Best Personal Loans in India 2026
Personal loans are unsecured loans that can be used for any purpose — from debt consolidation and medical emergencies to weddings and vacations. They offer quick disbursal and flexible repayment tenures.
Top Personal Loans (5 products)
Featured
HDFC Bank Personal Loan
HDFC Bank
★★★★★★4.5
- ✓10-second disbursal for pre-approved customers
- ✓Loan amount from Rs 50,000 to Rs 40 lakh
- ✓Flexible repayment tenure of 12–60 months
ICICI Bank Personal Loan
ICICI Bank
★★★★★★4.4
- ✓Loan amount up to Rs 50 lakh
- ✓Instant disbursal for pre-approved customers
- ✓Step-up EMI option available
Featured
SBI Xpress Credit Personal Loan
State Bank of India
★★★★★★4.3
- ✓Competitive interest starting at 11.15%
- ✓No prepayment penalty on floating rate loans
- ✓Tenure up to 6 years
Featured
Bajaj Finserv Personal Loan
Bajaj Finserv
★★★★★★4.3
- ✓Flexi loan — withdraw and repay as needed
- ✓Tenure up to 84 months
- ✓No foreclosure charges after 12 months
Axis Bank Personal Loan
Axis Bank
★★★★★4.2
- ✓Loan amount from Rs 50,000 to Rs 50 lakh
- ✓Quick 24-hour processing
- ✓Flexible repayment up to 60 months
Personal Loan Comparison Table
Compare interest rates, fees, and features of all personal loans side by side.
| Feature | Top Rated HDFC Bank Personal LoanHDFC Bank ★★★★★★ | ICICI Bank Personal LoanICICI Bank ★★★★★★ | SBI Xpress Credit Personal LoanState Bank of India ★★★★★★ | Bajaj Finserv Personal LoanBajaj Finserv ★★★★★★ | Axis Bank Personal LoanAxis Bank ★★★★★ |
|---|---|---|---|---|---|
| Min Interest Rate (%) | 10.5 | 10.65 | 11.15 | 11 | 10.49 |
| Max Interest Rate (%) | 21 | 19 | 14.65 | 18 | 22 |
| Processing Fee | Up to 2.50% of loan amount (minimum Rs 999) | Up to 2.50% of loan amount | 1% to 1.50% of loan amount (min Rs 1,000, max Rs 15,000) | Up to 3.93% of loan amount | Up to 2% of loan amount |
| EMI per Lakh | Rs 2,149 per lakh for 60 months at 10.50% | Rs 2,156 per lakh for 60 months at 10.65% | Rs 2,053 per lakh for 60 months at 11.15% | Rs 2,174 per lakh for 60 months at 11.00% | Rs 2,148 per lakh for 60 months at 10.49% |
| Max Loan Amount | 4000000 | 5000000 | 3500000 | 3500000 | 5000000 |
| Max Tenure | 60 | 60 | 72 | 84 | 60 |
| Prepayment Charges | 4% of outstanding principal if closed within 12 months, 2% thereafter | 5% of outstanding principal amount | Nil for floating rate loans | 2%–4% of outstanding amount; nil after 12 EMIs (select plans) | 4% of outstanding principal |
| Disbursal Time | As fast as 10 seconds for pre-approved; 48 hours for others | Instant for pre-approved, 3–5 working days for others | 24–72 hours for SBI account holders | Within 24 hours of approval | 24–48 hours |
| Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
How to Apply for a Personal Loan
1
Check your eligibility and CIBIL score (750+ recommended)
2
Compare interest rates and processing fees across lenders
3
Gather required documents: PAN, Aadhaar, salary slips, bank statements
4
Apply online through the bank website or app
5
Complete e-KYC verification and document upload
6
Receive approval and loan disbursal (24 to 72 hours for most banks)
Personal Loan Eligibility Criteria
- ✓Age: 21 to 60 years (salaried), 25 to 65 years (self-employed)
- ✓Minimum monthly income: Rs 15,000 to Rs 30,000 depending on lender
- ✓CIBIL score: 700+ (750+ for best rates)
- ✓Minimum work experience: 1 to 3 years
- ✓Salaried employees, self-employed professionals, or business owners
Documents Required for Personal Loan
- 📄PAN Card
- 📄Aadhaar Card or Passport
- 📄Latest 3 months salary slips
- 📄Last 6 months bank statements
- 📄Form 16 or Income Tax Returns
- 📄Address proof (utility bill, passport, or voter ID)
Personal Loan FAQs
Currently, the lowest personal loan interest rates start from around 10.49% per annum offered by banks like Axis Bank and HDFC Bank. The actual rate depends on your CIBIL score, income, employer, and existing relationship with the bank.
Most banks require income proof for personal loans. However, some digital lenders may offer loans based on bank statement analysis or alternate data. The loan amount and interest rates may be less favorable without traditional income proof.
On a monthly salary of Rs 30,000, you can typically get a personal loan of Rs 3 to 7 lakh depending on your existing EMIs, CIBIL score, and the lender. Banks usually allow EMIs up to 50% of your net monthly income.
Banks generally offer lower interest rates but may have stricter eligibility. NBFCs like Bajaj Finserv offer flexible features like flexi loans and faster approvals but at slightly higher rates. Choose based on your priority — lower cost or faster access.