Best Personal Loans in India
Ranked by lowest interest rate. Compare top personal loans from HDFC, SBI, ICICI, Axis and Bajaj Finserv.
| Lender | Interest Rate | Processing Fee | Approval Time | Loan Amount | Eligibility | |
|---|---|---|---|---|---|---|
Axis Bank personal loan | 10.49% - 22% | Up to 2% | 30 sec - 48 hrs | ₹50K - ₹40L | Salaried, 21-60 yrs | |
HDFC Bank personal loan | 10.50% - 21% | Up to 2.5% | 10 sec - 24 hrs | ₹50K - ₹40L | Salaried, 21-60 yrs | |
ICICI Bank personal loan | 10.85% - 16% | Up to 2.5% | 3 sec - 3 days | ₹50K - ₹50L | Salaried, 23-58 yrs | |
Bajaj Finserv personal loan | 11.00% - 32% | Up to 4% | 24 hrs | ₹1L - ₹40L | Salaried, 23-67 yrs | |
SBI personal loan | 11.15% - 14.30% | 1.5% | 2-4 days | ₹25K - ₹20L | Salaried/Self-employed |
- Processing Fee
- Up to 2%
- Approval
- 30 sec - 48 hrs
- Amount
- ₹50K - ₹40L
- Processing Fee
- Up to 2.5%
- Approval
- 10 sec - 24 hrs
- Amount
- ₹50K - ₹40L
- Processing Fee
- Up to 2.5%
- Approval
- 3 sec - 3 days
- Amount
- ₹50K - ₹50L
- Processing Fee
- Up to 4%
- Approval
- 24 hrs
- Amount
- ₹1L - ₹40L
How we rank India's best personal loans
Our 2026 personal loan rankings weigh starting interest rate (35%), all-in APR including processing fee and GST (25%), turnaround time to disbursal (15%), prepayment flexibility (15%), and customer satisfaction signals from RBI's Banking Ombudsman reports (10%). Rates are refreshed monthly against each lender's published rate card.
Every loan on this list is from an RBI-regulated bank or NBFC. Personal loans are unsecured — no collateral or guarantor — which is why the rate band (10.49%–24%) is much wider than for secured loans like home or car finance.
What drives your personal loan interest rate
Personal loan vs credit card vs gold loan
Personal loan — fixed EMI, tenure 12–60 months, rate 10.49%–24%. Best for planned expenses above ₹1 lakh.
Credit card EMI — easier to access, but flat interest of 14–18% (effective APR 26–32%). Use only for short-tenure (3–6 month) needs where you'll repay aggressively.
Gold loan — secured against gold, rate 9%–14%, disbursal in hours. Best when you own jewellery and need money for under 12 months. No CIBIL impact for missed EMIs (gold gets auctioned instead).
Hidden costs to check before signing
- Processing fee: 1%–3% of loan amount, charged upfront and non-refundable on cancellation after disbursal.
- GST (18%) applies on processing fee, prepayment charges and any documentation fee.
- Prepayment penalty: 2%–5% on outstanding principal for fixed-rate personal loans. The RBI guidelines allow free prepayment only on floating-rate retail loans, which most personal loans are not.
- Late payment fee: ₹500–₹1,500 per missed EMI plus penal interest of 2%–3% per month on overdue amount.
- Loan insurance: often bundled but optional under RBI guidelines — you can decline it.
Frequently asked questions
Check your eligibility & EMI before applying
Each loan application triggers a CIBIL enquiry. Compare and shortlist first.