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Personal Loan in India 2020 - 2021

Get best offers on personal loan in your city

Last Updated 21st Sep 2020

  • Get lowest personal loan interest rates starting @10.45% from different banks
  • Compare online and get best personal loan offers from various banks
  • Avail personal loan for a maximum tenure of 5 years and pay less EMI for longer tenure
  • Estimate your loan eligibility online at MyLoanCare Personal Loan Eligibility Calculator
  • Apply for personal loan online at MyLoanCare and get attractive cashback upto ₹ 1,000
  • No collateral security or guarantor required to get personal loans

Features of Personal Loan

A personal loan is an unsecured loan that can be availed for various purposes such as vacation or travel, higher education, wedding, medical treatment, credit card payment etc. Some of the key features are:

  • No Collateral Required: A personal loan is an unsecured loan, and you don't require to submit any security in the form of shares, cash or any other asset.
  • Loan Tenure: A personal loan can be availed for tenure ranging between 1 Months to 72 Months.
  • Personal loan Rates: Personal loan rates start at 10.45%. Along with rates, borrowers also have to pay other charges like processing fees, prepayment and foreclosure charges etc. on a personal loan.
  • Loan Amount: You can get personal loan amount ranging between ₹ 9,000 to ₹ 75 Lakh based on your income eligibility and credit score.
  • Special Schemes: Banks also offer customized personal loan interest rates and schemes for pensioners, salaried borrowers working in government, defence, private or MNC companies and self-employed professionals like Doctors, CA, CS, Architects.

How to choose the best personal loan in India?

You can apply for a personal loan online through the bank website or online marketplace. However, to get the best rates on a personal loan, you must follow the following procedure.

  • Compare Personal Loan Rates: To get the best personal loan online, you must compare personal loan interest rates of all banks and NBFCs at an online marketplace like Along with rates, check processing fee, prepayment charges and any other associated cost on loan.
  • Check Other Services of Banks: Once you have shortlisted some banks, you must consider other services like turnaround time, quick loan delivery, doorstep services, transparency in the loan process. You can also check online reviews of various financial institutions.
  • Verify Personal Loan Eligibility: Now, finally check your loan amount eligibility and monthly EMI you can afford based on factors such as age, monthly income, current obligations etc. You can use an online Personal loan eligibility calculator and Personal Loan EMI calculator, respectively to check your loan eligibility and EMI you can afford.
  • Examine Other Possibilities: Before applying for a loan, you can look at other options like taking a personal loan from your friends or family. If you take a loan from your family, you may have to pay nil or negligible interest on the loan. However, it depends on your relationship with them.

Compare Personal Loan offers for different cities in India


What is the lowest interest rate on a personal loan?

Presently, the lowest rate of interest rate on a personal loan is 10.45%.

How long does it take to get a personal loan?

The personal loan gets disbursed in 3 to 7 days. However, some banks disburse the amount the same day if you are an existing customer with excellent credit history.

What is the minimum income requirement to get personal loan?

The minimum income required to apply for a personal loan is ₹ 25,000.

Personal Loan News - Sep 2020
  • 2020-09-21 : HDFC Bank launches video KYC facility
    HDFC Bank announced the launch of Video KYC (Know Your Customer) facility. The facility is an alternate method of establishing the prospective customer’s identity, during the account opening process in a safe and secure environment.
  • 2020-09-21 : BOB replicates ‘cluster model’ tractor financing
    With an aim to help the farmers, Bank of Baroda has is planning to extend its cluster model tractor. This model will ensure a focused approach at all levels with dedicated officers being assigned specific roles to provide a qualitative and compliance-oriented growth of the segment apart from reducing the turnaround time (TAT).
  • 2020-09-21 : Canara Bank launched i-Lead 2.0 to boost customer services
    Canara Bank has launched the lead management system (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). The system has been launched to provide its services to customers irrespective of where they reside. Through this, customers can enquire by using internet banking, mobile banking, call centre, SMS and missed call. This initiative is being introduced with an aim of building and sustaining business relationships with both new customers to bank and existing customers to the bank.
  • 2020-09-18 : PSBs overtake private banks in 2020
    Public sector banks overtook private sector banks in offering retail loans like home, personal, gold, car, two-wheeler and education loan along with business and mudra loans. Since December 2019, PSBs overall lending has gone up to 57.7% as of June 2020, which is a jump of as much as 60 bpsover six months. During the same period, the share of private banks in overall lending has come down by 60 bps to 34.4%. The share of total loans outstanding that private banks have lost has been taken over by state-owned lenders.
  • 2020-09-18 : SBI starts women self-reliance programme in Assam
    State Bank of India started a programme by the name Mahila Atmanirbharshil Aachani (Women Self-Reliance programme). SBI started the scheme keeping in mind that women SHGs are very active and creditworthy in rural areas of Assam as it relies on social collateral rather than on financial collateral. It also empowers the women by encouraging them to create their micro-enterprises for self-reliance.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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