Best Personal Loans in India 2022

25 August 2022

To meet various needs, banks and other financial institutions offer a range of loans. The loan application process has been able to accelerate and improve over time thanks to technology. People might have simple access to loans now.

The Personal Loan is the most popular loan product in India's debt market. More than 78% of credit requests in India fall into this category. Due to the fact that these loans are unsecured, many prospective borrowers choose them.

In short, a Personal loan is a sum of money you borrow from a bank nearby, an online lender or your credit union. Once you receive the money, you start making payments to the lender according to a schedule until the loan is fully repaid.

In this blog, we've compiled a list of some of the most popular Personal Loan plans in India for 2022. Read on to learn more about the unsecured personal options by some of the significant Indian banks that are being taken into consideration in this blog.

Top Personal Loans Plans in India

S.No.

Personal Loan Plans

Interest Rates

1.

HDFC Bank Personal Loan

10.50% p.a. onwards

2. 

ICICI Bank Personal Loan

10.50% p.a. onwards

3.

Bajaj Finserv Personal Loan

13.00% p.a. onwards

4.

Fullerton India Personal Loan

11.99% p.a. onwards

5.

IndusInd Bank Personal Loan

10.49% p.a. onwards

6.

Kotak Personal Loan

10.99% p.a. onwards

7.

Standard Chartered Personal Loan

11.49% p.a. onwards

8.

Cent Personal Loan (Central Bank of India)

10.75% p.a. onwards

9.

Bandhan Bank Personal Loan

10.50% p.a. onwards

10.

SBI Quick Personal Loan

10.10% p.a. onwards

Factors To Consider Before Choosing a Personal Loan

  • Documentation

To avail of Personal Loans, individuals need to submit several documents like income statements, bank statements, and ITR returns.

  • Interest

Interests are on the higher side. It varies between 10-22% and is set according to the applicant's profile.

  • Tenure

The repayment tenure of Personal Loans is longer. It generally varies between 1-5 years for most of the lenders.

  • Loan Amount

The loan amount in the case of Personal Loans can be quite high. It is dependent on one's credit history and income profile.

  • Funds Disbursement

Funds are provided in a lump sum manner. The lender directly transfers the funds to a borrower's account.

  • Charges

Banks levy different fees like processing fees, late fees, etc.

You may also want to read How do Pre Approved Personal Loans Work?

Top Personal Loan Plans of 2022: Brief Analysis

1) HDFC Bank Personal Loan

Both salaried employees and independent contractors in India can obtain Personal Loans from HDFC Bank. Online, you can quickly check your own eligibility.

If you already have an HDFC Bank account, you can use NetBanking to see if you qualify for a pre-approved loan. This is considered the best Personal Loan in India. 

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.00% p.a. onwards

Up to Rs 40 lakh

Up to 6 years

Up to Rs 4,999

Rs 25,000

2) ICICI Bank Personal Loan

To handle personal emergencies that can arise at any time in life, you can apply for a Personal Loan up to Rs. 50 lakhs at enticing interest rates. Your borrowing experience will be simple thanks to the ICICI Bank's quick approval process for Personal Loans.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.50% p.a. onwards

Rs 50,000-Rs 25 lakh

1-6 years

Up to 2.50% of the loan amount

Rs 30,000

3) Bajaj Finserv Personal Loan

You can borrow up to Rs. 25 lakhs with a Bajaj Finserv Personal Loan at a competitive interest rate. The loan has zero hidden fees and complete transparency, which streamlines the borrowing process overall.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

13% p.a. onwards

Up to Rs 25 lakh

Up to 5 years

Up to 4% of the loan amount

Rs 22,000

4) Fullerton India Personal Loan

Personal Loans from Fullerton India come with total openness and simplicity. Instant online application is part of the distinctive and customized offering. Online Personal Loans are instantly available from Fullerton, and the transaction is completely paperless. They user-friendly online application is available for online submission.

Soon after the loan has been approved, you can have the money credited to your account.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.99% p.a. onwards

Up to Rs 30 lakh

Up to 5 years

Up to 6% of the loan amount

Rs 20,000

5) Indusind Bank Personal Loan

Personal Loans from IndusInd Bank are available at low-interest rates and can be used for a number of things. They provide quick processing and loan approval for instant online Personal Loans. Personal Loans up to Rs 25 lakh are available from IndusInd Bank with rates starting at 10.49% p.a. for terms up to 5 years.

Additionally, they provide immediate online Personal Loan processing and quick loan approval in a matter of minutes.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.49% p.a. onwards

Rs 30,000-25 lakhs

1 to 5 years

Up to 3% of the sanctioned loan amount

Rs 25,000

6) Kotak Personal Loan

Personal Loans from Kotak Mahindra Bank provide you with quick cash for any pressing financial needs. Kotak Mahindra's instant Personal Loan can help you out whether you want to take a trip, plan a wedding, or cover unexpected medical expenses.  

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.99% p.a. onwards

From Rs. 50,000 – Rs. 25,00,000

1-5 years

Up to 3% of the loan amount

Rs 30,000 (Varies)

7) Standard Chartered Personal Loan

Standard Chartered, one of the most well-known banks in the nation, provides Personal Loans with competitive interest rates and minimal processing costs.

Standard Chartered offers Personal Loans with interest rates starting at 11.49%; the processing fee that applies to the loan is up to 2.25% of the amount borrowed. The maximum loan amount is Rs. 1 lakh, and there are no restrictions on how long it takes to repay it—it can take anywhere between 1 and 5 years.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

11.49% p.a. onwards

Rs 1 lakh-Rs 50 lakh

Up to 5 years

Up to 2.25% of the loan amount

Rs 22,000

8) Cent Personal Loan (Central Bank of India)

Personal Loans are available from the Central Bank of India with interest rates starting at 9.85% per annum. In accordance with this program, you are eligible to receive a Personal Loan up to Rs. 10 lakhs with a maximum 48-month repayment period.

On its Personal Loans, the bank levies a processing fee of Rs. 500 plus any applicable service taxes.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

10.75%-10.95% p.a.

Up to Rs 10 Lakh

Up to 5 years

Waived off up to 31st August 2022

9) Bandhan Bank Personal Loan

Bandhan Bank provides Personal Loans to meet every need of a person. The bank also provides numerous customizing options to meet an applicant's needs. For loan amounts up to Rs 15 lakh, Bandhan Bank offers Personal Loans with rates starting at 10.5% p.a. for terms of up to 5 years.

The bank states that it will release a Personal Loan after receiving the necessary paperwork in two working days.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

10.50% p.a. onwards

Rs 50,000 – Rs 15,00,000

1-5 years

1% of Loan Amount

10) SBI Quick Personal Loan

SBI offers Personal Loans with terms up to 7 years and interest rates starting at 9.60% p.a. Depending on your eligibility, the loan amount can range from Rs. 25,000 to Rs. 20 lakhs. Up to 1.5% of the loan amount is charged as the processing fee.

Key Information

Interest Rate

Loan Amount

Tenure

Processing Fee

Minimum Monthly Salary

10.10%-14.60% p.a.

Up to Rs 20 lakh

Up to 6 years

Up to 1.50% (Maximum Rs 15,000)

Rs 15,000

Conclusion

The top Personal Loan plans in India for 2022 are thus listed here. Several other loan plans in India, in addition to the ones already mentioned, provide quick Personal Loans. Since a few years ago, the market has expanded and welcomed a number of new players due to rising consumer awareness and adoption.

To make sure you fully comprehend the borrowing and repayment structures, you must always read the terms and conditions carefully before enrolling in any loan plan. Please keep in mind that this blog is only intended to provide information. Be sure to conduct your own research before selecting any of the loan plans mentioned above.

To read the RA disclaimer, please click here
Research Analyst - Bavadharini KS

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