Personal Loan Interest Rates

Interest Rates 2017 443 views

Interest Rate Comparison Tool

All that glitters is not gold; the same goes for loans! Have you done your research?

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Below is a table showing personal loan interest rates of top banks in India

BanksInterest Rate (p.a)Loan Amount (in ₹)Tenure (in years)EMI per lac(in ₹)Processing FeesPrepayment Charges
HDFC Bank10.99% - 16.75%For Salaried- Up to ₹ 15 lakhs52,174-2,472Up to 2.50% of the loan amount or Minimum of ₹ 1,000/- & Maximum of ₹ 25000/- for Salaried CustomersNil-Up to 4% of the principal outstanding + GST
ICICI Bank11.00% - 18.49%Up to ₹ 20 lakhs52,174-2,566Up to 2.25% of loan amount +GST5% of principal outstanding + GST
Axis Bank

15.50% - 24.00%

Up to ₹ 15 lakhs52,405-2,8771.50% - 2.00% + GSTNIL
SBI11.90% - 14.90%Up to ₹ 15 lakhs52,219-2,374Nil-0.5% of the loan amount + GSTNil-3% of the principal outstanding + GST
Kotak Mahindra Bank10.99% - 17.99%Up to ₹ 15 lakhs52,174-2,539Up to 2.5% of the loan amount+ GST5% of principal outstanding + GST
Citibank

10.99% - 18.99%

Up to ₹ 30 lakhs52,174-2,594Up to 2.5% of the loan amountUp to 3% on total principal outstanding
Bajaj Finance/Finserv11.99% - 15.50%Up to ₹ 25 lakhs52,224-2,4322.25% - 3% of the loan amountUp to 4% plus GST on principal outstanding
IndusInd Bank

12.99% - 20.00%

Up to ₹ 15 lakhs52,275-2,649Up to 2.50% of loan amount plus GSTUp to 4% plus GST on principal outstanding
Standard Chartered Bank10.99% - 14.50%Up to ₹ 30 lakhs
52,174-2,3520% of the loan amount2% of the principal outstanding
Tata Capital13.00% - 21.00%Up to ₹25 lakhs71,819-2,281As applicable by the lender4.5% of the principal outstanding at the time of foreclosure + GST

Akash Gupta wanted to avail a personal loan but he didn’t know the interest rates. So one day while surfing online he came to know about Wishfin-an online portal where you can compare & check interest rates of different banks and apply for a loan of your choice. He visited the site and found the interest rates of various banks at one place, which actually helped him in availing a loan. He compared the rates of different lenders and got the best deal for a personal loan. Let me tell you my friend Comparison is the key here. By doing the comparison, you can easily differentiate which lender is offering you a loan at attractive rates. This leads to further savings in EMI and Interest.

Those who don’t compare interest rates before availing a personal loan usually end up paying more. Want a proof? Take a look at the next example.

Sumit Patel didn’t compare the rates online. Instead he went atraight to the bank branch and applied for a loan. The bank accepted his application but offered him a loan at a much higher rate. And, guess what? He is suffering from a massive pile of debt by having to pay a bigger EMI than his friend Akash. And, in fact he is on the verge of default.

So would you like to be in the situation of Akash or Sumit? The answer, I guess, is a foregone conclusion…

Personal Loan Interest Rates of Top Banks in 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.

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 10.99% per annum and goes upto 16.75% 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.

Personal Loan Interest Rates ICICI

The personal loan of 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.

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 11.90% to 14.90% 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.

 Personal Loan Interest Rates Axis Bank

Be it any personal or professional need, Personal loan Axis Bank can be taken for any unforeseen financial need. Axis Bank personal loan interest rates range 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.

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 in applying for a personal loan online.

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.

Which Bank is Best for Personal Loan

When it comes to availing a personal loan, usually a question, i.e. which bank is the best for personal loan comes in the mind of many. However, in order to keep you away from this dilemma, we are here to help by letting you know about the top lenders, offering you the best deal for a personal loan. All you need to do is just read the page above, compare different lenders and then decide which one is offering you the lucrative deal. However, always choose a lender after comparing the same on various parameters such as rates, tenure, fee, charges, loan amount, etc.

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 other financial liabilities, lenders consider that the loan repayment of the borrower is good as he/she can easily repay the loan without any default in the future.

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

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