Personal loans come to aid whenever you have unplanned expenses or are in a mood to splurge a bit to give a boost to your lifestyle. However, just as you compare prices and offers before buying a new household item, or planning a vacation, it is advisable to compare interest rates and loan eligibility of various banks to get the best offer you can. For your ease, we have compiled a list of 10 popular Indian banks, which offer personal loans or varying amounts, tenures and interests. Bookmark, and give it a read before applying for a personal loan –

Bank Name Minimum Monthly Salary Eligibility Maximum Loanable Amount Interest Rate Range Tenure Range
SBI INR 5,000 INR 15 Lakh 12.75 – 16.60% 1-5 years
Kotak Mahindra INR 25,000 INR 25 Lakh 10.99 – 18.15% 1-5 years
HDFC INR 20,000 INR 40 Lakh 10.99 – 21.25% 1-5 years
Fullerton INR 25,000 INR 15 Lakh 12.49 – 33% 1-4 years
Axis INR 15,000 INR 15 Lakh 15.5 – 24% 1-5 years
Standard Chartered INR 60,000 INR 30 Lakh 10.99 – 14.49% 1-5 years
ICICI INR 15,000 INR 20 Lakh 11.49 – 18.25% 1-5 years
Yes Bank INR 25,000 INR 20 Lakh 14% 1-5 years
IIFL INR 25,000 INR 25 Lakh 13.49 – 19.99% 1-5 years
Citi Bank INR 30,000 INR 30 Lakh 10.99 – 16.49% 1-5 years

As you can see, most of the banks easily offer a loan amount of Rs. 15 – 40 Lakh and have a repayment tenure of up to 5 years. However, the salary eligibility and interest rate on the loan has to be considered carefully, before you apply for a personal loan. A great suggestion here is to avail only 20-30% of available loan amount at a time. Besides, every bank charge a processing fee on the loan amount you avail. If you compare carefully and apply for a loan that meets your needs properly, you can easily manage your EMIs without burdening your pocket.

You can also check the interest rates of various personal loan apps, to make a wiser decision.

Shweta Joshi

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