Desktop Bg
  • amount Check Loan Amount Eligibility
  • offer Compare Offers from Top Banks
  • loan Select Loan Basis on Chances of Approval
Looking for a Personal Loan? Let us help you find the most suitable offers.
+91

Compare and Apply for Personal Loans

Rs
Rs
+91
Personal Loan
4.3 / 5 (20485 Reviews)

Personal loans are unsecured loans, which means a borrower doesn’t need to provide collateral (security) against it. The tenure of these loans generally ranges from 12 months to 60 months. If a shorter tenure is chosen, individual EMI amounts are higher, whereas a longer tenure results in lower individual EMIs. Unlike a secured loan like a home loan or car loan, a personal loan can be used to meet any expense, such as emergency medical expenses, higher education, travel, wedding, etc.

Personal Loan Interest Rate

Personal loan interest rates differ from one lender to another. The interest rate offered by lenders also depends on the applicant’s credit score, employment, income along with factors like the amount of loan and tenure.

Interest Rate Comparison

The following is a comparison of the personal loan interest rates of some leading banks and NBFCs in India: 

Bank Name

Interest Rate

Axis Bank

11.00% onwards

Bajaj Finserv

11.49% onwards

Bank of Baroda

10.00% onwards

Citibank

9.99% onwards

HDFC Bank

12.50% onwards

ICICI Bank

10.50% onwards

IDFC First Bank

11.00% onwards

Indian Bank

9.05% onwards

Indian Overseas Bank

10.30% onwards

IndusInd Bank

11.00% onwards

Kotak Mahindra Bank

10.50% onwards

Punjab National Bank

8.95% onwards

Standard Chartered Bank

11.00% onwards

State Bank of India

9.60% onwards

Tata Capital

11.75% onwards

Union Bank of India

8.90% onwards

Yes Bank

12.49% onwards

Please Note: Updated on 1st July 2021. Personal loan interest rates are subject to change without prior information.

Factors Affecting the Personal Loan Interest Rate

  • Credit Score: It represents an applicant’s financial health and repayment ability and is between 300 to 900. The higher the credit score, the better are the chances of getting the personal loan approved.

    Click here to check your Credit Score for FREE at Paisabazaar.com
  • Loan Amount: Some lenders charge a higher interest rate if the applicant is borrowing a higher loan amount. This is due to the perceived higher risk of default as a higher loan amount typically translates to a higher EMI payout.
  • Loan Tenure: Some lenders charge a higher interest rest for a longer tenure personal loan as compared to the same loan amount for a shorter tenure. Such variation typically depends on the bank’s internal criteria.
  • Repayment Capacity: In some cases, personal loan borrowers may be charged a higher rate of interest in case they have high existing debt. This is because a higher fixed obligation typically increases the risk of default by the lender.

Important Features of Personal Loans

  • No Collateral/Security Required: You don’t need to provide any collateral or security such as a house or car to avail a personal loan. The loan is approved only on the basis of your creditworthiness, which depends on your credit score, income, repayment history, employer reputation, etc.
  • Flexibility of Usage: Unlike a car loan or home loan, personal loans can be used for varied purposes such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.
  • Flexible Tenure: Personal Loans come with flexible tenure usually ranging from 12 months to 60 months.
  • Minimal Documentation: You can apply for a personal loan online or offline with minimal documentation. Key documents that lenders generally need the applicant to provide include proof of identity, proof of address and proof of income.
  • Quick Disbursal: Personal loan disbursal can happen in as short as a few hours, once the application is approved. Turnaround time can also be as short as a few minutes if you are availing a pre-approved loan offer.
  • Flexible Loan Amount: The eligible personal loan amount is based on an individual’s repayment history, monthly income, age, profession, employer reputation and other such factors. Lenders offer personal loans ranging from as low as Rs. 10,000 to as high as Rs. 50 Lakh.

Personal Loan Eligibility

Personal loans are provided to both salaried and self-employed individuals/professionals. Most banks and NBFCs (Non-Banking Financial Companies) offer these loans with set eligibility criteria which varies depending on the type of applicant. Following are some of the key personal loan eligibility factors that need to be kept in mind*:

Particulars

Salaried

Self-Employed

Age

21 - 60 years

21 - 68 years

Minimum Income

Rs. 15,000 per month

Rs. 5 lakh per year (gross)

Employment stability

Total Experience - Minimum 2 years
Experience in the Current Organization - Minimum 1 year

Minimum 2 years in the current business

*The personal loan eligibility criteria mentioned above is generic in nature and actual eligibility factors may differ from one lender to another.

Documents Required for Personal Loans

Most banks and NBFCs have similar guidelines in respect to the documents required for personal loans. A generic list of such documents has been provided below*:

Identity Proof

PAN Card/ Voter’s ID/ Aadhaar Card/ Passport/ Driving License

Address Proof

Bank Account Statement/ Aadhaar Card/ Lease/ Property purchase Agreement/ Utility Bill (not more than 3 months old)/ Passport/ Driving License

Income Proof

For Salaried Individuals: Salary Slips/ Bank Account Statement/ Form 16
For Self-employed: Previous Years’ ITR/ P&L Statement and Balance Sheet/ Bank Account Statement

Business Proof

Certificate of Practice/ Partnership Deed/ GST Registration and Filing Documents/ MOA & AOA/ Shop Act License

*The actual list of documents required may vary from one lender to another.

Why Apply for Personal Loans at Paisabazaar.com?

    • Multiple offers, single platform: At Paisabazaar.com, you are saved from the hassle of visiting individual websites/offices of lenders to compare the available personal loan options.
    • Wide choice of offers from multiple Banks & NBFCs: Paisabazaar.com has 30+ partnerships with India’s largest Banks, NBFCs and fintechs to provide consumers with multiple unsecured loan offers to compare and choose from
    • Know the Chances of Approval: To resolve a fundamental consumer pain-point of not being able to ascertain their eligibility for credit from Banks and NBFCs, we brought in an industry-first innovation “Chance of Approval”.  This model matches the lenders’ lending policy with each customer’s data and rank-orders each offer available to a customer and the chances of approval against each offer. The personalization enables the customer to choose the most-suited offer that’s available, increasing his certainty of getting credit.
    • End to end digital processes: At Paisabazaar, borrowers can avail personal loans through end-to-end digitized and paperless processes, with no need to visit any bank branch or any offline interaction
    • Pre-approved offers with zero documentation: Through integrations with Banks and NBFCs, customers with good credit history can avail pre-approved personal loans from partners like IDFC First, Tata Capital, CLIX Capital etc. These pre-approved loans can be disbursed within hours with no paperwork required.
    • Expert Assistance: Paisabazaar’s team of experts help borrowers choose the best and most-suited personal loan offer, according to need and eligibility. Our team not assists borrowers on each step and also, coordinates with the lenders to ensure loans are disbursed quickly

How to Apply for a Personal Loan at Paisabazaar.com?

At Paisabazaar, you can compare various personal loan options available to you and apply for the one that suits your requirements the best in three easy steps:

Step 1: Compare Offers

You will get a list of available personal loan offers arranged based on your Chances of Approval. You can compare various loan options and select the loan option where your chances of approval are high.

Step 2: Check Eligibility

Enter your personal information in addition to the details of existing loan accounts that you hold, if any, to check whether you are eligible for the loan.

Step 3: e-Approval

Fill out the form to get instant approval on your loan application.

How to Apply for a Personal Loan using the Paisabazaar App?

In order to apply for a personal loan using the Paisabazaar app, you need to download and install the Paisabazaar app from the relevant app store. Additionally, you need to be logged into your Paisabazaar account. The following is a step by step guide to apply for a personal loan using the Paisabazaar App:

Step 1: Click the “Personal Loan” tab on the app dashboard.

Step 2: Fill out your personal details such as the nature of your employment, net monthly income, residing city and the desired loan amount. Select the check box to accept the applicable terms and conditions and click “Proceed”.

Step 3: On the subsequent page, fill out further details, such as the name of your bank, work experience and click “Proceed”.

Step 4: A list of the eligible personal loan offers will be displayed arranged according to the chances of approval.

Step 5: Select the personal loan offer that best suits your requirements.

Step 6: Fill out bank-specific additional details that may be required to submit your loan application online.

Charges and Fees Related to Personal Loans

Apart from interest charges, some additional charges may also be applicable to a personal loan. Some of the most common ones that should be kept in mind are as follows:
  • Processing Fees This is a fee to cover the administrative charges related to the disbursement of a personal loan. Processing fees usually range between 1% and 3% of the loan amount sanctioned.
  • Prepayment/Foreclosure Charges When an amount in excess of the standard EMI payment is made, it is counted as prepayment of a loan. In case an outstanding loan is paid off before the end of its tenure, the process is termed foreclosure. In most cases, lenders charge a fee known as foreclosure charge at the time of making this complete repayment. Typically prepayment/foreclosure charges range from Nil to 5% of the principal amount pre-paid plus applicable taxes on top of the loan principal outstanding.
  • Late Payment Charges These charges are levied when the borrower is late in making EMI payments. This is typically a fixed charge that the borrower will need to pay along with the due amount.
  • Cheque Bounce Charges In case an EMI payment is missed as the account linked to the post-dated cheque is low on funds or the account has been closed, a cheque bounce charge will be applicable. This is typically applied as a fixed charge of around Rs. 500+ GST.

What are the different ways to pay Personal Loan EMIs?

Timely EMI payments of your personal loan are essential to ensure that you maintain a clean credit history and good credit score. There are multiple ways through which you can pay your loan EMI:

  • Standing Instructions – You can use the NACH mandate to set up standing instructions
  • Autopay – You can use internet banking to set up autopay for EMI payment
  • Online Transfer – EMI payments can be made online using NEFT, RTGS or IMPS payments
  • Cheque/Draft – Post-dated cheques (PDC) or drafts can also be used to pay your PL EMI

Do keep in mind that the different EMI payment options mentioned above may or may not be available in the case of your lender.

How to calculate the Personal Loan EMI?

It is always a good practice to plan your monthly expenditures in advance to avoid any financial hassle later. Paisabazaar has designed a personal loan EMI calculator, where you just need to enter the loan amount, interest rate and tenure to calculate your EMI instantly. This can help you make an informed decision regarding the loan option that best suits your unique requirements.

To get an idea about how personal loan EMIs are computed, take a look at the table given below:

Loan Amount

Interest Rate

EMI 1 Year Loan Tenure (Rs.)

EMI for 2 Year Loan Tenure (Rs.)

EMI for 3 Year Loan Tenure (Rs.)

EMI for 4 Year Loan Tenure (Rs.)

EMI for 5 Year Loan Tenure (Rs.)

1 lakh

10.50%

8,814

4,637

3,250

2,560

2,149

2 lakh

10.75%

17,653

9,298

6,524

5,144

4,323

3 lakh

10.50%

26,444

13,912

9,750

7,681

6,448

5 lakhs

11.00%

44,190

23,303

16,369

12,922

10,871

10 lakhs

10.50%

88,148

46,376

32,502

25,603

21,493

Frequently Asked Questions (FAQs) 

Queries before Applying for the Loan

Q1. What is the minimum credit score to get a personal loan?

It depends on the eligibility criteria set by the lender. Most lenders do not specify a minimum credit score for a personal loan. Some lenders might lend to applicants with low credit score (less than 750) but the interest rate applicable is usually higher in such cases.

Q2. What is the minimum salary required to get a personal loan?

The minimum monthly salary required to avail a personal loan varies from lender to lender. However, for large lenders like Banks, the minimum income eligibility is Rs. 25,000 per month and above. Certain fintech lenders may provide loans to customers with lower incomes

Q3. What is the best credit score or CIBIL score to get a personal loan?

Generally, a credit score of 750 and above is considered good. You can improve your credit score by paying credit card bills on time, decreasing your outstanding debt and maintaining old credit card accounts in good standing.

Read more about CIBIL Score for Personal Loan

Q4. What role do credit history and score play in getting a personal loan?

Your credit history and credit score reflect your handling of credit in the past. Hence, they not only affect the chances of being approved for a personal loan but often impact the rate of interest too. The higher the credit score, the greater are the chances of approval and receiving a lower preferential interest rate.

Q5. Can I get a personal loan being a pensioner, if I have a pension account with one of the leading banks in India?

Yes, you can get a personal loan even as a pensioner, if you have a pension account with one of the leading banks. However, you should ensure that the bank where you receive pension funds offers personal loans to pensioners and you meet the eligibility criteria as specified by your prospective lender.

Q6. Can a student apply for a personal loan?

Generally, students are not eligible for a personal loan as a stable source of income and a good credit score are necessary prerequisites. However, if you have a stable monthly income and fulfil the lender’s other eligibility criteria, you may easily avail of a personal loan.

Q7. Can I get a personal loan if I have a home loan?

Yes, you can apply for a personal loan even if you already have a home loan. However, the chances of getting the loan approved will depend on your repayment capacity, which in turn depends on your monthly income and credit score.

Q8. Can self-employed individuals apply for a personal loan in India?

Yes, self-employed individuals like businessmen, doctors, chartered accountants, etc. can apply for a personal loan in India provided they meet the eligibility criteria. Moreover, some banks and NBFCs provide special personal loan offers for doctors, chartered accountants and businessmen.

Q9. Should I always choose the lowest possible EMI before accepting a personal loan offer?

Low EMI offers are a result of either low interest rate or long repayment tenure and sometimes both. Thus before selecting a personal loan offer, you should consider both interest rate and loan tenure. It is possible that the lender offering the lowest EMI is also offering the longest tenure, which in turn may increase your total interest payout. 

On the other hand, a personal loan offer with a relatively higher EMI but a shorter tenure may actually prove more economical in terms of total interest paid. Thus, you should always calculate your total interest payout and also take into account your repayment capacity before selecting a specific loan offer.

Q10. Can I get a personal loan without a salary slip?

Yes, you can get a personal loan without providing salary slips. You can submit your bank account statement/ a copy of Form 16/ employee certificate from the employer, etc. as proof of income to fulfil the eligibility criteria. However, it is always recommended to confirm the list of required documents with the lender as it may vary from one bank to another.

Q11. Can I use a personal loan for marriage purposes?

Yes, you can avail a personal loan to meet marriage related expenditure as personal loans come with flexible end-use. Some lenders even provide personal loans specifically named as wedding/ marriage loans.

Q12. Can I take a personal loan from two different banks at the same time?

Yes, you may avail a personal loan from two different lenders at the same time. However, it is not advised to do so as it will not only affect your credit score but also increase your EMI payout. It will be better to take one personal loan of a larger amount than two personal loans of smaller amounts. This way you can pay lower EMIs for a longer tenure and also improve your credit score. Moreover, you will save upon processing fees and other loan-related charges.

Q13. Which is better, a personal loan or a credit card?

Both personal loans and credit cards are means of borrowing money. Which one is better depends on the purpose behind borrowing money. If you need to borrow a fixed amount for a finite period of time, go for a personal loan. On the other hand, if you want revolving credit for a lifetime, go for a credit card.

Read more: Credit Card vs Personal Loan

Q14. Is it good to pay off credit card debt with a personal loan?

Yes, it is often a good idea to pay credit card dues with the help of a personal loan as:

  • It allows you to consolidate the debt associated with multiple credit cards, which in turn, will make the repayment process easier.
  • The rate of interest applicable on a personal loan is lower than that applicable to the outstanding balance on a credit card. Thus, taking a personal loan also helps you save on the overall interest cost.

Q15. What is the difference between reducing balance rate and flat interest rate?

In case of the reducing balance method, interest is applicable on the outstanding loan balance i.e. on the balance that remains outstanding after getting reduced by the principal amount repaid. As a result, the interest cost keeps decreasing over the loan tenure. On the other hand, a flat interest rate is charged on the entire loan balance throughout the loan term. Thus, the interest payable does not decrease over the loan tenure.

Q16. What are personal loans for women?

Personal loan for women is a special category of personal loans offered to women by several banks and NBFCs. A preferential rate of interest is applicable in such cases to promote and support female entrepreneurs and working women.

Q17. What are personal loans for pensioners?

It is offered to retired senior citizens availing pension so that they can meet their needs, medical expenses, or plan a trip without any financial constraints after retirement.

Q18. What are pre-approved personal loans?

This is a special category of personal loans, also known as instant personal loans. These are usually offered to existing customers (account holders/credit card holders) of the bank or NBFC. Instant personal loans are characterized by minimal to no documentation and quick disbursal of the loan amount (generally within a few hours). However, the loan amount sanctioned in such quick personal loan offers depend on the applicant’s profile and cannot be changed.

Q19. What is a top-up loan?

This is a personal loan issued to a borrower who already has an unpaid personal loan from the current lender. Top-up personal loans are usually available to select PL customers of the lender and they often feature an interest rate similar to that of a standard personal loan.

Q20. What is a personal loan balance transfer?

Personal loan balance transfer is the process by which the principal outstanding of an existing loan is transferred to a new lender offering a lower interest rate. This decreases the overall interest payout over the loan tenure.

Frequently Asked Questions while Applying for the Loan

Q1. Which documents are required to apply for a personal loan?

The documents required to avail a personal loan vary from lender to lender. However, most of the banks and NBFCs require proof of identity, proof of address and proof of income.

Q2. How should I choose the best personal loan offer?

With a plethora of personal loan offers available, choosing the best one can be challenging for some people. But you can follow the below tips to choose the best personal loan offer:

  • Compare interest rates: Do not go for the first offer that comes your way. Always compare personal loan interest rates offered by different lenders before choosing a deal.
  • Compare other loan fees and charges: Do check the associated loan charges and fees before settling for an offer as they might affect your budget despite a low rate of interest.
  • Check for repayment flexibility: Check for prepayment and part-payment options and the associated charges to better plan your repayment schedule.
  • Calculate EMI payout beforehand: Before you apply for a personal loan, you need to be sure that you will be able to repay the loan on time without any penalties.

Q3. How can I avoid personal loan rejection?

While getting a personal loan application approved completely lies in the hands of the lender, the below steps can be followed to avoid rejection:

  • Carefully check the eligibility criteria set by the bank/NBFC and ensure you meet them.
  • Check for inaccuracies in your credit report as they might affect your credit score and hence your chances of getting a personal loan. 
  • Apply for the loan from a lender where you have the highest chances of approval.
  • Reduce your outstanding debt by paying any existing loan installments and credit card dues.
  • Keep your credit utilization ratio below 40%.
  • Avoid multiple loan applications at once.

Must Read: 6 Common Reasons For Personal Loan Rejection

Q4. How can I bargain for a better rate of interest on my personal loan?

You can get a lower rate of interest on your personal loan by following the below tips:

  • Maintain a good credit score as it is suggestive of financial stability and repayment capability. The higher the credit score, the greater are the chances of availing a personal loan at a lower rate of interest.
  • Apply for the loan at a bank with which you already have a savings account or fixed deposit. A good pre-existing relationship with the lender has a positive impact on your repayment ability, which may help you to get a loan at a lower rate of interest.
  • Banks and NBFCs often release special personal loan offers during the festive season. These offers generally have an attractive rate of interest. Thus, applying for a personal loan during the festive season may help you get a loan at a lower rate of interest.

Q5. What is the impact of GST on personal loans?

The impact of GST on personal loans has not been much as it is not levied on EMIs. However, the service tax has increased from 15% to 18%. As a result, the one-time costs including processing fees, prepayment charges, etc. will rise.

Frequently Asked Questions After Applying for the Loan

Q1. What will happen if I don’t pay a personal loan EMI?

Missing a single EMI might not have a major impact on your credit score, however, missing multiple EMIs will. Repeated failure will not only affect your credit score but also increase your outstanding debt. In rare cases, preliminary notices can be sent by the lender mentioning the outstanding loan amount and penalty charges. The bank may also go for legal proceedings or approach the guarantor (if any).

Q2. What are the pros and cons of a personal loan balance transfer?

It may happen that you took a personal loan at a higher rate of interest because you needed the funds immediately. However, you later find that other lenders are offering a lower rate of interest. In such a case, a personal loan balance transfer is the most effective way to reduce your burden. Let’s look at the various pros and cons of a balance transfer to help you take an aware decision:

Pros:

  • Lower rate of interest: You will have to pay interest at a lower rate to the second bank.
  • Shorter tenure/ Lower EMI: You may choose to pay the same EMIs for a shorter tenure or lower EMIs for the same tenure.

Cons:

  • Processing fees: You will have to pay a processing fee to the second bank for a balance transfer.
  • Prepayment Charges: You may have to bear the prepayment charges to the first bank.

Thus, you should always do a cost-benefit analysis before availing a personal loan balance transfer so that your savings on the interest component is greater than the processing fees and prepayment charges.

Q3. Are personal loans tax exempted?

As per the Income Tax Act, there is no specific deduction allowed for personal loans. 

Q4. What do the terms settlement, default and closed mean with respect to a personal loan?

You may come across terms like settlement, default or closed with respect to your old or current loans/ credit cards while going through your credit report. These terms are in fact not specific to a personal loan and their meanings are as follows:

Settlement: This means that you were unable to pay off the loan amount. As a result, you and your lender came to an agreement to pay only a portion of your dues instead of the entire outstanding amount. As much as 30% to 40% of your outstanding loan may be waived off by the lender as part of the settlement process. This should, however, be used as a last resort as it has an adverse effect on your credit report.

Default: This means that you have defaulted on your loan, i.e., you have not paid your outstanding loan. Additionally, you and the lender were unable to come to an agreement regarding the outstanding dues. This is the worst possible outcome of taking a loan as it impacts your credit score severely and most lenders will deem you a risky borrower in the future.

Closed: This means that you have successfully paid off your loan. A successfully closed loan account helps maintain a good credit score and represents you as a low-risk borrower to prospective lenders.

Q5. What does prepayment mean and are there any charges for it?

When a borrower pays off the loan amount before the designated due date, it is called prepayment. Yes, many banks and NBFCs charge a prepayment fee ranging from 1% to 5% on the outstanding principal amount of the loan.

Q6. What are the advantages of part prepayment and foreclosure?

Despite the associated charges, loan prepayment is an economically viable option. If you completely pay off/ foreclose the loan in advance, you save substantially on the interest component. Additionally, your outstanding debt decreases.

On the other hand, if you partly prepay the loan amount, you can choose to either reduce your EMI payout or the loan tenure. Moreover, the part prepayment also helps you save on the interest component and decrease the outstanding debt.

Q7. Can I cancel a personal loan after the loan amount is disbursed?

In some cases, you may cancel a personal loan after disbursal subject to the terms and conditions of the lender. Loan cancellation will lead to cancellation charges and processing fees. Please note that all banks do not allow loan cancellation once the amount is disbursed. However, you can always prepay the loan amount as per the terms and conditions of the bank and save on the interest component.

Q8. Is a personal loan taxable?

No. You do not have to pay additional tax if you get a personal loan. In fact, the interest payable on a personal loan may be eligible for tax deduction u/s 24b if you use the loan proceeds for the purpose of home remodelling/renovation.

Q9. Can I transfer a personal loan to another person?

Under current regulations, it is not possible to transfer your personal loan to another person. However, some lenders do have the option of having a co-borrower/guarantor for a personal loan and in such cases, the co-borrower/guarantor will be required to repay the loan in case the primary borrower defaults.

Q10. How to Reduce Your Monthly EMI?

If you are finding it difficult to keep up with your monthly loan repayments, you might be able to negotiate a lower EMI by extending your repayment tenure. You should however bear in mind that, in this situation, due to the longer tenure, you will end up paying more interest over the loan tenure.

The alternative is to opt for a personal loan balance transfer. In this case, the principal outstanding of your current loan is transferred to a new lender at a lower rate of interest. As a result of the lower interest rate, your individual EMI payments will decrease.

The following is a comparison of personal loan features of lenders across key categories*:

Providers

Interest Rates (per annum)

Processing Fees (Rs.)

Partial Pre-payment Restrictions

Minimum Foreclosure Period

Foreclosure/Prepayment Charges (Rs.)

Axis Bank

11.00% onwards

Up to 1.5% of the loan amount

5% for 0 to 12 months

4% for 13 to 24 months

3% for 25 to 36 months

2% for greater than 36 months

                -

5% for 0 to 12 months

4% for 13 to 24 months

3% for 25 to 36 months

2% for greater than 36 months

Bajaj Finserv

11.49% onwards

Up to 4.13% of the loan amount

l After at least 1 month from date of loan disbursal

I Upto 2% + applicable taxes on part-payment amount paid

I Part-prepayment made should be more than 1 EMI

As per the loan agreement

4% of principal outstanding amount

Bank of Baroda

10.00% onwards

2% of the loan amount

As per loan agreement

                -

Nil

Bank of India

9.35% onwards

Up to 2% of the loan amount

As per loan agreement

                -

As per loan agreement

Bank of Maharashtra

9.55% onwards

Up to 1% of the loan amount

As per loan agreement

                -

As per loan agreement

CASHe

33.00% onwards

Up to Rs. 1200 or 3% of the loan amount

              - 

                -

                   -

Central Bank

8.45% onwards

Rs. 500

As per loan agreement

                 -

As per loan agreement

Citibank

9.99% onwards

Up to 3% of the loan amount

l Part prepayment is allowed after 12 months of loan tenure.

l Part prepayment amount: Minimum 2 monthly EMIs and maximum 5 monthly EMIs

After 12 months of the loan tenure

Up to 4% on total principal outstanding + Interest for the ongoing month

Clix Capital 

As per loan agreement

Up to 10% of the loan amount

              - 

After a lock-in period of 6 months

5% of principal foreclosed+

applicable taxes

EarlySalary

18.00% onwards

2% of the loan amount

                -

               -

Nil

Faircent

12.00% onwards

Up to 8% of the loan amount

               -

Anytime during the loan tenure

Post 3 months of loan disbursal: Nil


Within first 3 months of loan disbursal: 3 months’ balance interest due to the lender + Rs. 500

Federal Bank

10.49% onwards

Up to 3% of the loan amount

As per loan agreement

            -

Nil for floating rate schemes

3% for fixed rate schemes

Fullerton India

13.00% onwards

Up to 6% of the loan amount

As per loan agreement

After 6 EMIs are paid

Up to 7% of the principal outstanding

HDB

Up to 36%

Up to 3% of the loan amount

              -

After a lock-in period of 6 months

Up to 4% of the principal outstanding

HDFC Bank

12.50% onwards

Up to 2.5% of the loan amount

l Part prepayment allowed after repayment of 12 EMIs

l It is allowed up to 25% of principal outstanding

l Allowed only once in a FY and twice during the loan tenure

After repayment of 12 EMIs

4% of of the principal outstanding

Home Credit

24.00% onwards

Up to 3% of the loan amount

               -

Anytime during the loan tenure

Nil

HSBC Bank

9.75% onwards

Up to 1% of the loan amount

As per loan agreement

As per loan agreement

Up to 3% of the principal outstanding

ICICI Bank

10.50% onwards

Up to 2.5% of the loan amount

Not Allowed

Anytime during the loan tenure

5% of the principal outstanding

IDBI Bank

9.50% onwards

1% of the loan amount

I Part payment allowed without any charges after 6 months of disbursement.

I Maximum part payment amount is 10% of the outstanding loan amount subject to minimum of Rs. 10,000/-.

I Part payment allowed maximum 3 times in year with an interval of 90 days.

I Part payment within six months from disbursement: 2% of the outstanding loan amount + applicable taxes.

Anytime after the loan disbursal

Nil, if foreclosed after 24 months of loan disbursal


2% of the principal outstanding, if foreclosed after 12 months 


1% of the loan amount, if foreclosed after 12 months but before 24 months

IDFC First

11.00% onwards

Up to 2.5% of the loan amount

Part prepayment up to 40% of loan amount is allowed every year on IDFC Smart Personal Loan

After payment of 12 or more EMIs

Up to 5% of the principal outstanding

Indian Bank

9.05% onwards 

Up to 1%

As per loan agreement

                    -

As per the loan agreement

IndusInd Bank

11.00% onwards

Up to 3% of the loan amount

Not Allowed

After 12 months for salaried clients and after 6 months for self-employed clients

4% of the principal outstanding

Kotak Mahindra Bank

10.50% onwards

Up to 1.99% of the loan amount

I Permitted up to 10% every year, after completion of lock-in period of 12 months

I  Rs. 750 + GST per instance of part-prepayment

After lock in period of 12 months


After 1st year: 5% of outstanding

After 2nd year: 4% of outstanding

After 3rd year: 3% of outstanding

Kreditbee

12.24% onwards

Up to 6% of the loan amount

             - 

Anytime during the loan tenure

Nil

Moneyview

15.96% onwards

Starting from 2% of the loan amount

Not Allowed

I After payment of at least 3 EMIs. 

I Allowed only if your EMI repayment period is longer than 6 months 

Nil 

Muthoot Finance

14.50% onwards

Up to 3.5% of the loan amount

Not allowed

After lock in period of 9 months

10 to 12 months - 6% of loan outstanding + GST


>12 months - 5% of loan outstanding + GST


Part payment not allowed"

PaySense

16.80% onwards

Up to 2.5% of the loan amount

               - 

After first 3 EMIs are paid

4% of the principal outstanding

Punjab National Bank

8.95% onwards

Up to 1% of the loan amount

Can be done anytime during the loan tenure

Anytime during the loan tenure

Nil

RBL Bank

14.00% onwards

Up to 3.5% of the loan amount

As per loan agreement

1 year after the first EMI

5% of the principal outstanding, if foreclosed b/w 13-18 months 3% of the principal outstanding, if foreclosed after 18 months Nil, if foreclosed using your own funds after 12 EMIs

Standard Chartered Bank

11.00% onwards

1% of the loan amount

As per loan agreement

Anytime during the loan tenure

Upto 12 Months:       5%

13 to 24 Months:       4%

25 to 36 Months:       2%

> 36 Months:      1%"

StashFin

11.99% onwards

Up to 10% of the loan amount

               -

After payment of 3 EMIs

                        -

State Bank of India

9.60% onwards

Up to 1.5% of the loan amount

As per loan agreement

                  -

Up to 3% of the principal outstanding

TATA Capital

11.75% onwards

Up to 2.75% of the loan amount

I Not allowed in first 6 months

I Can only be availed once a year

I A maximum of 25% of principal outstanding can be part paid

I 2.5% of principal outstanding + taxes is applicable for every part payment done

After 6 months of loan tenure

4.5% of the principal outstanding

UCO Bank

8.45% onwards

Up to 1%

of the loan amount

As per loan agreement

               -

As per loan agreement

Union Bank of India

8.90% onwards

0.5% of the loan amount

Nil

Anytime during the loan tenure

Nil

Yes Bank

12.49% onwards

Up to 2.5% of the loan amount

l Allowed after 12 EMI payouts

l Part Payment allowed with Zero charges

After 12 EMI payouts

Nil to 4% of the outstanding principal on the basis of tenure

*The above figures are subject to change and GST applicable in addition to the above charges.

Personal Loan
4.3 / 5 (20485 Reviews)

Personal Loan

PaisabazaarPaisabazaar is the best
5/5

Federal Bank Personal Loan

Was looking for a Rs. 20 lakh loan. Didn't know where to start from. Paisabazaar not only guided me through the entire process and documentation requirement but also provided personal loan offers from various lenders based on the chances of approval. Got my loan from Federal Bank with the best ..Read more...


Posted on: Jul 30, 2021
PaisabazaarBest Rates
5/5

Federal Bank Personal Loan

Wanted a loan to travel abroad. Paisabazaar helped me get a loan from Federal Bank at the best interest rate and minimal documentation without even stepping out of my house.


Posted on: Jul 30, 2021
PaisabazaarHassle-free loans
5/5

ICICI Bank Personal Loan

No complicated procedures and no hidden costs. Paisabazaar helped me get a personal loan from ICICI Bank with the least possible documentation and best possible interest rate in the market.


Posted on: Jul 30, 2021
PaisabazaarPaisa Rocks!
5/5

ICICI Bank Personal Loan

Wanted to get a loan for my sister's wedding but didn't know where to start from. Paisabazaar helped and guided me throughout the entire process. I was able to get a loan from ICICI Bank at a reasonable rate of interest with the least hassle.


Posted on: Jul 30, 2021
PaisabazaarNever going anywhere else!
5/5

ICICI Bank Personal Loan

Being an NRI I was unsure if I could get a loan. With Paisabazaar's good assistance I not only managed to get a personal loan from ICICI Bank but also secure one at a good interest rate.


Posted on: Jul 30, 2021
PaisabazaarGot loan being a fresher!!
5/5

ICICI Bank Personal Loan

Paisabazaar helped me get a personal loan from ICICI Bank while I was looking for my first job. They made the entire process so easy and hassle free. Thanks Paisa.


Posted on: Jul 29, 2021