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Personal Loan
4.3 / 5 (20490 Reviews)

Personal loans help you make big purchases and cope up with financial exigencies. It does not require collateral and can be used for any purpose other than any speculative activities. With multiple lenders offering competitive personal loan offers, finding the one that best suits your requirements can be challenging. At Paisabazaar, you can:

  • Compare and apply for personal loan from India’s largest Banks, NBFCs and Fintechs
  • Get offers on the basis of the chances of approval determined as per your credit score and other eligibility factors
  • Receive personalised pre-approved offers based on your credit health from time to time

Personal Loan Interest Rates & Other Charges

Interest rate on a personal loan usually ranges from 10.25% to 36%. The rate at which you will get the loan depends on several factors such as your lender, type of loan, credit score, existing debts, income and loan amount. 

Providers

Interest Rates (p.a.)

Processing Fees* (Rs.)

Partial Prepayment*

 

Axis Bank

11.00% onwards

Up to 1.5% of the loan amount

5% for 1 to 12 months

4% for 13 to 24 months

3% for 25 to 36 months

2% for greater than 37 months

Apply Now

Bajaj Finserv

11.49% onwards

Up to 4% of the loan amount

l After at least 1 month from date of loan disbursal

I Up to 2% + applicable taxes on part-payment amount paid

I Part-prepayment made should be more than 1 EMI

Apply Now

Bank of Baroda

10.50% onwards

2% of the loan amount

As per loan agreement

Enquire

Bank of India

9.35% onwards

Up to 2% of the loan amount

As per loan agreement

Enquire

Bank of Maharashtra

9.55% onwards

Up to 1% of the loan amount

As per loan agreement

Enquire

CASHe

27.00% onwards

Up to Rs. 1200 or 3% of the loan amount

              - 

Apply Now

Central Bank

8.45% onwards

Up to Rs. 500

As per loan agreement

Enquire

Citibank

9.99% onwards

Up to 3% of the loan amount

l Part prepayment is allowed after 12 months of loan tenure.

l Part prepayment amount: Minimum 2 monthly EMIs and maximum 5 monthly EMIs

Enquire

Clix Capital 

As per loan agreement

Up to 10% of the loan amount

              - 

Apply Now

EarlySalary

18.00% onwards

2% of the loan amount

                -

Apply Now

Faircent

12.00% onwards

Up to 8% of the loan amount

              -

Enquire

Federal Bank

10.49% onwards

Up to 3% of the loan amount

As per loan agreement

Apply Now

Fullerton India

13.00% onwards

Up to 6% of the loan amount

As per loan agreement

Apply Now

HDB

Up to 36%

Up to 3% of the loan amount

              -

Enquire

HDFC Bank

12.50% onwards

Up to 2.5% of the loan amount

l Part prepayment allowed after repayment of 12 EMIs

l It is allowed up to 25% of principal outstanding

l Allowed only once in a FY and twice during the loan tenure

Apply Now

Home Credit

24.00% onwards

Up to 5% of the loan amount

              -

Apply Now

HSBC Bank

9.75% onwards

Up to 1% of the loan amount

As per loan agreement

Enquire

ICICI Bank

10.50% onwards

Up to 2.5% of the loan amount

Not Allowed

Apply Now

IDBI Bank

9.50% onwards

Up to 1% of the loan amount

I Part payment allowed without any charges after 6 months of disbursement.

I Maximum part payment amount is 10% of the outstanding loan amount subject to minimum of Rs. 10,000/-.

I Part payment allowed maximum 3 times in year with an interval of 90 days.

I Part payment within six months from disbursement: 2% of the outstanding loan amount + applicable taxes.

I Salary Account with In-built Overdraft facility: Nil

Enquire

IDFC First

11.00% onwards

Up to 2.5% of the loan amount

                -

Apply Now

Indian Bank

9.05% onwards 

Up to 1%

As per loan agreement

Enquire

IndusInd Bank

11.00% onwards

Up to 3% of the loan amount

Not Allowed

Apply Now

Kotak Mahindra Bank

10.50% onwards

Up to 1.99% of the loan amount

I Permitted up to 20% every year, after completion of lock-in period of 12 months

I  Rs. 500 + GST per instance of part-prepayment

Apply Now

Kreditbee

12.24% onwards

Up to 6% of the loan amount

            - 

Apply Now

Moneyview

15.96% onwards

Starting from 2% of the loan amount

Not Allowed

Apply Now

Muthoot Finance

14.50% onwards

Up to 3.5% of the loan amount

Not allowed

Apply Now

PaySense

16.80% onwards

Up to 2.5% of the loan amount

              - 

Apply Now

Punjab National Bank

8.95% onwards

Up to 0.90% of the loan amount

Can be done anytime during the loan tenure

Enquire

RBL Bank

14.00% onwards

Up to 3.5% of the loan amount

As per loan agreement

Enquire

Standard Chartered Bank

11.00% onwards

1% of the loan amount

Up to a maximum of 25% of your outstanding balance in a year

Apply Now

StashFin

11.99% onwards

Up to 10% of the loan amount

              -

Apply Now

State Bank of India

9.60% onwards

Up to 1.5% of the loan amount

As per loan agreement

Enquire

TATA Capital

11.75% onwards

Up to 2.75% of the loan amount

I Not allowed in first 6 months

I Can only be availed once a year & there should be a gap of at least 6 months between two part prepayments

I A maximum of 25% of principal outstanding can be part paid during a year

I 2.5% of principal outstanding + taxes is applicable for every part payment done

Apply Now

UCO Bank

8.45% onwards

Up to 1%

of the loan amount

As per loan agreement

Enquire

Union Bank of India

8.90% onwards

0.5% of the loan amount

Nil

Enquire

Yes Bank

12.49% onwards

Up to 2.5% of the loan amount

l Allowed after 12 EMI payouts

l Part Payment allowed with Zero charges

Apply Now

*The above figures are subject to change and GST applicable in addition to the above charges.

Features & Benefits

  • No Collateral/Security Required
  • No End Use Restriction
  • Flexible Tenure Ranging from 12 to 60 Months
  • Minimal Documentation
  • Disbursal within a Few Hours After Approval
  • Flexible Loan Amount Ranging from Rs. 10,000 to Rs. 50 Lakh

Eligibility

Particulars

Salaried

Self-Employed

Age

21 - 60 yrs.

21 - 68 yrs.

Minimum Income

Rs. 15,000 per month

Rs. 5 lakh per yr. (gross)

Employment stability

Total Experience - Atleast 2 yrs.
Experience in the Current Organization - Atleast 1 yr.

Minimum 2 yrs. in the current business

*The personal loan eligibility criteria mentioned above is generic in nature and actual eligibility factors may differ from one lender to another. Other factors that may affect your personal loan eligibility includes your credit score, existing debts, employment, employer and location.  

Documentation

Identity Proof

PAN Card/ Voter’s ID/ Aadhaar Card/ Passport/ Driving License

Address Proof

Bank Account Statement/ Aadhaar Card/ Lease/ Property purchase Agreement/ Utility Bill (not more than 3 months old)/ Passport/ Driving License

Income Proof

For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16

For Self-employed: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement

Business Proof

For self-employed applicants only: Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License

*The actual list of documents required may vary from one lender to another.

What is Personal Loan Balance Transfer?

Personal loan balance transfer allows you to transfer your existing personal loan to another lender at lower interest rate and/or better terms and conditions. This option is especially helpful for existing personal loan borrowers who had availed personal loan at higher interest rate but are now eligible for lower interest rates due to their improved credit profile or reduction in market interest rates.

Also Know: When Should I Go for Personal Loan Balance Transfer?

How to Avoid Personal Loan Rejection

  • Check your credit score as it acts as a preliminary check for creditworthiness
  • Check for inaccuracies in your credit report as they might adversely impact your credit score and thereby, reduce the chances of availing personal loan. (Check Your Credit Score for FREE)
  • Compare the personal loan offers from as many banks/NBFCs as possible. Use “Chance of Approval’
  • Apply for the loan from a lender where you have the highest chances of approval.
  • Keep your credit utilization ratio (proportion of the total sanctioned credit limit utilised) below 30%.
  • Avoid making multiple loan applications within a short span.

FAQs

Q. Can I cancel a personal loan after the loan amount is disbursed?

Ans. In some cases, you may cancel a personal loan after disbursal subject to the terms and conditions of the lender. Loan cancellation will lead to cancellation charges and processing fees. Please note that all banks do not allow loan cancellation once the amount is disbursed. However, you can always prepay the loan amount as per the terms and conditions of the bank and save on the interest component.

The following is a comparison of personal loan features of lenders across key categories*:

Providers

Interest Rates (per annum)

Processing Fees (Rs.)

Partial Pre-payment Restrictions

Minimum Foreclosure Period

Foreclosure/Prepayment Charges (Rs.)

Axis Bank

10.49% onwards

Up to 1.5% of the loan amount

5% for 1 to 12 months

4% for 13 to 24 months

3% for 25 to 36 months

2% for greater than 37 months

                -

5% for 1 to 12 months

4% for 13 to 24 months

3% for 25 to 36 months

2% for greater than 37 months

Bajaj Finserv

13% onwards

Up to 4% of the loan amount

l After at least 1 month from date of loan disbursal

I Up to 2% + applicable taxes on part-payment amount paid

I Part-prepayment made should be more than 1 EMI

As per the loan agreement

4% of principal outstanding amount

Bank of Baroda

10% onwards

2% of the loan amount

As per loan agreement

                -

Nil

Bank of India

9.35% onwards

Up to 2% of the loan amount

As per loan agreement

                -

As per loan agreement

Bank of Maharashtra

9.55% onwards

Up to 1% of the loan amount

As per loan agreement

                -

As per loan agreement

CASHe

27% onwards

Up to Rs. 1200 or 3% of the loan amount

              - 

                -

                   -

Central Bank

8.45% onwards

Up to 1%

As per loan agreement

                 -

As per loan agreement

Citibank

9.99% onwards

Up to 3% of the loan amount

l Part prepayment is allowed after 12 months of loan tenure.

l Part prepayment amount: Minimum 2 monthly EMIs and maximum 5 monthly EMIs

After 12 months of the loan tenure

Up to 4% on total principal outstanding + Interest for the ongoing month

Clix Capital 

As per loan agreement

Up to 10% of the loan amount

              - 

After a lock-in period of 6 months

5% of principal foreclosed+

applicable taxes

EarlySalary

18% onwards

2% of the loan amount

                -

               -

Nil

Faircent

12% onwards

Up to 8% of the loan amount

               -

Anytime during the loan tenure

Post 3 months of loan disbursal: Nil


Within first 3 months of loan disbursal: 3 months’ balance interest due to the lender + Rs. 500

Federal Bank

10.49% onwards

Up to 3% of the loan amount

As per loan agreement

            -

Nil for floating rate schemes

3% for fixed rate schemes

Fullerton India

11.99% onwards

Up to 6% of the loan amount

As per loan agreement

After 6 EMIs are paid

Up to 7% of the principal outstanding

HDB

Up to 36%

Up to 3% of the loan amount

              -

After a lock-in period of 6 months

Up to 4% of the principal outstanding

HDFC Bank

10.50% onwards

Up to 2.5% of the loan amount

l Part prepayment allowed after repayment of 12 EMIs

l It is allowed up to 25% of principal outstanding

l Allowed only once in a FY and twice during the loan tenure

After repayment of 12 EMIs

4% of of the principal outstanding

Home Credit

24% onwards

Up to 5% of the loan amount

               -

Anytime during the loan tenure

Nil

HSBC Bank

9.50% onwards

Up to 1% of the loan amount

As per loan agreement

After a lock-in period of 6 months

Up to 5% of the principal outstanding

ICICI Bank

10.50% onwards

Up to 2.5% of the loan amount

Not Allowed

After 12 EMIs are paid

5% of the principal outstanding

IDBI Bank

9.50% onwards

Up to 1% of the loan amount

I Part payment allowed without any charges after 6 months of disbursement.

I Maximum part payment amount is 10% of the outstanding loan amount subject to minimum of Rs. 10,000/-.

I Part payment allowed maximum 3 times in year with an interval of 90 days.

I Part payment within six months from disbursement: 2% of the outstanding loan amount + applicable taxes.

I Salary Account with In-built Overdraft facility: Nil

Anytime after the loan disbursal

Nil, if foreclosed after 24 months of loan disbursal


2% of the principal outstanding, if foreclosed after 12 months 


1% of the loan amount, if foreclosed after 12 months but before 24 months

  • Salary Account with In-built Overdraft facility: Nil

IDFC First

10.49% onwards

Up to 2.5% of the loan amount

                 -

After payment of 12 or more EMIs

5% of the principal outstanding

Indian Bank

9.05% onwards 

Up to 1%

As per loan agreement

                    -

As per the loan agreement

IndusInd Bank

11% onwards

Up to 3% of the loan amount

Not Allowed

After 12 months for salaried clients and after 6 months for self-employed clients

4% of the principal outstanding

Kotak Mahindra Bank

10.25% onwards

Up to 1.99% of the loan amount

I Permitted up to 20% every year, after completion of lock-in period of 12 months

I  Rs. 500 + GST per instance of part-prepayment

After lock in period of 12 months


After 1st year: 5% of outstanding

After 2nd year: 4% of outstanding

After 3rd year: 3% of outstanding

Kreditbee

12.24% onwards

Up to 6% of the loan amount

             - 

Anytime during the loan tenure

Nil

Moneyview

15.96% onwards

Starting from 2% of the loan amount

Not Allowed

I After payment of at least 3 EMIs. 

I Allowed only if your EMI repayment period is longer than 6 months 

Nil 

Muthoot Finance

14% onwards

Up to 3.5% of the loan amount

Not allowed

After lock-in period of 9 months

10 to 12 months - 6% of loan outstanding + GST


>12 months - 5% of loan outstanding + GST

PaySense

16.80% onwards

Up to 2.5% of the loan amount

               - 

After first 3 EMIs are paid

4% of the principal outstanding

Punjab National Bank

7.70% onwards

Up to 1% of the loan amount

Can be done anytime during the loan tenure

Anytime during the loan tenure

Nil

RBL Bank

14% onwards

Up to 3.5% of the loan amount

As per loan agreement

1 year after the first EMI

5% of the principal outstanding, if foreclosed b/w 13-18 months

3% of the principal outstanding, if foreclosed after 18 months

Nil, if foreclosed using your own funds after 12 EMIs

Standard Chartered Bank

11% onwards

1% of the loan amount

Up to a maximum of 25% of your outstanding balance in a year

Anytime during the loan tenure

Upto 12 Months:       5%

13 to 24 Months:       4%

25 to 36 Months:       2%

> 36 Months:      1%"

StashFin

11.99% onwards

Up to 10% of the loan amount

               -

After payment of 3 EMIs

                        -

State Bank of India

9.60% onwards

Up to 1.5% of the loan amount

As per loan agreement

                  -

Up to 3% of the principal outstanding

TATA Capital

10.99% onwards

Up to 2.75% of the loan amount

I Not allowed in first 6 months

I Can only be availed once a year & there should be a gap of at least 6 months between two part prepayments

I A maximum of 25% of principal outstanding can be part paid during a year

I 2.5% of principal outstanding + taxes is applicable for every part payment done

After 6 months of loan tenure

4.5% of the principal outstanding

UCO Bank

8.45% onwards

Up to 1%

of the loan amount

As per loan agreement

               -

As per loan agreement

Union Bank of India

8.90% onwards

0.5% of the loan amount

Nil

Anytime during the loan tenure

Nil

Yes Bank

10.99% onwards

Up to 2.5% of the loan amount

l Allowed after 12 EMI payouts

l Part Payment allowed with Zero charges

After 12 EMI payouts

Nil to 4% of the outstanding principal on the basis of tenure

*The above figures are subject to change and GST applicable in addition to the above charges.

Personal Loan
4.3 / 5 (20490 Reviews)

Personal Loan

PaisabazaarHappy Customer
5/5

Yes Bank Personal Loan

Wanted to fund my travel expenses with a loan. Paisabazaar helped me choose the right lender as per my eligibility. Got my loan approved and disbursed from Yes Bank within 3 days. Thanks a lot Paisa.


Posted on: Aug 10, 2021
PaisabazaarBest Customer Advice
5/5

Yes Bank Personal Loan

Wanted to keep my EMIs low and was thinking of opting for a very long tenure. Paisa's customer friendly team guided me on how a balance between tenure and loan amount could help me save significantly on interest in the longer run. Got my personal loan from Yes Bank at a good rate and with an op..Read more...


Posted on: Aug 10, 2021
PaisabazaarHelpful Team.
5/5

Yes Bank Personal Loan

Had no idea about the logistics involved in availing a personal loan. The Paisabazaar team guided me about the whole process including the eligibility criteria, documentation requirement, selecting the right lender, loan amount and tenure as per my need and repayment ability. Got my loan approv..Read more...


Posted on: Aug 10, 2021
PaisabazaarBest Financial Marketplace
5/5

Yes Bank Personal Loan

Wanted to get a loan for my daughter's wedding. Paisabazaar helped me get one from Yes Bank at the best interest rate in the market. They also helped me choose the right loan amount and tenure as per my repayment ability. Thanks Paisa!


Posted on: Aug 10, 2021
PaisabazaarThe Paisa Advantage!
5/5

Yes Bank Personal Loan

Wanted to get a personal loan to renovate my house. Paisabazaar helped me get one at the lowest possible rate and least hassle without even stepping out of my home.


Posted on: Aug 10, 2021
PaisabazaarPaisabazaar is the best
5/5

Federal Bank Personal Loan

Was looking for a Rs. 20 lakh loan. Didn't know where to start from. Paisabazaar not only guided me through the entire process and documentation requirement but also provided personal loan offers from various lenders based on the chances of approval. Got my loan from Federal Bank with the best ..Read more...


Posted on: Jul 30, 2021