Top 12 Personal Loans from Private Sector Banks in India

A personal loan is one of the best options if you are looking for a collateral-free loan. It can be used for any purpose as there is no end restriction on the usage of funds. Many take the loan for emergency expenses. An alternative to this loan is a small cash loan, which is a short-term borrowing of tenure 1 month to 6 months.

List of Top 12 Personal Loans
popular personal loan schemes

In this type of borrowing, you can take between Rs. 10,000 and Rs. 50,000. A traditional personal loan on the other hand is a longer tenure borrowing between 1 year to 2 years or maximum 5 years. The borrowing amount starts at Rs. 1 lakh.

Below, we have discussed some of the popular personal loan schemes by private sector banks in India.

  1. HSBC Bank

HSBC provides personal loans for a shortest duration of six months up to a longest duration of five years. Salaried and Self-Employed individuals who have regular incomes are eligible to apply for HSBC’s personal loan. The minimum age of the applicant should not be less than 21 years while the upper age limit happens to be 58 years. A salaried individual needs to have a minimum income of Rs 4, 00,000 per year in order to be eligible for HSBC’s personal loan. The maximum amount of personal loan that HSBC offers is Rs 15, 00,000.

  1. Citibank

Citibank provides personal loans for a maximum duration of 5 years and a minimum duration of 12 months. Salaried individuals with regular earnings are eligible to apply for a personal loan from Citibank. The applicant needs to be between 26 years and 60 years of age. The minimum income of the applicant should be Rs 30,000 each month. The maximum amount that Citibank offers as Personal Loan is Rs 30, 00,000.

  1. Deutsche Bank

Personal Loan is offered for a minimum duration of one year and a maximum duration of four years. Salaried individuals with regular incomes are eligible to apply for personal loans. The applicant’s lower age limit is 25 years while the upper age limit is 60 years. The minimum monthly income of the applicant should be Rs 25,000. The minimum personal loan amount offered is Rs 1, 00,000 while the maximum personal loan amount that can be availed is Rs 20, 00,000.

A pre-payment penalty amounting to 5% of the balance outstanding needs to be paid by the borrower, in case of foreclosure, if the duration is less than 12 months. If the foreclosure of the loan takes place after 12-month tenure, the pre-payment penalty that needs to be paid is 3%.

  1. Axis Bank:

Personal loans offered by Axis Bank have a maximum tenure of 60 months. The applicant needs to be between 21 years and 60 years of age. The minimum monthly income of the applicant must be Rs 15,000. The maximum personal loan offered by Axis Bank is Rs 15, 00,000. The borrower does not need to pay any pre-payment penalty or foreclosure charge.

  1. ICICI Bank

Personal Loan offered by ICICI Bank has a minimum duration of 1 year and a maximum duration of 5 years. The lower age limit of the applicant is 23 years and the upper limit is 65 years. The minimum monthly income of the applicant needs to be Rs 15,000. The maximum personal loan amount that ICICI offers is Rs 20, 00,000.

  1. HDFC Bank

Personal loans offered by HDFC Bank have a maximum duration of 5 years and a minimum duration of 1 year. The age of the applicant should be 21 years or above, the upper age limit being 60 years. The minimum monthly income of the applicant needs to be Rs 12000. The maximum amount of personal loan that HDFC offers is Rs 25, 00,000.

Every personal loan scheme of HDFC comes with additional benefits like critical illness coverage up to a maximum of Rs 1, 00,000 as well as personal accident coverage up to a maximum of Rs 8, 00,000.

  1. Federal Bank

Federal Bank provides personal loan up to a maximum tenure of 4 years and the maximum amount of personal loan offered is Rs 10, 00,000. Salaried and self-employed people with regular incomes are eligible to apply for Federal Bank’s personal loan. The applicant needs to be between 21 years and 55 years of age.

  1. RBL Bank

The maximum personal loan amount offered by RBL Bank is Rs 15, 00,000. The minimum monthly income of the applicant needs to be Rs 25,000. The maximum tenure of personal loan offered by RBL is 5 years while the minimum tenure is 1 year. The age of the applicant should be 25 years or above, the upper limit being 60 years. Salaried and self-employed candidates with regular earnings are eligible to apply for RBL’s personal loan.

  1. Kotak Mahindra

Personal Loan is offered by Kotak Mahindra for a minimum duration of 1 year and a maximum duration of 5 years. The minimum personal loan amount that Kotak offers is Rs 50,000, while the maximum is Rs 15, 00,000. The applicant needs to have a minimum monthly income of Rs 30,000. The age of the borrower needs to be 21 years or above while the upper age limit happens to be 55 years.

  1. IndusInd

Personal Loan offered by IndusInd Bank has a minimum duration of 1 year and a maximum duration of 5 years. The maximum personal loan IndusInd offers is Rs 20, 00,000. The applicant needs to have a minimum monthly income of Rs 25,000. The age of the applicant should be 21 years or above, the upper age limit being 60 years.

  1. YES Bank

This bank provides personal loans for a maximum period of 5 years and a minimum period of 12 months. Salaried as well as self-employed people with regular incomes are eligible to apply for YES Bank’s personal loan. The minimum personal loan amount offered by Yes Bank is Rs 1, 00,000 while the maximum is Rs 20, 00,000. The age of the borrower needs to be 22 years or more, the upper age limit being 58 years. The minimum monthly income of the applicant should be between Rs 18,000 and Rs 25,000.

  1. Catholic Syrian Bank

The maximum personal loan offered by this bank is 10 times the Gross Monthly Salary drawn by the borrower. Personal loans are offered for a maximum duration of up to 60 months. Salaried and self-employed candidates with regular earnings are eligible to apply for Catholic Syrian Bank’s personal loan. The age of the applicant needs to be 21 years or above, while the upper age limit is 58 years.

To Conclude

You can opt for a private bank personal loan or instant personal loan as per your choice. To get assured approval on the loan, you must have an excellent credit score, and meet the eligibility criteria set by the bank.

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