Top Banks and NBFCs Offering Low-Interest Personal Loans in Maharashtra

Introduction

Whether you live in Mumbai, Pune, Nashik, Nagpur, Thane, Aurangabad, or another city in Maharashtra, a personal loan can provide quick access to funds when you need them.

From medical emergencies and higher education to weddings, home renovation, debt consolidation, or an unexpected financial requirement, personal loans offer flexibility because they generally do not require collateral.

But convenience comes at a cost. The interest rate you receive can significantly affect your EMI and the total amount you repay.

That is why choosing the first lender that approves your application may not always be the best financial decision.

Several leading banks and NBFCs offer personal loans across Maharashtra. However, their advertised starting rates are not necessarily the rate every borrower receives. Your credit score, income, employment profile, existing EMIs, repayment history, loan amount, and relationship with the lender can all influence the final offer.

This guide compares some of the leading banks and NBFCs offering personal loans and explains what borrowers in Maharashtra should consider before applying.

What Is a Low-Interest Personal Loan?

A low-interest personal loan is an unsecured loan offered at a comparatively lower annual interest rate.

Unlike a home loan or car loan, you generally don't have to pledge an asset as security. Instead, the lender evaluates your creditworthiness and repayment capacity.

A lower interest rate can result in:

Lower monthly EMI
Lower total interest payable
Reduced overall borrowing cost
Greater repayment flexibility
Potentially easier monthly budgeting

However, interest rate alone should not determine your choice of lender.

Processing fees, foreclosure charges, late-payment charges, loan tenure, insurance, or other applicable costs can also affect the actual cost of borrowing.

Top Banks and NBFCs Offering Personal Loans in Maharashtra

Here are some major lenders worth considering when comparing personal loan options.

1. State Bank of India (SBI)

State Bank of India is one of India's largest public-sector banks and offers personal loan schemes to eligible borrowers.

According to SBI's published rate information updated on August 31, 2026, its personal loan scheme showed an effective interest rate range of 10.00% to 15.00% per annum, based on the applicable spread over its 2-year MCLR. SBI also reported a mean rate of 11.54% for Q1 FY 2026-27.

Why consider SBI?

Strong nationwide branch network
Established banking reputation
Competitive rates for eligible borrowers
Suitable for customers looking for a large established bank
Multiple personal-loan schemes

For borrowers in Maharashtra, SBI can be worth comparing, particularly if you already maintain an account or salary relationship with the bank.

Important: The actual rate offered to an individual borrower can differ from the published range.

2. HDFC Bank

HDFC Bank is another major lender offering personal loans across Maharashtra.

HDFC Bank currently publishes a salaried personal-loan rack rate of 9.99% to 24.00% per annum. Its published information also lists processing charges of up to ₹6,500 plus applicable GST.

For loans sanctioned during April-June 2026, HDFC Bank reported a minimum IRR of 9.97%, a maximum of 24.06%, and an average IRR of 10.89%.

Why consider HDFC Bank?

Wide presence across Maharashtra
Digital application options
Competitive starting rates for eligible customers
Flexible loan options
Established private-sector banking infrastructure

Borrowers should compare the rate offered to them rather than relying only on the advertised minimum.

3. ICICI Bank

ICICI Bank offers personal loans with fixed interest rates.

As of its current published information, ICICI Bank lists personal loan interest rates between 9.99% and 16.50% per annum, with processing charges of up to 2% plus applicable taxes.

The bank also states that eligible customers can receive personal loans of up to ₹50 lakh, with repayment tenure of up to 72 months.

Why consider ICICI Bank?

Competitive starting rate
Fixed-rate personal loans
Digital application process
No collateral generally required
Loan amounts of up to ₹50 lakh for eligible borrowers
No foreclosure charges after 24 EMIs, subject to applicable terms

ICICI Bank can be an option for borrowers who prefer predictable EMIs and a digital borrowing experience.

4. Axis Bank

Axis Bank is another major private-sector lender with personal loan offerings in Maharashtra.

Axis Bank currently advertises personal loan rates starting at 9.99% per annum, while its published rate information shows a wider range depending on customer profile and loan characteristics.

For loans disbursed during April-June 2026, Axis Bank reported rates ranging from 8.75% to 21.55%, with a mean rate of 13.07%.

Why consider Axis Bank?

Competitive starting rate
Digital application facilities
Loan amounts ranging from ₹50,000 to ₹50 lakh, subject to eligibility
Presence across major Maharashtra cities
Flexible repayment options

Existing Axis Bank customers may also want to check whether their relationship with the bank results in a personalized offer.

Top NBFCs Offering Personal Loans in Maharashtra

Banks aren't the only option.

Non-banking financial companies, commonly known as NBFCs, also provide personal loans to eligible borrowers. They can sometimes offer faster processing or cater to borrower profiles that may not fit a particular bank's lending criteria.

Here are two major NBFCs worth comparing.

5. Bajaj Finance

Bajaj Finance is one of the prominent NBFCs offering personal loans in India.

Its current published information lists personal loan interest rates ranging from 10% to 30.5% per annum.

Why consider Bajaj Finance?

Starting rate from 10% for eligible borrowers
Online application options
Flexible repayment options
Established lending network
Personal loans available for different financial requirements

However, the upper end of the published rate range is considerably higher. Therefore, borrowers should carefully check the personalized rate before accepting the offer.

6. Tata Capital

Tata Capital is another established NBFC providing personal loans.

Tata Capital currently advertises personal loans in Mumbai starting at 10.99% per annum, with repayment tenures of up to six years.

Why consider Tata Capital?

Competitive starting interest rate
Digital loan application
Flexible repayment tenure
Minimal documentation for eligible borrowers
No collateral generally required for personal loans

For borrowers in Mumbai and other parts of Maharashtra, Tata Capital can be included in a rate comparison before choosing a lender.

Personal Loan Interest Rate Comparison

The following table provides a quick comparison of the published starting/range information available from selected lenders.

Lender	Type	Published Rate Information*
SBI	Bank	10.00%–15.00% p.a.
HDFC Bank	Bank	9.99%–24.00% p.a.
ICICI Bank	Bank	9.99%–16.50% p.a.
Axis Bank	Bank	Starting around 9.99% p.a.; rates vary
Bajaj Finance	NBFC	10%–30.5% p.a.
Tata Capital	NBFC	Starting around 10.99% p.a.

*Rates are based on lender-published information available at the time of writing and can change. The final interest rate offered to an applicant depends on eligibility, credit profile, income, loan amount, tenure, employment profile, existing relationship, and the lender's internal assessment.

What Determines Your Personal Loan Interest Rate?

Seeing a lender advertise a low rate does not necessarily mean you will receive that exact rate.

Lenders generally evaluate several factors before deciding the interest rate.

1. Credit Score

Your credit score is one of the most important indicators of your creditworthiness.

A strong credit history can improve your chances of receiving a competitive interest rate.

Before applying, check your credit report for:

Existing loans
Outstanding balances
Missed payments
Incorrect entries
Recent credit inquiries

Correcting errors before applying can be beneficial.

2. Monthly Income

Your income helps the lender determine whether you can comfortably repay the proposed EMI.

A stable and sufficient income may improve your eligibility and borrowing terms.

Both salaried and self-employed applicants can qualify, although documentation and assessment criteria may differ.

3. Employer or Business Profile

For salaried borrowers, lenders may consider the employer's category, employment stability, and length of service.

For self-employed applicants, business vintage, income consistency, banking transactions, and financial documents may be considered.

4. Existing EMIs

Suppose you already have a home loan, car loan, credit card balance, or another personal loan.

The lender may consider your existing monthly obligations before approving a new loan.

A high debt-to-income ratio can reduce your borrowing capacity and may affect the rate offered.

5. Loan Amount and Tenure

The amount you borrow and the repayment period can influence your overall borrowing cost.

A longer tenure may reduce the monthly EMI but can increase the total interest paid over the life of the loan.

Therefore, don't select a tenure based solely on the lowest EMI.

How to Get a Low-Interest Personal Loan in Maharashtra

If your objective is to secure a competitive personal loan rate, consider the following steps.

Step 1: Check Your Credit Score

Know where you stand before submitting multiple applications.

Step 2: Compare Multiple Lenders

Don't compare only the advertised interest rate.

Compare:

Interest rate
Processing fee
GST on applicable charges
Foreclosure charges
Part-payment conditions
Late-payment charges
Loan tenure
Total repayment amount

Step 3: Check Pre-Approved Offers

If you already have a relationship with a bank or NBFC, check whether you have a pre-approved offer.

Such offers can sometimes provide a simpler application experience, although you should still review the complete terms.

Step 4: Borrow Only What You Need

Taking a larger loan simply because you are eligible for it can increase your financial burden.

Borrow based on your actual requirement and repayment capacity.

Step 5: Choose an Appropriate Tenure

A shorter tenure can mean a higher EMI but may reduce total interest paid.

A longer tenure can make the EMI more manageable but may increase the overall interest cost.

Step 6: Avoid Applying to Too Many Lenders at Once

Multiple loan applications within a short period can result in multiple credit inquiries.

Instead, shortlist lenders first and compare the offers carefully.

Example: Why Interest Rate Matters

Consider a hypothetical ₹5 lakh personal loan for five years.

At an interest rate of 10% per annum, the EMI would be approximately ₹10,624.

At 14% per annum, the EMI would be approximately ₹11,634.

That difference of roughly ₹1,010 per month may look small initially, but over five years it can add up to more than ₹60,000 in additional EMI payments.

This is why comparing interest rates before signing the loan agreement can make a meaningful difference.

The example is illustrative and excludes processing fees, taxes, and other applicable charges.

Bank vs NBFC: Which Is Better for a Personal Loan?

There is no universal answer.

The better option depends on your profile and the actual offer you receive.

Banks may be preferable when:

You have a strong credit profile
You have stable employment or income
You already have a banking relationship
You qualify for a competitive rate
You want to compare established banking products

NBFCs may be worth considering when:

You want additional lender options
You prefer a faster digital application process
Your profile doesn't fit a particular bank's criteria
You receive a competitive, personalized offer

The important point is to compare the actual loan offer, not simply whether the lender is a bank or an NBFC.

Documents Generally Required for a Personal Loan

Documentation varies between lenders and applicant categories, but borrowers may commonly be asked for:

PAN card
Aadhaar or other valid identity/address proof
Salary slips for salaried applicants
Bank statements
Income tax returns for eligible self-employed applicants
Business or income-related documents
Employment or business details
Passport-size photographs, where applicable

Digital lenders may collect or verify some information electronically.

Who Can Apply for a Personal Loan in Maharashtra?

Eligibility criteria differ among lenders.

Generally, applicants may need to meet requirements related to:

Age
Minimum income
Employment or business stability
Credit history
Existing financial obligations
Residence
Documentation

For example, a salaried professional working in Mumbai may have a different eligibility assessment from a self-employed business owner in Pune.

Therefore, always check the lender's current eligibility criteria before applying.

Frequently Asked Questions

Which bank offers the lowest personal loan interest rate in Maharashtra?

There is no single lender that offers the lowest rate to every borrower. Current published starting rates from major lenders such as HDFC Bank, ICICI Bank, and Axis Bank are around the 9.99% p.a. level, while SBI publishes an effective range of 10%–15% for its referenced personal loan scheme.

The rate you actually receive depends on your credit profile and the lender's assessment.

What is a good interest rate for a personal loan?

A rate around or below 10% p.a. can be considered competitive in the current market for a strong borrower profile, but the "right" rate depends on the overall cost of the loan and your eligibility.

Always compare the complete offer rather than focusing only on the headline rate.

Can I get a personal loan with a low CIBIL score?

It may be possible, but lenders may consider a weaker credit profile to be higher risk. This can result in a higher interest rate, a lower eligible loan amount, or stricter terms.

Improving your credit history before applying can potentially strengthen your application.

Is a personal loan from an NBFC better than a bank?

Not necessarily.

Banks and NBFCs have different eligibility criteria, pricing structures, and processing systems. The best choice is usually the lender offering you suitable terms based on your financial profile.

Can I get a personal loan without collateral?

Yes. Personal loans are generally unsecured, meaning borrowers do not usually have to pledge property, gold, or another asset as collateral.

However, approval depends on the lender's eligibility requirements.

Does a lower EMI mean a cheaper personal loan?

Not always.

A longer repayment tenure can reduce your monthly EMI while increasing the total interest paid.

Always compare the total repayment amount, not just the EMI.

Final Thoughts

Finding a low-interest personal loan in Maharashtra is not simply about choosing the lender with the lowest advertised rate.

The smarter approach is to compare the complete borrowing cost and understand the terms attached to the offer.

SBI, HDFC Bank, ICICI Bank, Axis Bank, Bajaj Finance, and Tata Capital are among the established lenders that borrowers can consider while comparing personal loan options. Their published rates show that pricing can vary significantly depending on the lender and borrower profile.

Before signing a loan agreement, check the interest rate, processing fee, applicable taxes, foreclosure conditions, repayment tenure, and total repayment amount.

Most importantly, borrow only what you can comfortably repay.

A personal loan can be a useful financial tool when used responsibly. The goal shouldn't simply be to get a loan approved—it should be to secure suitable financing without putting unnecessary pressure on your future finances.

Disclaimer

Interest rates, fees, eligibility criteria, and loan terms mentioned in this article are subject to change and may vary by lender and borrower profile; readers should verify the latest terms directly with the respective lender before applying.

Top Banks & NBFCs Offering Low-Interest Personal Loans in Maharashtra