Can personal loan borrowers claim tax benefits on the interest amount?

The interest amount payable on personal loans for home renovation/repair is eligible for tax deduction under Section 24(b) of the Income Tax Act. You can claim deductions of up to Rs 30,000 per year on the interest amount paid on your personal loan.

How can I check the total interest cost for my personal loan?

You can check your monthly EMI and total interest cost using the personal loan EMI calculator. All you need to provide are the loan principal, the interest rate and the loan tenure to get instant results.

What is meant by reducing rate of interest in personal loans?

Reducing interest rate is a method in which interest rate is calculated on the outstanding loan amount every month. The EMI includes the interest payable on the outstanding loan amount.

What is the difference between floating and fixed interest rates?

In the case of fixed-interest rate loans, the rate remains unchanged over the entire tenure of the personal loan. In the case of floating-rate loans, the rate can change periodically due to changes in market interest rates. Currently, most personal loans are offered at fixed rates as most loans have a relatively short tenure of up to 5 years.

Can I avail a personal loan at a lower interest rate despite having a low CIBIL score?

Personal loan applicants having a credit score of 750 and above reflect good credit behavior and financial discipline. Therefore, such applicants have a higher probability of getting their personal loan applications approved. Conversely, applicants with credit scores below 750 have lower chances of getting a personal loan. However, some NBFCs and fintech lenders offer loans to individuals with low credit scores. The personal loan interest rates offered by such lenders are usually higher than those offered by large banks and NBFCs.

Can a government employee qualify for special interest rates on personal loans?

Many leading banks in India offer special personal loan interest rates to government employees due to the higher job stability typically associated with those in government service as compared to private sector employees. Such employees should first approach the banks with which they maintain their salary accounts or other deposits, as many personal loan lenders offer lower interest rates to their existing customers.

Personal Loan Interest Rate 2026

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Compare Personal Loan Interest Rates 2026

Latest personal loan interest rate by top banks and NBFCs are mentioned in the table below:

Bank/NBFC	Interest Rates (% p.a.)	Processing Fees
Aditya Birla Finance	10.99 onwards	Up to 4%
Axis Bank	9.99 onwards*	Up to 2%
Bank of Baroda	10.15-18.00	Up to 2% (Max. Rs. 10,000)
Bajaj Finance Limited	10.00-30.00	Up to 3.93%
Bank of India	10.85-16.15	Up to 1% (Min. Rs. 250; Max. Rs. 15,000)
Bank of Maharashtra	8.75-13.55	Up to 1% (Max. Rs. 10,000)
Canara Bank	9.70-15.15	Up to 0.5% (Max. Rs. 5000)
Central Bank of India	9.85-11.65	Up to 1%
Cholamandalam IFC	10.00-28.00	4% - 6%
Dhani Loans & Services Ltd.	13.99 onwards	3% onwards
Federal Bank	12.00 - 22.50*	Up to 2%
HDB Financial Services	10.00 - 35.00	Up to 5.90%
HDFC Bank	9.99 onwards	Up to Rs 6,500
Hero Fincorp	Up to 30*	2.3% - 3%
HSBC Bank	9.75 onwards	Up to 2%
ICICI Bank	9.99 onwards	Up to 2%
IDFC FIRST Bank	9.99 onwards	Up to 2%
IIFL Finance	12.00 - 28.00	2% - 9%
Indian Overseas Bank	10.25 onwards	Up to 0.75%
IndusInd Bank	10.35 onwards*	Up to 3.5%
Kotak Mahindra Bank	9.98 onwards*	Up to 5%
L&T Finance	11.00 onwards	Up to 3%
Mahindra Finance	8.00 - 25.00	2% of loan amount or Rs. 5,000, whichever is lower
Mannapuram Finance	18.00 - 24.00	1% of loan amount
Moneyview	14.00 onwards	2% onwards
Muthoot Finance	13.50 onwards	Varies for each application
Piramal Finance	12.14 onwards	Up to 5%
Poonawalla Fincorp	9.99 onwards	Up to 3%
Punjab & Sind Bank	9.60-13.85	0.50% - 1%
Punjab National Bank	10.25-16.80	Up to 1%
Shriram Finance	11.00 onwards	Up to 5%
Tata Capital	10.99 onwards	Up to 3.5%
UCO Bank	9.95 - 13.20	Up to 1% (Min. Rs. 750)
Union Bank of India	8.75 - 12.55	Up to 1% (Max. Rs. 7,500)

*Paisabazaar special rates

Note: Rates as of 1st July 2026

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What is Personal Loan Interest Rate?

Personal loan interest rate is the annual borrowing cost a bank or NBFC charges on the sanctioned loan amount, expressed as a percentage per annum. Private lenders currently start at 9.98% p.a., while some public sector banks offer lower rates. The final rate depends on your credit score, income and repayment history. Compare 30+ lenders on Paisabazaar to find your best rates.

Also Check: Personal Loan Interest Rate Trends in India

Personal Loan Interest Rate of Top Lenders

SBI Personal Loan Interest Rate	Kotak Personal Loan Interest Rate
HDFC Personal Loan Interest Rate	IndusInd Personal Loan Interest Rate
ICICI Personal Loan Interest Rate	Yes Bank Personal Loan Interest Rate
IDFC Personal Loan Interest Rate	Bank of Baroda Personal Loan Interest Rate

Fees and Charges

Personal loans come with various fees and charges that can affect the total cost of borrowing. Below are the range of some fees and charges on personal loan levied by most lenders:

Particulars	Charges
Processing Fees	0.5% to 4% of the loan amount
Stamp Duty Charges	As per actuals
EMI/Cheque Bounce	Around Rs 400 per bounce
Legal Fees	As per actuals
Prepayment and Foreclosure Charges	1%-5% of the outstanding loan amount
Late Payment Penalty	Usually @ 2% per month; 24% p.a.

Other fees and charges levied by the lenders include verification charges, NOC certificate charges, documentation charges and duplicate statement charges. Here is a brief description of the crucial fees and charges levied by personal loan lenders:

Prepayment and Foreclosure Charges

Pre-payment or foreclosure charges are levied on the loan amount if you choose to pay off the loan before the end of the loan tenure. These charges usually range between 1% and 5% of the outstanding loan amount. Some lenders may also charge a higher fee for foreclosing a personal loan.

Late Payment Penalties

Late penalties usually range from 1%-2% p.m. on the EMI overdue amount. These charges are also known as overdue interest charges and are levied on the overdue EMIs till the date of their repayment.

Personal Loan Annual Percentage Rate (APR)

The Annual Percentage Rate is its annualised cost of borrowing, which includes the interest rate and charges associated with the loan. The charges may include processing fees, documentation fees, verification charges and other fees levied during the loan origination process. The APR is expressed in the form of a percentage and thus, allows applicants to identify schemes offered at lower interest rates but with higher processing fees and/or other charges.

For instance, let’s say you availed a personal loan of Rs 4 lakhs @ 12% p.a. with a 3-year repayment tenure. The processing fee charged is 1.5% of the loan amount,

which amounts to Rs 6,000. Therefore, the total borrowing cost of your personal loan will be Rs 85,540 and its APR will be 13.05%.

Types of Personal Loan Interest Rates

When apply for a personal loan, one of the key decisions you’ll need to make is whether to choose a fixed or floating interest rate. Understanding each type of interest rate can help you make an informed decision based on your financial goals. Here is an overview of both options:

Fixed Interest Rates

In case of fixed interest rate personal loans, as the term implies, the interest rate remains the same for the entire loan tenure. As a result, your EMIs remain constant and therefore easier for borrowers to plan their budget. However, fixed rate loans usually come with a higher spread than floating rates.

Floating Interest Rates

In case of personal loans availed at floating interest rates, the interest rate fluctuates over time based on changes in the linked benchmark rate (repo rate). Note that the EMIs would increase only in the case of floating rate personal loans availed with the ‘EMI change’ option. In this case, the tenure would remain the same irrespective of the changes in the interest rates. In case of floating rate personal loans availed with ‘tenure change’ option, the EMI would remain the same while the tenure would change as per the changes in the interest rates.

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Factors That Decide Your Personal Loan Interest Rate

Banks and NBFCs primarily set personal loan interest rates based on the cost of funds and the credit risk evaluation of their loan applicants. Here are the factors affecting personal loan interest rates:

Credit Score: Lenders usually assess the credit scores of their applicants as an initial check of their creditworthiness. Applicants with credit scores of 750 or above are often viewed as financially disciplined and, thereby, have lower chances of loan defaults. Many lenders offer personal loans at lower interest rates to such loan applicants.
Income: Some lenders may also offer preferential interest rates to personal loan applicants having higher monthly income as loan applicants with higher incomes may reduce credit risk for the lenders.
Occupation Profile: Lenders usually offer preferential interest rates to salaried individuals as compared to self-employed applicants due to the former’s higher income security. Within salaried applicants, government and PSU employees are offered lower interest rates than private sector employees due to the former’s higher job security.
Existing lending or banking relationship with the lender: Many lenders offer interest rate concessions or pre-approved instant personal loans at lower interest rates to applicants with whom they have existing lending, deposit, or credit card relationships.
Employment History: Lenders assess the employment stability of an applicant when setting interest rates. Applicants who frequently change jobs are often considered to carry higher credit risks, which can lower their chances of approval or result in higher interest rates.

5 Tips to Get a Personal Loan with Low Interest Rate?

Here are 5 tips you can follow to improve your chances of get a personal loan at a lower interest rate:

Maintain a good credit score of 750 or above – by timely repayment of credit card bills and/or EMIs, avoid frequent multiple credit card applications or loans, etc.
Consider checking with the lender(s) where you hold a deposit/loan account/credit card. These lenders usually offer loans at preferential interest rates or extend pre-approved offers.
Maintain job stability and avoid frequent employment changes, as it would reflect income instability.
Visit Paisabazaar to compare personal loan offers from multiple lenders based on their interest rates, loan tenure, amounts, disbursal times, fees and other charges.
Avoid making multiple personal loan applications within a short duration as it would reduce your credit scores, thus making it harder to get your personal loan approved at lower interest rates.

How Interest Rates Affect Your Loan Tenure and EMIs?

Personal loan tenures usually range from 1 to 5 years with some banks and NBFCs offering longer tenures of 6, 7 or 8 years. The choice of loan tenure directly affects the borrower’s EMIs and total interest cost. Opting for a longer tenure lowers loan EMIs, making repayment easier for borrowers having limited repayment capacity. However, this convenience comes at the cost of incurring higher interest costs. Borrowers who choose longer tenures can reduce their total interest cost by making prepayments, whenever they have surplus funds. Personal loan applicants should opt for shorter tenures only when they have adequate repayment capacity for the EMIs.

Let’s Take an Example: Rs 5 Lakh Loan EMI Across Tenures

Below is the EMI, total interest cost and total amount payable for different tenures of a personal loan of Rs 5 lakh at an interest rate of 11.50% p.a.

Tenure	Interest Rate (p.a.)	EMI	Total Interest	Total Payable
1 year	11.50%	Rs 44,308	Rs 31,690	Rs 5,31,690
2 years	11.50%	Rs 23,420	Rs 62,084	Rs 5,62,084
3 years	11.50%	Rs 16,488	Rs 93,568	Rs 5,93,568
4 years	11.50%	Rs 13,045	Rs 1,26,136	Rs 6,26,136
5 years	11.50%	Rs 10,996	Rs 1,59,778	Rs 6,59,778

Analysis:

Choosing a longer tenure lowers your EMI, making monthly repayments more manageable. For instance, EMI reduces from Rs 44,308 (1-year tenure) to Rs 10,996 (5-year tenure).
But, longer tenure comes at a cost as it significantly increases the total interest cost over the repayment period. For example, with a 5-year loan, you pay Rs 1.59 lakh in interest, which is over 5 times more than the Rs 31,690 paid on a 1-year loan

Key Takeaway

If you have adequate repayment capacity, you can opt for shorter tenures to save on overall interest cost. But if you are not able to manage higher EMIs or have limited repayment capacity, you can opt for longer tenures and consider prepaying your loan when you have adequate funds, keeping aside emergency funds.

Illustrative Example: Understanding Personal Loan Interest Rates

Scenario:

Mr. Vinay Prasad was planning to take a Rs. 5 lakh loan to fund his son’s higher studies for 5 years. He had an existing salary account with IndusInd Bank and a savings account with Federal Bank. But before accepting an offer, he came to Paisabazaar and compared offers from various lenders. Here, he found out that he had an existing pre-approved offer from HDFC Bank at an interest rate of 9.99% p.a.

Bank/NBFC	Interest Rate (p.a.)*	Monthly EMI	Total Interest Payable	Total Repayment
HDFC Bank	9.99%	Rs. 10,624	Rs. 1,37,440	Rs. 6,37,440
IndusInd Bank	10.50%	Rs. 10,798	Rs. 1,46,880	Rs. 6,46,880
Federal Bank	12.00%	Rs. 11,085	Rs. 1,65,120	Rs. 6,65,120
Bajaj Finserv	13.50%	Rs. 11,509	Rs. 1,90,540	Rs. 6,90,540

*Interest rates from lending partners as on 23rd October 2025.

Insights:

Compare multiple lenders: Banks, NBFCs, and fintech lenders offer different interest rates for the same loan amount.
Small difference in interest rate matters: Choosing HDFC Bank (9.99%) over Bajaj Finserv (13.5%) saved Vinay over Rs. 53,000 in interest.

How Paisabazaar Helps You Make Informed Borrowing Decisions?

Trusted Lenders: You can explore verified personal loan offers from top banks and NBFCs. on websites & its personal loan app
Personalised Offers: You get offers customised based on your credit score, salary, and loan requirements.
Transparent Platform: Before signing the documents, you can check EMI and the total amount using the Personal Loan EMI Calculator.

Why Compare Personal Loan Rates on Paisabazaar?

Multiple Lenders: 30+ lending partners provide multiple offers for every applicant.
Pre-approved Offers: Pre-approved loan offers at lower rates based on existing credit profile.
Save Money: A small difference in interest rates can reduce the overall cost of credit.
Informed Decisions: Transparent data helps you pick the most suitable lender.

Personal Loan Balance Transfer to Reduce Interest Rates

Personal Loan Balance Transfer (PLBT) allows existing borrowers to transfer their outstanding loan balance from one lender to another at a lower interest rate, for a longer tenure and/or for better terms and conditions. The interest rate offered by the new lender would depend on the borrower’s credit score, income, existing outstanding loan amount, tenure and other aspects of their credit profile.

Borrowers should note that there are certain nominal charges, such as foreclosure charges and loan transfer fees payable to their existing lender. Additionally, the new lender may charge a processing fee, stamp duty and other fees that are associated with a fresh loan application. Therefore, it’s important to carefully evaluate whether the savings on interest from the balance transfer will outweigh these associated costs.

Why Comparing Interest Rates Matters before Applying?

Comparing interest rates before applying for a personal loan is important, as even a slight difference can lead to significant savings over the repayment tenure.

Avoid High-Cost Loan: You may end up choosing a personal loan offer with a higher interest rate without comparing multiple personal loan offers.
Knowing APR: You can easily identify a personal loan scheme offered at lower interest rates but with higher charges. The fees and charges also add up to the overall cost of the loan which can make an offer expensive.
Financial Planning: Understanding the interest rates, foreclosure & pre-payments and other loan terms can better help you plan your monthly budget and manage your finances.

Check Personal Loan Offers Based on Your Salary

Personal Loan for ₹25,000 salary Read More Personal Loan for ₹30,000 salary Read More Personal Loan for ₹50,000 salary Read More Personal Loan for ₹60,000 salary Read More Personal Loan for ₹80,000 salary Read More Personal Loan for ₹1,00,000 salary Read More

Which Bank has the Lowest Interest Rate on Personal Loan in India?

Among the leading private sector banks, Kotak Mahindra Bank offers the lowest interest rates on personal loans starting at 9.98% p.a. from the Paisabazaar, closely followed by ICICI, HDFC, Axis Bank offering personal loans at 9.99% p.a. onwards. Some public sector banks may offer lower interest rates. However, the final interest rate offered will depend on factors such as credit score, monthly income, occupation profile, etc.

How Personal Loan Interest Rate is Determined?

Banks and non-banking financial companies (NBFCs) usually calculate the interest rates for their loan applicants on the basis of the following factors:

Lender’s cost of funds
Net interest margins for the lender
Credit scores, monthly income, occupation profile, and other aspects of their personal loan applicant’s credit profile
Applicant’s existing deposit or lending relationship with the lender

How MCLR Impacts Personal Loan Interest Rates?

The full form of MCLR is Marginal Cost of Funds-based Lending Rate
MCLR is the minimum interest rate below which banks cannot lend money
Each bank sets its own MCLR, depending on the cost of funds (like deposits) and RBI guidelines
Your personal loan interest rate is generally linked to the bank’s MCLR and if the bank modifies its MCLR, your EMI can change as well
A bank can review and revise its MCLR periodically depending on its banking policies.

Here is a list of the latest MCLR (Overnight) for some top lenders in India

Bank	Latest MCLR	Effective Date
SBI	7.85	15-12-2025
HDFC Bank	8.25%	07-01-2026
ICICI Bank	7.80%	22-12-2025
Federal Bank	8.20%	16-12-2025
Axis Bank	8.50%	18-12-2025
Kotak Mahindra Bank	7.50%	16-12-2025
IDFC First Bank	9.50%	08-01-2026
YES Bank	8.90%	01-01-2026
IndusInd Bank	9.85%	22-12-2025
RBL Bank	8.20%	22-12-2025

*Overnight MCLR as on 8^thJan, 2025

Impact of RBI Regulations on Personal Loan Interest Rates

RBI monetary policy and its liquidity maneuvers can directly impact the cost of funding for the banks/NBFCs, which in turn will impact the interest rates for fresh borrowers. These will also impact existing borrowers who have availed loans at floating interest rates, subject to their interest rate reset date set by their lenders. However, these policy changes will not impact the interest rate of fixed rate personal loan borrowers as their interest rate will remain unchanged for their entire loan tenure.

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FAQs

Personal loan interest rates vary between banks and NBFCs, depending on factors such as your credit score, employment history, income and the lender’s credit risk policies. Currently, the personal loan interest rates offered by private sector banks start from 9.98% p.a. onwards. However, some public sector banks may offer personal loans at lower interest rates.

Is GST applicable on personal loan interest?

GST is not applicable on the interest component of personal loans. However, a GST of 18% is levied on the various personal loan fees and charges levied by the lenders.

What is a good interest rate on a personal loan?

There is no such thing as good personal loan interest rates. Lenders consider their cost of funds, net interest margins and the credit risk assessment of their loan applicants while setting their interest rates. Those with higher credit scores are likely to fetch lower interest rates on personal loan schemes. Therefore, loan applicants with higher credit scores should check and compare interest rates offered by multiple lenders to know the best offers available on their credit profiles.

What are the minimum and maximum interest rates for a personal loan?

The interest rate for personal loans offered by private sector lenders usually starts from 9.99% p.a. Note that the lenders may offer lower personal loan interest rates than their published card rates, based on the borrower’s credit profile, subject to their floor rate for retail loans as per RBI’s guidelines.

Is there any difference between salaried and self-employed personal loan rates?

Most lenders usually offer lower personal loan interest rates to their salaried applicants than self-employed applicants due to the higher income certainty of the former. Note that apart from the applicant’s occupation profile, lenders would also consider other factors of the loan applicant’s credit profile like his/her credit score, income profile, etc while setting his/her interest rates.

What is the Average Interest Rate on a Personal Loan?

The interest rates offered on personal loans by most lenders usually range between 9.98% to 24% p.a., with some public sector banks offering lower rates. However, the average personal loan interest rates depend on the applicant's credit score, income, etc.

How does my credit score affect the interest rate of my personal loan?

Lenders use the credit score of their personal loan applicants as an initial check of their creditworthiness. Applicants with a credit score of 750 or above are usually considered as financially disciplined and thus, are believed to carry lower risk of loan defaults. This reduces the credit risk for the lenders, thereby allowing them to offer personal loans at lower interest rates to such applicants.

Do NBFCs offer lower interest rates on personal loans compared to banks?

NBFCs usually offer higher interest rates on personal loans than those offered by banks because of their higher cost of funds. However, some larger NBFCs with access to low cost funds may offer personal loans at competitive interest rates.

Can I negotiate the personal loan interest rate with my lender?

Both existing as well as fresh personal loan applicants are free to negotiate the interest rates with the lenders. Additionally, they should also visit online financial marketplaces like Paisabazaar to explore personal loan offers from other lenders based on their credit profile.

How to reduce personal loan interest burden?

Existing personal loan borrowers can reduce their interest burden by transferring their outstanding loan amount to another lender by offering them lower interest rates and/or better personal loan terms. Reduced interest rates will lead to a reduction in both EMIs and overall interest costs. Personal loan borrowers can also reduce their interest burden by making part prepayments whenever feasible. Those opting for part prepayment on their personal loans can either reduce their loan tenure or EMI. Personal loan borrowers seeking to reduce their interest burden further should opt for tenure reduction as it results in interest cost savings.

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Anubhuti Agrawal

Reviewed By

Shamik Ghosh

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.

The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.

The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.

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