Personal loans are a blessing in times of distress since it provides individuals with instant liquidity that can be used for any purpose. More than 50% of loan requests in the Indian debt market fall into this segment of loans. That being the case, these loans can act as the medical emergency loan or vacation loan or even wedding loan.
The Indian credit market has an ample number of banks and NBFCs that have attractive schemes and deals on personal loan products. But mulling over all options must be of particular interest to every applicant since the term and the conditions of personal loans vary for every borrower. Personal loan requirements vary by lender. Mostly, it depends on the applicant’s credit profile and the lending policy of the bank.
Some of the best banks for personal loans in India are listed below:
- State Bank of India (SBI): SBI is the largest public sector bank in India and offers personal loans with competitive interest rates and flexible repayment options.
- HDFC Bank: HDFC Bank is one of the leading private sector banks in India and provides personal loans with attractive interest rates and minimal documentation.
- ICICI Bank: ICICI Bank is another prominent private sector bank that offers personal loans with quick approval and disbursal processes.
- Axis Bank: Axis Bank is known for its customer-friendly personal loan offerings, with features such as doorstep service and attractive interest rates.
- Bajaj Finserv: Bajaj Finserv is a non-banking financial company (NBFC) that offers personal loans with quick approval, flexible repayment options, and competitive interest rates.
- Kotak Mahindra Bank: Kotak Mahindra Bank provides personal loans with simplified documentation and speedy approval processes.
- Punjab National Bank (PNB): PNB is a leading public sector bank in India and offers personal loans with competitive interest rates and convenient repayment options.
- Bank of Baroda: Bank of Baroda is a well-established public sector bank that provides personal loans with attractive interest rates and flexible repayment tenures.
- IndusInd Bank: IndusInd Bank offers personal loans with competitive interest rates, minimal documentation, and quick disbursal.
- IDFC First Bank: IDFC First Bank provides personal loans with features like flexible repayment options and instant online approval.