Best Banks For Personal Loan In India | Credit Help India

5 Best Banks For Personal Loan In India – 2021

Personal loans help people to sort out short-term financial issues but cost you high-interest charges. Customers misuse the personal loan facility and end up in a financial mess. Availing personal loans can save people from emergency financial crises.
Some of the banks offering good interest rates are listed in this article with an honest review.

State Bank of India Personal Loan

Customer can avail the personal loan from SBI under three categories – SBI Xpress Credit Personal Loan, SBI Pension Loan, and SBI Quick Personal Loan.

SBI Xpress Credit Personal Loan

Xpress Credit personal loans are available for employees working at the below entities and maintaining a salary account with SBI.
The entities include Central & State Government, Quasi-Government, Central & profit making State PSUs, Educational Institutions of National Repute, and Selected Corporates who have a business relationship with the Bank.

SBI Pension Loan

SBI pension loan for those people who are Central, State Government, Family or Defence Pensioners. They can draw their pension through one of the SBI branches and are not more than 76 years of age.

SBI Quick Personal Loan

SBI Quick personal loan is available for the employees working with Central & State Government, Quasi-Government, PSUs, Educational Institutions of National Repute, and with corporates.
The customer should have a minimum net monthly income of Rs. 15,000 and there is no requirement of maintaining a salary account with SBI.

Interest Rates for SBI Personal Loan

  • Ranges from 9.60% to 13.85%.


  • Lowest net monthly income requirement (Rs. 15,000).
  • A personal loan has three categories- SBI Xpress Credit, SBI Pension Loan, and SBI Quick Personal Loan.
  • The wide network of SBI branches makes it convenient for people living anywhere in the country.


  • The loan allowed only up to Rs. 20 Lakhs.

Documents Required

  • Application Form or online application through SBI web portal.
  • PAN Card.
  • ID Proof & Address Proof.
  • Latest Salary Slip with ITR, bank account statement for last 6 months.
  • Salary/ pension account number with SBI for Xpress Credit & Pension Loan.

HDFC Bank Personal Loan

Customers have an option to borrow from Rs. 50,000 to Rs. 40 Lakhs as a personal loan from the Bank. The loan is available for a salaried individual, also corporate, PSUs and government institutions.
After the documentation is verified, your loan will be disbursed within 4 hours. The existing HDFC customers get personal loan approvals in 10 seconds.
Along with a loan, customer can also avail of an accident or loan insurance cover at a nominal premium.

HDFC Personal Loan Interest Rates

  • Ranging between 10.40% to 21.13%.


  • Up to Rs. 40 Lakhs of personal loan.
  • 2% pre-closure charges (after 36 months) is lower than other banks.
  • Zero hidden charges, and convenient repayment options.
  • Minimal paperwork and documentation.


  • The interest rate is comparatively on the higher side.
  • Up to 2.5% processing fees.

Documents Required

  • Application Form or online application through HDFC web portal.
  • ID Proof, Address Proof.
  • 3 Month bank statement (Passbook of previous 6 months).
  • 2 Latest salary slip or current dated salary certificate with the latest Form 16.
  • Proof of end-use.

Axis Bank Personal Loan

If the customer wants a hassle-free personal loan and also want to earn reward points then Axis bank is the best option. Customers can avail of personal loans from Rs. 50,000 to Rs. 15 Lakhs and earn up to 450 edge rewards points. Each point has a value of Re. 0.20 to 0.25.

Personal Loan Interest Rates Axis Bank

Ranging from 12% to 24%.


  • Quick approval with minimum documents.
  • ,li>Earn reward points while applying for a personal loan.


  • High-Interest rate.
  • Rs. 15 Lakhs of the loan amount (even less than what SBI offers).
  • Preference for salaried persons.

Documents Required

  • Application form.
  • ID proof, & Residence proof.
  • Income proof and Bank statement.
  • Standing instruction request / ECS forms.

Bajaj Finserv Personal Loan

Bajaj Finserv offers personal loan only to salaried individuals. The loan procedure is completely online, which means customers can get instant online loan approval and the loan amount is transacted within 24 hours.
Bajaj FinServe is the only financial institution that allows the customer to repay the whole of the outstanding loan amount after the first EMI.

Bajaj Finserv Personal Loan Interest Rates

Starting from 13% onwards.


  • Instant approval and the loan amount is issued within 24 hours.
  • Customer can repay the loan amount even after the first EMIs.


Documents Required

  • High processing charges.
  • High minimum salary requirement.
  • Focused only on salaried class.
  • 0.25% annual maintenance charges.

    Bank of Baroda Personal Loan

    Bank of Baroda provides personal loan facilities to both salaried and self-employed individuals. Bank of Baroda allows considering insurance agents for the personal loan.
    Depending upon customer eligibility, the loan amount can be up to Rs. 10 Lakh for a maximum tenure of up to 60 months.

    Personal Loan Interest Rates Bank of Baroda

    • KYC Documents.
    • Passport size photograph.
    • Previous 3 months Bank account statement of salary account.
    • CIBIL score of 700+ preferred.
      • BRLLR+SP*+3% to BRLLR+SP+8.35% based on relationship and the risk rating of applicants.
    • Present BRLLR = 6.85% & *SP- Strategic Premium = 0.25%.
    • Personal loan ROI – 10.10% to 15.45%,/li>


      • No foreclosure or part-payment charges.
      • Personal loan for employees, professionals, self-employed business persons, and insurance agents.


      • Max loan amount of Rs. 10 Lakhs only.
      • Preference to the customer having salary account with Bank of Baroda.

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