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

So finally you have decided to avail a personal loan? Well, then you must be aware of the personal loan interest rates offered by various lenders as well, right? And, if not, know here which lender offers the lowest personal loan interest rates starting at 10.95%. Yes, get more insights on this page below.

Interest Rate Comparison Tool

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Compare Personal Loan Interest Rates December 2018

BanksInterest Rates
Allahabad Bank8.50% - 13.00%
Andhra Bank11.55% - 13.20%
Axis Bank15.75% - 24.00%
Bajaj Finserv10.99% - 16.00%
Bank of Baroda11.90% - 16.90%
Bank of India12.10% - 14.10%
Bank of Maharashtra11.75% - 12.75%
Canara Bank11.00% - 14.00%
Central Bank of India10.85% - 14.35%
Citibank

10.99% - 18.99%

Corporation Bank12.85% - 13.95%
Dena Bank

13.00% - 14.00%

DCB Bank12.00%
Federal Bank11.75% - 14.65%
HDFC Bank11.25% - 21.50%
HSBC Bank10.99% - 17.84%
ICICI Bank10.99% - 18.49%
IDBI Bank12.00% - 14.00%
IndusInd Bank10.99% - 16.00%
Jammu & Kashmir Bank12.40% - 14.40%
Karnataka Bank12.70%
Karur Vysya Bank13.50% - 16.00%
Kotak Mahindra Bank10.99% - 20.99%
Lakshmi Vilas Bank11.30%
Nainital Bank11.30% - 14.75%
Oriental Bank of Commerce11.40%
Punjab & Sind Bank12.80% - 14.05%
RBL13.00% - 18.00%
Punjab National Bank11.30% - 15.05%
SBI11.00% - 15.40%
Standard Chartered Bank12.00% - 17.00%
Syndicate Bank12.40% - 13.65%
UCO Bank9.80% - 12.80%
United Bank of India13.45% - 14.20%
Vijaya Bank12.55% - 13.55%
Yes BankStarting at 10.75%
Tata Capital10.99% - 18.00%
Fullerton India14.00% - 33.00%

Top Banks Personal Loan Interest Rates in India December 2018

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.

HDFC Personal Loan Interest Rates December 2018

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.

ICICI Personal Loan Interest Rates December 2018

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.

SBI Personal Loan Interest Rates December 2018

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 11.45% to 15.35% 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 10.95%-12.70% per annum, based on the credit score of the applicant.

Xpress Bandhan 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 12.85%-15.20% 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 11.90% per annum.

Personal Loan Interest Rates Axis Bank December 2018

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

Personal Loan Interest Rates December 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates December 2018
State Bank of India/SBI8.75% - 9.35%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.85% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.10% - 9.35%
Axis Bank8.85% - 9.10%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%