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Best Personal Loans in India 2022
To meet various needs, banks and other financial institutions offer a range of loans. The loan application process has been able to accelerate and improve over time thanks to technology. People might have simple access to loans now.
The Personal Loan is the most popular loan product in India's debt market. More than 78% of credit requests in India fall into this category. Due to the fact that these loans are unsecured, many prospective borrowers choose them.
In short, a Personal loan is a sum of money you borrow from a bank nearby, an online lender or your credit union. Once you receive the money, you start making payments to the lender according to a schedule until the loan is fully repaid.
In this blog, we've compiled a list of some of the most popular Personal Loan plans in India for 2022. Read on to learn more about the unsecured personal options by some of the significant Indian banks that are being taken into consideration in this blog.
Top Personal Loans Plans in India
| S.No. | Personal Loan Plans | Interest Rates |
| 1. | HDFC Bank Personal Loan | 10.50% p.a. onwards |
| 2. | ICICI Bank Personal Loan | 10.50% p.a. onwards |
| 3. | Bajaj Finserv Personal Loan | 13.00% p.a. onwards |
| 4. | Fullerton India Personal Loan | 11.99% p.a. onwards |
| 5. | IndusInd Bank Personal Loan | 10.49% p.a. onwards |
| 6. | Kotak Personal Loan | 10.99% p.a. onwards |
| 7. | Standard Chartered Personal Loan | 11.49% p.a. onwards |
| 8. | Cent Personal Loan (Central Bank of India) | 10.75% p.a. onwards |
| 9. | Bandhan Bank Personal Loan | 10.50% p.a. onwards |
| 10. | SBI Quick Personal Loan | 10.10% p.a. onwards |
Factors To Consider Before Choosing a Personal Loan
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Documentation
To avail of Personal Loans, individuals need to submit several documents like income statements, bank statements, and ITR returns.
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Interest
Interests are on the higher side. It varies between 10-22% and is set according to the applicant's profile.
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Tenure
The repayment tenure of Personal Loans is longer. It generally varies between 1-5 years for most of the lenders.
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Loan Amount
The loan amount in the case of Personal Loans can be quite high. It is dependent on one's credit history and income profile.
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Funds Disbursement
Funds are provided in a lump sum manner. The lender directly transfers the funds to a borrower's account.
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Charges
Banks levy different fees like processing fees, late fees, etc.
You may also want to read How do Pre-Approved Personal Loans Work?
Top Personal Loan Plans of 2022: Brief Analysis
1) HDFC Bank Personal Loan
Both salaried employees and independent contractors in India can obtain Personal Loans from HDFC Bank. Online, you can quickly check your own eligibility.
If you already have an HDFC Bank account, you can use NetBanking to see if you qualify for a pre-approved loan. This is considered the best Personal Loan in India.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.00% p.a. onwards | Up to Rs 40 lakh | Up to 6 years | Up to Rs 4,999 | Rs 25,000 |
2) ICICI Bank Personal Loan
To handle personal emergencies that can arise at any time in life, you can apply for a Personal Loan up to Rs. 50 lakhs at enticing interest rates. Your borrowing experience will be simple thanks to the ICICI Bank's quick approval process for Personal Loans.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.50% p.a. onwards | Rs 50,000-Rs 25 lakh | 1-6 years | Up to 2.50% of the loan amount | Rs 30,000 |
3) Bajaj Finserv Personal Loan
You can borrow up to Rs. 25 lakhs with a Bajaj Finserv Personal Loan at a competitive interest rate. The loan has zero hidden fees and complete transparency, which streamlines the borrowing process overall.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 13% p.a. onwards | Up to Rs 25 lakh | Up to 5 years | Up to 4% of the loan amount | Rs 22,000 |
4) Fullerton India Personal Loan
Personal Loans from Fullerton India come with total openness and simplicity. Instant online application is part of the distinctive and customized offering. Online Personal Loans are instantly available from Fullerton, and the transaction is completely paperless. They user-friendly online application is available for online submission.
Soon after the loan has been approved, you can have the money credited to your account.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.99% p.a. onwards | Up to Rs 30 lakh | Up to 5 years | Up to 6% of the loan amount | Rs 20,000 |
5) Indusind Bank Personal Loan
Personal Loans from IndusInd Bank are available at low-interest rates and can be used for a number of things. They provide quick processing and loan approval for instant online Personal Loans. Personal Loans up to Rs 25 lakh are available from IndusInd Bank with rates starting at 10.49% p.a. for terms up to 5 years.
Additionally, they provide immediate online Personal Loan processing and quick loan approval in a matter of minutes.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.49% p.a. onwards | Rs 30,000-25 lakhs | 1 to 5 years | Up to 3% of the sanctioned loan amount | Rs 25,000 |
6) Kotak Personal Loan
Personal Loans from Kotak Mahindra Bank provide you with quick cash for any pressing financial needs. Kotak Mahindra's instant Personal Loan can help you out whether you want to take a trip, plan a wedding, or cover unexpected medical expenses.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.99% p.a. onwards | From Rs. 50,000 – Rs. 25,00,000 | 1-5 years | Up to 3% of the loan amount | Rs 30,000 (Varies) |
7) Standard Chartered Personal Loan
Standard Chartered, one of the most well-known banks in the nation, provides Personal Loans with competitive interest rates and minimal processing costs.
Standard Chartered offers Personal Loans with interest rates starting at 11.49%; the processing fee that applies to the loan is up to 2.25% of the amount borrowed. The maximum loan amount is Rs. 1 lakh, and there are no restrictions on how long it takes to repay it—it can take anywhere between 1 and 5 years.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 11.49% p.a. onwards | Rs 1 lakh-Rs 50 lakh | Up to 5 years | Up to 2.25% of the loan amount | Rs 22,000 |
8) Cent Personal Loan (Central Bank of India)
Personal Loans are available from the Central Bank of India with interest rates starting at 9.85% per annum. In accordance with this program, you are eligible to receive a Personal Loan up to Rs. 10 lakhs with a maximum 48-month repayment period.
On its Personal Loans, the bank levies a processing fee of Rs. 500 plus any applicable service taxes.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee |
| 10.75%-10.95% p.a. | Up to Rs 10 Lakh | Up to 5 years | Waived off up to 31st August 2022 |
9) Bandhan Bank Personal Loan
Bandhan Bank provides Personal Loans to meet every need of a person. The bank also provides numerous customizing options to meet an applicant's needs. For loan amounts up to Rs 15 lakh, Bandhan Bank offers Personal Loans with rates starting at 10.5% p.a. for terms of up to 5 years.
The bank states that it will release a Personal Loan after receiving the necessary paperwork in two working days.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee |
| 10.50% p.a. onwards | Rs 50,000 – Rs 15,00,000 | 1-5 years | 1% of Loan Amount |
10) SBI Quick Personal Loan
SBI offers Personal Loans with terms up to 7 years and interest rates starting at 9.60% p.a. Depending on your eligibility, the loan amount can range from Rs. 25,000 to Rs. 20 lakhs. Up to 1.5% of the loan amount is charged as the processing fee.
Key Information
| Interest Rate | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| 10.10%-14.60% p.a. | Up to Rs 20 lakh | Up to 6 years | Up to 1.50% (Maximum Rs 15,000) | Rs 15,000 |
Conclusion
The top Personal Loan plans in India for 2022 are thus listed here. Several other loan plans in India, in addition to the ones already mentioned, provide quick Personal Loans. Since a few years ago, the market has expanded and welcomed a number of new players due to rising consumer awareness and adoption.
To make sure you fully comprehend the borrowing and repayment structures, you must always read the terms and conditions carefully before enrolling in any loan plan. Please keep in mind that this blog is only intended to provide information. Be sure to conduct your own research before selecting any of the loan plans mentioned above.
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
Bank of Baroda Personal Loan
Bank of Baroda offers personal loans of up to Rs 20 lakh @ 10.20% p.a. onwards for tenure of up to 7 years. It also offers pension loans to its pension account holders @ 11.30% p.a. Bank of Baroda (BoB) Personal Loans are offered at attractive interest rates with quick processing and minimum documentation. Read on to know more about Bank of Baroda Personal Loans.
Bank of Baroda Personal Loan Highlights
Interest Rate 10.20%-17.55% p.a.
11.30% p.a. (for pensioners)
Loan Amount Up to Rs 20 lakh
Tenure Up to 7 years
Processing Fee Up to 2% (Rs 1,000-10,000)+GST
For Government employees maintaining salary account with Bank of Baroda- NIL
Note: Rates as of 10th November 2022
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Table of Contents
Interest Rates
Comparison of Bank of Baroda Personal Loan vs. Other Lenders
Fees and other Charges
EMI Calculator
Types
Eligibility
Documents required for Loan Application
Customer Care
FAQs
Bank of Baroda Personal Loan Interest Rates
Bank of Baroda personal loan interest rates start from 10.20% p.a. depending on the job profile and employer’s profile of its personal loan applicants.
Type of Employees Interest rate (p.a.)
Category A :(Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with other Bank 13.95%-17.55%
Category B : (Employee of Private / Public, Trust, LLP, Insurance Agent, Self Employed Professional and business persons) having account relationship with Bank of Baroda 11.95%-15.55%
Category C: Silver : Employees of Central / State Govt. / PSUs / Autonomous Bodies/ Listed Public Limited Company having external rating “A” & above / Joint Sector Undertakings, & Educational Institutions of National Repute, having salary account with other Bank 11.20%-15.55%
Gold: Same target customers as mentioned in Silver Category, however, salary account must be with Bank of Baroda 10.70%-15.55%
Govt Employees / defence personnel maintaining salary account with Bank of Baroda under scheme code SB 182 & 186 10.20%-10.70%
Loan Product Interest rate (p.a.)
Baroda Loan to Pensioners 11.30%
Pre-approved Personal Loan 11.45%
Note: Additional concession up to 0.50% on Personal Loan if applied through Digital Mode.
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Comparison of Personal Loan Interest Rates offered by Top banks/NBFCs
Banks/NBFCs Interest Rates(p.a.)
HDFC Bank 11.00% onwards Apply Now
SBI 10.55%-15.05%
ICICI Bank 10.75% onwards Apply Now
Axis Bank 10.49% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Check which bank/NBFC is best for personal loan
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Bank of Baroda Personal Loan Fees and Charges
Processing Fee Up to 2% (Rs 1,000-10,000)+GST
For Government employees maintaining salary account with Bank of Baroda- NIL
Penal Interest 2% on the outstanding loan amount
Foreclosure Charges NIL
Preclosure Charges NIL
Also Read: Processing Fee for Personal Loan charged by other lenders
EMI Calculation
EMI Calculator
Amount
₹
5,00,000
Interest Rate
10.25
%
Tenure
5
Year(s)
Calculate
EMI Calculator
Monthly EMI
₹ 10,685.13
Total Amount Payble
₹ 6,41,107.92
(Principal + interest)
Principal Amount
₹ 5,00,000
Total Interest Payble
₹ 1,41,107.92
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Types of Bank of Baroda Personal Loans
Baroda Personal Loan
Purpose: Regular personal loan scheme for all the personal purposes other than speculation
Loan Amount:
Maximum: Up to Rs 15 lakh (metro and urban)
Rs 15 lakh (semi-urban and rural)
Minimum: Up to Rs 1 lakh (metro and urban)
Up to Rs 50,000 (semi-urban and rural)
Tenure: 48-60 months
Baroda Loan to Pensioners
Purpose: Pension loan for meeting the personal requirements of pensioners, except for speculations
Pre-approved Personal Loan
Purpose: Collateral-free loans for meeting all the financial requirements including liquidity mismatch due to Covid-19, except for speculations
Loan Amount: Up to 5 lakhs
Tenure: Up to 5 years (maximum door to door maturity/co-terminus with qualifying link loan)
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Eligibility for Bank of Baroda Personal Loan
Minimum age – 21 years
Maximum age- For salaried: 60 years
For non-salaried: 65 years
Employees of government bodies/private companies with a service of at least 1 year
Employees of private limited companies, proprietorship firms, trusts and partnership firms with a service of at least 1 year continuously
NRI/PIO and the members of the staff are ineligible
Insurance agents in business for at least last 2 years
Self-employed businessmen with at least 1 year of stable business
Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of stable business
Bank of Baroda may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their personal loan eligibility
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Documents Required for Bank of Baroda Personal Loan
Duly filled loan application form with passport size photographs
Form 135 with details of liabilities and assets should be submitted along
Last 6 months bank statement and updated passbook
ID proof such as PAN card, aadhar card, voter ID, driving license, passport, employee ID issued by the organization, practice certificate and identity document issued by relevant professional bodies like ICFAI, ICAI, ICWA.
Any other document required by the bank
For Salaried applicants:
A/c statement for last 6 months of Bank of Baroda/any other bank Salary slips for last 3 months
Know more about the documents required for Personal loan for salaried
For Self-employed applicants:
Income tax returns for past 1 year
Profit and loss statement, income computation and balance sheet for last 1 year
Income tax challan/clearance certificate/IT assessment/TDS certificate (Form 16A)/Form 26 AS
Business proofs: Registration certificate, Gomasta license, Service tax registration, etc
Also read the documents required for Personal Loan for self-employed
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Bank of Baroda Personal Loan Customer Care
Personal Banking (24X7)
Toll Free Number
1800 258 44 55
1800 102 44 55
Email ID: [email protected]
Also know about Bank of Baroda Personal Loan customer care numbers and grievance redressal in detail.
FAQs
Q. What is the turnaround time for Bank of Baroda Personal Loan?
A. Bank of Baroda has not stated the turnaround time for personal loans. Lenders usually disburse personal loans within 2-7 working days from the date of application. Bank of Baroda offers digital personal loans that might take less time for disbursal due to its end-to-end paperless process. It also offers pre-approved personal loans to select customers with instant disbursement of loan amount. Other lenders offering pre-approved instant personal loans include HDFC Bank, Axis Bank and ICICI Bank.
Q. Can I have a co-applicant while applying for Bank of Baroda Personal Loan?
A. Co-applicants are not allowed while applying for Bank of Baroda Personal Loan. Applications are considered on individual basis only.
Q. Does Bank of Baroda give instant personal loan?
A. Bank of Baroda offers pre-approved personal loans to select customers with instant disbursement of loan amount.
Q. What is the maximum credit score required to avail Bank of Baroda Personal Loan?
A. Bank of Baroda has not specified a cut-off credit score for its personal loan applicants. However, credit score of 750 and above is considered to increase the chances of availing personal loan at lower interest rates.