Top 4 Personal Loan Banks and NBFCs in India

Many Indians apply for personal loans through institutions such as NBFCs. A non-banking financial company can give loans to salaried individuals and self-employed individuals. A personal loan can be the perfect financial tool for getting help in an unexpected financial crisis. The number of NBFCs that offer quick personal loans in India is quite high. 

Many NBFCs offer online loan applications for personal loans, making the process even easier. Small businesses and students are among this institution's most popular loan types. Several advantages of the NBFC personal loan include its ease of operation, low processing fees, and reasonable interest rates. 

SBI Personal Loan

Among the various types of NBFC personal loans offered by the State Bank of India (SBI), only one offers unsecured credit without collateral. SBI Quick personal loans are convenient personal loans that can be applied for by anyone with a salaried account, regardless of whether they have an account with SBI.

Salary-earning individuals are the primary recipients of this loan. The SBI Quick is also available to self-employed people, and the bank may consider evaluating their application if the applicant's credit score and financial standing are satisfactory.

With SBI Pre-Approved Personal Loans (PAPL), you can obtain an instant NBFC personal loan anytime. The YONO urgent loan app allows you to apply for this loan conveniently from your home. Note, however, that only the bank can determine which applicants are eligible for this loan.

Bajaj Finserv Personal Loan

The process of obtaining an NBFC personal loan is now completely online. You can use a Personal Loan to finance your dream vacation, home renovation with contemporary furnishings, dream wedding, or even an emergency medical expense. You apply online for Personal Loans and have your personal loan app connected with the best lending partners in India. 

We have a list of Personal Loan partners based on your needs and convenience, so you can pick the one that fits you best. In our flexible repayment schedule of 12 to 60 months, you can borrow as little as 13 percent and as much as 26 percent annually. We do not allow full repayment within 30 days.

Mahindra Finance Personal Loan

Personal loans from Mahindra Finance are offered at competitive interest rates. Mahindra Finance's existing customers and workers of the Mahindra Group are eligible to apply for these loans. The disbursement of these instant loans can be as fast as 2 days, the documentation process is straightforward, and the repayment terms are flexible.

ECS, cash, cheque, mobile transfer, etc., are options for making EMI (Equal Monthly Instalments) payments. A loan application and relevant documents required for a personal loan need to be submitted in two days and approved and disbursed quickly, hassle-freely. 

Punjab National Bank (PNB) Personal Loan

Under the 'Personal Loan Scheme for Public' scheme, Punjab National Bank offers personal loans up to Rs.20 lakh at interest rates as low as 8.90% per annum. Processing fees of up to 1% of the loan amount may be charged, and a loan repayment period of up to 72 months is allowed. In addition to this, the bank provides loans up to Rs.20 lakh to doctors through a corporate loan scheme called 'PNB Doctor's Delight-Personal Loan Scheme to Doctors.' Eighty-four months is the maximum loan term.

This lender offers personal loans which can be used to meet your immediate financial needs. Punjab National Bank's NBFC personal loans can help you fulfill your dreams, whether you need money to consolidate your debts, pay for your child's wedding, go on an exotic vacation, or anything else.

Read Also: 5 Points To Keep In Mind Before Availing Of A Personal Loan