Personal Loan Interest Rates

Highlights

  • Personal loan interest rates starting at 10.95% per annum
  • Enjoy lowest personal loan interest rates to reduce your loan burden

Interest Rate Comparison Tool

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

Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com

All Banks Personal Loan Interest Rates November 2019

BanksInterest RatesLoan AmountProcessing FeeTurnaround Time
Allahabad Bank8.35% - 13.00%Minimum Loan Amount - ₹50,000

Maximum Loan Amount - 12 times of gross monthly salary for employees having a monthly remuneration of ₹15,000-20,000

24 times the gross monthly salary for individuals earning above ₹20,000. The maximum loan amount, however, won't exceed ₹7.50 lakh
1.22% of loan Amount, Minimum ₹1,228Depends on the internal policy of the bank
Andhra Bank11.05% - 12.55%Salaried - The loan amount is set in a way that the take home income is not less than 40% of the gross salary after all the deductions, including the proposed EMI

Non-salaried - 2 times the average annual income for the past 3 years as per the Income Tax Return (ITR)
As ApplicableDepends on the internal policy of the bank
Axis Bank12.00% - 24.00%₹50,000-15,00,0001.50%-2.00% of the loan amount plus applicable GST
Bajaj Finserv10.99% - 16.00%Upto ₹25,00,000Up to 3% of the loan amountWithin 24 hours
Bank of Baroda11.35% - 16.35%Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas

2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
Bank of India11.50% - 13.50%Upto ₹5,00,000-10,00,0002% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Bank of Maharashtra10.85% - 11.85%Upto ₹5,00,000-10,00,0001% of the loan amount plus GST, subject to a minimum of ₹1,000Depends on the internal policy of the bank
Canara Bank12.80% - 14.85%Six months' gross salary or ₹3,00,000, whichever is less0.50% of the loan amount, subject to a minimum and maximum of ₹1,000 and ₹5,000, respectivelySanctions at Branch/RAH - 7 Days

Sanctions at Circle - 15 Days

Sanctions at HO - 2-3 weeks



Central Bank of India10.85% - 14.35%20 times of gross salary, subject to a maximum of 10,00,000. The minimum net take home income must not fall below 40% of the gross salary after deductions, including the proposed EMI₹500 + applicable GSTDepends on the internal policy of the bank
Citibank12.99% - 18.50%Upto ₹30,00,000Upto 3% of the loan amountWithin 48 hours
Corporation Bank11.00% - 12.50%Upto ₹3,50,0001.50% of the loan amount, subject to a minimum of ₹500Depends on the internal policy of the bank
Dena Bank11.35% - 16.35%Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas
2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
DCB Bank13.00% - 25.00%Upto ₹5 lakh2% of the loan amountWithin 3-4 working days
Federal Bank11.49% OnwardsUpto ₹10 lakh0.50% of the loan amountDepends on the internal policy of the bank
HDFC Bank10.75% - 21.45%There's no maximum limit. Your income, credit score and repayment capacity will dictate the loan amount NIL-2.50% of the loan amount plus applicable GSTWithin 3-4 working days
HSBC Bank10.50% - 17.84%Upto ₹30 lakhUpto 1% of the loan amountWithin 15 days post the receipt of the application form
ICICI Bank10.99% - 18.49%Upto ₹40 lakh₹999 -2.25% of the loan amount+ applicable GSTWithin 72 hours of the submission of documents
IDBI Bank9.65% - 14.00%Upto ₹10 lakhAs applicableDepends on the internal policy of the bank
IndusInd Bank10.99% - 16.00%Upto ₹15 lakh1%-3% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
Jammu & Kashmir Bank11.40% - 12.00%Upto 36 months gross salaryNILDepends on the internal policy of the bank
Karnataka Bank12.00% - 17.00%Upto ₹5 lakh0.50% of the loan amountDepends on the internal policy of the bank
Karur Vysya Bank12.00% - 19.00%Upto ₹10 lakh1% of the loan amountIn-principle sanction - 15 minutes
Kotak Mahindra Bank10.99% - 20.99%Upto ₹20 lakh0.99%-2.50% of the loan amount plus applicable GSTWithin 10 working days
Lakshmi Vilas Bank11.55%Upto ₹20 lakh0.25% of the loan amount, subject to a minimum of ₹2,500, plus applicable GSTDepends on the internal policy of the bank
Nainital Bank11.45% - 14.75%15 times of net take home salary, subject to a maximum of ₹3-5 lakh

2 times of average annual income of last 2 years, subject to a maximum of ₹2 lakh , for self-employed
0.50%-1.00% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Oriental Bank of Commerce10.30% - 11.80%15 times of gross salary, subject to a maximum of 0.50% of the loan amount, subject to a minimum of ₹500, plus applicable GSTDepends on the internal policy of the bank
Punjab & Sind Bank11.00% - 13.75%Upto 18 times of net monthly salary or ₹3 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
RBL17.50% - 24.00%Upto ₹20 lakh2%-2.50% of the loan amountDepends on the internal policy of the bank
Punjab National Bank9.95% - 14.50%20 times of net monthly salary or ₹4 lakh, whichever is lower1.80% of the loan amount plus applicable GSTDepends on the internal policy of the bank
SBI11.55% - 14.95%Upto ₹20 lakh1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Standard Chartered Bank11.50% - 18.00%Upto ₹30 lakh1% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
Syndicate Bank11.25% - 13.65%Salaried - 12 months gross salary, subject to a maximum of ₹4-5 lakh

Self-employed - Upto ₹5 lakh
0.50% of the loan amount, subject to a minimum of ₹500 plus applicable GSTDepends on the internal policy of the bank
UCO Bank9.85% - 11.85%10 times of gross monthly salary, subject to a maximum of ₹10 lakh1% of the loan amount, subject to a minimum of ₹750, plus applicable GSTDepends on the internal policy of the bank
United Bank of India13.95% - 14.20%10 months's gross salary or ₹2 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Vijaya Bank11.60% - 14.60%Up to ₹10,00,000 for people residing in metros and urban areas

Up to ₹5,00,000 for people living in semi-urban and rural areas

2% of the loan amount, subject to a minimum and maximum limit of ₹1,000 and ₹10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
Yes BankStarting at 10.99%Upto ₹40 lakhUpto 2.50% of the loan amount subject to a minimum of ₹
999, plus applicable GST
Within 5 days from the receipt of the application
Tata Capital10.99% - 18.00%Upto ₹25 lakh₹999-2.50% of the loan amount plus applicable GSTWithin 72 hours from the receipt of the application
Fullerton India14.00% - 33.00%Upto ₹25 lakh2% of the loan amount plus applicable GSTWithin 30 minutes of loan approval

Top Banks Personal Loan Interest Rates in India November 2019

Below are the details of some of the best personal loan banks in India. With the help of these details, a borrower can choose which bank gives the lowest interest rate for a personal loan.

Personal Loan Interest Rate HDFC

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 11.25% per annum and goes up to 21.50% 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 Rate 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 start from 10.99% p.a. onwards which is one of the lowest personal loan interest rates in the market today and goes up to 18.49% per annum. There is a 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.

Personal Loan Interest Rate SBI

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 12.05% to 15.45% p.a.

Xpress ELITE Scheme: This scheme is offered by the lender to those who are either having a salary account in SBI or another bank. The rates offered by SBI under this scheme range between 11.05%-12.80% per annum, based on the credit score of the applicant.

Xpress Power Scheme: This scheme is offered by the bank to those salaried employees who are not maintaining the salary account with SBI.  The rates offered by the bank under this scheme range between 12.15%-13.80% per annum. Employees working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates are eligible to apply with a gross monthly income of ₹50,000.

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% per annum.

Personal Loan Interest Rate 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 a wide range of loan amount option facility. The simple loan application procedure and easy documentation make Axis Bank personal loan an attractive one.

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 personal loans deal. All you need to do is just read the page above, compare different lenders and then decide which one is offering you a lucrative deal. However, if you are finding it difficult to find out, i.e. which bank gives the lowest interest rate for a personal loan, don’t worry as we are here to help. Don’t forget to choose a lender after comparing many banks not only on the interest rates parameter but on other factors as well. Yes, apart from rates, keep in mind- tenure, fee, charges, loan amount, EMI etc. for grabbing the best deal.  However, for your better understanding, on this page, we have explained everything so that it would be a hassle-free journey for you to know the updated personal loan interest rates.

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 the 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 for a 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 a higher loan amount.
  • Low processing fee and prepayment charges
  • There is a flexible tenure on a personal loan

People Also Look For

  • Free CIBIL Score
  • Personal Loan Interest Rates November 2019
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%