A personal loan is a one-stop solution for any of your financial requirements. The hassle-free application and agility of the process give you quick access to the loan quantum and helps to resolve your financial issues instantly. There are several personal loan lenders in India that offer different loan limits, tenure, and rates of interest. Too many options can confuse anyone about the selection of personal loan lenders in India. So here is a list of top banks and NBFCs to assist you in selecting the appropriate lender for you.
At Roopya, you can compare different personal loan lenders with the help of our credit decision platform. To apply instant personal loan, visit us.
Table of content:
- HDFC Bank
- IDFC Bank
- TATA Capital
- Standard Chartered Bank
- Bajaj Finserv
- Kotak Mahindra Bank
- ICICI Bank
- HDB Financial Services
- Mahindra & Mahindra Finacial
- Fullerton India
- Which is the best personal loan lender in India?
- Bank or NBFC, which is the better option?
- Which bank provides personal loans easily?
- What are the ways to get a personal loan from my bank?
- Do personal loan lenders contact your employer?
- Bank or NBFC, which lender can provide personal loans quickly?
HDFC Bank is leading on the list as the bank gives more flexibility in choosing the loan quantum, tenure and has competitive rates of interest. The bank provides personal loans only to the salaried employees of private, public, or government concerns. This is one of such personal loan lenders in India that provides personal loans of up to Rs. 40 lakh at the most convenient rate of interest starting from 10.75% p.a. The bank offers conditional part payment and pre-payment options, so you can reduce your loan repayment burden when you have some extra cash in your hands. Besides, the easy online application process and pre-approved loan offers can give you access to the funds in just 10 seconds.
When you need a high loan quantum for bigger expenses like traveling, wedding, higher education, etc. the IDFC bank will be the second option after HDFC bank as this bank also offers a higher loan quantum for a more flexible tenure which is up to 7 years. Besides, unlike other personal loan lenders in India, IDFC Bank offer top-up loans to the existing borrowers to meet any additional expenses. Both salaried and self-employed persons can apply for this loan. And the online application process gives the convenience to apply from anywhere.
The next one on the list is TATA Capital which is an NBFC that provides collateral-free instant personal loans along with an overdraft facility and zero prepayment charges. TATA Capital is amongst such personal loan lenders in India who offer a low loan quantum also when you don’t need to borrow a heavy amount to meet minor financial requirements. Salaried employees, students, and retired individuals can also apply for TATA Capital Personal Loan.
Standard Chartered Bank is one of those personal loan lenders in India which provides instant personal loans at a reasonable rate of interest and for a tenure of up to 5 years. And has prepayment and the last EMI waiver facility also.
BAJAJ Finserv is an NBFC that provides instant personal loan to both salaried and self-employed individuals and among such personal loan lenders in India who has minimum eligibility criteria and need minimum documentation to process the loan instantly.
Kotak Mahindra Bank provides personal loans only to the salaried individuals of the cities where the lender is active. You can get a personal loan from this bank within a few seconds if you have the proper address proof, ID proof, and income proof to produce. This is one of those personal loan lenders in India that offer a conditional preclosure facility.
Among the personal loan lenders in India, ICICI bank offers personal loans to both salaried and self-employed individuals. This is a collateral-free instant cash loan that you can avail of by applying online with minimum documentation. Besides, you get a pre-payment facility also.
HDB Finacial Services is an NBFC that is growing day-by-day with its lucrative personal loan features. One can get an instant loan from HDB Financial Services at a convenient rate of interest and for a flexible tenure and get quick access to the fund. Like other personal loan lenders in India, HDB Financial Services also provides collateral-free personal loans.
Instant personal loan lenders in India also include Mahindra & Mahindra Finacial Services Ltd. that approves loan applications instantly and disburses the loan amount within 2 working days. But the loan availability is limited and lower than other personal loan lenders in India.
When we are taking NBFCs into the consideration, Fullerton India comes next on the list as this is one of such personal loan lenders in India that provide instant personal loans if you’re eligible for such a loan and has produced proper documents to prove so. The best part about Fullerton India is that the NBFC provides personal loans to women at a reduced rate of interest. But the highest available loan quantum is also lower than usual, i.e. 10 lakh. Fullerton India has the preclosure option which is chargeable @7% on the outstanding principal, but the prepayment after the first 3 years of the agreement is not chargeable. Salaried persons and self-employed persons both can apply.
Which is the best personal loan lender in India?
The personal loan lenders in India have different eligibility criteria and loan criteria that suit people with different income scales and requirements. So, it will be better to compare lenders on Roopya depending on your eligibility and financial needs.
Bank or NBFC, which is the better option?
Banks offer low rates of interest but NBFCs have the reputation of processing personal loans quicker than banks. NBFCs are also now offering competitive interest rates and getting more preference for personal loans.
Which bank provides personal loans easily?
HDFC bank has the most convenient rates of interest and high loan quantum to offer and provides personal loans easily.
What are the ways to get a personal loan from my bank?
To get a collateral-free personal loan from your bank, you first have to check whether the ban provides such loans or not. If yes, then check the eligibility criteria for such a loan and look for the pre-approved loan offers. And then you can apply online along with proper documentation.
Do personal loan lenders contact my employer?
Yes, the personal loan lenders in India can contact your employer to check your employment status so that the lender can make sure about your income stability to repay a personal loan.
Bank or NBFC, which lender can provide personal loans quickly?
Usually, the NBFCs process collateral-free personal loans quicker than banks and have an easy and hassle-free application process and instant approval feature also.
Read our full blog on: 6 Factors To Ensure Personal Loan Approval In India
At Roopya, you can find multiple top-rated personal loan lenders in India and choose from them by comparing the loan offers, interest rates, tenure, and loan quantum. So, it will be always the most convenient and hassle-free option to select the most efficient lender as per your eligibility and requirements. Let us know how helpful the article is and you can contact us for any loan-related assistance.