Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.
Personal Loans, being unsecured loans are easy to avail as banks or NBFCs offer this credit facility to all the borrowers without any security or collateral. Availing this loan definitely comes handy for those who are looking for the funds/finances instantly so as to meet either personal or professional needs. Well, with no security or collateral required, it would not be wrong to say that personal loan comes with such a delightful feature, hence is no doubt one of the best loans that a person can dream of. From a professional need of starting a new business to a personal need like financing your wedding, this sort of credit fulfills all the desires of the borrower.
A personal loan gives the borrowers a huge loan amount, instant loan approval with less documentation and flexible repayment options. There are many banks and non-banking financial companies who provide a personal loan to self-employed without financial document and a personal loan to salaried with less than ₹ 15,000 monthly salary.
Before applying for a personal loan, a borrower must be aware of the best personal loan offers available in the market on the basis of their profile and the personal loan eligibility. A person can check if he/she is eligible for a personal loan with the help of the personal loan eligibility calculator. After checking the eligibility, the borrower has the freedom to choose the lowest personal loan interest rates as per their requirement. With the help of checking or rather comparing the interest rates, you would be able to grab the best deal. The lower the rates are, the more beneficial it is for a borrower as it lowers the EMI burden in the long run.
Here are some of the top banks in India to do personal loan interest rate comparison and choose which bank is the best for personal loan:
|Banks||Interest Rate (p.a)||Loan Amount (in ₹)||Tenure (in years)||EMI per lac(in ₹)||Processing Fees||Prepayment Charges|
|HDFC Bank||10.99% - 19.50%||For Salaried-
Up to ₹ 25 lakhs For Self-employed
- Up to ₹ 15 lakhs
|5||2,419-2,649||Up to 2.50% of the loan amount or Minimum of ₹ 1,000/- & Maximum of ₹ 25000/- for Salaried Customers||Up to 4% of the principal outstanding + service tax|
|ICICI Bank||11% - 18.49%||For Salaried- Up to ₹ 20 lakhs For Self-employed- Up to ₹ 30 lakhs||5||2,199||Up to 2.25% of loan amount + service tax||5% of principal outstanding + service tax|
|Axis Bank||15.50%-24.00%||Up to ₹ 15 lakhs||5||2,419||1.50% to 2.00% + service tax as applicable||NIL|
|SBI||11.90%-16.55% (unsecured), 10.55%-15.65% (secured)||Up to ₹ 15 lakhs||5||2,247-2,461||1% of the Loan Amount + applicable Service Tax||3% of the principal outstanding
+ service tax
|Kotak Mahindra Bank||11% - 18.85%||Up to ₹ 15 lakhs||5||2,199-2,877||Up to 2% of the loan amount+ service tax||5% of principal outstanding + service tax|
|Citibank||11.99%-18.99%||Up to ₹ 30 lakhs||5||2,352-2,485||Up to 2.5% of the loan amount sanctioned||Up to 3% on total principal outstanding|
|Bajaj Finance||11.99% - 16%||Up to ₹ 25 lakhs||5||2,326||2.25% - 3% of the loan amount||Up to 4% plus applicable taxes on principal outstanding|
|IndusInd Bank||12.99% - 20%||Up to ₹ 15 lakhs||5||2,199||Up to 2.50% of loan amount plus tax||Up to 4% plus applicable taxes on principal outstanding|
|Standard Chartered||10.99% -14.49%||For Salaried- Up to ₹ 30 lakhs
For Entrepreneurs- Up ₹ 10 lakhs
|5||2,224||Upto 3% of the loan amount||Upto 5% of the principal outstanding|
|Tata Capital||13% - 21%||Up to ₹25 lakhs||6||2,250-2,622||Upon applying for a personal loan||4.5% of the principal outstanding at the time of foreclosure + ST|
Here are some of the important features that make a personal loan a well-wisher for all kinds of financial needs.
Below are the details of the some of the best personal loan banks in India. With the help of these details, a borrower can choose which bank gives lowest interest rate for personal loan.
State Bank of India has several personal loan schemes keeping in mind people from all strata of society. SBI Personal Loan Interest Rates are one of the lowest personal loan interest rates and variable as per the requirement of the customer. The personal loan schemes of SBI along with their details are as follows:
HDFC Personal Loan is easy to get and has less documentation. HDFC Personal Loan Interest Rate is one of the lowest interest rates available in the market with the starting rate of 10.99% per annum and goes upto 19.5% per annum. The bank charges a minimal processing fee and offers flexible repayment options. The personal loan scheme of HDFC bank also offers life protection cover of up to ₹ 8 lakhs for accidental hospitalization and up to ₹ 1 lakh for death or permanent disability of the loan borrower.
Be it any personal or professional need, Personal loan Axis Bank can be taken for any unforeseen financial need. The bank offers the interest rate on a personal loan ranging between 15.50%-24% per annum. The loan can be taken by any salaried individual with the wide range of loan amount option facility. The simple loan application procedure and easy documentation make Axis Bank personal loan an attractive one.
The personal loan ICICI bank can be availed by any individual who has a good source of income. The loan amount that a person can get is dependent on the repayment capacity and the income profile of the bank. ICICI Personal Loan Interest Rates are fixed rate of interest which is on a monthly reducing basis. The interest rates on a personal loan starts from 11% p.a. onwards which is one of the lowest personal loan interest rate in the market today and goes upto 18.49% per annum. There is simple payment option through ECS, AD or PDC for the customer to choose the payment mode as per their convenience.
To get a personal loan from ICICI bank, there is no security required and hence the loan approval is easy with less documentation included.
Even after getting the idea of the best options available in the market for a personal loan, a borrower must do a cross-check. The below-listed points will be helpful to take a personal loan before applying for a personal loan.
For a personal loan, banks and NBFCs have set certain criteria on the basis of which they offer the interest rates to the loan seeker. Here are the factors on which the personal loan rates are offered.