What is the interest rate on a personal loan?

Last Updated : June 27, 2020, 2:40 p.m.

Interest rates are the most important factor when it comes to loans. Having said that, the rate you get on your loan depends on many factors that are subject to change from loan to loan. Now, what is the interest rate on a personal loan? Lenders take into account the following factors when it comes to offering a personal loan and these factors are- age, savings, monthly income, monthly expenses, the category of the employer, job stability, relationship with the bank, and credit history. However, the borrower who is working in a reputed firm gets good in-hand salary and has a healthy credit score is most likely to get lower rates on a personal loan .

Once you have decided to take a personal loan , you will start looking for the best offers but have some preferences also. However, to choose the best offer for yourself, you will have to look for all the options. So, here are some of the top banks in India that offer personal loans:

In addition to the above details, here is the detailed description of the personal loan schemes in top banks in India:

SBI Personal Loan Interest Rates – Now, what is the interest rate on a personal loan at State Bank of India? The bank offers personal loans in with different schemes: Xpress Credit Personal Loan and SBI Pension Loan, The interest rates are as follows:

HDFC Personal Loan Interest Rates – HDFC Bank offers personal loans to salaried individuals and also provides Personal Accidental Cover up to 8 lakhs along with a Critical illness cover of 1 lakh.

Personal Loan Interest Rates Axis Bank – On personal loans, Axis Bank offers attractive interest rates to individuals who have a minimum monthly income of INR 15,000 and are above 21 years of age.

Personal Loan Interest Rates ICICI Bank – If you want to know what is the interest rate on a personal loan at ICICI bank, you will be happy to hear that the bank offers one of the lowest personal loan interest rates. Here are the details of ICICI Bank personal loan:

Kotak Mahindra Bank Personal Loan Rates – The personal loan scheme facilitated by Kotak Bank is one of the best offers in the market as the bank offers attractive interest rates on a personal loan and higher loan amount. Kotak Bank gives personal loans with the following details:

Personal Loan EMI Calculator – A personal loan EMI calculator is an online tool that is used to calculate the monthly installment of the loan. It allows you to know the exact calculations of your EMIs in the most hassle-free manner. The loan calculator takes into account the following data:

• Loan amount
• Tenure
• Interest rate

The calculator is easy to use and gives accurate results unlike the manual calculation of the EMIs. Other than this advantage, an EMI calculator also shows the amortization table.

For your reference, below is the table showing the calculations of EMIs, interest outgo and total amount payable, while taking a loan of say INR 2 Lakh at an interest rate of 11% for a tenure of 4 years.

Now that you have got the idea about what is the interest rate on a personal loan at different banks, selecting the best one for yourself would be smoother.