Personal Loans India 2026: Compare 12 Lender Rates & Eligibility

Most prime lenders look for 750+. Below 700, expect rate loading or rejection. Sub-650 borrowers should consider a secured option such as a gold loan or LAP first.

In our lender table, the lowest published starting rate is 9.99% (HDFC Bank, ICICI Bank, Axis Bank, and IDFC First Bank), with SBI and Bajaj Finserv at 10.00% and IndusInd Bank at 10.49%. Starting rates apply to top-rated salaried profiles; confirm current lender terms before applying.

Pre-approved customers may see disbursal in under a day; new-to-bank applicants often wait 24-72 hours after documents. Timing is lender-controlled and not guaranteed.

Yes. Most lenders allow part-prepayment after 6-12 EMIs. Foreclosure charges typically range 2-5% of outstanding principal — RBI does not mandate zero-foreclosure for unsecured floating-rate loans.

Usually 1.5-3.93% of sanctioned amount + 18% GST. Bajaj Finserv tops the range at 3.93%; SBI is at the lower end at 1.5%.

Yes — bank statements (12 months), ITR (2-3 years), GST returns, and business proof. CA-attested financials may be required above ₹15 lakh.

Yes, via Bank-Statement Programme (BSP) underwriting at most private banks. Expect a slightly higher rate (50-150 bps loading).

Salaried borrowers can typically access ₹40-50 lakh; HNI / corporate-linked borrowers can stretch to ₹75 lakh – ₹1 crore at select private banks.

Personal loans are not deductible by default. Section 24(b) and 80C apply only when the loan proceeds are used for housing, business, or specified asset acquisition (with documentary trail).

Lenders must publish a Key Fact Statement (KFS), disclose APR, route disbursal through the borrower's account, and offer a cool-off / look-up period. Avoid any app that bypasses these rules.