What is a personal loan?
A personal loan is an unsecured loan to help with personal needs. You can borrow a personal loan in 2022 from Bank, Post Office, and other financial institutions to pay your multiple debts.
Personal Loan in 2022 & Interest Rates
| Name of Bank | Interest Rates | Lowest EMI Per 1 Lakh | Processing Fees |
|---|---|---|---|
| SBI Personal Loan | 9.60% | ₹ 1,832 | Up to 1.5% |
| HDFC Bank Personal Loan | 10.25% | ₹ 2,137 | Up to 2.5% |
| ICICI Bank Personal Loan | 10.25% | ₹ 2,137 | Up to 2.5% |
| Bajaj Finserv Personal Loan | 12.99% | ₹ 2,275 | Up to 3.5% |
| IDFC First Bank Personal Loan | 10.49% | ₹ 2,149 | Up to 3.5% |
| Axis Bank Personal Loan | 10.49% | ₹ 2,149 | Up to 2% |
| Tata Capital Personal Loan | 10.49% | ₹ 1,877 | Up to 2.75% |
| Fullerton India Personal Loan | 11.99% | ₹ 2,633 | Up to 6% |
| IndusInd Bank Personal Loan | 10.49% | ₹ 2,149 | Up to 2.5% |
| Kotak Bank Personal Loan | 10.25% | ₹ 2,548 | Up to 2.5% |
| RBL Bank Personal Loan | 14.00% | ₹ 2,327 | Up to 4% |
| IIFL Personal Loan | 24.00% | ₹ 2,877 | Up to 2.5% |
| HDB Financial Personal Loan | 30.00% | ₹ 3,235 | Up to 2.5% |
| IDBI Bank Personal Loan | 12.00% | ₹ 2,224 | Up to 2.5% |
| Karur Vysya Bank Personal Loan | 9.40% | ₹ 3,199 | Up to 0.5% |
| Muthoot Personal Loan | 14.00% | ₹ 2,327 | Up to 3.5% |
| Yes Bank Personal Loan | 10.70% | ₹ 2,159 | Up to 2.5% |
| Standard Chartered Bank Personal Loan | 11.50% | ₹ 2,199 | Up to 6% |
| Union Bank of India Personal Loan | 8.90% | ₹ 2,071 | Up to 1% |
| Canara Bank Personal Loan | 12.40% | ₹ 2,653 | Up to 1% |
| Bank of Maharashtra Personal Loan | 9.55% | ₹ 1,637 | Up to 1% |
| Andhra Bank Personal Loan | 8.90% | ₹ 2,071 | Up to 1.5% |
| Allahabad Bank Personal Loan | 9.05% | ₹ 2,078 | Up to 1.5% |
| Federal Bank Personal Loan | 10.49% | ₹ 2,560 | Up to 3% |
| Syndicate Bank Personal Loan | 12.40% | ₹ 2,245 | Up to 1.5% |
| Bank of Baroda Personal Loan | 10.50% | ₹ 2,149 | Up to 2% |
| PNB Personal Loan | 8.95% | ₹ 2,073 | Up to 1.8% |
| Indian Overseas Bank Personal Loan | 10.80% | ₹ 2,164 | Upto 0.5% |
| Indian Bank Personal Loan | 9.05% | ₹ 3,182 | Up to 2% |
| Corporation Bank Personal Loan | 8.90% | ₹ 3,175 | Up to 1.5% |
| Axis Finance Personal Loan | 13.00% | ₹ 2,275 | Up to 2% |
Read This:- TDS Rates and Threshold Limit
Types of Personal Loan
- Wedding Loan
- Travel Loan
- Home Renovation Loan
- Personal Loan for Education
- Pension Loan
- Consumer Durable Loan
Documents Required for Personal Loan
- Identity proof- PAN Card, Aadhaar Card, Voter ID, Passport, etc
- Address proof- Passport, Driving License, Election ID card, Ration Card, etc
- Income proof- Salary Slip, Bank Account Statement, Form 16
- Self-employed professionals are also required to submit last 2-3 year’s ITR and Bank Account Statement.
Personal Loan Eligibility
- Age:- Between 18 to 65 years
- Loan amount:- Up to 75 Lakh
- Employment:- Working in govt organization, private, MNC by submitting salary slip and last year’s ITR.
- Credit Score:- Get a lower rate if you have more than 650 credit scores.
How to Apply for a Personal Loan in 2022 Online
- Step1 : If you need a thorough personal loan comparison before deciding on the bank, visit MyLoanCare.in or Paisabazar.com
- Step2 : Click on the Personal Loan tab.
- Step3 : Fill in the required information required.
- Step4 : Click on ‘Get Quote’.
- Step5 : Fill the OTP and click ‘Submit’.
- Step6 : At this step, Fill in the details and click ‘Submit’.
- Step7 : Compare your eligible offers.
- Step8 : Get assistance from our loan advisors or choose to complete the online personal loan.
FAQs for Personal Loan
A personal loan is an unsecured loan to help with personal needs. You can borrow the loan from Bank, Post Office, and other financial institutions to pay your multiple debts.
All Bank Lists are above in the post
CIBIL score ranges from 300 to 900. A score of 650 and above is considered a good score to get a personal loan. Higher the credit score, the higher the chances to get the loan application approved. A personal loan for a low cibil score can be availed at a higher interest rate.
Generally, banks provide personal loans at a lower rate of interest than non-banking financial companies (NBFCs).
As of August 19, 2021, the lowest personal loan interest rate on offer is 8.45% p.a. from the Central Bank of India and UCO Bank.
You can get a personal loan for a maximum of ₹ 75,00,000 from HDFC Bank. However, the maximum loan amount varies for lenders and customers because it depends on your eligibility.
Yes, you can get a personal loan without a salary slip, if you hold a bank account or salary account in the same bank as it contains all your ITR records.
Most of the banks offer up to 5 years as a personal loan maximum tenure. Although some banks offer 7 years to the customers.
Disclaimer:- Interest Rates are subject to amendments from time to time.
For any query or complaint mail at [email protected]
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