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Top 5 Partners Offering the Lowest Personal Loan Interest Rate on the Bajaj Markets App

In today’s fast passed world, everything is available in an instant at your doorstep, from gourmet food to nail polish or even a laptop.

The same applies to personal loans. It is easy to get an instant loan with the right credentials.

There are many loan apps on which you get quick approval for a personal loan that suits your requirements. So, when you need the money to finance a home renovation that you were thinking of during breakfast, an instant loan can turn that thought into reality before you finish your morning coffee!

Personal loans can be a lifeline that provides you with immediate cash to meet unplanned expenses, such as medical treatments, or to cover the cost of a vacation that is well overdue.

When shopping for the best personal loan, one of the most important factors is the rate of interest. After all, it defines how stress-free your repayment is. To help you get started, here are 5 lending partners on the Bajaj Markets App offering the lowest interest rates on personal loans.

1.  Privo

Privo[EW1]  offers a low interest rate on personal loans starting at 9.99% per year. The one-time processing fee can range up to 3% of the value of the loan. Another standout benefit you can get is zero foreclosure and part-prepayment charges. The loan tenure provides flexibility and ranges from 3 months to 5 years. and the loan amount is capped at ₹5 Lakhs.

You can qualify for the Privo Personal Loan with ease as the terms include being

between 21 and 57 years of age with a minimum salary of ₹20,000 per month with a CIBIL score of at least 700. The documents you need to submit are simple and include your Aadhaar card, bank statement and PAN card.

2.  Axis Bank

Axis Bank offers a competitive interest rate on a personal loan, which starts from 10.49% per annum. You pay a processing fee of up to 2% of the loan amount. However, you can get a higher quantum of funds from Axis of up to ₹25 Lakhs with a long loan tenure ranging up to 5 years.

Additionally, prepayment charges of 5% are applicable if you part-prepay or foreclose the loan. Axis Bank’s Personal Loan eligibility criteria are simple and require you to be a salaried Indian citizen between 21 to 60 years of age. Your monthly income should be at least ₹15,000 per month, and you need to have work experience of at least 3 years.


YES BANK offers personal loans with a rate of interest that starts from 10.99% p.a. You can get anywhere between ₹1 Lakh to ₹50 Lakhs from YES BANK. Along with a high loan amount, you can repay comfortably with a tenure ranging from 12 months to 60 months.

The bank applies a processing fee of up to 2.5% on the loan amount. You can prepay the loan partially (20-25%) once 12 EMIs have been paid, and charges are 2% on the part-payment amount. Foreclosing the loan is also possible with zero charges if you do so after 48 months.

All you need to do is be between 21 and 60 years of age, work in a public sector or private sector organization and earn a monthly income based on your place of residence to qualify for this loan. The minimum income required is ₹20,000 if you hail from a Tier-1 city and ₹15,000 if you hail from a Tier-2 or Tier-3 city.

4.  Kotak Mahindra Bank

Kotak Mahindra Bank also offers personal loans at interest rates starting from 10.99% per year. You can get financing from ₹50,000 to ₹25 Lakhs and repay with ease in up to 5 years. The processing fee ranges between 1.10% to 1.50%. If you plan to repay your loan in full early, foreclosure charges of up to 4% will apply.

Kotak Mahindra Bank accepts part-payment of up to 20% of the loan amount after you pay 12 EMIs. An advantage you can enjoy is the facility of a top-up loan after 9 months of the sanction date. What’s more, you can get an instant disbursal of up to ₹5 Lakhs, while loans up to ₹25 Lakhs will take less than 48 hours to reach your bank account.

At Kotak, you will need to meet slightly stricter eligibility criteria. You can apply if you are between 21 and 60 years of age and earn between ₹20,000 to ₹30,000 per month, based on your employer. You need to have a graduate degree with work experience of at least 1 year and a CIBIL score of 750 or above and need to be a resident of your current place for at least 1 year.

5.  L&T Personal Loan

L&T completes this list of the top 5 lenders who offer the lowest interest on personal loans. It offers loans at interest rates starting from 11% per year. You can get a loan of up to ₹7 Lakhs and repay it between 24 to 48 months. The lender charges you a processing fee of 2% of the loan amount with foreclosure charges of 5% of the outstanding principal.  

The eligibility criteria are really easy to meet as all L&T requires is that you are an Indian citizen with a valid ID and between 23 and 57 years of age. The documents you need to submit include your Aadhaar, PAN card and address proof.

With these lenders offering instant loans at the touch of a button, you can enjoy financing that is both quick and affordable. So, what are you waiting for? Download the Bajaj Markets App now from the App Store or Google Play and get started!

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