21 February, 2025 | 12:07 IST
Personal loans are a popular financial product offered by banks and lending institutions to individuals for various purposes, such as medical expenses, home renovations, or debt consolidation. These loans are typically unsecured, meaning they don't require collateral, making them accessible to a wide range of borrowers. Different banks offer varying loan amounts, interest rates, and repayment terms. Factors such as your credit score, income level, and the loan amount you apply for can influence the rate you are offered. It's essential to compare the terms from different banks to find the best deal for your financial situation.
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Lenders determine your interest rate based on multiple factors, including:
Here’s a quick look at personal loan offerings from leading banks:
(Interest rates and loan terms are subject to change with time. Check with the respective banks for the latest information.)
You can compare and choose from multiple personal loan options through digital lending platforms like the Moneycontrol app. With up to eight lenders including Bajaj Finserv, Aditya Birla Finance, L&T Finance, Fibe, Cashe and more offering loans as high as ₹50 lakhs, with interest rates starting at just 10.5% per annum. The process is entirely online, hassle-free, and requires no collateral.
Choosing the right bank depends on your eligibility and preferences. If you prioritise low interest rates, HDFC and ICICI Bank might be good choices. If flexibility in tenure matters, PNB or Bank of Baroda could be options. To compare offers across multiple lenders, you can use platforms like Moneycontrol that can give you the best offers from multiple lenders in one place. Always compare and use loan calculators to determine EMIs before applying.
ALSO READ: How to Compare Personal Loan Offers?
To apply for a personal loan, first check your eligibility based on factors like credit score, income, and employment status. Compare loan offers from different banks to find the best interest rates, tenure, and processing fees. Gather necessary documents such as ID proof, income proof, and bank statements.
You can apply online through a bank’s website or digital lending platforms like the Moneycontrol app by filling out the application form and uploading documents. In online personal loan processes, after approval the disbursal is instantly made to your bank account.
You can check out different loan options through the Moneycontrol app. Eight lenders offer personal loans through the Moneycontrol app and website. You can borrow up to ₹50 lakhs, with interest rates starting at just 10.5% per year. The whole process is online, and you don't need to provide any collateral.
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