The bank sanctions a personal loan of up to 12 times the net monthly income of the pensioner or salaried employee subject to a maximum of Rs. 10 lakh.

5. Axis Bank

The bank offers a high quantum of personal loan that can be sanctioned which is equal to Rs. 15 lakh. The interest rates offered by the bank are quite competitive. Along with multiple repayment options, the bank offers eDGE loyalty points for personal loan customers which can be redeemed in the form of discounts and cash surplus.

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