Best Personal Loans in India: Interest Rates, Eligibility, Documents and Fast Approval

A personal loan is an unsecured borrowing option that allows you to meet major expenses such as medical emergencies, weddings, travel, or home repairs without providing any collateral. Finding the best personal loan in India means comparing interest rates, fees, repayment terms, and disbursal speed to fit your financial needs. With strong competition between banks and fast digital NBFCs, choosing the right lender can be easier. This guide helps you understand these options and make a confident borrowing decision.

Best Personal Loan in India – Quick Info

To find the cheapest loan in India and determine the best approach, a detailed analysis of personal loan interest rates is essential. This table provides a consolidated snapshot of the average market expectations.

Aspect	Average Competitive Details
Interest Rate	9.98% p.a. – 14.00% p.a. (Starting rates for prime customers)
Loan Amount	Up to ₹50 Lakh
Tenure	12 to 84 months (1 to 7 years)
Processing Fee	0.5% to 3.5% of the loan amount (This is the personal loan processing fee India typically charges)
Collateral Required	None (It is a fully unsecured loan)
Ideal For	Salaried professionals and self-employed individuals with high credit scores.
Disbursal Speed	Instant (FinTech/NBFC) to 48-72 hours (Traditional Banks)
Credit Score	750 and above is preferred for securing the lowest interest personal loan India can offer.
Employment Type	Salaried individuals working for top-tier companies.
Best for Instant Loans	FinTech platforms like NoBroker.

Top 10 Personal Loan Providers in India

Finding a bank offering the lowest personal loan interest rate in India can be challenging and time-consuming. But we’re here to simplify your search:

Lender	Interest Rate (p.a.)	Loan Amount Offer	Repayment Term	Disbursal Time
NoBroker InstaCash [2]	12.99%	Up to ₹10 Lakh	3-60 months	Instant
State Bank of India [3]	10.05% - 15.05%	Up to ₹35 Lakh	Up to 84 months	Standard
HDFC Bank [1]	9.99% - 24.00%	Up to ₹40 Lakh	Up to 8 years	Very Fast
ICICI Bank [4]	10.60% - 16.50%	Up to ₹50 Lakh	Up to 72 months	Fast
Axis Bank [5]	9.99% - 21.55%	Up to ₹40 Lakh	Up to 84 months	Fast
Kotak Mahindra Bank [6]	9.98% onwards	Up to ₹35 Lakh	Up to 6 years	Fast
IDFC First Bank [7]	9.99% onwards	Up to ₹10 Lakh	Up to 60 months	Very Fast
IndusInd Bank [8]	12.00% onwards	Up to ₹5 Lakh	Up to 48 months	Fast
Bank of Baroda [9]	10.40% onwards	Up to ₹20 Lakh	48-60 months	Standard
Bajaj Finserv [10]	16.00% onwards	Up to ₹15.5 Lakh	12-96 months	Fast

10 Best Personal Loan Providers in India - Detailed Insight

Here are the 10 best personal loan providers in India offering attractive interest rates, quick approvals, and flexible repayment options to meet different financial needs.

1. NoBroker InstaCash

NoBroker InstaCash is ideal for small personal loans needed urgently - like medical expenses, rent shortage, or home repairs. With fully digital processing and instant disbursal, it’s perfect for borrowers who want fast approval without paperwork delays.

Feature	Details
Interest Rate	12.99% p.a.
Loan Amount	Up to ₹10 Lakh
Repayment Tenure	3–60 months
Disbursal Speed	⚡ Instant
Processing Fees	Depends on loan + profile
Minimum Credit Score	Flexible eligibility
Best For	Emergency funds, quick cash
Pros	Instant disbursal, paperless, lenient checks
Cons	Lower loan limit, slightly higher interest

2. SBI - State Bank of India

SBI offers affordable personal loans with trusted government-bank security. Best for borrowers seeking long tenure, stable EMI plans, and lower starting interest rates backed by a reliable name.

Feature	Details
Interest Rate	10.05% – 15.05% p.a.
Loan Amount	Up to ₹35 Lakh
Repayment Tenure	Up to 84 months
Disbursal Speed	Standard
Processing Fees	Moderate + documentation
Minimum Credit Score	700+ preferred
Best For	Salaried with stable income
Pros	Lower starting rate, long tenure, trusted PSU
Cons	Slower process, more paperwork

3. HDFC Bank

HDFC Bank offers fast personal loans with flexible usage and large loan amounts. Great fit for borrowers with strong credit histories who need funds quickly for big goals.

Feature	Details
Interest Rate	9.99% – 24.00% p.a.
Loan Amount	Up to ₹40 Lakh
Repayment Tenure	Up to 8 years
Disbursal Speed	⚡ Very Fast
Processing Fees	Applicable (based on profile)
Minimum Credit Score	700+ ideal
Best For	Weddings, travel, large expenses
Pros	High loan limit, very fast disbursal
Cons	Interest varies widely with profile

4. ICICI Bank

Ideal for high-value loan seekers with steady income. ICICI combines fast processing with competitive rates for mid-to-large personal finance needs.

Feature	Details
Interest Rate	10.60% – 16.50% p.a.
Loan Amount	Up to ₹50 Lakh
Repayment Tenure	Up to 72 months
Disbursal Speed	Fast
Processing Fees	Applicable
Minimum Credit Score	700+
Best For	Education, medical & large purchases
Pros	Higher loan eligibility
Cons	Shorter tenure vs competitors

5. Axis Bank

Axis Bank is a great balance of long tenure, quick disbursal, and flexible amounts - suitable for salaried borrowers with mid-to-high borrowing needs.

Feature	Details
Interest Rate	9.99% – 21.55% p.a.
Loan Amount	Up to ₹40 Lakh
Repayment Tenure	Up to 84 months
Disbursal Speed	Fast
Processing Fees	Standard
Minimum Credit Score	700+
Best For	Longer repayment comfort
Pros	Long tenure, competitive lower rates
Cons	Higher rates for lower credit profiles

6. Kotak Mahindra Bank

Kotak scores well for mid-range loan needs with attractive entry interest rates. Good for borrowers with consistent salary profiles.

Feature	Details
Interest Rate	9.98% onwards
Loan Amount	Up to ₹35 Lakh
Repayment Tenure	Up to 6 years
Disbursal Speed	Fast
Processing Fees	Applicable
Minimum Credit Score	700+
Best For	Personal events, lifestyle upgrades
Pros	Good starting rate, quick process
Cons	Shorter tenure means higher EMI

7. IDFC First Bank

A solid choice for small to medium-sized loans with quick approval and minimal waiting. Works best for younger borrowers or first-time loan applicants.

Feature	Details
Interest Rate	9.99% onwards
Loan Amount	Up to ₹10 Lakh
Repayment Tenure	Up to 60 months
Disbursal Speed	⚡ Very Fast
Processing Fees	Profile-based
Minimum Credit Score	Flexible
Best For	Fast funds for short duration
Pros	Quick approvals, easy process
Cons	Low maximum loan limit

8. IndusInd Bank

Good for borrowers who need fast and small-range loans. Shorter repayment period is suitable for controlled, short-term borrowing.

Feature	Details
Interest Rate	12.00% onwards
Loan Amount	Up to ₹5 Lakh
Repayment Tenure	Up to 48 months
Disbursal Speed	Fast
Processing Fees	Moderate
Minimum Credit Score	Avg. to good
Best For	Short-term personal needs
Pros	Quick access to funds
Cons	Higher rates + low limit

9. Bank of Baroda (BoB)

A good PSU option offering stable borrowing solutions with reasonable rates, especially suited for salaried individuals who prefer traditional processing.

Feature	Details
Interest Rate	10.40% onwards
Loan Amount	Up to ₹20 Lakh
Repayment Tenure	48–60 months
Disbursal Speed	Standard
Processing Fees	Minimal
Minimum Credit Score	700+
Best For	Budget-friendly borrowing from PSU
Pros	Trusted bank, lower fees
Cons	Slower disbursal vs private banks

10. Bajaj Finserv

Good match for applicants who need flexible tenure options and faster approvals - even if credit score isn’t perfect.

Feature	Details
Interest Rate	16.00% onwards
Loan Amount	Up to ₹15.5 Lakh
Repayment Tenure	12–96 months
Disbursal Speed	Fast
Processing Fees	Higher side
Minimum Credit Score	Mid-range accepted
Best For	Flexible long-term EMI planning
Pros	Longer tenure, fast approvals
Cons	Higher interest rate bracket

Personal Loan Lenders & Their Strengths

The ideal loan depends on the borrower’s specific needs. Different types of lenders excel in other areas, offering either the best rates or the fastest service.

• Bank vs NBFC: Role of traditional banks and NBFCs/FinTech: These are the best banks for personal loan in India if the applicant has an excellent credit profile (780+ CIBIL) and can accept a slower, more process-heavy application. NBFCs and FinTechs, however, are transforming the market by offering fast, digitized alternatives that focus on quick cash flow needs.
• Public Sector Banks (PSBs - SBI, BoB): These banks are reliable and often offer the lowest possible starting rates and flexible tenures (up to 7 years). Their strength is stability, but their processing times and documentation requirements can be significantly longer than those of private lenders.
• Private Sector Banks (HDFC, ICICI, Axis): These lenders balance competitive rates with fast digital processing and large loan amounts (up to ₹50 Lakh). They are ideal for high-salaried professionals who demand digital convenience.
• FinTech & NBFCs (NoBroker, Bajaj, IDFC First): These platforms, which offer the best online loan in India, specialize in convenience. They utilize digital KYC and rapid processing, making them superior choices for securing a short-term personal loan in India or for applicants who need minimal documentation and fast disbursement.

What are the Eligibility criteria for the personal Loan?

To secure a low-interest personal loan in India, an applicant must demonstrate financial stability and strong creditworthiness, which determines their personal loan eligibility score. [2]

• Age: The applicant must generally be between 21 and 65 years old. Most mainstream lenders do not offer a personal loan for 18-year-olds in India, with the minimum age typically starting at 21 or 23 due to income-stability requirements.
• Employment Type: The applicant must be either a salaried professional employed by a reputable firm or a self-employed individual with a stable business history (typically 3 years of operations).
• Minimum Income: A minimum net monthly income is mandatory, typically ranging from ₹15,000 to ₹30,000, depending on the city and the lender.
• Credit Score: A CIBIL score of 750 or higher is crucial for securing the lowest-interest personal loan India can offer. Scores below 700 may lead to rejection or significantly higher interest rates.
• Work Experience: Salaried individuals often require a minimum of 1 to 2 years of total work experience, with at least 6 months to 1 year in their current organization.
• One Line: Unlike banks that require extensive documentation, NoBroker offers simple KYC-based approvals with no physical paperwork.

What are the documents required for a personal loan?

Documentation is essential to establish the borrower's identity, residence, and financial capacity, which in turn secures the best India personal loan rates. [2]

• Valid government-issued photo identity and address proof documents such as Aadhaar Card, PAN Card, Passport, or Voter ID.
• The latest 3 months' salary slips and the last 6 months' bank statements showing salary credits. Form 16 or Income Tax Returns (ITR) may also be requested.
• ITRs, profit and loss statements, and audited financial statements for the last 2-3 years.
• A duly filled and signed application form along with recent passport-sized photographs.

How to Apply for a Personal Loan from NoBroker?

NoBroker offers a simple and fully digitized process to apply for a personal loan, designed for speed and convenience, often accessible through the best personal loan app in India.

• Step 1: Visit the NoBroker website or app and navigate to the Personal Loan section.
• Step 2: Fill out the initial eligibility form with your personal and financial details.
• Step 3: The system conducts an instant check based on your CIBIL score and income details to provide an in-principle approval.
• Step 4: Complete the digital KYC process and upload necessary documents online.
• Step 5: Review and digitally accept the loan agreement.
• Step 6: Receive the loan amount disbursed directly to your bank account within a short period.

Key Factors Determining the ‘Best’ Loan

The concept of the best personal loan in India is determined by the specific criteria that a borrower prioritizes.

• The True Cost (APR): Focus on the Annual Percentage Rate (APR), which includes the interest rate and all applicable fees, as this is the real cost of the loan.
• Processing Fees and Penalties: Compare the personal loan processing fee India charges (which can be high) and check for hidden costs like prepayment or foreclosure charges.
• Loan Tenure Flexibility: The loan provider should offer a tenure (1-7 years) that fits your comfortable repayment capacity, ensuring the EMIs are manageable.
• Speed of Disbursal: For emergency funds, the speed of disbursement is often the most critical factor, overriding a minor difference in the interest rate.
• Lender Reliability and Service: Choose a lender known for transparency and good customer service, especially regarding post-disbursement issues.

How to Find Your Best Loan Option?

To secure the most optimized and cost-effective loan for your profile, follow these strategic steps.

• Check Your Credit Health: Start with your CIBIL score. A high score is non-negotiable for getting the lowest-interest personal loan in India.
• Compare APR, Not Just Interest: Use a personal loan calculator to compare the final APR, including all fees, across multiple lenders.
• Match Lender to Need: If you are a salaried individual, start with banks. If you are self-employed or need fast cash, prioritize FinTech platforms.
• Read the Fine Print: Carefully review the prepayment and foreclosure charges before signing the final agreement, as these can significantly impact the long-term cost.

Related Reads - Explore More Loans by City

• Personal Loans in Hyderabad
• Personal Loan in Bangalore

Why Choose NoBroker for Your Personal Loan?

NoBroker provides an optimized and transparent solution that addresses the major pain points of the loan process. This focus on efficiency makes us competitive in delivering the cheapest loan in India through minimized hassle and fee structures.

• Much Faster Approvals: We utilize a digital-first approach for quicker, hassle-free approvals compared to traditional bank processes.
• Minimal Documentation: The system relies on digital KYC and online verification, reducing the need for physical documents.
• Higher Approval Chances: Our flexible model assesses a broader range of risk factors, increasing the likelihood of approval across diverse profiles.
• 100% Digital Process: The entire loan lifecycle, from application to disbursement, is handled digitally via the platform.
• Faster Disbursement: Funds are transferred quickly upon approval, often within a short period.
• Flexible Loan Amounts & Tenure: We offer a range of options to tailor the loan amount and repayment period to the borrower's specific needs.
• Lower Processing Hassles: We simplify the complex paperwork and regulatory requirements, ensuring a smooth and stress-free experience for the borrower.

Get Instant Loan Via NoBroker Instacash

With NoBroker’s loan marketplace, you get a simple way to compare top lenders, interest rates, and repayment plans, all in one place. Whether you need quick cash or a long-term loan, NoBroker makes it easier to choose wisely and secure funds with confidence.

Disclaimer: Loan features such as interest rates, eligibility, processing fees and approval timelines may vary based on lender policies, applicant profile, credit score and market conditions. Information provided is for general guidance only. Users are advised to verify details directly with the respective financial institutions before applying.

Frequently Asked Questions?