A personal loan can quickly solve your financial problems and provide a much-needed cash infusion. Unlike other loans, you can use a personal loan for any purpose. Personal loans are highly sought after because of their flexibility. It does not require any collateral, and you can get instant funds within 1-2 working days after approval.
However, to qualify for personal loans, you must pass certain eligibility criteria set by the banks. Besides eligibility criteria, banks also consider other factors such as income, credit score, bank statements, etc., before granting loans.
Below is the list of the top five banks with fast personal loan approval and disbursal processes.
IDFC FIRST Bank - Starting 10.49%
Whether it is unforeseen medical bills, wedding expenses, renovating your home or funding your dream vacation, IDFC FIRST Bank offers you instant personal loans to meet all these specific financial needs. Moreover, you can use their online personal loan EMI calculator to calculate your EMIs and apply for the right personal loan.
With basic eligibility criteria, minimum documentation, and quick disbursal, IDFC FIRST Bank also offers competitive personal loan interest rates to address your immediate needs.
ICICI Bank - Starting at 10.90%
Getting a personal loan from ICICI Bank is quick and easy. The bank has set flexible eligibility criteria to help you get a reasonable personal loan interest rate. You can easily apply for a loan online by uploading necessary documents on their official website or visiting the nearest branch.
Kotak Mahindra Bank - Starting at 10.99% p.a.
With Kotak Mahindra Bank, it takes less than 24 hours to process a personal loan, and there is minimal paperwork and no hassle involved. They offer instant in-principle approvals and sanction loans within three seconds, as specified on their official website.
HDFC Bank - Starts from 11.00%
With HDFC Bank, you can check your eligibility online with their customised personal loan eligibility calculator in a few seconds. This helps you understand the maximum personal loan you can qualify for based on your income and repayment capacity. Once your loan application is approved, you may get funds in 10 seconds (only for pre-approved HDFC Bank customers).
With HDFC Bank, applying for a personal loan is simple and can be completed in just a few clicks. Furthermore, HDFC Bank's personal loan rate of interest and other charges are comparatively low.
Axis Bank - Starting at 11.25%
With Axis Bank, you can get a personal loan instantly. Based on your eligibility and offer, you can apply for a 24×7 personal loan up to Rs. 10,00,000. With minimum documentation, eligibility criteria, personal loan interest rates and quick disbursal, you can use the Axis Bank instant personal loan for any purpose.
You can get quick personal loan approval with attractive interest rates from any of these top banks mentioned above. However, it is essential to note that banks may offer different personal loan interest rates depending on the borrower's credit score, occupation profile, monthly income, etc. Make sure to compare the different interest rates various lenders offer before selecting the best personal loan offer.