10 Best Personal Loans Rates in India (2021)

Personal loans give you the advantage availing unsecured money from banks as well as Non-banking Financial Institutions. They loans from 50000 Rs to 5000000 Rs and these carry an interest charge which will vary from bank to bank in India.

Some of the popular banks in India that offer personal loans include HDFC, SBI, Bajaj Finserv, ICICI Bank, Standard Chartered and Fullerton India. These loans are sanctioned on the basis of your income as well credit history. It cannot be availed by retired persons otherwise all salaried as well self-employed can benefit this scheme.

Meanwhile, if you are an NRI and is looking for personal loans, check out this article. Also, read Best EMI Loan calculators.

ICICI Bank Personal Loan Rates

ICICI Bank offers you a very attractive scheme for obtaining personal loans. They can be availed without much of a hassle and there is no requirement of guarantor or security. ICICI Bank offers 13.49% interest on personal loans. These loans are available to salaried, self-employed and even doctors and they have repayment options from 1 2 to 60 months.

The documents required include identity proof, residence proof, bank statement for last 3 months, salary slip and passport size photo. In case of self-employed they may require Proof of continuity of business too.

Once the documentation process is done the loans are disbursed within 72 hours. Salaried officials can get loans up to 15 lakhs, self-employed 30 lakhs and doctors up to 40 lakhs.

Related: 10 Banks offering the best car loans in India

HDFC Bank Personal Loans

HDFC Bank offer you one the best personal loans with very attractive interest rates. You have options to borrow up to 15lakhs and they can be availed without any guarantor or collateral security.

The loan can be repaid in 12 to 48 months. Once the documentation is done the loan will be disbursed within 2 days and can also avail an accident cover along this loan.


Rack interest rate Salaried – 15.75% to 20%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment Salaried – No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges Salaried – 13-24 Months – 4% of Principal Outstanding,25-36 Months – 2% of Principal Outstanding
>36 Months – NIL

ING Vysya Loan Rates

Personal loans are granted at very attractive interest rates at ING Vysya. It’s easy to avail and the processing is also done very quickly. The loan can be availed by salaried professionals, doctors, CAs, employees of public and private sector companies. The minimum age for applying this loan is 25 years and the maximum is up to 60 years.

Documents needed includes identity proof, bank statement, address proof and salary certificate. The applicants must also have worked for a minimum of 3 years and must earn 3.6lakhs annually. You can borrow up to 15 lakhs and there is no collateral security needed.

Interest Interest for the month = Loan Outstanding*ROI%*(Number of days in a month/360)
Loan Processing Charge Upto 2% of the loan sanctioned amount subject to a minimum of Rs.1,000/
Pre-payment charges 4% of the Principal Outstanding after repayment of 6 EMIs.
Cheque/ECS/SIM Bounce Charges* Rs 500

SBI Saral Personal Loan

SBI offers attractive loans for meeting financial liability of the family or any other needs. It is accessible to all salaried professionals, self-employed, engineer, doctor, architect, chartered accountant and even MBA with minimum 2 years standing. You can avail loans up to 10 lakh and it can be repaid in 48 months installments.

Documents needed for this loan include identity proof, bank statement, address proof and salary certificate. Processing charges are 2.02%-3.03% of the loan amount. Prepayment charges is nil and interest rate is 18.30%.

Axis Bank Personal Loan

Axis Bank offers loans ranging from 1 lakh to 15 lakhs. These loans are easy to avail and requires the least of documentation. Loan can be repaid in installments within 12 to 60 months. Loan can be applied by salaried doctors, MNC employees as well as public and private sector employees. Again the applicants must be at least 21 years of age and maximum age limit is 58.

Rate of interest 15.50% to 24%
Loan Processing Charge 1.50% to 2.00% + Service Tax as applicable
Default Interest Rate @24.00% per annum i.e 2% per month on the overdue installment
Cheque Bounce Charges Rs. 500 per cheque bounce + Service Tax as applicable
Prepayment/ Forclosure Charges Nil

Standard Chartered Personal Loan Rates

Standard Charted offers loans for salaried as well as self-employed officials at affordable interest rates. They can be availed without any security and requires very less processing time. Salaried officials can get loans up to 30 lakhs while entrepreneurs can get up to 10 lakhs. You can easily make the repayment in ECS, PDCs or Account Debit.

Interest 16% – 22%
Loan processing charges Up to 3% of loan amount
Swap Charges 500
Interest on arrears 4% per month

Kotak Mahindra Loan Rates

Kotak Mahindra Bank offers loans from 50000 to 15 lakh rupees. They can be done with minimum paperwork and can be processed quickly. An Indian resident of public sector or an MNC can apply for this loan. Age criteria is 21-58 years and they should earn an income of 25000 per month. Documents required includes address proof, identity proof, age proof and signature proof.Loans can be repaid in installments within a period of 12-60 months.

Interest rate 15% to 24%
Loan Processing Charges Upto 3% of Loan amount
Prepayment Interest / Forclosure charges 6%,if within 6 months of the date of Agreement, 5% after 6 months
Credit Administration Charges Upto 5% of the Loan amount,not exceeding Rs. 7500
Documentation charges Upto Rs. 5000

IDBI Bank Personal Loans

IDBI offers personal loans to Salaried Individuals and Self Employed Professionals. They also have provisions for Salary Account with In-built Overdraft facility as well as Salary Account with in-built Overdraft facility to Pensioners of IDBI Bank Ltd. For salaried professionals they should have a minimum salary of 180000 annually and age criteria is between 22-58 years. You can avail loans from 50000 to 1000000 as per your requirement. They also top up facility for loan account holders with a minimum 12 months and clear repayment record.

Salaried customers maintaining salary accounts with IDBI Bank 13.75% (BR + 3.50%) Fixed
Salaried customers not maintaining salary accounts with IDBI Bank & Self Employed Professionals having liability relationship with IDBI Bank 14.25% (BR + 4.00% ) Fixed
Salaried individuals & Self Employed Professionals who have availed Home Loan / Loan Against Property from us (only full disbursed cases) 13.25% (BR +3.00%) Fixed

Canara Bank Personal Loan

Canara Bank offers personal loans for salaried, business as well as professionals. For availing this loan you must earn a minimum monthly net salary of 40 % of their gross salary and for professionals a minimum salary of 150000 annually. Documents needed for getting the loan includes identity proof, address proof, DOB proof and financial documents. Repayments can be done in 36 monthly installments. They have interest rates between 10.5%-15% and the processing charges is 0.5% of the Loan Amount with a minimum of Rs.100 and a maximum of Rs.500. Commission on solvency certificate is .10% with a minimum of Rs. 500/- and maximum of Rs. 10000/- per certificate.

Punjab National Bank 10.25%

Punjab National Bank offers loans to defense officials except those retiring within 24 hours, employees of government employees, doctors and salaried officials. Basic criteria is that they should earn up to 15000 per month incase metros, 12500 in urban areas and 10000 in the case of rural areas. You can get loans from 50000 to 400000 and it can be repaid in 60 equal installments. Interest is 10.25%+5% and includes an upfront fee of 1.80% + service tax.

What do you think? Ask your questions in the comments.

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Mani Karthik

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Mani Karthik

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5 responses to “10 Best Personal Loans Rates in India (2021)”
  1. mohmmad sadik

    I need personal loan

  2. Shyam beer singh

    Sir i am very poor no job nd my femlee one cendidet no arnig so what is lon .i m not garntr,no investment.sir my femli help i promis water pilant ranig to emi pay so me water pilan lend,bulding,masins nd peking meteriyls provaid me for any lons i m 10 class pass ,42eary old .nad others help sosaid ad vais me.

  3. Amitesh Barman

    sir,I am a poor boy,I want to do something.so I need money.I am a graduate&vocational student.so,kindly can u help me to give me a lone in my favourand oblige.

  4. Sarat Chandra Behera


  5. Sarat Chandra Behera

    I want 25 lakhs

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