Top Banks and NBFCs Offering Personal Loans
3–5 minutes
Personal loans are a popular financial solution for individuals who need quick access to funds. Whether it’s for a medical emergency, a wedding, or consolidating debts, personal loans provide flexibility without requiring collateral. Several banks and NBFCs (Non-Banking Financial Companies) offer competitive personal loan options to cater to a wide range of customers. At WeCredit, we aim to help you understand the top lenders and what they offer, making your decision easier.
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1. HDFC Bank
HDFC Bank is one of the most well-known names in the personal loan sector. The bank offers personal loans with flexible repayment options and competitive interest rates.
Key Features:
- Loan amounts up to ₹40 lakhs
- Quick approval in as little as 10 seconds for pre-approved customers
- Interest rates starting at 10.50% p.a.
- Tenure up to 60 months
HDFC Bank also has an online application process, making it easier for you to apply and get instant approval.
Read Also: HDFC Balance Enquiry and Mini Statement Number
2. ICICI Bank
ICICI Bank is another top player in personal loan offerings. Known for its customer-centric approach, the bank provides loans with minimal documentation and a hassle-free application process.
Key Features:
- Loans up to ₹25 lakhs
- Interest rates starting from 10.85% p.a.
- Tenure options from 12 to 60 months
- Pre-approved offers for existing customers
ICICI Bank also offers the flexibility to check your loan eligibility and apply online.
3. State Bank of India (SBI)
SBI, India’s largest public sector bank, offers personal loans with affordable rates and simple documentation requirements, especially for salaried and pensioned individuals.
Key Features:
- Loans up to ₹20 lakhs
- Interest rates starting from 11.45% p.a.
- Tenure up to 6 years
- Minimal processing fees
SBI personal loans are ideal for government employees and corporate employees looking for low-interest personal loan options.
4. Axis Bank
Axis Bank is a popular choice for personal loans due to its competitive interest rates and quick approval process. The bank also offers attractive schemes for salaried employees in the private and public sectors.
Key Features:
- Loan amounts up to ₹40 lakhs
- Interest rates starting from 11.25% p.a.
- Repayment tenure up to 60 months
- Balance transfer option available
With a digital application process, Axis Bank makes it easy to check your eligibility and apply for a personal loan online.
5. Aditya Birla Finance Limited (ABFL) – NBFC
Aditya Birla Finance Limited is a well-established NBFC that provides personal loans tailored for both salaried and self-employed individuals. ABFL offers loans with competitive interest rates and a completely digital process, making loan approvals quicker and more efficient.
Key Features:
- Loans up to ₹15 lakhs
- Interest rates starting from 1.75% per month
- Flexible loan tenure options up to 60 months
- End-to-end digital loan process with quick approval
- Special focus on business loans, making it ideal for small entrepreneurs
ABFL is a great choice for individuals looking for quick access to loans with minimal documentation and a fully digital process.
6. Larsen & Toubro (L&T) – NBFC
L&T Financial Services is a reputed NBFC that offers personal loans with fast approval and attractive rates. Known for its robust financial background, L&T provides loans to both salaried and self-employed individuals with simple eligibility criteria and a customer-centric approach.
Key Features:
- Loans up to ₹20 lakhs
- Interest rates starting from 10.75% p.a.
- Flexible loan tenure ranging from 12 to 60 months
- Quick disbursal for eligible customers with minimal documentation
- Trusted financial brand with strong customer service
L&T offers a hassle-free personal loan process, especially for those seeking reliable service and a well-established financial partner.
7. Moneyview (NBFC)
Moneyview is a popular digital lender offering personal loans to both salaried and self-employed individuals. With its user-friendly app and fast disbursal process, Moneyview is a go-to platform for customers looking for quick, paperless loans.
Key Features:
- Loans up to ₹5 lakhs
- Interest rates starting from 1.33% per month
- Tenure options up to 60 months
- Instant loan approval and disbursal within 24 hours
- Loans available to individuals with low or no credit history
Moneyview provides an easy and quick solution for those in need of small personal loans with flexible repayment terms and minimal documentation requirements.
8. Kotak Mahindra Bank
Kotak Mahindra Bank offers personal loans with competitive interest rates and flexible repayment options, making it a great choice for salaried individuals and business owners alike.
Key Features:
- Loans up to ₹25 lakhs
- Interest rates starting from 10.50% p.a.
- Flexible repayment tenure of up to 60 months
- Quick online approval and minimal documentation
Kotak Mahindra Bank is also known for its personalized loan solutions and attractive offers for existing customers.
Conclusion
With so many banks and NBFCs offering personal loans, it’s important to compare features like loan amounts, interest rates, and repayment terms. At WeCredit, we encourage borrowers to choose a lender that aligns with their financial needs and offers transparent terms. Whether you’re looking for quick approval or flexible repayment options, there’s a perfect personal loan for everyone.
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