Personal Loan Highlights 2023 |
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Interest Rate | Usually 10.49% p.a. onwards; some PSUs may offer lower rates |
Loan Amount | Can go up to Rs 40 lakh; some lenders may offer higher loan amounts |
Tenure | Up to 5 years (some lenders offer repayment period till 8 years) |
Processing Fees | 0.5% to 4% of loan amount (may vary across lenders) |
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Personal Loan Interest Rates Offered By Partner Banks & NBFCs
Banks/NBFCs | Interest Rates(p.a.) | |
Axis Bank | 10.49% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
HDFC Bank | 10.50% onwards | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Federal Bank | 11.49% onwards | Apply Now |
DMI Finance | 12.00% - 40.00% | Apply Now |
L&T Finance | 12.00% onwards | Apply Now |
Kreditbee | 12.25% - 30.00% | Apply Now |
MoneyTap | 12.96% onwards | Apply Now |
Piramal Finance | 12.99% onwards | Apply Now |
Aditya Birla | 13.00% onwards | Apply Now |
MoneyView | 15.96% onwards | Apply Now |
Cashe | 27.00% onwards | Apply Now |
Note: Rates as of 20 September 2023
HDFC Bank
The personal loan interest rates of HDFC Bank start from 10.50% p.a. The tenure of the scheme can go up to 6 years whereas the loan amount can go up to Rs 40 lakh. The bank also offers pre-approved personal loans with ‘10 second disbursal’ to its select existing customers based on their credit profiles. Existing customers of HDFC Bank can click here to check if they qualify for the pre-approved loan offer.
Interest Rate | 10.50% p.a. onwards |
Loan Amount | Up to Rs 40 lakh |
Tenure | Up to 6 years |
Minimum Monthly Salary | Rs 25,000 |
Age | 21-60 years |
Credit Score | At least 650 |
Processing Fee | Up to Rs 4,999 |

Apply for HDFC Bank Personal Loan with Quick Disbursal Apply Now
ICICI Bank
ICICI Bank extends personal loan to cater to the varied financial requirements of its borrowers. The bank also offers Fresher Funding, a special scheme for funding immediate and other financial requirements of younger salaried individuals. For its select existing customers, the bank offers overdraft facility, pre-approved offers and top up loan facility. Its pre-approved offers feature minimal documentation and 3-second disbursals.
Interest rate | 10.50% p.a. onwards |
Loan Amount | Up to Rs 50 lakh |
Tenure | 1-6 years |
Minimum Monthly Salary | Rs 30,000 |
Age | Salaried: 23-58 years Self-employed: 25-65 years |
Processing Fee | Up to 2.5% of loan amount |

Apply For ICICI Bank Personal Loan with Quick Disbursal Apply Now
Axis Bank
Axis Bank’s Personal Loan covers expenses related to wedding, home renovation, travel, medical emergency and much more. The bank also extends pre-approved offers to its select existing customers. Such offers have digital processing and instant approvals. Axis Bank has also collaborated with Paisabazaar to extend its select customers pre-qualified offers.
Interest rate | 10.49% p.a. onwards |
Loan Amount | Rs 50,000- Rs 40 lakh |
Tenure | 1-5 years |
Age | 21-60 years |
Minimum Monthly Salary | Rs 15,000 |
Processing Fees | 1.5% – 2% |

Check Your Pre-approved Personal Loan Offer from Axis Bank Apply Now
Kotak Mahindra Bank
Kotak Mahindra Bank offers personal loans only to salaried individuals. Existing personal loan borrowers of other banks/NBFCs can avail balance transfer facility to transfer their outstanding loan to Kotak Bank at lower personal loan interest rates. Those exercising balance transfer facility can also avail top up loans of up to 100% of their loan amount. Kotak Mahindra Bank also offers overdraft facility, giving borrowers the flexibility of withdrawing their funds from their loan account anytime and repaying it as per their convenience.
Interest Rate | 10.99% p.a. onwards |
Loan Amount | Up to Rs 40 lakh |
Tenure | Up to 6 years |
Credit score | At least 700 |
Age | 21-60 years |
Processing Fees | Up to 3% of loan amount |
Minimum Monthly Income |
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Apply for Kotak Bank Personal Loan with Quick Disbursal Apply Now
IndusInd Bank
IndusInd Bank offers multiple personal loan schemes including wedding loan, home renovation loan, loan for medical expenses and loan for education. The bank also offers balance transfer facility to existing personal loan borrowers of other banks and NBFCs. For those requiring quick financing, the bank extends instant online personal loans with quick processing and loan approvals.
Interest Rate | 10.49% p.a. onwards |
Loan Amount | Rs 30,000-Rs 50 lakh |
Tenure | 1 to 5 years |
Age | Salaried: 21-60 years Self-employed: 25-65 years |
Processing Fees | Up to 3% of the sanctioned loan amount |
Minimum Monthly Salary | Rs 25,000 |

Apply for IndusInd Bank Personal Loan with Quick Disbursal Apply Now
Federal Bank
Federal Bank’s FedPremia Personal Loan caters to the personal financing needs of only salaried individuals. The bank also has collaboration with Paisabazaar to offer pre-approved loan offers to its select customers with quick disbursal.
Interest rate | 11.49% p.a. onwards |
Loan Amount | Up to Rs 25 lakh |
Tenure | Up to 5 years |
Age | 60 years at the time of loan maturity |
Processing Fees | Up to 3% |
Minimum Monthly Salary | Rs 25,000 |

Check Your Pre-approved Personal Loan Offer from Federal Bank Apply Now
IDFC First Bank
Borrowers can avail IDFC First Bank Personal Loan to meet any of their personal financing requirements. Existing personal loan borrowers of other banks and NBFCs can avail balance transfer facility to transfer their outstanding loan to IDFC First Bank at lower interest rates. The bank also offers instant personal loans with paperless digital loan processing.
Interest rate | 10.49% p.a. onwards |
Loan Amount | Up to Rs 1 crore |
Tenure | Up to 5 years |
Age | Salaried: 23-60 yrs./retirement age, whichever is earlier Self-employed: 25-60 years |
Credit Score | At least 700 |
Processing Fees | Up to 3.5% of the loan amount |
Bajaj Finance
Bajaj Finance offers personal loans to both salaried and self-employed individuals, with special variants being offered for doctors and Chartered Accountants. Those requiring overdraft facility can also avail Bajaj Finance’s Flexi Personal Loan. For its select existing customers, the NBFC offers pre-approved offers. The loan features instant approval, minimal documentation and same-day loan disbursals.
Interest Rate | 11% p.a. onwards |
Loan Amount | Up to Rs 55 lakh |
Tenure | Up to 8 years |
Credit Score | 685 or higher |
Age | Salaried: 21-80 years Self-employed: 24-70 years |
Processing Fee | Up to 3.93% of loan amount |
Minimum Monthly Salary | Rs 25,001 |

Apply for Bajaj Finance Personal Loan with Quick Disbursal Apply Now
Tata Capital
Tata Capital provides multiple personal loan schemes to cover expenses related to wedding, travel, education, select medical facilities and home renovation. It also extends customized schemes for salaried employees, government employees, doctors and women applicants; a pre-approved facility with instant disbursal to select customers and an overdraft facility to applicants seeking higher flexibility in loan repayment.
Interest Rate | 10.99% p.a. onwards |
Loan Amount |
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Tenure | Up to 6 years |
Age | 21-58 years For Home Renovation: 24-65 years For Education: 16-26 years |
Minimum Monthly Salary | Rs 20,000 (Rs 15,000 for Government Employees, Salaried Employees, Doctors, Women, Education, Travel Loan) |
Processing Fees | Flat Rs 76 |

Check Your Pre-approved Personal Loan Offer from Tata Capital Apply Now
Piramal Finance
Piramal Capital and Housing Finance Ltd., also known as Piramal Finance, offers personal loans to only salaried individuals. These loans can be availed for covering various personal expenses related to wedding, travel, home renovation, debt consolidation, etc. Piramal Finance Personal Loans come with minimal documentation and quick loan disbursals. The lender also has a tie-up with Paisabazaar.com to extend pre-qualified offers to its select customers.
Interest rates | 12.99% p.a onwards |
Loan amount | Up to Rs 50 lakh |
Loan tenure | Up to 5 years |
Processing Fees | Up to 4% of the loan amount |
L&T Finance
L&T Finance Holdings Ltd. provides personal loans to both salaried and self-employed individuals to finance their expenses related to home renovation, festivals, marriage, education and medical needs. It also offers micro loans to low income women borrowers. L&T Finance Personal Loan features digital application process, minimal documentation and quick approval process.
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Loan amount |
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Repayment tenure |
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Processing fees |
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DMI Finance
DMI Finance offers personal loans at 12% p.a. onwards. The loan tenure offered ranges from 2 months to 5 years and the loan amount can be anywhere between Rs 1,000 and Rs 25 lakh. The loan is offered through channel partners have end-to-end digital process and are entirely paperless.
Interest rate | 12%-40% p.a. |
Loan amount | Rs 1,000 to Rs 25 lakhs |
Repayment tenure | 2 months to 5 years |
Processing fee | Up to 4% of the loan amount |

Apply for DMI Finance Personal Loan with Quick Disbursal Apply Now
MoneyTap
MoneyTap Personal Loan can be availed for covering expenses related to home renovation, education, travel, weddings, medical emergencies, etc. This loan facility is offered in the form of credit line, thereby offering higher repayment flexibility to the borrowers.
Interest Rate | 1.08% per month (12.96% p.a.) onwards |
Loan Amount | Rs 3,000 to Rs 5 lakh |
Loan Tenure | 2 months to 3 years |
Processing Fees | Up to 2% of the total amount |
Age | 23-55 years |
Minimum monthly income | Rs 30,000 |
Aditya Birla Finance Ltd.
Aditya Birla Finance Limited offers fixed rate personal loans to salaried individuals to finance varied personal requirements including medical emergencies, child’s education, wedding, travel, home improvement, purchase of electronic and household goods, etc.
Interest rate | 13% p.a. onwards |
Loan Amount | Up to Rs 50 lakh |
Tenure | Up to 7 years |
Age | 23-60 years |
Processing Fees | Up to 3% of the loan amount |
Money View
Money View Personal Loan comes with end-to-end digital process and quick disbursals (within 24 hours of loan approval). The lender has developed an alternative credit-scoring model to increase the loan eligibility for applicants having low credit scores. Money View has also tied-up with Paisabazaar.com to provide pre-approved offer with quick disbursal to select applicants.
Interest Rate | 1.33% per month onwards |
Tenure | Up to 5 years |
Loan Amount | Rs 5,000 to Rs 5 lakh |
Loan processing charges | 2% – 8% of approved loan amount |
Age | 21-57 years |
Credit Score | CIBIL score of at least 600 or Experian score of at least 650 |
Minimum Monthly Income |
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CASHe
CASHe is an app-based lending platform offering instant short-term personal loans to young salaried people, including to those without a formal credit history. It uses an AI-based credit scoring model to assess their borrowers’ creditworthiness.
Interest Rate | 2.25% per month onwards |
Loan Amount | Rs 1,000 to Rs 4 lakh |
Tenure | 90 days to 540 days |
Processing Fee | Up to 3% of the loan amount |
Age | 23-58 years |
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KreditBee
KreditBee is an online loan platform, which claims to offer personal loan schemes from various banks and NBFCs with instant disbursal. The lending platform claims to offer disbursals (within 10 minutes) with minimal documentation.
Interest Rates | 12.25% p.a. onwards |
Tenure | 62 days to 2 years |
Loan Amount | Rs 1,000 to Rs 4 lakh |
Processing Fees |
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Age |
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Minimum Net Monthly Income |
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Calculate personal loan payments
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Features & Benefits
- Collateral-free loan
- No end-use restriction
- Interest rate usually starts from 10.49% p.a.
- Loan amount of up to Rs. 40 lakh, which can exceed depending on lenders’ discretion
- Repayment tenure up to 60 months, which may exceed on case-by-case basis
- Top up loans for additional requirements are offered by many lenders
- Minimal documentation
- Quick disbursals
Fees & Charges
While the fees and charges of personal loans usually vary widely depending on lender and the credit profile of the loan applicants, the following table will give you a fair idea of the personal loan fees and charges levied by the lenders:
Particulars | Charges |
Loan Processing Fees | 0.5% to 4% of loan amount |
Pre-payment/Part-payment/Foreclosure Charges | For Floating Rate – Nil For Fixed Rate – Usually around 2% – 5% on the principal outstanding |
Loan Cancellation | Usually around Rs 3,000 |
Stamp Duty Charges | As per actuals |
Legal Fees | As per actuals |
Penal Charges | Usually @ 2% per month; 24% p.a. |
EMI/Cheque Bounce | Around Rs 400 per bounce |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Types of Personal Loans
- Instant Personal Loans are usually pre-approved loans with instant disbursals. These loans are usually offered by banks and NBFCs to their select customers on the basis of their credit profiles.
- Short-term Personal Loans have short repayment periods ranging from a few days to 12 months.
- Pre-approved Personal Loans are usually offered by banks and NBFCs to their existing customers on the basis of their credit history, income, employer’s profile, etc.
- Consumer Durable Loans can be used to purchase any consumer durable items like smartphones, furniture, microwave, etc. The purchase amount gets divided into EMIs and can be repaid within the tenure decided. Some products may require a down payment or a processing fee while others may not.
- Personal Loan Balance Transfer facility allows borrowers to transfer their outstanding personal loan to a new lender for lower interest rates or better loan terms. However, opt for this facility only when the savings made through the transfer outweighs the cost of the loan transfer.
- Personal Loan Top Up is offered to existing personal loan borrowers who need additional funds to meet their financial requirements. This loan facility is usually offered to select borrowers having satisfactory loan repayment history and/or have completed a specified number of EMIs.
- Personal Loan for Education is for individuals requiring funds for pursuing higher education in India and abroad, vocational courses, etc., and are unable to get a conventional education loan.
Eligibility Criteria
- Age: 18 – 60 years
- Salary: At least Rs 15,000 per month for salaried customers
- Income: At least Rs 5 lakh p.a. for self-employed customers
- Credit Score: Preferably 750 and above as having higher credit scores improve chances of loan approval
- Employment Stability: Usually 1 year with some lenders requiring longer work experience
- Business Continuity: Usually 3 years of business continuity with some lenders requiring longer period of business continuity
- Employment Type: Salaried employees working with reputed organisations, MNCs, Private and Public Limited Companies, Govt. organisations, PSUs, and large enterprises
Documentation Required for Availing Personal Loans
- Identity Proof: Passport/PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
- Address Proof: Passport/ Aadhaar Card/ Lease/ Property Purchase Agreement/ Utility Bills (not more than 3 months old)/ Passport/ Driving License
- Income Proof For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16
- Income Proof For Self-employed Professionals: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement
- Business Proof For Self-employed Individuals: Business Incorporation Certificate/ Professional Degree/ Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License
How to Improve your Chances of Getting a Personal Loan?
Why Should I Avail Personal Loans from Paisabazaar?
- Compare personal loan offers from 30+ partner banks and NBFCs
- Get pre-approved offers with instant disbursals
- Know your chances of loan approval based on your credit score and other aspects of your credit profile
- Apply for personal loan online through end-to-end digital process
How to Apply Online for a Personal Loan?
Paisabazaar.com allows customers to compare personal loan offers from 30+ banks and NBFCs and apply for the best-suited offer online with ease. The steps for the same are as below:
- Enter your mobile number.
- Enter personal details like desired loan amount, employment type, net monthly income, current residing city, bank where you receive your salary and company name.
- Provide OTP for verification and check for available pre-approved offers.
- For viewing other offers, provide more details like total EMI you pay currently, PAN, total work experience, tenure in current organisation, etc.
- Compare various offers and apply for the one that best suits your requirements.
FAQ
1. What is the minimum credit score required to get a personal loan?
Ans. It depends on the eligibility criteria set by the lender. Most lenders do not specify a minimum credit score for a personal loan. Some lenders might lend to applicants with low credit scores (less than 750) but the interest rate applicable is usually higher in such cases.
Read more: How to build/improve your credit score using Step UP Credit Card co-branded with SBM Bank India Ltd.
2. Can I cancel a personal loan after the loan amount is disbursed?
Ans. In some cases, you may cancel a personal loan after disbursal subject to the terms and conditions of the lender. Loan cancellation will lead to cancellation charges and processing fees. Please note that all banks do not allow loan cancellation once the amount is disbursed. However, you can always prepay the loan amount as per the terms and conditions of the bank and save on the interest component.
3. What is the minimum salary required to get a personal loan?
Ans. The minimum monthly salary required to avail a personal loan varies from lender to lender. However, for large lenders like private and public sector banks, the minimum income eligibility is Rs 15,000 per month and above.
4. Can I get a personal loan being a pensioner, if I have a pension account with one of the leading banks in India?
Ans. Lenders offer personal loans to pensioners in the form of pension loan. However, these loans are offered only to those pensioners who maintain their pension account with the respective bank.
5. Can a student apply for a personal loan?
Ans. Students can apply for personal loans only if they satisfy the various eligibility requirements related to age, income, credit score, etc. set by the lenders.
6. Can I get a personal loan if I have a home loan?
Ans. Yes, you can apply for a personal loan even if you already have a home loan. However, the chances of getting the loan approved will depend on whether you have adequate repayment capacity to repay the proposed loan.
7. Can I get a personal loan without a salary slip?
Ans. Yes, you can get a personal loan without providing salary slips. You can submit your bank account statement/ a copy of Form 16/ employee certificate from the employer, etc. as proof of income to fulfil the eligibility criteria. However, it is always recommended to confirm the list of required documents with the lender as it may vary from one bank to another.
8. Can I use a personal loan for marriage purposes?
Ans. Yes, you can avail a personal loan or its variants like wedding loan and marriage loan to finance various marriage-related expenditures.
9. Can I take a personal loan from two different banks at the same time?
Ans. Yes, you may avail personal loans from two different lenders at the same time, provided the lender of your second personal loan is satisfied with your repayment capacity. However, it is better to take a single loan of a larger amount from the lender providing lower interest rates and/or better terms and conditions.
10. Are there any charges for prepaying my personal loan?
Ans. Lenders are free to levy prepayment/foreclosure charges on personal loans availed at fixed interest rates. However, the RBI has barred the lenders from levying these charges on loans availed at floating interest rates.
11. Do I need to provide any security or collateral to apply for a personal loan?
Ans. Traditionally, personal loans are unsecured loans, which implies that the borrower does not need to pledge collateral or security to avail the loan. However, some lenders also offer secured personal loans wherein the borrower needs to provide security or collateral to avail the loan. An applicant should opt for the secured loan facility only when he is ineligible for availing unsecured personal loan or is charged very high interest rates for it.
12. How to calculate EMI for a personal loan?
Ans. Banks and NBFCs generally use the reducing balance method to calculate personal loan EMI. And as for individuals, there are several personal loan EMI calculators available online on lenders’ websites and other websites. These EMI calculators also use the reducing balance method for calculating the EMIs.
13. What is the maximum loan amount I can get on my personal loan?
Ans. Lenders usually offer personal loans between Rs 10,000 and Rs 40 lakhs. However, the amount that they approve of is primarily dependent on your income and existing loan repayment obligations, if any. Some banks and NBFCs use the Multiplier Method, wherein the eligible loan amount is calculated on the basis of a predetermined multiple (ranging between 10 and 24 times) of an applicant’s net monthly income. Other lenders use the EMI/NMI Ratio, wherein the EMI of the proposed loan cannot exceed a pre-determined proportion of the applicant. Some lenders also use a combination of both of these methods to find the loan amount eligible of the applicant.
14. Can I get a personal loan if my salary is Rs. 12,000 per month?
Ans. The minimum income requirements set for availing personal loans vary across lenders. While the minimum monthly salary requirements set by top lenders usually ranges between Rs. 15,000 and Rs 30,000, some lenders also offer personal loans to applicants having lower monthly income. Hence, individuals having low salary should visit online financial marketplaces to check if they are eligible for any personal loan offers based on their current income.