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SBI Xpress power personal loan is available to employees working with Central &
State Government, Quasi-Government, Defence Establishments, PSUs, Educational
Institutions of National Repute, and Select Rated Corporates.
The employees should have a minimum gross monthly income of Rs. 50,000 and
there is no requirement of maintaining a salary account with SBI.
If you are thinking to take a personal loan for educational then you should �rst check
the best bank for an education loan in India (https://www.cashover�ow.in/best-bank-
education-loan-india/)
SBI Personal Loan Interest Rates
Ranges from 11.30% to 15.55%
Other Personal Loan Details
Loan Amount Up to 15 Lakh
Processing Fee Up to 1% + Applicable Tax
Late Fee 24% p.a
Pre-closure Charges 3%
Loan Tenure Up to 60 months
No pre-closure charges if the account is closed from the proceeds of a new loan
account opened under the same scheme.
Why You Should Apply for SBI Personal Loan
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SBI Xpress Credit
Minimum NMI of Rs.
5000
EMI/NMI ratio
should not exceed
50%
SBI Xpress Power
Minimum gross
monthly income of
Rs. 50,000
EMI/NMI ratio up to
50%
SBI Pension Loan
Not more than 76
years of age
EMI/NMP ratio
should not exceed
50%
Lowest net monthly income requirement (Rs. 5000 for Xpress Credit)
Three categories of personal loan- SBI Xpress Credit, SBI Pension Loan, and
SBI Xpress Power Personal Loan.
The wide network of SBI branches makes service availability for people
residing anywhere in the country.
Concerns
Loan allowed only upto Rs. 15 Lakhs.
Eligibility Criteria
Abbreviation Used:
NMI- Net Monthly Income
EMI- Equated Monthly Installments
NMP- Net Monthly Pension
Documents Required
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#2. HDFC Bank Personal Loan
You have options to borrow from Rs. 50,000 to Rs. 40 Lakhs without having a
guarantor or collateral security.
HDFC personal loan is available for a salaried individual across corporate and
government institutions.
Once the documentation is complete, your personal loan will be disbursed within 4
hours. The existing HDFC customers can get loan approvals in 10 seconds.
Along with loan, you can also avail an accident or critical illness insurance cover at a
nominal premium.
HDFC Personal Loan Interest Rates
Ranging between 15.50% to 21.50%
Other Personal Loan Details
Application Form or online application through SBI web portal
PAN Card
ID Proof & Address Proof
Latest Salary Slip with Form 16, Salary account statement for last 6 months,Audited/ Certi�ed ITR for last 2 years for Professionals
Your salary/ pension account number with SBI for Xpress Credit & Pension Loan.
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Loan Amount Up to 40 Lakh
Processing Fee Up to 2.5% + GST
Late Fee 24% p.a
Pre-closure Charges
Up to 12 months- not allowed
13-24 months – 4%
25-36 months-3%
>36 months- 2%
Loan Tenure Up to 60 months
Preclosure can be made a�er the payment of 12 EMIs.
Part payment allowed up to 25% of the principal outstanding.
Why You Should Apply for HDFC Personal Loan
2% pre-closure charges (a�er 36 months) is lower than other banks
Zero hidden charges, and convenient repayment options
Minimal paperwork and documentation.
Concerns
Interest rate is comparatively on the higher side.
Eligibility Criteria
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Particulars Eligibility
Employees of Pvt Ltd, PSU including central, state and local bodies
Age Between 21 and 60 years
Work PeriodJob for at least 2 years,
with a minimum of 1 year with the current employer
Net income
per monthMinimum of Rs. 15,000
Minimum net income of Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai,
Hyderabad, Pune, Kolkata, Ahmedabad and Cochin.
Documents Required
#3. Axis Bank Personal Loan
If you are not sure about the repayment period then the Axis bank is a good option.
Axis bank o�ers no foreclosure or part payment charges on personal loans.
Application Form or online application through HDFC web portal
ID Proof, Address Proof
3 Month bank statement (Passbook of previous six months)
Latest salary slip or current dated salary certi�cate with the latest Form 16.
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At the time of application, you can choose to repay the loan in 60 months. In case if
you want to repay the loan earlier then you don’t have to bear any pre-closure
charges.
Personal Loan Interest Rates Axis Bank
Ranging from 15.75% to 24%
Personal Loan Details
Loan Amount Up to 15 Lakh
Processing Fee 1.5% to 2% + GST
Late Fee 24% p.a
Pre-closure Charges NIL
Loan Tenure Up to 60 months
Why You Should Apply for Axis Bank Personal Loan
No preclosure charges.
No part payment charges
Quick approval with minimum documents
You can earn reward points while applying for a personal loan
Concerns
High Interest rate.
More preference for salaried persons
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Eligibility Criteria
Particulars Eligibility
Employees ofGovt (including PSU, central, state and local bodies),
Pvt Ltd and salaried doctors
Minimum Age 21 years
Maximum Age 60 years at the time of maturity of the personal loan
Net monthly income Minimum of Rs. 15,000
Documents Required
You may also like to read – Best Bank for Home Loan in India
(https://www.cashover�ow.in/best-bank-for-home-loan-india/)
#4. Bajaj Finserv Personal Loan
Application form
Photograph
Age proof
ID proof, & Residence proof
Income proof and Bank statement
Signature veri�cation proof
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Bajaj Finserv o�ers personal loan only to salaried professionals. The loan procedure is
entirely online, which means you can get instant online loan approval and the loan
amount is disbursed within 24 hours.
Bajaj FinServe is the only �nancial institution that lets you repay whole of the
outstanding loan amount a�er the �rst EMI.
Bajaj Finserv Personal Loan Interest Rates
Starting from 12.99% onwards
Other Personal Loan Details
Loan Amount Up to 25 Lakh
Processing Fee Up to 3.99%
Late Fee 24% p.a.
Pre-closure Charges 4%
Loan Tenure Up to 60 months
Preclosure Condition – preclosure can be made a�er the payment of �rst EMI.
Secure Fees (for online approvals): Rs. 4499
Annual maintenance charges: 0.25%
Why You Should Apply for Bajaj Finserv Personal Loan
Get instant approval and the loan amount is disbursed within 24 hours.
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You can repay loan amount even a�er the �rst EMIs.
Concerns
High preclosure charges
High minimum salary requirement
Focused only on salaried class.
Secure fee for online approvals
Eligibility Criteria
Eligibility Salaried
Age 23 to 55 years
Monthly IncomeRs. 25,000 to Rs. 35,000 per month
(depending upon the city you are residing in)
Documents Required
#5. Bank of Baroda Personal Loan
Online Application at Bajaj�nserve web portal
KYC Documents
Employee ID Card
Salary Slip of the previous 2 months
Previous 3 months Bank account statement of salary account
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Bank of Baroda o�ers a personal loan to both salaried and self-employed individuals.
Depending upon your eligibility, the loan amount can be up to Rs. 10 Lakh for a
maximum tenure of up to 60 months.
Bank of Baroda is a good option for those who want to take a personal loan for a
small amount of Rs. 20,000.
Personal Loan Interest Rates Bank of Baroda
Bank of Baroda does not explicitly discloses the interest rates.
Personal Loan is charged at One year MCLR+SP*+3% to one year MCLR+SP+8%
based on the risk rating of applicants.
One year MCLR for March 2019 is 8.65%.
*SP- Strategic Premium
Other Personal Loan Details
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Loan Amount Up to 10 Lakh
Processing Fee 2%. Maximum Rs. 10,000
Late Fee 24% p.a.
Pre-closure Charges NIL
Loan Tenure Up to 60 months
Why You Should Apply for Bank of Baroda Personal Loan
No preclosure charges
Lower loan amount
Concerns
Max loan amount Rs. 10 lakhs
Rate of interest not indicated
Eligibility Criteria
Eligibility Salaried Self Employed/Business
Age 21 to 60 21 to 65
Minimum Work Experience/ Service 1 year 1 year of stable business.
Insurance Agents: minimum of 2 years of business
Speci�c guidelines for loan eligibility:
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Parameter Salaried employees* Others**
Repayment Capacity 60 % of GMI 40% to 60% of GMI
Period Maximum 60 months Maximum 48 months
*Means: Salaried employees with 1-year service and having salary account with
Bank of Baroda
**For others:
Loan Amount up to Rs. 2 Lakhs: Satisfactory account relationship with Bank of
Baroda or any other Bank.
Above Rs. 2 Lakhs: Satisfactory account relationship for at least 6 months with
Bank of Baroda.
Documents Required
Salaried Self Employed/Business
Application Form Application Form
ID Proof, Address Proof ID Proof, Address Proof
Last 3-month payslip Last 2 years RTI
6 Month bank statement 6 Month bank statement
Best Bank that gives Lowest InterestRate for Personal Loan
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#6. Standard Chartered Bank Personal Loan
Standard Chartered Bank charges one of the lowest starting interest rates of 10.89%.
The interest rates on personal loans range from 10.89% to 21% for the loan amount of
up to Rs. 30 Lakhs.
Standard Chartered Bank Personal Loan Interest Rates
Ranging from 10.89% to 21%
Other Personal Loan Details
Loan Amount Up to 30 Lakh
Processing Fee 3%
Late Fee 24% p.a.+ Rs. 495
Pre-closure Charges
0 to 12 EMI- 5%
12 to 24 EMI- 4%
25 to 36 EMI- 2%
> 36 EMI – 1%
Loan Tenure Up to 60 months
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Why You Should Apply for Standard Chartered Personal Loan
Lower interest rate starting at 10.89%
You can take loan up to Rs. 30 Lakh
No securities, collaterals, or guarantors required
Easy process to apply online.
Concerns
High processing fee
High preclosure charges
Bank branches are not available everywhere
Eligibility Criteria
The bank provides with the facility of EMI Calculator for eligibility. The Loan
Amount is sanctioned depending on the borrower’s repayment capacity, income,
location and age.
Eligibility Salaried Self Employed/Business
Age 21 to 58 21 to 58
Income/Pro�t Rs 22000 pm Rs 2 Lakh p.a
Min. Work Experience 1 year1 year at least
in the current business.
Document Required
Application Form
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You can also check out the list of best bank for education loan in India
(https://www.cashover�ow.in/best-bank-education-loan-india/).
#7. CitiBank Personal Loan
Citibank gives preference to the salaried class for personal loans. The salaried person
can get a personal loan at a lower interest rate compared to the self-employed person.
In addition, Citibank personal loan starts at the lowest rate of 10.99% especially for
Citibank’s salaried borrowers employed with reputed companies.
CitiBank Personal Loan Interest Rates
Ranging from 10.99% to 18.99%
Other Speci�cation
ID Proof, Address Proof
Age Proof
Signature Proof
3 Months Bank Statement
Latest ITR or Form 16 for salaried and Income report for self-employed/ businesspersons.
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Loan Amount Up to 30 Lakh
Processing Fee Up to 3%
Late Fee There are no late payment charges
Pre-closure Charges 4%
Loan Tenure Up to 60 months
Why You Should Apply for CitiBank Personal Loan
Lower interest rate for salaried persons depending upon net take-home
salary
Loan amount from Rs. 25,000 to Rs. 30,00,000
Get quick approval on loan within 48 hours
Citibank customer get a rebate on interest rate
Concerns
4% pre-closure charges
Eligibility Criteria
Citibank does not explicitly speci�es eligibility criteria but the personal loan is based
on factors such as your income, quantum of loan, loan tenure and credit score.
The website only discloses that the following persons are eligible for Citibank
Personal Loan:
All salaried individuals, self-employed professionals and business owners
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Existing Citibank customers with a Suvidha, Branch or a Mortgage relationship
The quantum of loan and interest rate vary based on:
Net take-home salary in case of a salaried person and
Annual gross take-home income for professionals and non-professionals.
Documents Required
Salaried Self Employed
Proof of Identity & Residence Proof of Identity & Residence
Proof of Age Proof of Age
Length of employment/ Continuity of
business:
1.Letter from employer
2. Old pay slip/ Form 16
Length of employment/ Continuity of
business:
1. Lease Deed
2. Ownership documents
3.Utility Bills
4.Tax returns from the same city
5. 3-year-old bank statement
Proof of income & occupation:
1. Latest 1 or two salary slip
2. Latest Form 16
3. Last 3 month Bank Statement
Proof of income & occupation:
1. Last 2 year IT Returns
2. CA certi�ed P&L and BS
3. CA certi�ed Audit Report
4. Last 6 month Bank statement
You can also read – Best car loan in India (https://www.cashover�ow.in/best-car-loan-
india/)
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#8. ICICI Bank Personal Loan
ICICI bank personal loans interest rates start at just 10.99%. You can avail loan up to
Rs. 20 Lakhs without any guarantor or collateral security.
For existing ICICI Bank customers, there are attractive bene�ts such as reduced
documentation and automatic pre-eligibility condition.
The above bene�ts are based on your relationship with the bank, which can be via a
bank account, credit card, or any other loan account.
ICICI Bank Personal Loan Interest Rates
Ranging from 10.99% to 21%
Other Personal Loan Details
Loan Amount Up to 20 Lakh
Processing Fee Up to 2.25% + GST
Late Fee 24% p.a
Pre-closure Charges 5% + GST
Loan Tenure Up to 60 months
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Salaried
Age: 23 to 58 years
Monthly Income: Minimum of Rs
17,500
(Rs.25,000 for applicants residing in
Mumbai & Delhi and Rs.20,000 for
applicants residing in Chennai,
Hyderabad, Bangalore, Pune &
Kolkatta)
Total years in job/profession: 2 Years
Years in current residence: 1 Year
Self Employed
Age: 25 to 65 years
Minimum Turnover: Rs. 40 Lakhs
(Non-Professionals) Rs. 15
Lakhs(Professionals)
Minimum PAT: Rs. 1 Lakh (Non-
Professionals) Rs. 2 Lakhs for self-
employed individuals
Business Stability: At least 5 years, 3
years for doctors
Existing relationship with ICICI
Bank: Minimum 1 year
Pre-closure charges waived o� if 12 or more EMIs have been paid.
Why You Should Apply for ICICI Personal Loan
Lowest starting interest rate of 10.99%.
Loan disbursed within 72 hours of documents submission( if approved)
Concerns
High preclosure charges of 5%
Eligibility Criteria
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Documents Required
Salaried Self Employed/Business
Application Form Application Form
ID Proof, Address ProofID Proof, Address Proof.
Proof of Residence or O�ce ownership
Latest 3-month salary slips &
Bank Statement
Audited Financial for the last 2 years,
6 months Bank Statement,
2 Passport size photographs Proof of continuity of business
#9. Kotak Mahindra Bank Personal Loan
Kotak Mahindra bank extends personal loans to all individuals whether they are
salaried or self-employed. You can take a personal loan from Rs. 50,000 to Rs. 15
Lakh with an interest rate ranging from 10.99% to 24%.
Kotak Mahindra Bank Personal Loan Interest Rates
Ranging from 10.99% to 24%
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Personal Loan Details
Loan Amount Up to 15 Lakh
Processing Fee Up to 2.5% + GST
Late Fee 36% p.a
Pre-closure Charges Up to 12 months- not allowed
> 12 months – 5%
Loan Tenure Up to 60 months
Why You Should Apply for Kotak Mahindra Personal Loan
Personal loan from Rs. 50,000 to Rs. 15,00,000
Can re�nance any existing personal
Concerns
High preclosure charges.
3% per month late payment charges
Eligibility Criteria
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Employee of MNC, Public or Pvt limited company
Age Between 21- 58 years
Net salary Rs. 20,000/- per month
Min. educational quali�cation Graduate
Min. work experience At least 1 year
Document Required
#10. Tata Capital Personal Loan
Tata capital o�ers personal loan of up to Rs. 25 Lakh. You can have lower EMI as the
personal loans are for an extended period of up to 72 months.
Tata Capital Personal Loan Interest Rates
Ranging between 11.25% to 19%
ID Proof, Address Proof
3 Month bank statement with income details
Salary slip for the last 3 months
2-3 Passport size photograph
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Other Personal Loan Details
Loan Amount Up to 25 Lakh
Processing Fee vary depending on the loan amount
Late Fee 24% p.a.
Pre-closure Charges 4.5%
Loan Tenure Up to 72 months
Pre-payment can be done a�er 6 months of availment without any penalty or
additional fees. Fees of 2% is charged if you prepay more than 25% of the outstanding
principal.
Why You Should Apply for Tata Capital Personal Loan
Minimal paperwork and documentation
The loan amount ranges from Rs. 75,000 to Rs. 25,00,000
Repayment tenures ranging from 12 to 72 months
Concerns
High preclosure charges.
Eligibility Criteria
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Eligibility Details
Age 22- 58 years
Minimum monthly income Rs. 15,000
Job Should be in the same job for six months
Work experience Minimum of one-year
Documents Required
#11. Yes Bank Personal Loan
You can get personal loans ranging from Rs. 1 Lakh to Rs. 40 Lakhs from Yes Bank
and that too at the lowest interest rate starting from 10.75%. Yes Bank does not require
you to bring in any collateral for availing personal loans.
The personal loan eligibility can be checked in 60 seconds through an online
eligibility calculator or mPowered Bot.
Photo Identity Proof & Address Proof
Income Proof: Bank statement for last 6 months
Salary slips for last 3 months
Employment certi�cate stating one year of continuous employment
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Yes Bank takes approximately 5 days (a�er all documentation has been completed) for
appraisal decision and if sanctioned the funds are disbursed in a matter of hours.
Yes Bank Personal Loan Interest Rates
Starting from 10.75%
Personal Loan Details
Loan Amount Up to 40 Lakh
Processing Fee Up to 2.5% + GST
Late Fee 24% p.a
Pre-closure Charges
Up to 12 months- not allowed
13-24 months-4%
25-36 months-3%
37-48 months-2%
> 48 months – NIL
Loan Tenure Up to 60 months
Why You Should Apply for Yes Bank Personal Loan
Personal loan amount from Rs. 1 Lakh to Rs. 40 Lakhs
Lowest interest rate, starting from 10.75%
1-minute eligibility calculator (Online + mPowered Bot)
Concerns
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Interest rate not transparent
Pre-part payment charges
Eligibility Criteria
Yes Bank uses an online eligibility calculator and mPowered Bot for assessing
personal loan eligibility. You need to provide the following information to check
eligibility:
Document Required
Best Personal Loan Interest RatesComparison
Age
Monthly income
PAN no and contact details
EMIs and other recurring expenses
Employer details
Employment history
Residence details like rented/or owned and the period of residence
Application form
ID Proof, Address Proof
3 Month bank statement with income details
Salary slip for the last 3 months
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NameInterest Rate
(Min)
Interest Rate
(Max)
Processing
Fee
Pre-closure
Charge
SBI 11.30% 15.55% Up to 1% 3%
HDFC Bank 15.50% 21.50% Up to 2.5% 2-4%
Axis Bank 15.75% 24% 1.5 to 2% NIL
Bajaj Finserv 12.99% N.A. Up to 3.99% 4%
Bank of
Baroda11.65%+SP 16.65%+SP 2% NIL
SCB 10.89% 21% 3% 1-5%
Citibank 10.99% 18.99% Up to 3% 4%
ICICI Bank 10.99% 21% Up to 2.25% 5%
Kotak Bank 10.99% 24% Up to 2.5% 5%
Tata Capital 11.25% 19% vary 4.5%
Yes Bank 10.75% N.A. Up to 2.5% 2-4%
Factors Affecting Interest Rate ofPersonal LoanPersonal loan interest rates are not �xed even for customers of the bank. The interest
rate for every personal loan application is based on various factors such as CIBIL
score, applicant’s profession, income level, and relationship with the bank.
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