Best Personal Loan Banks in India - 2018

RBI announced in a report that outstanding personal loans credit in India increased by 35% in 2017. Customers need longer decision time with increasing number of banks offering personal loans. But today, they can get information on different personal loans banks, on the Internet. This article serves as a guide for users in the application of a Personal Loan Online.

At Qbera, we provide personal loans to salaried individuals of India. Features like online approval and quick disbursal of loans save time and effort.

Here, we have summed the features and benefits of the top banks in India. It will help you to decide on your right banking partner. 

Make a smart choice and apply for a Personal Loan with Qbera.

1. Ratnakar Bank Limited (RBL Bank)  
   RBL Bank holds the Best Bank rank in the Mid-Size segment. It operates in 6 business verticals and is quickly expanding to multiple cities in India. The bank is popular for its outstanding customer base and service by International Forums, including CNBC.
   Personal loans from RBL bank constitute for a significant share of their total credit. The bank offers these non-collateral loans to salaried individuals. The bank attracts customers with its simple and hassle-free documentation.
   Qbera entered into a Partnership with RBL in March 2017. Leveraging the achievements of RBL in Personal Loan space, Qbera is all set to lend an amount close to 150 crores to its customers.
2. IndusInd Bank
   Starting in 1994 from Mumbai, IndusInd Bank has pioneered in ‘customer responsiveness’. It is way ahead of competitors in leveraging latest Technology and Trends. It enjoys a wide network of Banks and ATMs across the country and a large customer base including NRIs.
   The bank provides personal loans for education, medical emergency, home renovation and few other needs. They come with a host of attractive features. Best interest rates and balance transfer option are few to name.
3. Kotak Mahindra Bank 
   In 2003, RBI entitled Kotak Mahindra Finance Ltd, the first NBFC from India, as a Bank. The bank has Implemented International Standards in Banking. It provides seamless global banking experience to its customers, including entrepreneurs.
   The bank provides personal loans up to Rs. 15 lakhs, at attractive interest rates. Customers can submit the necessary documents to the bank representative, at their doorstep.
4. HDFC Bank
   HDFC began operations in the year 1995 as ‘The Housing Development Corporation Ltd. It strives to become a major provider of financial services to the Retail and Wholesale sector.
   Personal Loans from HDFC are one among the most preferred in the category. It provides loan up to 15 lakhs, at competitive interest rates and flexible EMIs. The bank provides pre-approved loans to its customers within four hours.
5. Aditya Birla Finance 
   Aditya Birla is one of the top 'Fund Management Companies' in India. The company operates in multiple facets of Fund Management including Personal Finance Management. It has the best interests of both, its retail and corporate customers in mind.
   Aditya Birla provides a fixed interest rate throughout their personal loan tenure. You can enhance the loan amount by adding the income of your co-applicant.
6. Capital First
   Capital First serves to a whopping 50 lakh customers and counting, in both business and personal space. It specializes in serving the MSMEs and consumers of India.
   Personal loans with amounts ranging from Rs. 50,000 to Rs. 10 lakhs are available from the bank. On successful loan approval, customers will receive the loan amount within two days, in their bank account.
   
   

It is advisable to compare the facts and figures from various personal loan Banks or NBFCs. The table illustrated below will help you:

*Note: Please refer the bank’s website to find out the exact interest rates and other charges.

Note: HDFC Processing Fee is given for various intervals (in months) the loan can be pre-closed as a % of Outstanding Principal (OP)

It is a tedious task to carry out a comparative study of various banks. We hope that our compilation of different personal loan metrics helps you in deciding your finance partner. Qbera offers an integrated and digital platform to apply for a Personal Loan. 

Choose Smart: Choose Qbera