Personal Loan Interest Rates

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Find Personal Loan at lowest interest rates

  • Personal Loan starts at 10.75% interest rates
  • Processing Fee - 0.25% onwards
  • Prepayment Charges - NIL to 5%
  • Compare All Banks Interest Rates

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*Offers are from Paisabazaar's partner Banks & NBFCs.

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.

Here at Paisabazaar.com, we give you a complete breakdown of all the Personal Loan Interest Rates of Major Banks so you can read, understand and analyze the best suitable option for you and your requirements.

Personal Loan Interest Rates Comparison of All Banks
Benefits of Personal Loan
FAQs

Personal Loan Interest Rates Comparison of All Banks

Bank Name Personal Loan Interest Rate Processing Fee How to Apply?
State Bank of India (SBI) 11.30% onwards 1% of the Loan Amount Apply Now!
Axis Bank 11.25% onwards 1.50% to 2.00% Apply Now!
HDFC Bank 11.25% onwards Upto 2.50% of the Loan Amount Apply Now!
ICICI Bank 11.25% onwards Upto 2.25% of the Loan Amount Apply Now!
TATA Capital 11.25% onwards Depends on the Loan Amount Apply Now!
Punjab National Bank 12% onwards 1.80% of the Loan Amount Apply Now!
Bajaj Finserv 13.99% onwards Upto 3.99% of the Loan Amount Apply Now!
Fullerton India 12% onwards Starts from 3% of the Loan Amount Apply Now!
IndusInd Bank 10.50% onwards Upto 2.50% of the Loan Amount Apply Now!
Standard Chartered Bank 12% onwards Upto 2.25% of the Loan Amount Apply Now!
Citi Bank 10.99% onwards 0.25% onwards Apply Now!
Kotak Mahindra Bank 11.29% onwards Up to 2.5% of the Loan Amount Apply Now!
HSBC Bank 10.99% onwards Up to 1% of the Loan Amount Apply Now!
Bank of Baroda 11.65% onwards Ranges from Rs 1000- Rs 10,000 Apply Now!
Allahabad Bank 13% onwards 1.06% of the Loan Amount Apply Now!
YES Bank 10.75% onwards Upto 2.50% of the Loan Amount Apply Now!
Andhra Bank 11.60% onwards Depends on the Loan Amount Apply Now!
IDFC Bank 11.49% onwards Upto 2% of the Loan Amount Apply Now!
RBL Bank 11.99% onwards 1.5% of the Loan Amount Apply Now!
Central Bank of India 11.65% onwards Rs.500 + S.T Apply Now!
Dena Bank 13% onwards 1% of loan amount Apply Now!
Union Bank of India 12.7% onwards 0.50% of the Loan Amount Apply Now!
Bank of Maharashtra 12.75% onwards 1% of loan amount Apply Now!
Syndicate Bank 12.35% onwards 0.50% of loan amount Apply Now!
Indian Bank 11.40% onwards 0.51% of loan amount Apply Now!
Federal Bank 11.49% onwards 0.50% of loan amount Apply Now!

Benefits of Personal Loan

  1. 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.

  1. 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.

  1. 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!

FAQs

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.

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