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Personal Loan Deals According to Different Customer Profiles

Highlights

  • Do you know that personal loan offers don’t remain the same for all?
  • They vary based on customer profiles - Read here the customized personal loan deals of top lenders

Given that a personal loan is a multi-purpose loan, it is no surprise to see massive online and offline applications for this loan these days. With attractive interest rates, seamless application procedure, instant approval and quick disbursal, the loan helps meet the expectations of customers across different segments. But the loan offer does not remain the same for all! It varies from lender to lender and from one customer profile to another. The customer profile is assessed based on their earnings, credit score, workplace, and even the sector of the economy they are in. Lenders do all these to ensure the deserving customers get the best personal loan deal in terms of interest rate, processing fee, loan quantum, etc. So, if you are seeking a customized personal loan deal, this post could help you know the same. Let’s read on!

Apply Personal Loan @ 10.75%* Rate

Let’s Check Out Personal Loan Offers of Different Lenders

Both banks and non-banking finance companies (NBFCs) customize their personal loan offers to ensure maximum application. Offers vary for salaried from their self-employed counterparts in terms of interest rate, loan eligibility, etc. To grab the best deal, it’s important to compare the personal loan offers. So, we have put such offers here for you to compare and choose from.

Let’s Check Out HDFC Personal Loans First

HDFC Bank is a dominant player in the personal loan segment by offering this credit to salaried professionals working in different companies. The bank offers attractive interest rates to employees working in top corporates. Such rates will also depend on how much the particular employee earns. Do check the offer below.

It also looks to serve government employees with attractive rates based on their income. Here’s how its personal loan offers for government employees stack up.

Government OfferNo. of CorporatesIncomeIRRProcessing Fee (of the loan amount)
Government Employees CAT A (GA) & CAT B (GB)Working with Central and State GovernmentNTH>=50K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.75%
15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)2.00%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=24K17.25% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)2.00%
17.35% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
Maharatna, Navratna & Miniratna56NTH>=75K11.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
11.55% (Non- corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Limited Liability A/C)
NTH>=50K11.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
12.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K13.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
14.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
CRPF, CISF, SSB, ITBP & BSFAll15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
PensionerNTH>=35K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
RailwaysAllNTH>=50K14.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
15.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=25K16.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C)1.50%
17.25% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)

HDFC Special Personal Loan Pricing

The private sector banking leader has come with special personal loan pricing subject to certain terms and conditions. When the loan amount is INR 15 lakh and above, the interest rate can be as low as 10.50% per annum. The processing fee for applicants applying for such a loan amount can be INR 3,999 plus applicable Goods and Services Tax (GST). Someone having a net monthly income of INR 50,000 or above can get a fresh personal loan of INR 10 lakh or above at 10.50% per annum with a processing fee of INR 3,999 plus GST. The same offer applies to a balance transfer of the same amount.

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As we said above that the offer comes with certain terms and conditions, which include that such loan pricing doesn’t apply to top up/loan enhancement/existing loan closure/credit card balance transfer.

ICICI Bank Personal Loan Offerings for Different Customer Segments

ICICI Bank offers personal loans to salaried employees at varied interest rates ranging from 10.75% - 17.50%. The bank offers attractive rates to employees working in special corporates. Both ICICI and Non-ICICI Bank customers earning INR 35 000 monthly and above can get personal loan interest rates of 10.99%. A processing fee at 0.99% of the loan amount will apply. Those earning less than INR 35,000 monthly will have an interest rate of 11.49-12.49%, irrespective of whether they have an existing relationship with ICICI Bank or not.

Government employees can also get special interest rates on their ICICI Personal Loan. When the net monthly income of these employees is INR 75,000 and above, the interest rate of 11.29% will apply. Those earning from INR 35,000 to less than INR 75,000 will need to pay the loan at 11.50% per annum. Someone taking home less than INR 35,000 will get a slightly higher rate of 13.50%. The processing fee for all these government employees will be 1.50% of the loan amount plus GST.

How Does SBI Set Different Personal Loan Offers?

The country’s largest public lender State Bank of India (SBI) is not behind when it comes to offering attractive personal loans. The loan offer will depend on the existing relationship of customers with SBI. Salary account holders of SBI can get a personal loan from the public lender at 9.60-11.10% per annum. Non- SBI salary account holders will need to pay at a slightly higher rate of 9.85%-11.35% p.a. Defence, paramilitary or Indian Coast Guard applicants having salary accounts with SBI are eligible for a personal loan interest rate of 10.60-11.10%. But those not having an SBI salary account will need to pay the loan at 10.60-12.60%. Pensioners can get a loan at 9.75-10.25%, whereas pre-approved loans are available at 12.60%.

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Where Does Kotak Mahindra Bank Stand in This Loan?

Kotak Mahindra Bank is also amongst the top banks providing personal loans in India. The interest rate of Kotak Personal Loan depends on the income of the applicant. Those having net monthly income of more than INR 75,000 will get an interest rate of 10.75-16.49% to service their loan. When the net monthly income remains INR 50,000-75,000, the interest rate of 10.75-16.99% will apply. For those having a take-home income of INR 35,000-50,000, the bank will charge an interest rate of 11.15-17.75%. Someone earning less than INR 35,000 in a month will need to pay the personal loan at 12.25-17.99%. The processing fee for these applicants can be as low as 0.99% to upto 2.25% of the loan amount.

How Good is YES BANK for Customers Wanting an Instant Loan?

YES BANK has also joined the race of rate cut war that has triggered amongst lenders these days. It has reduced the interest rate to as low as 10.45% per annum for eligible borrowers. So what is the YES BANK Personal Loan Eligibility for this rate? The applicant must be earning a minimum monthly salary of INR 75,000. The concerned individual must be working in a CAT A company. Also, the loan consideration should be at least INR 7,50,000 for getting such a rate. There are no foreclosure charges for someone wanting to pay off the loan before the original tenure.

Fullerton India Sets Special Interest Rates Based on Personal Loan Amount & Locations

Fullerton India offers special rates to customers applying for a personal loan online. The lender sets the interest rate based on the loan amount the particular individual applies for as well as his/her location. We have put the Fullerton India Personal Loan Interest Rate for such individuals below. Take a look.

Loan Amount (In INR)Metro & Tier 1Tier 2, 3 and 4
Upto 3 Lakh17.99%18.99%
Above 3-5 Lakh15.99%16.99%
Above 5-7 Lakh14.99%15.99%
Above 7-10 Lakh13.99%14.99%
Above 10 Lakh11.99%12.99%

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  • Personal Loan Interest Rates December 2020
    Fullerton India14.00% - 24.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 17.50%
    IndusInd Bank11.00% - 23.00%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 26.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 19.75%