Top Banks currently offering personal loans: SBI Vs HDFC Vs ICICI Vs Axis Bank

Personal home loans are one of the most efficient ways to procure funds in the time of need. Although these are precarious and unrestricted forms of loan, it can be useful for those who do not want or have any collateral to pledge for the money. Interest rates play the most important role in the decisions of selecting a personal loan. These interests vary depending on the bank you choose. Currently, SBI Personal Loan, ICICI Personal Loan, HDFC and Axis Bank loan are offering some of the best interest rates.

If you are thinking of opting for a personal loan anytime soon, here is a list of these four banks along with their benefits for you. 


SBI offers a variety of personal loans to its customers. This includes SBI Pension Loan, Xpress Credit Loan, Xpress Elite loan and pre-approved Personal Loans. SBI Personal Loan can be used for business expansion, marriage purpose, medical emergency or for debt consolidation.

  • Loan amount: Up toRs. 20 Lakh
  • Interest rate: Between 9.60%-13.85% p.a 
  • Minimum income: Rs. 15,000 per month to be eligible for an SBI personal loan
  • Age criteria: Between 21-60 years at maturity of the loan
  • Processing fee: 1.5% of the loan amount
  • Prepayment charges: 3% on the prepaid loan principal


  • SBI has a flexible tenure between 6 months to 6 years.
  • SBI offers different schemes depending on the kind of borrower, that is salaried individual, pensioner and self-employed people.
  • It can be availed online.
  • It requires minimum documentation required.
  • The loan is Processed quickly.


HDFC Personal Loan is easy to avail at the time of emergency due to its easy documentation process

  • Loan amount: Up to Rs 40 Lakh 
  • Interest rate: 10.75% – 21.70% p.a
  • Minimum income: Rs. 15,000 per month
  • Age criteria: Between 2-60 years at loan maturity
  • Processing fee: Up to 2.5% of the loan amount
  • Prepayment charges: Up to 4% of the prepaid loan principal


  • The tenure is flexible, between 12-60 months.
  • It requires minimum documentation.
  • You can get a credit shield cover, accidental death cover or permanent disability cover, and an accidental hospitalisation cover if you choose HDFC’s Sarv Suraksha Pro policy. 
  • It has an optional insurance cover for accidents and severe illnesses. 
  • Loan is disbursed on the day of application.


ICICI bank offers a variety of loans, such as Home Renovation Loan, Fresher Funding, Wedding Loan, Holiday Loan, NRI Personal Loan and Top Up Loan.  

  • Loan amount: Up to Rs. 20 Lakh
  • Interest rate: Between 11.25%-21%
  • Minimum income: Rs. 17,500 per month. If you are an applicant of Delhi or Mumbai, your income must be at least Rs. 25,000. If you are residing in Kolkata, Pune, Hyderabad, Chennai or Bangalore, your monthly income should be Rs. 20,000.
  • Age criteria: 23-53 years for salaried individuals. 25-65 years for self-employed persons. 
  • Processing fee: till 2.25% of the loan amount
  • Prepayment charges: 5% of the prepaid loan principal


  • For select customers, the disbursal time is just 3 seconds, although only after accepting the offer and completing the process of verification. 
  • Application process is hassle-free and requires minimum documentation.
  • It can be availed online.
  • The tenure is between 12 months – 60 months and customers can choose the tenure based on their repayment ability. 

Axis bank

Axis bank personal loans come with no foreclosure or part payment charges. This loan can be used for marriage purposes, home renovation or for holiday trips. 

  • Loan amount: Between 50000- 15 Lakh
  • Interest rate: 12%p.a – 24% p.a.
  • Minimum income: Rs. 15,000 per month
  • Age criteria: Between 21-60 years at loan maturity
  • Processing fee: Upto till 2% of the loan amount
  • Prepayment charges: no charges


  • Tenure is flexible between 12months-60 months and can be decided by the borrower’s convenience.
  • If you are already a customer, you’re likely to get lower rates of interests.
  • The processing requires minimum documentation and is hassle-free.
  • You can avail a personal loan balance transfer easily. 

Personal loans can come in handy in times of crises. Before opting for a personal loan, borrowers should always check out the interest rates and choose the one that will best fit their financial health. They must have a solid debt-repayment plan chalked out. If you don’t have a good plan, it can lead you to more financial troubles. Failing to pay your instalments can lead to piling up debts and reduction in your credit score. In case of a secured product loan, it can even lead to loss of valuable assets. Also, it is always better to borrow as much as needed, even if you are eligible for bigger amounts. 

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