Best Personal Loan Schemes and Offers from Top Banks

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You can either visit the official website of the bank to directly apply for a personal loan or visit the BankBazaar.com website to compare different loans and then apply for one which suits you best.

Bank	Best For	Key Highlights
SBI Personal Loan	Different Income Categories	Interest rates starting at 11.45% p.a.Loans of up to Rs.30 lakhTenure of up to 6 years
HDFC Personal Loan	Self-Employed Professional	Interest rates (rack interest) ranging between 10.85% p.a. and 24.00% p.a.Tenure of up to 5 yearsLoans of up to Rs.40 lakh
Kotak Mahindra Personal Loan	Quick Turnaround Time	Interest rates starting at 10.99% p.a.Loans of up to Rs.40 lakhTenure of up to 5 years
Yes Bank Personal Loan	Quick Approval	Interest rates ranging from 11.25% p.a. to 21% p.a.Loans of up to Rs.40 lakhTenure of up to 6 years
Union Bank of India Personal Loan	Suitable for first time borrowers	Interest rates (rack interest) ranging between 11.80% p.a. and 15.50% p.a.Tenure of up to 5 yearsLoans of up to Rs.15 lakh
Axis Bank Personal Loan	Minimum documentation	Interest rates starting at 11.25% p.a.Loan amount of up to Rs.40 lakhTenure of up to 7 years
Tata Capital Personal Loan	Flexible Interest Rates	Interest rates starting at 11.99% p.a.Tenure of up to 6 yearsLoans of up to Rs.35 lakh
Standard Chartered Personal Loan	Short-term Requirement	Interest rates starting from 11.49% p.a.Tenure of up to 5 yearsLoan amount of up to Rs.50 lakh
IDFC First Personal Loan	Top-Up Loans	Interest rate starting at 10.99% p.a.Loans of up to Rs.10 lakhTenure of up to 5 years
SMFG India Credit Personal Loan	Quick Approval	Interest rates starting at 13% p.a.Loans of up to Rs.30 lakhTenure of up to 60 months
IIFL Personal Loan	Easy Eligibility Checks	Interest rates starting at 12.75% p.a.Loans of up to Rs.5 lakhTenure of up to 42 months
HDBFS Personal Loan	Special Offers	Interest rates up to 36% p.a.Loans of up to Rs.20 lakhTenure of up to 5 years
PNB Personal Loan	Affordable Interest Rates	Interest rates from 12.40% p.a. onwardsLoans of up to Rs.20 lakhTenure of up to 72 months
IndusInd Bank Personal Loan	Flexible tenure	Interest rates starting at 10.49% p.a.Loans of up to Rs.50 lakhTenure of up to 6 years
IDBI Bank Personal Loan	Simple application process	Interest rates ranging between 10.60% and 13.35% p.a.Tenure of up to 5 yearsLoans of up to Rs.5 lakh

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Personal Loan Interest Rates

The personal loan interest rates vary between 10.49% p.a. and 36% p.a. Depending on the loan amount availed by you, your credit score, and repayment tenure, the interest rate charged on your loan is decided. If you maintain a high credit score and have a good relationship with the bank, then the interest rate on your personal loan can be lowered.

Uses of Personal Loan

What can you use a personal loan for? Since it is an unsecured loan without the need for any collateral, there are very few limitations on how you can use a personal loan. It can broadly be used for consolidating your debt (from other loans or credit cards), making high-value purchases for which you do not have cash in hand, or for emergency situations.

It cannot be used for speculative purposes or for making investments in the stock market. Some of the common reasons that people take out personal loans for includes meeting sudden business or educational expenses, paying for a vacation, buying high-end electronic gadgets or household appliances, wedding expenses, emergency medical expenses, home renovations, etc.

It can also be used for buying a vehicle if the rate of interest is lower than that of a vehicle loan. Thus, a personal loan has a wide variety of uses and can come in handy for meeting either planned or emergency expenditure.

Personal Loan Eligibility Criteria

The following factors are taken into consideration when a lender goes through your loan application. If you meet these criteria, you are eligible for a personal loan:

Criteria	Salaried	Self-Employed
Age	21 years to 60 years	22 years to 55 years
Net Monthly Income	Rs.15,000	Rs.25,000
CIBIL Score	Above 750	Above 750
Minimum Loan Amount	Rs.50,000	Rs.50,000
Maximum Loan Amount	Rs.25 lakh	Rs.50 lakh