Personal loans have become a financial lifeline for individuals looking to meet their immediate expenses, fund a major purchase, or manage emergencies. 

In Haryana, like in many other regions, people often rely on personal loans due to their versatility, minimal documentation, and quick processing. 

Whether you're looking to consolidate debt, finance a wedding, renovate your home, or cover medical expenses, personal loans offer a convenient solution.

In this blog, we will explore the best options available for personal loans in Haryana, the interest rates offered, and the features that make them appealing to borrowers.

What is a Personal Loan?

A personal loan is an unsecured loan provided by banks, non-banking financial companies (NBFCs), and online lenders. 

It does not require any collateral, making it accessible to individuals without the need to pledge assets. 

The loan amount can be used for various personal needs, including education, travel, medical bills, home repairs, or simply consolidating existing debts.

Since personal loans are unsecured, the lender will assess your eligibility based on factors like your credit score, monthly income, and employment status. 

If you qualify, the loan is disbursed into your bank account and can be repaid through easy EMIs (Equated Monthly Installments) over a specified tenure.

Best Personal Loan Providers in Haryana

If you're looking for a personal loan in Haryana, you’ll find several reliable lenders offering competitive interest rates and flexible terms. Here are some of the top options:

1. My Mudra Fincorp Limited

My Mudra Fincorp Limited  is one of the most trusted names in the banking industry, offering a variety of personal loan products to cater to different needs. They offer loans for medical expenses, home renovation, travel, education, and more.

• Loan Amount: Up to ₹20 Lakhs

• Interest Rates: Starting from 9.60% p.a.

• Loan Tenure: Up to 6 years

• Eligibility: You must be a salaried or self-employed individual. The minimum income required is ₹15,000 per month (varies by city and job type).

• Processing Fee: 1% of the loan amount, plus applicable taxes.

Features:

• Low-interest rates

• Flexible loan tenure

• Easy documentation and quick approval

• Online application process

2. HDFC Bank Personal Loan

HDFC Bank is a popular private-sector bank that provides personal loans with quick processing, attractive interest rates, and minimal documentation. 

Their loan products cater to various purposes like home renovation, medical expenses, and business expansion.

• Loan Amount: ₹50,000 to ₹40 Lakhs

• Interest Rates: Starting from 10.50% p.a.

• Loan Tenure: 12 months to 5 years

• Eligibility: Salaried or self-employed individuals with a minimum income of ₹25,000/month.

• Processing Fee: 1.50% of the loan amount.

Features:

• Instant approval and disbursal

• No collateral required

• Flexibility to prepay or foreclose without penalties

• Easy online application

3. ICICI Bank Personal Loan

ICICI Bank offers a wide range of personal loan options with flexible repayment tenures. The loan application process is simple, and the bank also offers special loans for existing customers with better terms.

• Loan Amount: ₹50,000 to ₹20 Lakhs

• Interest Rates: Starting from 10.75% p.a.

• Loan Tenure: 12 months to 5 years

• Eligibility: Minimum net monthly income of ₹20,000 for salaried individuals.

• Processing Fee: 2.25% of the loan amount.

Features:

• Quick approval and disbursal

• Option for personal loan balance transfer

• No collateral required

• Flexible repayment options

4. Bajaj Finserv Personal Loan

Bajaj Finserv, one of India’s leading non-banking financial companies, provides personal loans with minimal documentation and fast approval. Bajaj Finserv’s personal loans are ideal for people looking for flexibility and ease in loan management.

• Loan Amount: ₹1 Lakh to ₹25 Lakhs

• Interest Rates: Starting from 13.00% p.a.

• Loan Tenure: 12 months to 60 months

• Eligibility: Salaried professionals and self-employed individuals with an income of ₹25,000 or more per month.

• Processing Fee: 2-3% of the loan amount.

Features:

• Instant loan approval

• Pre-approved offers for existing customers

• Flexi loan facility (borrowers can withdraw and repay loan amounts as per their needs)

• No collateral required

5. Fullerton India Personal Loan

Fullerton India is a reputed NBFC offering personal loans with flexible features to meet different customer needs. They are particularly popular for serving self-employed professionals and individuals without a formal salaried income.

• Loan Amount: ₹50,000 to ₹25 Lakhs

• Interest Rates: Starting from 11.99% p.a.

• Loan Tenure: 12 months to 5 years

• Eligibility: Applicants must have a minimum monthly income of ₹15,000 (for salaried individuals).

• Processing Fee: 1.5% of the loan amount.

Features:

• Quick disbursal with easy documentation

• Special schemes for self-employed individuals

• Flexible repayment tenure

• No hidden charges

Personal Loan Interest Rates in Haryana

The interest rates for personal loans vary across lenders and depend on multiple factors, including your credit score, income level, and the lender’s internal policies. 

However, the general range for personal loan interest rates in Haryana is between 9.60% to 24% per annum.

Here’s a breakdown of some common personal loan interest rates:

• Banks (SBI, HDFC, ICICI, etc.): 9.60% to 16% p.a.

• NBFCs (Bajaj Finserv, Fullerton India): 13% to 22% p.a.

• Online Lenders: 10% to 20% p.a.

To ensure you get the best rate, it’s essential to maintain a good credit score (preferably above 750) and have a steady income. Many lenders also provide pre-approved loans to existing customers with better interest rates and faster processing.

Key Features to Look for in a Personal Loan

When considering a personal loan in Haryana, keep an eye out for the following features:

1. Loan Amount and Tenure

Choose a loan amount that aligns with your financial needs. Most lenders offer loan amounts starting from ₹50,000 and going up to ₹40 Lakhs or more. Also, look for flexible loan tenures ranging from 12 months to 60 months.

2. Low Interest Rates

The interest rate directly impacts the total repayment amount. Opt for lenders with competitive rates to minimize your EMI burden and total repayment costs.

3. Processing Fees

Banks and NBFCs often charge a processing fee for personal loans, which can range from 1% to 3% of the loan amount. While it may seem like a small percentage, it’s worth considering when calculating your total cost.

4. Flexible Repayment Options

Ensure that the lender offers flexible repayment options, such as part-prepayments or early loan closure, to allow you to reduce the principal amount and interest costs if possible.

5. Quick Disbursement

If you need a loan in a hurry, choose a lender that promises quick disbursal. Many banks and NBFCs offer loans that can be disbursed within 24 to 48 hours after approval.

Conclusion

Personal loans in Haryana are easily accessible, with a variety of options from both traditional banks and NBFCs offering competitive interest rates and flexible features. 

Whether you're looking to finance a large purchase, consolidate debt, or cover an emergency, personal loans can help you meet your financial goals.

Before you apply, compare the loan amounts, interest rates, processing fees, and features across different lenders to find the best deal. 

By doing so, you’ll ensure that you’re making the right financial choice and securing a loan that fits your needs perfectly.