HomePersonal LoanBest Personal Loans in India 2024

Best Personal Loans in India 2024

Best Personal Loans – Personal loan is any purpose loan that can be taken anytime. However, personal loan is bad for your personal finance. I won’t recommend anyone to take a personal loan. It should be last option in the list. The basic reason behind not recommending personal loan is higher interest rate. A personal loan comes with interest rate of 11-18% and sometimes above that also. You should take personal loan only in case financial crisis or an emergency situation.

If by any chance you decide to go ahead for personal loan, you should select personal loan with lowest interest rate and pre-closure charges. You can take personal loan from bank or from private company. Here is list of Best Personal Loans in India.

best personal loans india

Best Personal Loans in India 2022

#1 State Bank of India Personal Loans

State Bank of India is most trusted name in India. State Bank of India Personal Loans are offered in different flavors

SBI Xpress Credit Personal Loan

SBI Xpress Credit personal loan is loan offered to salaried employees having salary accounts with SBI. You can get this loan with minimum documentation.

SBI Pension Loan

SBI pension loan is special loan for the pensioner. This loan is given only if pension order is maintained with SBI bank.

SBI Pre Approved personal loan

SBI also offered pre-approved personal loan to the customer where monthly average balance is beyond certain threshold. This loan is offered via mobile app.

SBI Xpress Elite Personal Loan

SBI has designed a specialized Personal Loan tailored for high-income salaried customers earning Rs. 1 lakh or more per month. Whether you’re planning a wedding, a vacation, dealing with an unexpected emergency, or making a planned purchase, enjoy swift approval and disbursement with minimal documentation through SBI Xpress Elite Personal Loan.

Also Read – 10 Best Instant Personal Loan Apps for Quick Cash Requirement

Loan Details

Maximum Loan Amount – 35 Lakh

Minimum Monthly Income – Rs.15000

Processing Fee – Up to 1.5% of the loan amount

Prepayment Charge – 3% of prepayment amount

Loan Tenure – 6 Years

Interest Rate – 11.3% to 15.55%


SBI Xpress CreditSBI Pre Approved SBI Pension Loan
Salary Account with SBI with monthly income above Rs.15000Salary or Pension Account with SBIPension payment order with SBI
EMI/NMI ratio less than 50%Pre-selected customer onlyThe age should be below 76 years

Documents Required

  • Online Application at SBI website
  • PAN Card
  • ID Proof and Address Proof
  • Latest Salary slip, Salary Account statement of past 6 months

#2 HDFC Bank Personal Loan

HDFC Bank personal loan is given to a salaried individual for public sector undertaking including central and state government employees. HDFC Bank allows you to get a loan up to 40 Lakh without any collateral.

HDFC Bank Personal Loan Details

Maximum Loan Amount – 40 Lakh

Minimum Monthly Income – Rs.15000 to Rs.20000

Processing Fee – Up to 2.5% of the loan amount

Prepayment Charge – 2 – 4% of principal amount

Loan Tenure – 5 Years

Interest Rate – 10.5 -24%


  • Individual with 21 to 60 years of age.
  • Doing job for at least 2 years with a minimum 1 year with current employer
  • Minimum net monthly income Rs.15000

Documents Required

  • ID Proof
  • Address Proof
  • Bank Statement of past 3 months
  • Two latest salary slips

#3 Axis Bank Personal Loan

Axis Bank personal loan is one of the best option. You need not to worry about pre-payment charges when you opt for axis bank loan.  Foreclosure or part payment charges are zero in case of Axis Bank.

Axis Bank Personal Loan Details

Maximum Loan Amount – 40 Lakh

Minimum Monthly Income – Rs.15000

Processing Fees – 2% of the Loan Amount

Prepayment Charges – NIL

Loan Tenure – 7 Years

Interest Rate – From 10.65%


  • This loan is offered to salaried with age range of 21 years to 60 years.
  • Your minimum net monthly income should be Rs.15000.

#4 Standard Chartered Bank Personal Loan

Standard Chartered Bank is famous for online application and instant approval. You can get loan up to 30 lakh from standard chartered bank. You can get 50% discount on processing fees for online applications.

Standard Chartered Personal Loan Details

Maximum Loan Amount – 30 Lakh

Minimum Salary – Rs.22000

Processing Fees – 1% of loan amount

Part Prepayment – Not Allowed

Interest Rate – 10.99- 11.5%


  • Age limit should be 21 years to 58 years.
  • Minimum Income should be Rs.22000 per month.
  • You should have valid identity proof and address proof.

#5 CitiBank Personal Loan

CitiBank generally offer loan to the salaried people. CitiBank offers personal loan at lower rate to salaried compared to self-employed. CitiBank Personal loan is offered at lower rate of 10.99%.

CitiBank Personal Loan Details

Maximum Loan Amount – Up to 30 Lakh

Minimum Salary – Rs.25000

Processing Fees – 3% of the loan amount

Pre Closure Charges – 4%

Interest Rate – 10.99 – 18.99%


  • Loan can be given to salaried Individual, Self- Employed professional and business owners.
  • Existing CitiBank Customer with a Suviddha, Branch or Mortgage relationship.

Factors that affects interest rate of personal loan

The top factors that affects interest rate of your personal loan are given below.

#1 CIBIL Score

Your CIBIL score matters a lot while deciding interest rate on your personal loan. If you have CIBIL score is above 750, you will get a loan at lucrative interest rate. It also increase chance of getting faster loan approval. If you have lower CIBIL score, you are likely to get loan with higher interest rate.

#2 Your Income

Your income level matters a lot. If you have higher salary you are likely to get loan at lower interest rates. Higher income level means higher capacity in repayment of the loan. Few banks and financial institution even keep condition of certain income level as eligibility criteria.

#3 Employer Reputation

A reputation of employer plays a crucial role in determining your loan interest rate. If you are working with reputed multinational company or bank, interest rate applicable on personal loan will be low.

#4 Your Relationship with Bank

Your relationship with bank matters a lot. If you are loyal customer of the bank you will get personal loan with lower interest rate. You can even negotiate with bank for the interest rate.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.