Unsecured personal loans do not require any collateral or security, making them one of the most popular ways to get quick funds for medical needs, weddings, education, travel, or debt consolidation.
Approval mainly depends on your income, credit score, and repayment capacity.
In India, both banks and NBFCs (Non-Banking Financial Companies) offer these loans, usually at interest rates ranging from around 10% to 24%+ per year, depending on your profile.
Here are the 7 best unsecured personal loan options in India:
1. hdfc bank Personal Loan
- Interest rate: ~9.99%-24% p.a.
- Loan amount: Up to ₹40 lakh
- Tenure: Up to 6 years
Why it's good: Fast approval for salaried customers, strong trust factor, and wide availability.
2. icici bank Personal Loan
- Interest rate: ~10.75%-19% p.a.
- Loan amount: Up to ₹25 lakh
- Quick wallet PLATFORM' >digital processing for existing customers
Why it's good: Simple documentation and fast disbursal.
3. sbi Personal Loan (State bank of India)
- Interest rate: ~11%-15% p.a. range (approx.)
- Loan amount: Up to ₹20-25 lakh
Why it's good: Low risk, government-backed, and stable interest rates.
4. Axis bank Personal Loan
- Interest rate: Starting around ~9.99%-21% p.a.
- Fully wallet PLATFORM' >digitalapplication process
Why it's good: Quick processing and competitive rates for good credit scores.
5. Bajaj Finserv Personal Loan (NBFC)
- Interest rate: ~10%-30% p.a.
- High approval speed and flexible tenure
Why it's good: Easy eligibility, instant approval for many applicants.
6. Tata capital Personal Loan (NBFC)
- Interest rate: ~10.99%-29% p.a.
- Loan amount: Up to ₹35-40 lakh
Why it's good: Flexible repayment and wide coverage across India.
7. Aditya Birla capital Personal Loan (NBFC)
- Interest rate: ~11%-24% p.a.
- Loan amount: Up to ₹40 lakh
Why it's good: Good for salaried + self-employed borrowers.
Quick Comparison Table
Lender
Type
Interest Rate (approx.)
Loan Amount
Best For
HDFC Bank
Bank
9.99%-24%
₹40L
Overall best option
ICICI Bank
Bank
10.75%-19%
₹25L
Fast approval
SBI
Bank
~11%-15%
₹20-25L
Low-risk borrowers
Axis Bank
Bank
~10%-21%
₹40L
Digital process
Bajaj Finserv
NBFC
~10%-30%
₹20L
Instant loans
Tata Capital
NBFC
~10.99%-29%
₹35-40L
Flexible EMI
Aditya Birla
NBFC
~11%-24%
₹40L
Broad eligibility
Final Takeaway
- Banks (like hdfc, sbi, ICICI) = lower rates + strong trust
- NBFCs (like Bajaj Finserv, Tata Capital) = faster approval + easier eligibility
- All are unsecured loans (no collateral required)
Best choice depends on your credit score:
- High score → choose banks
- Moderate score → NBFCs are easier
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader's own risk.
Source: India Herald - Kokila Chokkanathan