Cheapest Personal Loan Apps in India 2026 — Verified APRs

Ranked by real APR (2026)

1. HDFC Bank — 10.5-16% (needs 750+ CIBIL, existing customer)

2. SBI YONO — 11-14% (govt/PSU employees best)

3. ICICI iMobile — 11.25-17%

4. Axis Bank — 11.5-18%

5. Bajaj Finserv — 12-24% (fast, higher rate)

6. MoneyView — 15-30% (fast, small ticket)

7. KreditBee — 16-32% (30 min disbursal)

8. CASHe — 18-33% (salaried only)

Hidden charges to check

• Processing fee: 1-3% (deducted from disbursal)
• GST on processing: 18%
• Insurance (optional but often auto-added): 1-2% of loan
• Foreclosure: 0-5% (banks charge, NBFCs mostly free)

True cost formula

Actual borrowing cost = Interest + processing + GST + insurance. Always ask for "APR" not "interest rate".

Best for

• Emergency (30 min): KreditBee, MoneyView
• Large amount (>₹5L): HDFC, SBI, ICICI
• Poor CIBIL (<650): try MoneyView, LazyPay, KreditBee