What are Some of The Cheapest Loan Options in India?

benefits of getting a personal loan

These days, it has become very difficult to pay your monthly bills when you have to pay high personal loans. Whenever people face any problems in arranging money for a big investment, then they have to apply for personal loans.

You can easily get the personal loans for expenses like the renovation of home, vacation, marriage and education. Unless it is not necessary for you to borrow money, you should not opt for personal loans because it is really not easy to manage your finances when you take personal loans.

Here are some banks which provide the cheapest loan options to the customers in India:


People who want to get a loan from ICICI bank can get interest rates from 10% to 20% on personal  loans.

When you apply for a personal loan in ICICI bank, then the interest rate will be charged to you according to the reduced balance every month. It provides personal loan with the lowest interest rate and you will get the transaction done within three or four days after submitting the documents.


You can also apply for HDFC bank loan because it is a reputed lender in India. You will need to pay 2% of pre-closure charges if you want to make the payment after 36 months.

However, this pre-closure charge is lower, as compared with other banks. Thus, there is lower processing fees, better repayment options and zero hidden charges for the customers.

Axis bank personal loan

If you don’t want any extra charges, then you can apply for a personal loan at Axis bank. It provides services with low processing fee and you can also get a loan with low monthly income.

You won’t require many documents when you apply through axis bank and your personal loan application will get approved faster.

Kotak Mahindra Personal loan

If you want to take a loan between fifty thousand rupees to fifteen lakh, then you can apply for a personal loan in this bank. You will be able to get your application approved within 72 hours, along with amazing discounts and special offers.

SBI Personal loans

If you are looking for the Cheapest loans in India, then you can find the best personal loan offers at SBI if you are a self-employed or salaried professional. SBI offers four types of loans, which are: Saral personal loan, festive season loan, pension loan and credit personal loan. You have to choose one option according to your choice and needs.

So, these are the cheapest loans in India. You can do detailed research when you want to apply for the loan. You have to check the interest rates, repayment charges, foreclosure charges, and many more things before selecting a lending company to pay your loans. You won’t regret the decision of getting loans if you will be able to get low-interest rates on it. You can either select one of the loan options given above or you can also take your decision once you have done proper research about it.

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