Top 10 Banks & NBFCs Offering Best Low-Interest Personal Loans in India

Personal loans are a popular choice for individuals seeking quick funds without collateral. Whether it’s for medical emergencies, weddings, education, or travel, choosing the right lender can help you save significantly. If you're looking for the cheapest personal loan in India, this article lists the top 10 banks and NBFCs offering the best personal loan rates.

Why Choose Low-Interest Personal Loans?

Low-interest personal loans reduce your EMI burden, save money over the repayment tenure, and provide better financial flexibility. Whether it’s for short or long-term use, best personal loans with low interest rates ensure affordability.

Top 10 Banks & NBFCs for Low-Interest Personal Loans

Here are the most trusted names offering low interest personal loans in India, known for transparent processing and flexible terms:

1. State Bank of India (SBI)

• Interest Rate: Starting from 10.65% p.a.
  
  

• Loan Amount: Up to ₹20 lakh
  
  

• Tenure: Up to 6 years
  SBI offers one of the best low interest personal loans for salaried individuals and pensioners.

2. HDFC Bank

• Interest Rate: From 10.75% p.a.
  
  

• Quick disbursal and minimal documentation make it ideal for urgent needs.

3. ICICI Bank

• Interest Rate: From 10.50% p.a.
  
  

• Known for instant approval and flexible prepayment options.

4. Axis Bank

• Interest Rate: Starting at 10.49% p.a.
  
  

• Offers best personal loan rates for existing customers and salary account holders.

5. Kotak Mahindra Bank

• Interest Rate: From 10.99% p.a.
  
  

• 100% digital processing with quick loan disbursement.

6. Bajaj Finserv (NBFC)

• Interest Rate: From 11.00% p.a.
  
  

• Offers flexible tenures and part-prepayment facility with no extra charges.

7. My Mudra Fincorp Limited

• Interest Rate: Starting from 10.99% p.a.
  
  

• Offers personalized loan solutions, easy documentation, and a quick online application process tailored for both salaried and self-employed individuals.

8. IDFC FIRST Bank

• Interest Rate: From 10.49% p.a.
  
  

• 100% paperless process with quick disbursal.

9. IndusInd Bank

• Interest Rate: From 10.25% p.a.
  
  

• Zero hidden charges and instant approval make it a competitive option.

10. Fullerton India (NBFC)

• Interest Rate: From 11.99% p.a.
  
  

• Suitable for self-employed and those with limited credit history.

Final Thoughts

Finding the best low interest loans isn’t just about the interest rate. Consider processing fees, eligibility, repayment flexibility, and prepayment terms. Use comparison platforms and loan calculators to pick the best personal loans with low interest rates for your financial needs. If you're searching for the cheapest personal loan in India, these top 10 lenders are a great starting point for a safe, affordable borrowing experience.