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Top 10 Ways to Get Loans in India 

Loans play a crucial role in fulfilling financial needs, whether for personal expenses, education, business growth, or emergencies. In India, multiple lending options are available, including banks, NBFCs, digital lenders, and government schemes.

This 2000-word guide covers the top 10 ways to get loans in India, their interest rates, eligibility, pros & cons, and application process.

1. Personal Loans from Banks

What is a Personal Loan?

A personal loan is an unsecured loan offered by banks and NBFCs for various purposes like medical emergencies, weddings, travel, or debt consolidation.

Key Features:

  • Loan Amount: ₹10,000 – ₹50 lakhs

  • Interest Rate: 10.5% – 24% p.a.

  • Tenure: 1 – 7 years

  • Processing Fee: 1% – 3% of loan amount

Top Lenders:

  • HDFC Bank

  • State Bank of India (SBI)

  • ICICI Bank

  • Axis Bank

  • Bajaj Finserv

Eligibility:

  • Credit Score: 700+

  • Income: ₹15,000+ per month (salaried)

  • Age: 21 – 65 years

Pros & Cons:

✅ No collateral required
✅ Quick disbursal (24-72 hours)
❌ High interest for low credit scores
❌ Strict eligibility criteria

How to Apply?

  1. Online: Via bank website/app (pre-approved offers)

  2. Offline: Visit branch with documents (salary slips, ID proof)

2. Gold Loans

What is a Gold Loan?

A secured loan where gold jewelry is pledged as collateral.

Key Features:

  • Loan Amount: Up to 75% of gold value

  • Interest Rate: 7% – 29% p.a.

  • Tenure: 3 months – 5 years

Top Lenders:

  • Muthoot Finance

  • Manappuram Finance

  • SBI Gold Loan

  • HDFC Gold Loan

Eligibility:

  • Gold Purity: 18K – 24K

  • No income proof needed

Pros & Cons:

✅ Instant approval (30 mins)
✅ Low interest compared to personal loans
❌ Risk of losing gold if unpaid
❌ Short repayment period

How to Apply?

  1. Visit lender with gold jewelry & ID proof.

  2. Get valuation & loan disbursal on the spot.

3. Loan Against Property (LAP)

What is LAP?

A secured loan where property (residential/commercial) is mortgaged.

Key Features:

  • Loan Amount: 50% – 70% of property value

  • Interest Rate: 8% – 15% p.a.

  • Tenure: Up to 20 years

Top Lenders:

  • HDFC LAP

  • LIC Housing Finance

  • PNB Housing

Eligibility:

  • Property Ownership

  • Income Proof

  • Credit Score: 650+

Pros & Cons:

✅ Lower interest than personal loans
✅ Long repayment tenure
❌ Risk of property seizure
❌ Lengthy approval process

How to Apply?

  1. Submit property documents & income proof.

  2. Bank evaluates property before disbursal.

4. Credit Card Loans

What is a Credit Card Loan?

Borrow against credit limit via cash advance or EMI conversion.

Key Features:

  • Loan Amount: Up to 90% of credit limit

  • Interest Rate: 18% – 48% p.a.

  • Tenure: 3 – 24 months

Top Lenders:

  • HDFC Credit Card Loan

  • SBI Card EMI

  • ICICI Instant Cash

Eligibility:

  • Active credit card (6+ months old)

  • Good repayment history

Pros & Cons:

✅ Instant money in bank account
✅ No extra documentation
❌ Very high interest
❌ Affects credit score if misused

How to Apply?

  1. Use net banking/app to convert to EMI.

  2. Call customer care for cash advance.

5. Peer-to-Peer (P2P) Lending

What is P2P Lending?

Borrow from individual investors via online platforms.

Key Features:

  • Loan Amount: ₹10,000 – ₹10 lakhs

  • Interest Rate: 12% – 30% p.a.

Top Platforms:

  • Faircent

  • Lendbox

  • 12% Club (BharatPe)

Eligibility:

  • Credit Score: 600+

  • Income Proof

Pros & Cons:

✅ Faster than banks
✅ Flexible terms
❌ High risk of fraud
❌ No RBI insurance

How to Apply?

  1. Register on P2P platform.

  2. Submit documents & get investor bids.

6. Government-Backed Loans

Types of Govt Loans:

  1. MUDRA Loan (Up to ₹10 lakh for small businesses)

  2. PM SVANidhi (₹10,000 – ₹50,000 for street vendors)

  3. Stand-Up India (SC/ST/women entrepreneurs)

Interest Rate: 7% – 12% p.a.

How to Apply?

  • Visit CSC centers or bank branches.

7. Loan Against Fixed Deposit (FD)

Key Features:

  • Loan Amount: Up to 90% of FD value

  • Interest Rate: 2% – 3% above FD rate

Top Lenders:

  • SBI

  • HDFC

  • Post Office

Pros & Cons:

✅ Lowest interest
✅ No credit check
❌ FD gets blocked

8. Instant Loan Apps

Top Apps:

  • KreditBee

  • MoneyTap

  • CASHe

Interest Rate: 15% – 35% p.a.

Risk:

⚠️ Avoid unauthorized apps charging hidden fees.

9. Business Loans

Types:

  • Working Capital Loan

  • Startup Loan

  • MSME Loan

Top Lenders:

  • SBI Business Loan

  • Bajaj Finserv

  • Tata Capital

10. Education Loans

Key Features:

  • Loan Amount: Up to ₹1.5 crore

  • Interest Rate: 8% – 12% p.a.

Top Lenders:

  • SBI Scholar Loan

  • Avanse

  • Axis Bank

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