Compare Personal Loans of Banks & NBFCs in 2023

Interest rate - 10.50% - 21%
Loan amount - Up to 40 lakhs.
Loan tenure - Flexible tenure upto 5 years.

Charges - You must pay government taxes and levied amounts above and over fees.

Overview - The Housing Development Finance Corporations Limited is the first financial institution in India to get approved by the Reserve Bank of India. In Mumbai, the registered office is situated.

Why HDFC Bank - You get HDFC personal loan with no paperwork, and they assist you in the online process from beginning to end. The processing fees are minimum, and quick loan approval of new customers is too.

Eligibility

• Employees of public companies, government employees, and private employees.
• The person whose age lies between 21 to 60 years.
• The individual has of work experience 2 years and has been working for one year.
• The person who earns an income minimum of Rs 25,000 per month.

Interest rate - 11% onwards
Loan amount - Up to 35 lakhs.
Loan tenure - Tenure 12 months to 84 months.

Charges - You must pay processing fees of 3.93% on the loan amounts. Additionally, you have to pay bounce charges, stamp duty, annual maintenance charges, and foreclosure charges.

Overview - The Bajaj FinServ headquarter is situated in Pune. It is a non-banking financial service provider. The founder, Mr. Jamnalal Bajaj, believed that the common good is more important than individual gain.

Why Bajaj Finserv Personal loan - It provides you with three loan variants. The loan variant is a term loan, flex term loan, and flex hybrid loan. The loan is approved in 5 minutes if you are eligible. You get money in your account within 24 hours.

Eligibility

• The age of a person should be between 21 years to 67 years.
• The CIBL score should be 750 or higher.
• The salary must be Rs 22,000 or more, depending on the city.
• The person should work with the public, private, and MNC.

Interest rate - 10.75% to 19%
Loan amount - Up to Rs 50 lakhs.
Loan tenure - Tenure 12 months to 72 months.

Charges - The loan processing fees are 2.5% on the loan amounts plus taxes. Additionally, you have to pay service charges, bounce charges, and annual percentage rates.

Overview - ICICI Bank is a financial institution. It provides financial services to corporate and retail customers in India. There are 5275 branches in India of ICICI Bank.

Why is ICICI Bank a personal loan?
The salaried person can get a personal loan from ICICI Bank without any collateral security. You can check loan eligibility for pre-approved personal loans through iMobile App or Net Banking. ICICI Bank provides instant personal loans as they provide within 3 seconds.

Eligibility

• A person's age should be between 23 years to 58 years.
• The salary must be Rs 30,000.
• The person should be employed with public, private, and MNC.

Interest rate - 10.49% to 21%
Loan amount - 50,000 to Rs 25 lakhs.
Loan tenure - Tenure 12 months to 60 months.

Charges - The loan prepayment charges 5% + GST on the principal outstanding. Additionally, you must pay swap charges, stamp duty charges, and other charges.

Overview - Axis Bank is the third largest private trusted Bank in india. It has joined with Unit Trust Of India, Life Insurance Corporation Of India, General Insurance Corporation Of India, and National Insurance Company Ltd. It has 4758 branches in India.

Why Axis Bank personal loan?
It provides services 24*7. The Axis Bank Emi starts at Rs 2249 per lakh. The loan amount you get is from Rs 50,000 to Rs 25 lakh.

Eligibility

• The age of a person should be between 21 years to 60 years.
• The salary must be Rs 15,000.
• The person should work at public, private, and MNC companies.

Interest rate - 14% - 22%
Loan amount - 50,000 onwards.
Loan tenure - Tenure 12 months to 60 months.

Overview - Muthoot finance was founded in 1939. It is a public company and an India Finance corporation. It falls under the umbrella of Muthoot Group, so it was listed in BSE and NSE in 2011.

Why Muthoot Finance?
In Muthoot finance, you get quickly approved loans with minimum documentation and a reasonable interest rate. Also, you have the flexibility to use the loan amount here.

Eligibility

• A person's age should be at least 18 years, and a resident of India.
• When you live in your house, you increase the chance of getting a personal loan.
• A nice credit score is needed for a personal loan from Muthoot finance.
• The person should employ with the public sector or other reputed institutions.

Interest rate - Up to 30%
Loan amount - Up to 20 lakhs.
Loan tenure - Tenure 12 months to 60 months.

Charges - The processing fees are 3% on the loan amount and 4% on foreclosure charges.

Overview - It is a non-banking financial company. The HDB financial services were incorporated in 2007. HDBFS is accredited with CRISIL AAA and CARE AAA. It provides Lending and BPO services in India.

Why HDB Financial Services?
It provides personal loans to salaried and self-employed persons at low-interest rates to decrease financial burden. The loan application and getting process are simple. You can instantly approve a loan depending on eligibility.

Eligibility

• A person's salary should be between 21 and 60 years. The professionals and individuals 21 to 65 years.
• The salary must be Rs 15,000 in other locations. While in metro cities, Rs 20,000.
• The earning of professionals and individuals should be between Rs 75000 pa and 1,00,000 pa.
• The person should work with public, private, and MNC companies.
• The person should be a professional for a minimum of 3 years. Also, an individual is in business for a minimum of two years and a maximum of four years.