Personal Loans Compared: Rates, Fees and Approval Speed

Poonawalla Fincorp lists a starting rate of 9.99% p.a. on its page content, while the comparison data records a 9.0% floor, so verify the live offer before relying on the lower figure. The lender advertises loans up to ₹50 lakh and terms from 12 to 84 months, with approval in as little as 10 minutes in the comparison data. That speed is useful, but the rate can vary widely by profile and the maximum amount is lower than HDFC Bank or ICICI Bank in some offers. No prepayment charge after six months is a meaningful benefit if you expect a bonus or salary increase and plan to clear the balance early. Best for borrowers with strong credit who want to test the lowest available rate and need quick processing, provided the final written offer confirms both the rate and fees.

Kotak Mahindra Bank starts at 10.25%, slightly above Poonawalla's listed floor, but existing customers may face less paperwork through the bank's digital platform. The rate can rise to 24%, which is the detail that should shape your decision more than the opening number. A processing fee of up to 2.5% also reduces the benefit of a modestly lower rate. The stated minimum salary of ₹25,000 makes this less accessible to lower-income applicants, while a strong credit profile is likely to matter for the advertised pricing. Best for existing Kotak customers earning at least ₹25,000 monthly who value reduced documentation and can secure a rate well below the lender's 24% upper band.

Axis Bank's comparison rate starts at 10.49%, and its official page advertises personal loans up to ₹50 lakh with terms extending to 84 months. The strongest use case is a pre-approved customer who can access fast disbursement through the mobile app; applicants without that relationship should not assume the same speed. The comparison data cites a CIBIL score of 700 or higher and a processing fee of up to 2%. That fee is not trivial on a large loan, so compare the net amount received with HDFC Bank and ICICI Bank rather than comparing rates alone. Best for existing Axis customers with a CIBIL score above 700 who need a large loan quickly and already have a pre-approved offer.

HDFC Bank advertises a starting rate of 9.99% and loans up to ₹1 crore on its official page, although the comparison data lists up to ₹50 lakh, so the approved limit must be confirmed in the individual offer. Existing HDFC customers may receive instant approval with little or no documentation, but that convenience should not be confused with universal eligibility. The processing fee can reach 2.5%, and the best rates generally require a CIBIL score of 700 or higher. Compared with Axis Bank, HDFC offers a lower starting rate and a larger stated ceiling, but the fee can erase part of that advantage. Best for existing HDFC customers with stable income, a CIBIL score above 700 and a borrowing need above ₹25 lakh.

Kotak appears here again for a reason: its 10.25% starting rate is not the lowest, but existing customers may get a smoother application through the bank's digital banking system. The important warning is the 24% maximum rate and processing fee of up to 2.5%. A borrower taking a longer term to reduce the EMI could pay substantially more if the final rate lands near the upper end. Compared with SBI, Kotak may move faster digitally, but SBI offers a narrower published range. Best for a salaried existing customer who can qualify for a near-floor rate and wants a digital application rather than the broadest possible rate certainty.

IDFC FIRST Bank allows loans from ₹20,000, one of the smallest minimum amounts in this comparison, and the absence of foreclosure or prepayment charges is unusually useful for short-term borrowing. The starting rate is 10.49%, but the maximum can reach 24%, so the no-penalty feature does not compensate for an expensive approval. The bank also has fewer branches than older major lenders, which may matter if you prefer in-person support. Best for someone borrowing a small amount who expects to repay early, especially if the final rate is comfortably below the 24% ceiling.

SBI starts at 10.0% and the comparison data gives it a maximum rate of 15.65%, a much narrower band than Kotak or IDFC FIRST Bank. That ceiling makes the offer easier to evaluate, even though processing generally takes one to two days rather than minutes. The trade-off is a maximum loan amount of ₹20 lakh and a higher minimum CIBIL requirement. SBI's official page should be checked for the exact product variant, because public-bank loan terms can differ by employment and relationship status. Best for borrowers with strong credit who prefer a predictable rate range and can wait one or two days for processing instead of paying for speed.

Tata Capital offers up to ₹35 lakh at a comparison starting rate of 10.50%, while its page content advertises a 10.99% starting rate and instant disbursal subject to conditions. That difference is exactly why the live lender page matters. The Tata Group association may reassure borrowers who prefer a familiar name, but this is an NBFC rather than a bank, and the ₹25,000 minimum salary narrows eligibility. A processing fee also applies, so request the net disbursal and total repayment before accepting. Best for a salaried borrower earning at least ₹25,000 monthly who needs more than SBI's ₹20 lakh ceiling and is comfortable comparing an NBFC against bank offers.