Five Leading Personal Loan Lending Companies in 2021

Personal Loans are one of the most popular and preferable financial products among borrowers. These loans are apt for bridging the gap between demand and supply of cash flow for your short-term goals such as medical emergencies, higher education, wedding, and many more.

But the problem lies in the abundance of options. There are dozens of banks and NBFCs are available in the market, providing personal loans with different types of offers such as discounts on interest rates, flexible repayment options, etc.

To make it convenient for your search for an effective personal loan, we have shortlisted five leading lenders of 2021 in India. Go through the passage and refer for your purpose.

HDFC Personal Loan

The leading private sector bank, HDFC provides attractive offers and interest rates for their personal loan. HDFC Bank also has maintained one of the quickest approval and disbursal track record. HDFC Bank offers a minimum loan amount of 50,000 and a maximum loan amount of 4,00,000 with an interest rate ranging from 10.50 to 21 percent per annum. Loan tenure for the HDFC personal loan is between one year and five years.

HDFC charges processing fees of 2.5 percent with the maximum limit of 25,000 INR for salaried individuals.

Types of HDFC Bank Personal Loans

• Personal Loan for Covid

• Travel Loan

• Emergency Loan

• Marriage Loan

• Debt Consolidation Loan

• Home Renovation Loan

• Personal Loan for Students

• Personal Loan for Teachers

• Personal Loan for Women

• Personal Loan for Government Employees

• Personal Loan for Salaried Individuals

SBI Personal Loans

State Bank of India, the largest PSU bank in terms of market capitalization, offers multiple types of personal loans.

SBI Kavach Personal Loans

Customised exclusively for Covid-19 treatment expenses for distressed families and individuals. India has experienced crores of layoffs, business shutdowns, etc., and SBI Kavach has come as a saviour for all those people to bear expenses of medical treatment of Coronavirus led to disease.

SBI Kavach Personal Loans are available at an 8.5 percent interest rate. You can avail of a minimum of 25,000 and a maximum of five lakhs as the loan amount. There is no minimum loan tenure, and the upper limit is for five years with nil processing charges.

SBI Pre-Approved Personal Loans

SBI offers pre-approved loans to existing customers through the YONO app in four clicks only. The interactive and all-in-one YONO app makes it easier, comfortable, safer, and faster to get a personal loan instantly.

State Bank of India offers pre-approved personal loans at 9.60 percent per annum. Loan tenure, processing fees, and the amount depending upon the borrower’s profile and bank’s terms & conditions.

SBI Quick Personal Loans

SBI also offers personal loans for salaried individuals who do not have a salary account with the State Bank of India network. The bank offers an affordable interest rate with a minimum loan amount of twenty-four thousand and a maximum threshold at twenty-lakhs INR.

Quick personal loans are available for minimum loan tenure of six months and a maximum of six years. You will be charged 1.5 percent as processing fees.

SBI Festive Personal Loans

SBI offers Festive Personal Loans to light up your festive season. You need standard documents for these instant personal loans. You can avail five thousand to fifty thousand loan amounts at affordable interest rates with no pre-payment penalties.

Axis Bank Personal Loan

If you are paying high-interest personal loans currently, you can consult Axis Bank to convert the ongoing personal loan into an affordable personal loan.

Axis Bank offers interest rates in the range of 10.49 per cent to 21 per cent annually. Borrowers can get a minimum of fifty thousand and a maximum fifteen lakhs loan amount with flexible pre-payment options.

Axis Bank decides processing fees case-to-case basis and maintains minimum loan tenure of one year and maximum loan tenure of five years.

ICICI Bank Personal Loans

ICICI Bank Personal Loan is available at 10.50 percent per annum with loan tenure ranging between one year to 6 years. You can apply and get the loan amount within three seconds with Instant ICICI Bank Personal Loans on a Smartphone application, website, and any other digital device.

ICICI Bank offers personal loans up to twenty-five lakhs. Borrowers can track application status online and contact customer support round the clock. The interest rate is fixed with a quick & fast process.

Types of ICICI Bank Personal Loans

• Wedding Loan

• Home Renovation Loan

• Fresher Funding

• Top-up Funding

• Holiday Loan

Kotak Mahindra Bank Personal Loans

Kotak Mahindra Bank has kept personal loan applications and processing them completely online. Personal loans are available at 10.75 percent per annum interest rates. You can get a minimum personal loan of fifty thousand, and a maximum of thirty lakhs INR with loan tenure varies between one year to five years.

Borrowers also need to pay 2.5 per cent processing fees with applicable taxes.

Concluding Thoughts

These are the top five lenders of personal loans in India on the basis of faster approval, trust of the customers, healthy books, affordable interest rates, and favourable repayment terms. You can check and avail of personal loans through loan distributors such as Apna Paisa. They are India’s numero uno loan distributors with an extensive pan India network and over eighteen thousand crores worth of loan amount disbursal.

Compare these lenders, assess your financial status, and apply for a suitable personal loan for your requirement.