Compare Banks by their Interest Rates

Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.

Personal Loans are unsecured loans when the banks or NBFCs need no security to sanction the loan. A personal loan helps help when there is a sudden financial need and the borrower is free to use the money as per their choice. Having such delightful features in it, a personal loan is 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, a personal loan 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.

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 15.75%-20.00% 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 11.59%-22.00% 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%-14.90% 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 11.29%-14.29% 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%-19.99% 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% onwards Up to ₹ 25 lakhs 5 2,224 2.25% - 3% of the loan amount Up to 4% plus applicable taxes on principal outstanding
IndusInd Bank 11.25%-30.50% 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 11.99% onwards For Salaried- Up to ₹ 30 lakhs
For Entrepreneurs- Up ₹ 10 lakhs
5 2,224 Up to 2.25% of the loan amount Up to 5% on the principal outstanding
Tata Capital 11.99%-19.00% Up to ₹ 15 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.

  • Personal loans are unsecured loans and easy to get
  • There is less documentation in a personal loan process as there is no security needed
  • The borrower is free to use the money to fulfill any financial needs (personal or professional)
  • The easy repayment makes it more attractive as the borrower can choose the loan tenure as per their comfort
  • A personal loan helps in the times when there is an urgent need of huge amount of money
  • Both salaried and self-employed professionals can take a personal loan
  • The loan amount and interest rates are calculated on the basis of the profile of the borrower. Hence, the better the income profile of the borrower, the higher is the possibility of getting higher loan amount.
  • Low processing fee and prepayment charges
  • There is flexible tenure on a personal loan

Personal Loan Interest Rates Details of Top Banks of India

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.

SBI Personal Loan Interest Rates

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:

  • Xpress Credit Personal Loan: This personal loan SBI scheme is available to fulfill all kinds of financial needs be it a personal one or a professional one. Any salaried employee working in a reputed organization can avail this loan facility. The interest rates offered under this scheme starts from 12.90% to 14.90% p.a.
  • SBI Saral Personal Loan: This loan scheme is mainly for professionals and a self-employed public. SBI Saral Personal Loan amount is decided on the basis of the income of the borrower and can be availed for any legitimate purpose. The interest rate offered under this scheme is 12.45% p.a.
  • SBI Pension Loan: All Central or State Government or Defence pensioner can avail this loan facility offered by the SBI. The maximum age of the loan applicant is 76 years and the rates offered is 12.45% per annum.

HDFC Personal Loan Interest Rates

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 15.75% 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.

Axis Bank Personal Loan Interest Rates

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 personal loan starting from 15.50% 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.

ICICI Personal Loan Interest Rates

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 personal loan start from 11.59% p.a. onwards which is one of the lowest personal loan interest rate in the market today. 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.

Things To Remember Before Taking Personal Loan

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.

  • To get the real idea of the monthly payments, a borrower must check the rate of interest and other applicable charges as banks charge a processing fee also
  • For a personal loan, a healthy credit score is very important. So, check it in advance.
  • As the personal loan is an unsecured loan, the maximum limit of the loan amount is generally ₹ 30 lakhs.

Factors Affecting Personal Loan Interest Rates

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.

  • Loan Amount- The most important thing that banks consider is the loan amount requirement of the borrower. As the loan amount is calculated on the basis of the income and of the borrower and the category of the company they are working with. Hence, the higher the income of the applicant, the higher loan amount he/she can take.
  • Tenure- The interest rate is directly dependent on the tenure of the loan. The longer the tenure, the lesser the offered rates will be.
  • Repayment Capacity- The repayment capacity of the individual plays a vital role in determining the interest rates. If the borrower has no running loan, banks consider that the loan repayment will be smoother.