Personal loans are an excellent option when you need immediate financial assistance. Whether for medical emergencies, education, weddings, or travel, finding the cheapest personal loan in India can save you a significant amount of money. Here, we explore the top 10 banks and NBFCs offering low interest personal loans in India to help you make an informed decision.

1. State Bank of India (SBI)

SBI is known for offering one of the best personal loan rates in India. With competitive interest rates starting from 10.10% p.a., SBI caters to salaried employees, self-employed individuals, and pensioners. The loan process is quick and transparent, making it one of the best low-interest personal loans providers.

2. HDFC Bank

HDFC Bank is another top choice for those seeking best personal loans with low interest rates. The bank offers loans with interest rates starting from 10.50% p.a. and provides flexible repayment tenures. With minimal documentation and quick disbursal, HDFC is a preferred choice for many.

3. ICICI Bank

ICICI Bank provides one of the best low-interest loans in India with rates starting at 10.25% p.a. The bank offers a fully digital application process and disburses the loan amount swiftly, making it a hassle-free experience for borrowers.

4. Axis Bank

Axis Bank offers low interest personal loans in India with rates starting at 10.49% p.a. and a high loan amount of up to ₹40 lakh. Their quick approval process and flexible repayment terms make them a reliable option.

5. Bajaj Finserv

One of the leading NBFCs, Bajaj Finserv, is known for providing some of the best personal loan rates in the country. With interest rates starting from 11% p.a., Bajaj Finserv offers loans with flexible tenures and minimal documentation.

6. Kotak Mahindra Bank

Kotak Mahindra Bank is a go-to option for the cheapest personal loan in India. With interest rates as low as 10.99% p.a., it caters to a diverse range of customers, offering quick processing and easy documentation.

7. IDFC FIRST Bank

IDFC FIRST Bank provides one of the best low-interest personal loans with rates starting from 10.49% p.a. It also offers features like zero prepayment charges, making it a preferred choice for individuals looking for flexibility.

8. Punjab National Bank (PNB)

PNB is a trusted name for those looking for low interest personal loans in India. The bank offers competitive rates starting from 10.65% p.a. and caters to both salaried and self-employed individuals.

9. Tata Capital

As a prominent NBFC, Tata Capital offers best low-interest loans with rates starting from 10.99% p.a. The institution is known for its customized loan offerings and simple eligibility criteria.

10. Fullerton India

Fullerton India is another popular NBFC offering best personal loans with low interest rates. Their loans start at 11.99% p.a., and the institution is recognized for its customer-friendly policies and speedy disbursal process.

Tips to Get the Best Personal Loan Rates

To secure the cheapest personal loan in India, follow these tips:

• Maintain a good credit score: A credit score above 750 improves your chances of getting best personal loans with low interest rates.

• Compare multiple lenders: Use online comparison tools to find the best personal loan rates that suit your needs.

• Check eligibility criteria: Ensure you meet the lender’s requirements to avoid rejection and unnecessary hard inquiries.

• Opt for shorter tenures: While shorter tenures increase EMIs, they reduce the total interest cost.

Conclusion

Finding low interest personal loans in India requires careful comparison of interest rates, processing fees, and other charges. Banks like SBI, HDFC, and ICICI Bank and NBFCs such as Bajaj Finserv and Tata Capital stand out as top options for borrowers seeking best low-interest loans. Make sure to assess your financial needs and repayment capacity before finalizing a lender.