Given below are a few personal loan schemes offered by some of the leading banks and NBFCs in India:
HDFC Bank
The interest rate of HDFC Bank personal loan starts from 10.90% 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 loans with ‘10 second disbursal’ to its select existing customers based on their credit profiles.
- Interest Rate: 10.90% p.a. onwards
- Loan Amount: Up to Rs 40 lakh
- Tenure: Up to 6 years
- Minimum Salary: Rs 25,000 per month
- Age: 21-60 years
- Credit Score: At least 650
- Processing Fee: Up to Rs 6,500
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: 10.80% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1 to 6 years
- Minimum Salary: Rs 30,000 per month
- Age: 20-58 years (for salaried); 23-65 years (for self-employed)
- Processing Fee: Up to 2% of loan amount
Axis Bank
Axis Bank 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: Up to Rs 10 lakh
- Tenure: 6 months to 5 years
- Age: 21 to 60 years
- Minimum Monthly Salary: Rs 15,000
- Processing Fee: Up to 2% of loan amount
Kotak Mahindra Bank
Kotak Mahindra Bank offers loans only to salaried individuals. Existing borrowers of other banks/NBFCs can avail balance transfer facility to transfer their outstanding loan to Kotak Mahindra Bank at lower 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 an 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 35 lakh
- Tenure: Up to 6 years
- Credit Score: At least 730
- Age: 21-60 years
- Minimum Monthly Salary: Rs 25,000 (for corporate borrowers); Rs 30,000 (for non-corporate salary borrowers)
- Processing Fees: Up to 5% of loan amount
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 borrowers of other banks and NBFCs. For those requiring quick financing, the bank extends instant personal loan online with quick processing and loan approvals.
- Interest Rate: 10.49% p.a. onwards
- Loan Amount: Up to Rs 50 lakh
- Tenure: 1 to 7 years
- Age: 21 to 60 years (for salaried); 25 to 65 years (for self-employed)
- Processing Fee: Up to 3.5% of the sanctioned loan amount
- Minimum Salary: Rs 25,000 per month