Types of Loans in India

• SBI (State Bank of India)
• HDFC Bank
• Axis Bank
• Punjab National Bank (PNB)

State Bank of India (SBI) Loan Offerings

State Bank of India (SBI) is the largest public sector bank in India, offering a variety of loan products designed to meet the financial needs of individuals and businesses. From home loans to personal loans, SBI provides affordable interest rates, flexible repayment options, and a variety of services. Below is a detailed guide to the various loans available at SBI, including the types of loans, interest rates, policies, eligibility criteria, and key features.

1. Personal Loan from SBI

Overview: SBI’s personal loan is designed to help individuals meet their immediate financial needs such as medical expenses, wedding expenses, travel, home renovation, etc. It is an unsecured loan, meaning no collateral is required to avail it.

Loan Amount: ₹24,000 to ₹20 lakhs (depending on eligibility)

Interest Rate: 10.90% to 13.90% (effective rates depend on loan amount and tenure)

Loan Tenure: 1 year to 6 years

Processing Fee: 1% of the loan amount or ₹1,000 (whichever is higher)

Eligibility:

• Salaried individuals or self-employed professionals with a regular income
• Minimum monthly income requirement varies by location
• Age between 21 and 58 years (for salaried) or 21 to 65 years (for self-employed)
• Good credit score (700+)

Key Features:

• No need for collateral or guarantor
• Loan amount based on income and repayment capacity
• Quick loan disbursal
• Online loan application and tracking system

2. Home Loan from SBI

Overview: SBI offers a range of home loan products to help individuals buy a home, build a house, or renovate their existing property. With competitive interest rates and long repayment tenures, SBI home loans are popular among homebuyers in India.

Loan Amount: Up to ₹15 crore (depending on property value and income)

Interest Rate: 8.40% to 8.90% (fixed or floating rate options)

Loan Tenure: Up to 30 years

Processing Fee: 0.35% of the loan amount (minimum ₹1,000, maximum ₹10,000)

Eligibility:

• Indian citizens between the ages of 18 and 70 years
• Must have a stable income from a recognized source (salaried or self-employed)
• Minimum income requirement varies by location and type of property
• Good credit score (750+)

Key Features:

• Competitive interest rates with flexible tenure options
• Loan eligibility based on income, age, and property value
• Up to 90% funding for property purchase (subject to terms)
• Online home loan application and processing
• Special rates for women applicants

3. Car Loan from SBI

Overview: SBI provides car loans at attractive interest rates to help customers purchase new or used cars. The loan comes with flexible repayment terms and a range of options to choose from for both salaried and self-employed individuals.

Loan Amount: ₹1 lakh to ₹15 lakh (depending on the car’s value and applicant’s eligibility)

Interest Rate: 7.00% to 9.00%

Loan Tenure: 3 years to 7 years

Processing Fee: ₹1,000 to ₹10,000 (depends on loan amount)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Minimum annual income of ₹2.5 lakh (for salaried) or ₹3 lakh (for self-employed)
• Good credit history (credit score 700+)
• For used car loans, the vehicle’s age should not exceed 5 years

Key Features:

• Fast loan approval and disbursal process
• Loan amount of up to 100% of the on-road price for new cars
• Attractive interest rates with flexible EMI options
• Online application for easy loan tracking

4. Education Loan from SBI

Overview: SBI’s education loan is designed to help students pursue higher education in India or abroad. The loan covers tuition fees, accommodation, and other academic expenses.

Loan Amount: ₹20 lakh for domestic studies, ₹30 lakh for international studies

Interest Rate: 8.65% to 9.60%

Loan Tenure: 1 year to 15 years (depending on course duration and post-study grace period)

Processing Fee: Nil (processing charges applicable for loans over ₹4 lakh)

Eligibility:

• Indian citizens who have secured admission to a recognized institution
• Minimum age of 18 years at the time of application
• Good academic record
• Co-applicant (parent/guardian) with a steady income

Key Features:

• Easy repayment options after course completion
• Moratorium period (grace period) of 6 months to 1 year after course completion
• Coverage for all education-related expenses (tuition, books, travel, etc.)
• Tax benefits under Section 80E of the Income Tax Act

5. Loan Against Property (LAP) from SBI

Overview: SBI offers loans against residential, commercial, and industrial property to customers looking for large funds for personal or business needs. These loans are secured against the property used as collateral.

Loan Amount: ₹10 lakh to ₹5 crore (depending on property value and income)

Interest Rate: 9.60% to 10.15%

Loan Tenure: Up to 15 years

Processing Fee: 0.50% of the loan amount (minimum ₹5,000)

Eligibility:

• Indian citizens with ownership of residential, commercial, or industrial property
• Good credit score and stable income
• Age between 21 and 70 years

Key Features:

• Loan amount based on the market value of the property
• Attractive interest rates and flexible repayment terms
• Easy documentation and quick loan processing
• Top-up loans available after the first year of disbursement

HDFC Bank Loan Offerings

HDFC Bank is one of the leading private sector banks in India, known for its innovative banking solutions and customer service. It offers a wide range of loan products tailored to meet the financial needs of both individuals and businesses. HDFC Bank provides competitive interest rates, flexible repayment terms, and quick processing for various types of loans. Below is a detailed guide to the various loans offered by HDFC Bank, including the types of loans, interest rates, eligibility criteria, and key features.

1. Personal Loan from HDFC Bank

Overview: HDFC Bank offers personal loans for various purposes such as medical expenses, wedding costs, travel, home renovation, and more. These loans are unsecured, which means no collateral is required to avail of the loan.

Loan Amount: ₹50,000 to ₹40 lakhs (depending on eligibility)

Interest Rate: 10.75% to 21.00% (interest rate depends on the applicant’s profile)

Loan Tenure: 1 year to 5 years

Processing Fee: 1% of the loan amount or ₹1,000 (whichever is higher)

Eligibility:

• Indian citizens aged between 21 and 60 years
• Minimum monthly income requirement of ₹25,000 (varies by location and job type)
• Good credit score (750+)
• Stable source of income (salaried or self-employed)

Key Features:

• Quick loan disbursal
• No collateral required
• Attractive interest rates based on the applicant’s profile
• Flexible repayment options
• Online loan application and tracking

2. Home Loan from HDFC Bank

Overview: HDFC Bank offers home loans for the purchase of a new home, construction, renovation, and even for the purchase of land. With a reputation for providing affordable home loans with minimal paperwork, HDFC has been a trusted choice for homebuyers across India.

Loan Amount: ₹1 lakh to ₹10 crore (depending on eligibility and property value)

Interest Rate: 8.75% to 9.50% (interest rates depend on the applicant’s profile)

Loan Tenure: 1 year to 30 years

Processing Fee: 0.50% of the loan amount (minimum ₹3,000)

Eligibility:

• Indian citizens aged between 18 and 70 years
• Applicants with a stable income (salaried or self-employed)
• Good credit score (750+)
• Applicants should have a minimum of 2 years of work experience

Key Features:

• Loan amount based on income and property value
• Up to 90% loan-to-value ratio for property purchase
• Flexible EMI options
• Special schemes for women applicants
• Online home loan application

3. Car Loan from HDFC Bank

Overview: HDFC Bank provides car loans for both new and used cars with attractive interest rates and flexible repayment options. The bank aims to make it easier for customers to own a car with a quick loan approval process.

Loan Amount: ₹1 lakh to ₹1 crore (depending on car value and applicant’s eligibility)

Interest Rate: 9.00% to 11.00%

Loan Tenure: 1 year to 7 years

Processing Fee: ₹2,500 to ₹10,000 (depending on loan amount)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Minimum annual income requirement of ₹2.5 lakh (for salaried) or ₹3 lakh (for self-employed)
• Good credit score (700+)
• For used car loans, the car should not be more than 5 years old

Key Features:

• 100% funding available for new cars (on-road price)
• Quick loan processing and disbursal
• Attractive interest rates and flexible EMIs
• Online loan application and tracking

4. Education Loan from HDFC Bank

Overview: HDFC Bank offers education loans to students pursuing higher education in India or abroad. The loan covers tuition fees, accommodation, and other study-related expenses.

Loan Amount: ₹50,000 to ₹20 lakh (₹30 lakh for education abroad)

Interest Rate: 10.00% to 13.00%

Loan Tenure: 1 year to 15 years

Processing Fee: Nil (for loans up to ₹7.5 lakh)

Eligibility:

• Indian students who have secured admission to a recognized educational institution
• Minimum age of 18 years at the time of application
• Good academic record and admission to a recognized institution
• Co-applicant (parent/guardian) with a stable income

Key Features:

• Coverage for all educational expenses (tuition, travel, accommodation, etc.)
• Flexible repayment options after course completion
• Moratorium period of 6 months to 1 year
• Tax benefits under Section 80E of the Income Tax Act

5. Loan Against Property (LAP) from HDFC Bank

Overview: HDFC Bank offers loans against residential and commercial properties. These loans can be used for personal or business purposes, offering higher loan amounts and lower interest rates than unsecured loans.

Loan Amount: ₹10 lakh to ₹10 crore (depending on property value)

Interest Rate: 10.25% to 13.00%

Loan Tenure: Up to 15 years

Processing Fee: 0.50% of the loan amount (minimum ₹5,000)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Applicants with a stable income (salaried or self-employed)
• Good credit score (750+)
• Ownership of residential, commercial, or industrial property

Key Features:

• Loan amount based on property value and applicant’s income
• Competitive interest rates and flexible repayment options
• Top-up loans after one year of repayment
• Online application and approval

Axis Bank Loan Offerings

Axis Bank, one of India’s leading private sector banks, offers a comprehensive suite of financial products tailored to meet the needs of individuals, businesses, and corporate clients. The bank’s loan products come with attractive interest rates, minimal paperwork, and quick disbursement, making it a preferred choice for customers across the country. Below is a detailed guide to Axis Bank’s various loan offerings, including the types of loans, interest rates, eligibility criteria, and key features.

1. Personal Loan from Axis Bank

Overview: Axis Bank offers personal loans for various needs like medical expenses, weddings, home renovations, travel, and more. These loans are unsecured, meaning they don’t require collateral.

Loan Amount: ₹50,000 to ₹15 lakhs (depending on eligibility)

Interest Rate: 10.99% to 21.00% (interest rate depends on the applicant’s credit profile)

Loan Tenure: 1 year to 5 years

Processing Fee: 1.50% of the loan amount or ₹1,000 (whichever is higher)

Eligibility:

• Indian citizens aged between 21 and 60 years
• Minimum monthly income requirement of ₹25,000 (varies based on location and occupation)
• Good credit score (750+)
• Stable source of income (salaried or self-employed)

Key Features:

• No collateral required
• Quick approval and disbursal
• Attractive interest rates based on credit score
• Flexible repayment options
• Online loan application process

2. Home Loan from Axis Bank

Overview: Axis Bank provides home loans to individuals for the purchase of a new house, construction, or renovation of existing properties. The bank offers competitive interest rates and flexible loan terms.

Loan Amount: ₹3 lakhs to ₹10 crore (depending on eligibility)

Interest Rate: 8.75% to 9.50%

Loan Tenure: Up to 30 years

Processing Fee: 1% of the loan amount (minimum ₹10,000)

Eligibility:

• Indian citizens aged between 18 and 70 years
• Stable income (salaried or self-employed)
• Good credit score (750+)
• Income sufficient to repay the loan

Key Features:

• Attractive interest rates for homebuyers
• Loan amount based on property valuation and applicant’s income
• Special schemes for women applicants
• Online home loan application and approval tracking
• Up to 90% financing for home purchase

3. Car Loan from Axis Bank

Overview: Axis Bank offers car loans for the purchase of new and used cars. The bank provides quick loan processing and competitive interest rates.

Loan Amount: ₹1 lakh to ₹50 lakh (depending on car model and applicant’s eligibility)

Interest Rate: 9.60% to 12.00%

Loan Tenure: 1 year to 7 years

Processing Fee: ₹3,500 to ₹6,500 (depending on loan amount)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Minimum annual income requirement of ₹2.5 lakh
• Good credit score (750+)
• For used car loans, the car should not be older than 5 years

Key Features:

• Up to 100% funding for new cars
• Quick loan disbursal
• Attractive interest rates and flexible EMI options
• Online car loan application and tracking

4. Education Loan from Axis Bank

Overview: Axis Bank provides education loans to students pursuing higher education in India or abroad. The loan can cover tuition fees, accommodation, and other study-related expenses.

Loan Amount: ₹50,000 to ₹75 lakh (for study abroad)

Interest Rate: 10.00% to 14.00%

Loan Tenure: 1 year to 15 years

Processing Fee: Nil for loans up to ₹7.5 lakh

Eligibility:

• Indian students aged between 18 and 35 years
• Must have secured admission to a recognized educational institution
• Good academic record
• Co-applicant (parent/guardian) with a stable income

Key Features:

• Covers all educational expenses, including tuition, books, travel, and more
• Flexible repayment options with a moratorium period of up to 12 months
• Tax benefits under Section 80E of the Income Tax Act
• Online loan application and processing

5. Loan Against Property (LAP) from Axis Bank

Overview: Axis Bank offers loans against residential and commercial properties. These loans are secured, meaning you can use your property as collateral to avail a higher loan amount at competitive interest rates.

Loan Amount: ₹3 lakh to ₹10 crore (depending on property value)

Interest Rate: 10.50% to 14.00%

Loan Tenure: 1 year to 15 years

Processing Fee: 1% of the loan amount (minimum ₹5,000)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Stable income source (salaried or self-employed)
• Good credit score (750+)
• Property ownership (residential, commercial, or industrial property)

Key Features:

• Loan amount based on property value and income
• Flexible EMI options
• Tax benefits on interest paid
• Top-up loan option after one year of repayment

Punjab National Bank (PNB) Loan Offerings

Punjab National Bank (PNB), one of India’s oldest and largest public sector banks, offers a wide range of loan products designed to meet the diverse financial needs of individuals, businesses, and corporate clients. PNB’s loan offerings are aimed at providing customers with affordable financing options, with competitive interest rates, flexible terms, and easy application processes.

1. Personal Loan from PNB

Overview: PNB offers personal loans for various purposes such as medical expenses, weddings, travel, education, and home renovation. The loan does not require collateral and can be easily applied for online or at a branch.

Loan Amount: ₹50,000 to ₹20 lakhs (depending on eligibility)

Interest Rate: 10.55% to 14.00%

Loan Tenure: 1 year to 5 years

Processing Fee: 1% of the loan amount or ₹1,000 (whichever is higher)

Eligibility:

• Indian citizens aged between 21 and 60 years
• Minimum monthly income requirement of ₹20,000 (varies based on occupation and location)
• Good credit score (750+)
• Stable source of income (salaried or self-employed)

Key Features:

• No collateral required
• Quick loan approval and disbursal
• Flexible loan tenure
• Simple and minimal documentation
• Online loan application facility

2. Home Loan from PNB

Overview: PNB’s home loan offerings are designed to help individuals purchase, construct, or renovate their homes. The bank provides attractive interest rates and long repayment tenures, making it easier for individuals to own their dream home.

Loan Amount: ₹3 lakhs to ₹10 crore (depending on eligibility)

Interest Rate: 8.90% to 9.70%

Loan Tenure: Up to 30 years

Processing Fee: 0.50% to 1% of the loan amount (minimum ₹1,000)

Eligibility:

• Indian citizens aged between 18 and 70 years
• Stable income (salaried or self-employed)
• Good credit score (750+)
• Income sufficient to repay the loan

Key Features:

• Up to 90% financing for home purchase
• Special interest rates for women borrowers
• Long repayment tenure up to 30 years
• Loan amount based on property value and applicant’s income
• Simple and quick documentation process

3. Car Loan from PNB

Overview: PNB offers car loans to finance the purchase of both new and used cars. The bank provides attractive interest rates and flexible repayment options, ensuring that customers can easily own their desired car.

Loan Amount: ₹1 lakh to ₹50 lakh (depending on car model and applicant’s eligibility)

Interest Rate: 9.00% to 12.00%

Loan Tenure: 1 year to 7 years

Processing Fee: ₹3,000 to ₹6,000 (depending on loan amount)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Minimum annual income requirement of ₹2.5 lakh
• Good credit score (750+)
• For used car loans, the car should not be older than 5 years

Key Features:

• Up to 100% financing for new cars
• Attractive interest rates and flexible repayment terms
• Loan disbursement within a short period
• Online application process for faster approval

4. Education Loan from PNB

Overview: PNB offers education loans for students pursuing higher education in India and abroad. These loans can cover tuition fees, living expenses, and other study-related costs.

Loan Amount: ₹50,000 to ₹20 lakh (for study in India), ₹50,000 to ₹1.5 crore (for study abroad)

Interest Rate: 8.60% to 10.50%

Loan Tenure: 1 year to 15 years

Processing Fee: Nil to ₹500 (depending on loan amount)

Eligibility:

• Indian students aged between 18 and 35 years
• Must have secured admission to a recognized educational institution
• Good academic record
• Co-applicant (parent/guardian) with a stable income

Key Features:

• Loans cover tuition fees, accommodation, and other study-related expenses
• Flexible repayment options with a moratorium period
• Tax benefits under Section 80E of the Income Tax Act
• Loan approval within a short span of time

5. Loan Against Property (LAP) from PNB

Overview: PNB offers loans against residential and commercial properties. These loans are secured, meaning you can pledge your property as collateral in exchange for a larger loan amount at competitive interest rates.

Loan Amount: ₹1 lakh to ₹5 crore (depending on property value)

Interest Rate: 10.50% to 14.00%

Loan Tenure: 1 year to 15 years

Processing Fee: 1% of the loan amount (minimum ₹5,000)

Eligibility:

• Indian citizens aged between 21 and 65 years
• Stable income (salaried or self-employed)
• Good credit score (750+)
• Property ownership (residential, commercial, or industrial property)

Key Features:

• Loan amount based on property value and applicant’s income
• Flexible repayment options
• Top-up loan option after 6 months of repayment
• Easy documentation process