Best Personal Loan in 2023
- Apply for Instant Personal Loan starting at 10.49% from top banks like HDFC Bank, Tata Capital, ICICI Bank.
- Get instant approval on your loan from top lenders that provide personal loans without any restriction on end usage.
- Read more about the latest personal loan interest rates and charges.
| Interest Rate | 10.49% Check Best Offers |
| Processing Fee | Upto 2% of the loan amount |
| Loan Tenure | Upto 5 years |
| Lowest EMI Per Lakh | ₹ 2,275 for 5 years |
| Prepayment Charges | Nil or upto 5% of the outstanding balance |
Apply for Personal Loan @ 10.49%*
Learn More About Personal Loans
What is a Personal Loan?
Personal loans are a type of unsecured loan that can be used for a variety of purposes, including consolidating debt, paying for home improvements, or covering unexpected expenses. Unlike secured loans, personal loans do not require collateral and are based on the borrower’s creditworthiness and ability to repay the loan.
Personal loans are offered by banks, credit unions, and online lenders, and typically have fixed interest rates and repayment terms. The terms of a personal loan will vary depending on the lender, the borrower’s credit score and income, and the loan amount.
Personal Loan interest rates:
Personal loans interest rates differ across lenders and vary between 10.49% to 36.00% depending on factors like candidates’ profiles, loan amount, compensation tenure, etc, interest rates and EMIs are calculated against a loan. If you have got a profile with a high credit score, you’re most likely to induce credits at the foremost competitive rates.
Next Segment: Before applying for a personal loan, it’s important to carefully consider your financial situation and determine if taking on additional debt is the right decision for you. Be sure to shop around and compare offers from multiple lenders to find the loan that best fits your needs.
Once you have chosen a lender and been approved for a personal loan, be sure to carefully read and understand the terms of the loan agreement, including the interest rate, fees, and repayment schedule. It’s also important to make timely and consistent payments to avoid damaging your credit score and incurring additional fees.
Overall, personal loans can be a useful financial tool for those who need access to funds for a specific purpose, but it’s important to carefully consider all of your options and be prepared to make regular and timely payments.
Compare Best Personal Loan Interest Rates of All Banks - Jan'2023
| Bank | Interest Rates | Processing Fee |
|---|---|---|
| SBI | 10.90% | Up to 1.50% |
| HDFC Bank | 10.35% | Up to 2.50% |
| ICICI Bank | 10.75% | Up to 2.25% |
| PNB | 11.15% | Up to 1% + GST |
| Bajaj Finserv | 13% | Up to 4.13% + GST |
| Bank of Baroda | 10.60% | Up to 2% |
| Bank of India | 9.75% | Up to 2% |
| IDFC First Bank | 10.49% | Up to 2% |
| Central Bank of India | 12.10% | Up to Rs. 500 |
| Yes Bank | 10.99% | Up to 2.50% |
| IDBI Bank | 11% | Up to 1% + taxes |
| Kotak Mahindra Bank | 10.50% | 0.75% ( till 25th Oct ) |
| Axis Bank | 10.49% | 1.50% to 2% + GST |
| Federal Bank | 10.49% | Up to 3% |
| Canara Bank | 13.15% | Up to 0.50% |
| IndusInd Bank | 11% | Up to 2.50% |
| Indian Bank | 9.75% | As communicated by corporate office |
| South Indian Bank | 12.50% | 2% + GST |
| Dhanlaxmi Bank | 12.40% | Up to 2.5% |
Feel free to use our EMI Calculator
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Calculator Disclaimer
The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
Features And Benefits:
A personal loan is a flexible financial solution that allows you to borrow a specific amount of money and pay it back over a set period of time. There are many benefits to taking out a personal loan, including:
- Affordability: Personal loans often come with lower interest rates than other forms of borrowing, such as credit cards or payday loans. This means you can borrow more money at a lower cost, making it easier to afford larger purchases or pay off debt.
- Flexibility: Personal loans can be used for a variety of purposes, from consolidating high-interest debt to funding a home renovation project. This means you can tailor your loan to fit your specific financial needs and goals.
- Convenience: Many personal loan providers offer online applications and quick approval processes, making it easy to access the money you need when you need it.
Overall, a personal loan is a valuable financial tool that can help you achieve your financial goals and improve your financial health. Whether you’re looking to pay off debt, fund a big purchase, or cover an unexpected expense, a personal loan can be a smart and affordable solution.
Types of Personal Loans:
Personal Loan for medical emergencies: Medical emergencies can be financially overwhelming and can put a strain on one’s savings or credit card limits. A personal loan can provide the necessary funds to cover the medical costs. Personal loans can provide access to funds quickly, which can be crucial in medical emergencies where time is of the essence.
Education Loan: Personal loans for education can help cover the cost of tuition, fees, books, and other education-related expenses. Such loans can come handy for the Borrowers who can use personal loans to finance their education at a variety of institutions, including colleges, universities, trade schools, and vocational programs.
Home Renovation Loan: Personal loans for home renovation allow homeowners to finance their home improvement projects without using their home equity or credit cards. This can help them avoid putting their home at risk and incurring high-interest credit card debt.
Wedding Loan: A personal loan for a wedding can provide a flexible and affordable financing option for the costs associated with a wedding, such as the venue, attire, decorations, and catering. It allows couples to spread out the cost of the wedding over a fixed repayment period, which can help them to manage their budget and avoid incurring high-interest credit card debt.
Travel Loan: Travel loans allow individuals to finance their travel expenses without having to dip into their savings or use credit cards with high interest rates.
Pension Loan: Such loans are aimed at providing a source of income for individuals who are retired or nearing retirement. These loans have lower interest rates and more favourable repayment terms compared to other forms of borrowing.
DOCUMENTS REQUIRED FOR PERSONAL LOAN:
Below are the set of documents that are required to get an approval for a personal loan:
A completed personal loan application form
- Identity Proof Pan AADHAR
- ADDESS PROOF: AADHAR ELECTRICITY BILL DRIVING LICENSE
- INCOME PROOF: 3 months’ SALARY SLIPs and 6 months bank statement where the salary is credited
- Additional DETAILS: form 16 and 2 years ITR
Personal Loan Eligibility Criteria
To be eligible for a personal loan, you typically need to meet certain criteria set by the lender, such as having a good credit score and a steady income. Other factors that may be considered include your debt-to-income ratio, the amount of money you are looking to borrow, and the purpose of the loan. Some lenders may also require you to have a minimum amount of savings or assets. It’s important to carefully review the eligibility requirements of any lender you are considering before applying for a personal loan.