Personal Loan Interest Rates

Highlights

  • Personal loan interest rates starting at 10.75%* per annum
  • Enjoy lowest personal loan interest rates to reduce your loan burden

The key to a hassle-free personal loan journey is to choose the lender that offers you the lowest interest rates. After all, the rate determines the cost of your borrowing. Lower the rate lesser will be the interest outgo and vice-versa. We have made it easy for you to choose the best interest rate deal by showcasing the personal loan interest rates of different lenders. All you need is to compare the rates and choose the best one for you.

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All Banks Personal Loan Interest Rates July 2020

List of Banks/LendersPersonal Loan Interest RatesLoan AmountProcessing FeeTurnaround Time
Allahabad Bank9.60% - 10.20%
  • Minimum Loan Amount - INR 50,000
  • Maximum Loan Amount - 12 times of gross monthly salary for employees having a monthly remuneration of INR 15,000 - INR 20,000
  • 24 times the gross monthly salary for individuals earning above INR 20,000. The maximum loan amount, however, won't exceed INR 7.50 lakh
1.22% of loan Amount, Minimum INR 1,228Depends on the internal policy of the bank
Andhra Bank9.30% - 13.40%
  • 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 Bank15.50% - 24.00%INR 50,000 - INR 15,00,0001.50%-2.00% of the loan amount plus applicable GST
Bajaj Finserv10.99% - 16.00%Upto INR 25,00,000Up to 3% of the loan amountWithin 24 hours
Bank of Baroda10.10% - 15.10%
  • Up to INR 10,00,000 for people residing in metros and urban areas
  • Up to INR 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 INR 1,000 and INR 10,000, respectively. The fee will also include applicable GST Depends on the internal policy of the bank
Bank of India10.35% - 12.35%Upto INR 5,00,000 - INR 10,00,0002% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Bank of Maharashtra9.70% - 10.70%Upto INR 5,00,000 - INR 10,00,0001% of the loan amount plus GST, subject to a minimum of INR 1,000Depends on the internal policy of the bank
Canara Bank11.25% - 13.30%Six months gross salary or INR 3,00,000, whichever is less0.50% of the loan amount, subject to a minimum and maximum of INR 1,000 and INR 5,000 respectively
  • Sanctions at Branch/RAH - 7 Days
  • Sanctions at Circle - 15 Days
  • Sanctions at HO - 2-3 weeks
Central Bank of India9.85% - 10.20%20 times of gross salary, subject to a maximum of INR 10,00,000. The minimum net take home income must not fall below 40% of the gross salary after deductions, including the proposed EMIINR 500 + applicable GSTDepends on the internal policy of the bank
Citibank9.99% - 16.49%Upto INR 30,00,000Upto 3% of the loan amountWithin 48 hours
Corporation Bank9.30% - 13.40%Upto INR 3,50,0001.50% of the loan amount, subject to a minimum of INR 500Depends on the internal policy of the bank
Dena Bank10.10% - 15.10%
  • Up to INR 10,00,000 for people residing in metros and urban areas
  • Up to INR 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 INR 1,000 and INR 10,000, respectively. The fee will also include applicable GSTDepends on the internal policy of the bank
DCB Bank13.00% - 25.00%Upto INR 5 lakh2% of the loan amountWithin 3-4 working days
Federal Bank11.49% - 17.99%Upto INR 10 lakh0.50% of the loan amountDepends on the internal policy of the bank
HDFC Bank10.75% - 21.30%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
HSBC10.50% - 17.84%Upto INR 30 lakhUpto 1% of the loan amountWithin 15 days post the receipt of the application form
ICICI Bank10.75% OnwardsUpto INR 40 lakhINR 999 -2.25% of the loan amount+ applicable GSTWithin 72 hours of the submission of documents
IDBI Bank9.20% - 11.95%Upto INR 10 lakhAs applicableDepends on the internal policy of the bank
IndusInd Bank11.00% OnwardsUpto INR 15 lakh1%-3% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
Jammu & Kashmir Bank10.85% - 11.85%Upto 36 months gross salaryNILDepends on the internal policy of the bank
Karnataka Bank13.12%Upto INR 5 lakh0.50% of the loan amountDepends on the internal policy of the bank
Karur Vysya Bank12.00% - 19.00%Upto INR 10 lakh1% of the loan amountIn-principle sanction - 15 minutes
Kotak Mahindra Bank10.75% - 17.99%Upto INR 20 lakh0.99%-2.50% of the loan amount plus applicable GSTWithin 10 working days
Lakshmi Vilas Bank11.55%Upto INR 20 lakh0.25% of the loan amount, subject to a minimum of INR 2,500 plus applicable GSTDepends on the internal policy of the bank
Nainital Bank10.40% - 10.90%
  • 15 times of net take home salary, subject to a maximum of INR 3-5 lakh
  • 2 times of average annual income of last 2 years, subject to a maximum of INR 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 Commerce8.80% - 11.65%15 times of gross salary, subject to a maximum of INR 10 lakh0.50% of the loan amount, subject to a minimum of INR 500, plus applicable GSTDepends on the internal policy of the bank
Punjab & Sind Bank11.10%Upto 18 times of net monthly salary or INR 3 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
RBL Bank17.50% - 26.00%Upto INR 20 lakh2%-2.50% of the loan amountDepends on the internal policy of the bank
Punjab National Bank (PNB)8.80% - 11.65%20 times of net monthly salary or INR 4 lakh, whichever is lower1.80% of the loan amount plus applicable GSTDepends on the internal policy of the bank
State Bank of India (SBI)9.60% - 13.60%Upto INR 20 lakh1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
Standard Chartered Bank12.00% - 17.00%Upto INR 30 lakh1% of the loan amount plus applicable GSTWithin 4-7 working days post receipt of the documents
Syndicate Bank11.25% - 13.30%
  • Salaried - 12 months gross salary, subject to a maximum of INR 4-5 lakh
  • Self-employed - Upto INR 5 lakh
    0.50% of the loan amount, subject to a minimum of INR 500 plus applicable GSTDepends on the internal policy of the bank
    UCO Bank10.05% - 10.30%10 times of gross monthly salary, subject to a maximum of INR 10 lakh1% of the loan amount, subject to a minimum of INR 750, plus applicable GSTDepends on the internal policy of the bank
    United Bank of India8.80% - 11.65%10 months gross salary or INR 2 lakh, whichever is less1% of the loan amount plus applicable GSTDepends on the internal policy of the bank
    Vijaya Bank10.10% - 15.10%
    • Up to INR 10,00,000 for people residing in metros and urban areas
    • Up to INR 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 INR 1,000 and INR 10,000 respectively. The fee will also include applicable GST Depends on the internal policy of the bank
    YES BANK10.99% OnwardsUpto INR 40 lakhUpto 2.50% of the loan amount subject to a minimum of INR 999 plus applicable GSTWithin 5 days from the receipt of the application
    Tata Capital10.99% - 18.00%Upto INR 25 lakhINR 999-2.50% of the loan amount plus applicable GSTWithin 72 hours from the receipt of the application
    Fullerton India14.00% - 33.00%Upto INR 25 lakh2% of the loan amount plus applicable GSTWithin 30 minutes of loan approval

    Top Banks Personal Loan Interest Rates in India July 2020

    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 range of 10.75% - 21.30% 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 INR 8 lakhs for accidental hospitalization and up to INR 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 ranges from 10.75% Onwards 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 9.60% - 13.60% 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 10.00% – 11.75% per annum, based on the credit score of the applicant.

    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 10.95% – 11.45% per annum.

    SBI Xpress Credit for Non-permanent Employees

    Non-permanent employees (NPEs) of Central and State Government, Quasi-government, State & Central PSUs, defense personnel and educational institutions of national repute can get the loan at 11.90%-14.00% per annum.

    Xpress Credit Insta Top-Up

    If you want to avail a top-up loan over the existing loan, you can get the same at 11.10% per annum.

    Pre-approved Personal Loan

    You can get a pre-approved personal loan based on your existing relationship with SBI, be it in the form of savings/fixed deposit account or a credit card. The rate of interest stands at 13% 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% - 24.00% 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.

    Which Type of Personal Loan Interest Rate Should You Go for?

    Lenders provide personal loans at interest rates either on a flat or reducing balance basis. In the flat rate, the interest will be charged on the total principal amount irrespective of the payment you do via Equated Monthly Installments (EMIs). Whereas, with a reducing balance, the interest rate will apply on different amounts based on the EMIs you pay. There are commonly two types of reducing balance rates that lenders have for you – annual and monthly reducing balance. In the annual reducing balance system, the interest rate will apply on the principal outstanding at the end of every year. Whereas, in a monthly reducing balance method, the interest rate will apply to the outstanding balance left after each EMI payment. Mathematically speaking, the reducing balance method is better than the flat rate if you want to reduce interest obligations. Within the reducing balance, if you have a choice to make, go for a monthly reducing balance to save more interest.

    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

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  • Personal Loan Interest Rates July 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank12.00% - 17.00%
    Tata Capital10.99% - 18.00%