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Best Banks For Personal Loan

Apply for the best personal loan offers from top lenders at the lowest interest rate and processing fee. Minimal documentation required for meeting personal loan eligibility. HDFC, ICICI, Bajaj Finserv, Tata Capital, and Kotak Mahindra are some of the banks that offer best personal loans in India.

Bank List of Best Personal Loan in India

Here is the table comparing the top 10 best personal loan offers online in India at present, including their interest rates and Personal Loan Processing Fees. To know which bank is best for personal loan, you can refer to the below table:

BankInterest Rate (p.a.)Processing Fee
HDFC10.25%- 21% Up to 2.50% of loan amount
ICICI10.50%-19%Up to 2.50% of loan amount + GST
Bajaj Finserv13% p.a. onwardsUp to 4% of the loan amount + taxes
SBI10.30% – 12.30%1.50% of the loan amount + GST
Kotak Mahindra11.49% – 19.24%0.75% of Loan Amount
YES Bank10.99% onwardsUp to 2.50% of the loan amount + taxes
Tata Capital10.99% onwardsUp to 2.75% of the loan amount + GST
Axis Bank10.49% – 24% Minimum Rs. 3,999
IDFC FIRST10.49% – 24%Up to Rs. 9,999
PNB9.80% – 14.65%Up to 1% of loan amount + GST 

Additional Info: Also check Loan vs Credit Card: What should you Choose and Why?

Documents Required for Best Personal Loan

To avail of the best personal loan in India, you need to submit the following documents:

  • Personal loan application form – duly filled and signed. 
  • 2 recent passport size photographs.
  • Processing fee cheque.
  • Identity proof (any one): Passport, Driving License, Aadhaar Card, Voter ID, PAN Card, etc.
  • Address proof (any one): Passport, Aadhaar Card, Driving license, Voter ID, Leave & License Agreement, recent Utility Bill, etc. 
  • Income proof for salaried applicants: Salary slips of the last 2 months/ current dated salary certificate, recent Form 16, bank account statements of the last 3 months of the salary account or passbook of the last 6 months.
  • Income proof for self-employed applicants: P&L statements, bank account statements of last 6 months of current account, ITR, computation of income, balance sheet, etc.
  • Other documents for self-employed applicants: Proof of office address, residence/ office ownership proof, and proof of business continuity.

Check Also, Personal Loan Without Salary Slip

Eligibility for Best Personal Loan

Here are some common eligibility criteria of the top personal loan providers in India: 

  • Minimum age: The Personal loan to Salaried Applicants minimum aged should be 21 years when applying for the loan. The minimum age required for self-employed is 25 years. 
  • Maximum age: Salaried applicants must not be aged above 60 years when the loan matures. The maximum age of the self-employed applicant should be below 65 years when the loan matures.
  • Occupation: The applicant can be a salaried individual (working with a reputed government or private company), a self-employed non-professional, self-employed professional (like doctor, chartered accountant, architect, and so on), or a business owner.
  • Nationality: You must be an Indian resident to be eligible.
  • CIBIL score: Your CIBIL Score should be at least 750 or above to get the best option for personal loan in India.
  • Minimum income: Your minimum monthly income should be Rs. 25,000 or above.
  • Minimum work experience: You must have worked for at least 2 years, and a minimum of 1 year should be served with the current employer.

Check Also, Short Term Loan without CIBIL 

How to Apply for a Personal Loan at Fastmudra?

You can apply for a personal loan at the best loan company in India online through Fastmudra by following the easy steps as mentioned below:

  • Fill the online application form under the Personal Loan page given under the Loans dropdown menu on our website.
  • Enter all the required personal details, including the name, address, employment, income, contact number, email id, loan requirement, etc.
  • An OTP will be sent to your mobile number registered with use. Use this OTP to verify your identity.
  • Now you can access the best personal loan offers according to your preferences and eligibility. 
  • You can apply or e-connect for the loan at the preferred lending partner from the displayed options on the website. 
  • Our personal loan experts will call you to assist you at each step from application to disbursal.
  • A doorstep documents pick-up will be scheduled for you. Keep the required documents ready at this stage.
  • After submitting your personal loan application along with the required documents, we will follow up with the lender on your behalf for a timely loan disbursal.
  • We are partnered with 100+ best loan providers in India, offering you the best available personal loan deals online in the quickest time possible.
How to Choose the Best Personal Loan?
  • Compare the interest rates: Look out for the best banks for low interest personal loans and compare their personal loan interest rates because even a small percentage difference in the rate can have a significant impact on the total cost of the loan over a few years.
  • Check the eligibility criteria: When looking for the best bank for personal loan in India, opt for a lender who has easy-to-meet eligibility criteria. This will help lower the effort needed to obtain funds and speed up the verification as well as approval process.
  • Check for additional charges: Enquire about additional charges applicable on the loan apart from the interest rate and processing fee. Some lenders may charge documentation charges, verification charges and other additional levies on the loan, making the offer more costly for you.
  • Check the documents requirement: If you urgently need money, the last thing you would want is to gather a pile of documents and fill up a lot of forms. Take the time out to check the document requirements of the best loan bank in India while checking out different personal loan type
  • Choose a flexible tenure: Make sure the repayment tenure suits your budget. Look for the best loan offers with a flexible tenure to spread out your EMIs in a suitable period for repaying the loan.

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