Compare All Banks Personal Loan Interest Rates
|Bank Name||Interest Rate||Processing Fee|
|SBI||11.30% onwards||1% of the Loan Amount|
|Axis Bank||11.25% onwards||1.50% to 2.00%|
|HDFC Bank||11.25% onwards||Upto 2.50% of the Loan Amount|
|ICICI Bank||11.25% onwards||Upto 2.25% of the Loan Amount|
|TATA Capital||11.25% onwards||Depends on the Loan Amount|
|Punjab National Bank||12% onwards||1.80% of the Loan Amount|
|Bajaj Finserv||13.99% onwards||Upto 3.99% of the Loan Amount|
|Fullerton India||12% onwards||Starts from 3% of the Loan Amount|
|IndusInd Bank||10.50% onwards||Upto 2.50% of the Loan Amount|
|Standard Chartered Bank||12% onwards||Upto 2.25% of the Loan Amount|
|Citi Bank||10.99% onwards||0.25% onwards|
|Kotak Mahindra Bank||11.29% onwards||Up to 2.5% of the Loan Amount|
|HSBC Bank||10.99% onwards||Up to 1% of the Loan Amount|
|Bank of Baroda||11.65% onwards||Ranges from Rs 1000- Rs 10,000|
|Allahabad Bank||13% onwards||1.06% of the Loan Amount|
|YES Bank||10.75% onwards||Upto 2.50% of the Loan Amount|
|Andhra Bank||11.60% onwards||Depends on the Loan Amount|
|IDFC Bank||11.49% onwards||Upto 2% of the Loan Amount|
|RBL Bank||11.99% onwards||1.5% of the Loan Amount|
|Central Bank of India||11.65% onwards||Rs.500 + S.T|
|Dena Bank||13% onwards||1% of loan amount|
|Union Bank of India||12.7% onwards||0.50% of the Loan Amount|
|Bank of Maharashtra||12.75% onwards||1% of loan amount|
|Syndicate Bank||12.35% onwards||0.50% of loan amount|
|Indian Bank||11.40% onwards||0.51% of loan amount|
|Federal Bank||11.49% onwards||0.50% of loan amount|
|IIFL||13% onwards||upto 2% of Loan Amount|
|Bandhan Bank||15% onwards||1% + GST as applicable|
|HDB||13% onwards||2% of Loan Amount|
|Money View||16% onwards||Depends on the Loan Amount|
|Oye Loans||Annual Interest Rate of 30% translating to 2.5% a month||3% + 0.54% (GST)|
|Ujjivan||15.2% onwards||upto 2% of Loan Amount|
|Reliance||14% onwards||Depends on the Loan Amount|
|Faircent||14% onwards||One-time registration charge: Rs 500|
|Lazypay||15% onwards||2% of Loan Amount|
|DCB Bank||12% onwards||2% + GST of the loan amount|
|CASHe||2.75% for 90 days||2% of Loan Amount|
|SBFC||Depends on Applicant Profile||Depends on the Loan Amount|
Personal Loans are extremely useful and are often referred to as multipurpose loans as well. One can use it for any purpose be it medical emergency, wedding, travel, to buy a new gadget, etc. Personal loan is an unsecured loan, which means one does not have to submit any kind of collateral or security to procure one. This is one of the reasons why personal loan has the high rate of interest rates as compared to other secured loan options. Most of us get hesitant when it comes to availing a personal loan. We might need it, but just because of higher interest rate we tend to take a step back and look for other alternatives.
Benefits of Personal Loan
- Unsecured Personal Loan:
Personal Loans are unsecured, meaning they do not require any security or collateral to apply for the same. However, the banks or the financial institutions might ask for an agreement before they can proceed with the loan application.
- Get Funded in just a few hours!
With the Internet Banking facility, one can easily apply for a personal loan. You can expect a decision from the lender within a few hours and your desired loan amount comes straight in your bank account. Some NBFCs do not ever require visit from the applicant to approve their loan as their process is completely digitized.
- Minimal Documentation:
The entire documentation process in the banking sector has simplified to a great extent. Now, to apply for a personal loan, one doesn’t need to carry along one entire bundle of documents with the doubt that the lenders can ask for anything. The banks and NBFCs clearly mention on their website the necessary documents that are mandatory to apply for a personal loan.
At Paisabazaar.com, you can find comparison of the interest rates of major banks so you can study and take a decision. So, refer to the interest rates and apply to what suits your requirement!
Ques: Should I go for banks offering lower personal loan interest rates for my existing personal loan with additional top-ups?
Ans: This depends on the existing top ups that one has on the loan. There are a lot of factors where you can consider for going on the lower interest rate. The best option would be to contact your financial lender so they can guide the suitable offer for you.
Ques: How can I get personal loans with a lower interest rate?
Ans: Getting a personal loan with lower interest rate involves a lot of factors. Some of the factors include paying down existing debt, checking and rectifying your credit reports on time, repaying EMI on timely basis.
Ques: What is the best bank to get a personal loan with low interest?
Ans: All banks have different personal loan interest rates to offer. They depend on various factors for different loan applicant. Some of the factors include age, credit history, self-employed or salaried etc. On the basis of these factors, the interest rate is decided by the particular bank.
Ques: How can I calculate personal loan interest rates?
Ans: The interest rate on personal loan is calculated based on factors like the credit history, monthly income, amount being borrowed etc. The lenders usually prefer Loan Applicants with low credit risk – who have repaid their previous loans and bills on time.
Ques: How to choose the ideal repayment tenure for personal loans?
Ans: Choosing the ideal repayment tenure includes a lot of points. One has to analyze the monthly budget, calculate the Interest Rates involved, the future financial planning prospects, the existing liabilities etc.