Applying For Personal Loan : State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank

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How to Get a Personal Loan in India

Personal loans in India are a great way to meet immediate financial needs, whether for medical emergencies, education, home renovation, or travel. With minimal documentation and quick approval processes, personal loans are among the most popular financial products in India.

Steps to Get a Personal Loan in India

1. Check Your Credit Score: A good credit score (750 and above) increases your chances of loan approval at a lower interest rate.
2. Assess Your Loan Requirements: Calculate the loan amount needed and ensure that it fits within your repayment capacity.
3. Compare Loan Offers: Explore loan offers from various banks and NBFCs to find the best interest rates and terms.
4. Choose the Right Lender: Opt for a bank or financial institution that provides flexible repayment options and low processing fees.
5. Submit Documents: Provide identity proof, address proof, income proof (salary slips, bank statements), and any other required documents.
6. Apply Online or Offline: You can apply online through the lender's website or visit the branch in person to submit your application.
7. Wait for Approval: After submitting your application, the bank will review it and communicate approval or rejection.

Eligibility Criteria for Personal Loans

• Minimum age: 21 years
• Maximum age: 60 years (at loan maturity)
• Stable source of income (salaried or self-employed)
• Good credit score

Documents Required for Personal Loan

• Identity Proof: Aadhaar card, PAN card, or Passport
• Address Proof: Utility bills, Aadhaar card, or Ration card
• Income Proof: Salary slips, Form 16, or ITR
• Bank Statements (last 6 months)
• Photographs (passport-sized)

Top 20 Banks Offering Personal Loans with Lowest Interest Rates

Bank Name	Interest Rate (per annum)	Loan Amount Range	Repayment Tenure
State Bank of India (SBI)	10.30% - 13.75%	₹24,000 - ₹20 Lakhs	6 months - 6 years
HDFC Bank	10.50% - 21.00%	₹50,000 - ₹40 Lakhs	1 year - 5 years
ICICI Bank	10.75% - 19.00%	₹50,000 - ₹25 Lakhs	1 year - 5 years
Axis Bank	10.49% - 18.50%	₹50,000 - ₹40 Lakhs	1 year - 5 years
Kotak Mahindra Bank	10.99% - 18.00%	₹50,000 - ₹25 Lakhs	1 year - 5 years
Punjab National Bank (PNB)	8.95% - 14.50%	₹50,000 - ₹15 Lakhs	6 months - 6 years
Bank of Baroda	10.50% - 12.50%	₹50,000 - ₹15 Lakhs	1 year - 5 years
Union Bank of India	8.90% - 12.00%	₹50,000 - ₹15 Lakhs	1 year - 5 years
Canara Bank	9.40% - 13.00%	₹50,000 - ₹5 Lakhs	1 year - 5 years
IDBI Bank	9.50% - 14.00%	₹50,000 - ₹10 Lakhs	1 year - 5 years
Bank of India	9.35% - 12.35%	₹50,000 - ₹10 Lakhs	1 year - 5 years
Indian Bank	9.00% - 13.00%	₹50,000 - ₹5 Lakhs	1 year - 5 years
RBL Bank	11.00% - 19.00%	₹1 Lakh - ₹20 Lakhs	1 year - 5 years
Yes Bank	10.99% - 20.00%	₹1 Lakh - ₹20 Lakhs	1 year - 5 years
IndusInd Bank	10.75% - 20.00%	₹1 Lakh - ₹25 Lakhs	1 year - 5 years
Federal Bank	10.49% - 17.99%	₹50,000 - ₹25 Lakhs	1 year - 4 years
Tata Capital	10.99% - 19.00%	₹75,000 - ₹25 Lakhs	1 year - 6 years
Bajaj Finserv	11.00% - 20.00%	₹50,000 - ₹25 Lakhs	1 year - 5 years
HDB Financial Services	11.00% - 20.00%	₹50,000 - ₹20 Lakhs	1 year - 5 years
Fullerton India	11.99% - 26.00%	₹50,000 - ₹25 Lakhs	1 year - 5 years

Compare these options and choose the one that best suits your financial needs.

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