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A personal loan refers to money that is borrowed from a financial institution, for personal (not professional or business) use. In opposition to larger and long-term loans, personal loans are taken into relatively short to medium terms. Generally personal loans are used to pay for one-time or short term expenses where a borrower (the person who is getting the loan) doesn't normally require disclosing the specific reason for the loan.
This type of loan is used by many to resolve their current financial needs. You can use a personal loan for a variety of purposes, including travel, wedding expenses, home renovation, in a medical emergency or to buy a gadget. Means if you have a requirement of money so personal loan is the best choice.
A personal loan is taken for tenure of one to five years. Also these require lowest formalities and no collateral or security. It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria.
Bank Name Sep-2020 |
Rate Of Interest |
Loan Amount |
Aditya Birla | 17.85% | Up to 50Lakh |
Axis Bank | 12.00% | up to 15Lakh |
Bank Of India | 12.35% | Up to 10Lakh |
Bajaj Finserv | 10.99% | Up to 25Lakh |
Bank Of Maharashtra | 11.85% | Up to 10Lakh |
Bank Of Baroda | 15.60% | Up to 10Lakh |
Central bank Of India | 10.20% | Up to 20Lakh |
Citi Bank | 16.49% | Up to 30Lakh |
Edelweiss | 17.00% | Up to 20Lakh |
Federal Bank | 16.99% | Up to 25Lakh |
Fullerton Bank | 11.99% | Up to 25Lakh |
HDFC Bank | 10.75% | Up to 40Lakh |
HSBC Bank | 10.50% | Up to 30Lakh |
Home Credit | 24.00% |
Up to 2.4Lakh
|
Indiabulls | 12.99% | Up to 15Lakh |
ICICI Bank | 11.25% | Up to 20Lakh |
IDBI Bank | 12.00% | Up to 5Lakh |
IDFC First Bank | 10.75% | Up to 25Lakh |
Indian Bank | 09.20% | On Profile |
Induslnd Bank | 11.00% | Up to 15Lakh |
Indian Overseas Bank | 11.00% | Up to 15Lakh |
Kotak Mahindra Bank | 10.75% | Up to 20Lakh |
Muthoot Finance | 15.00% | On Profile |
Standard Chartered Bank | 11.00% | Up to 50Lakh |
Tata Capital | 10.99% | Up to 25Lakh |
yes Bank | 10.99% | Up to 40Lakh |
Following documents are required by financial institutions to process the loan application:
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