Personal Loan Interest Rates

As the name suggests, a "personal loan" is offered for personal use instead of business or commercial purposes. Personal loans come in handy when we need money for repairing or renovating our home; we are going on a vacation with family or friends; we are preparing for our child's wedding; and more.
 

Personal loan interest rate is different for different lenders. It is basically decided on the basis of your employment type i.e. salaried or self employed, your monthly income, your CIBIL score, your existing EMI etc. It is an unsecured loan, thus the short tenure also plays a role in deciding the interest rate.

Personal Loan Interest Rates (Apr 2017):

Banks

Interest Rate

SBI Personal Loan
SBI Personal Loan

12.55%-17.65%

Axis Bank Personal Loan
Axis Bank Personal Loan

15.50%-24%

ICICI Bank Personal Loan
ICICI Personal Loan

11.49%-22.00%

Tata Capital Personal Loan
Tata Capital Personal Loan

12.50% to 19%

Bajaj Finserv Personal Loan
Bajaj Finserv Personal Loan

16%

Fullerton India Personal Loan
Fullerton India Personal Loan

17.25%-35%

IndusInd Bank Personal Loan
IndusInd Bank Personal Loan

Upto 23% per annum

Standard Chartered Personal Loan
Standard Chartered Personal Loan

Upto 27%

Citibank Personal Loan
Citibank Personal Loan

Values based on customer profile;starting at 11.75%

HDFC Personal Loan
HDFC Personal Loan

11.49%-20%

Kotak Mahindra Personal Loan
Kotak Mahindra Personal Loan

11.50-24%

HSBC Bank Personal Loan
HSBC Personal Loan

12.25%-17.50% p.a.

 

Benefits of Personal Loan:

Benefits of Personal Loan

Below are Personal Loan Interest Rates details of some leading banks:

SBI Personal Loan Interest Rate

The SBI offers a variety of personal loans designed on the requirement of customers of different segments. The interest rate for each kind of loan varies accordingly. And, the State Bank of India does not charge any pre-closure fee.
 

SBI Personal Loan Schemes

Rate of Interest*

Xpress Credit

Full Check-off 
(Category I)

340 – 390 bps above Base Rate i.e., 12.70% – 13.20% p.a. currently

 

Partial Check-off 
(Category II)

440 – 490 bps above Base Rate i.e., 13.70% – 14.20% p.a. currently

 

No Check-off 
(Category III)

540 – 590 bps above Base Rate i.e., 14.70% – 15.20% p.a. currently

SBI Pension Loans

3.90% above Base Rate, currently 13.20% p.a.

Jai Jawan Pension Loan

4.75% above Base Rate, currently 14.05% p.a.

SBI Saral

8. 50% above Base Rate floating, currently 17.80% p.a.

Festival Loan Scheme

6.75% above Base Rate, currently 16.05% p.a.

Clean Overdraft

8.25% above Base Rate, currently 17.55% p.a.

HDFC Personal Loan Interest Rate

HDFC has special offers, interest rates and charges on HDFC personal loan for HDFC Bank account holders and for woman applicant. It has fast approval process for eligible candidate.
 

Interest Rates & Charges

Rack interest rate

Salaried – 15.75% to 20%

Loan processing charges

Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.

Prepayment

Salaried – No pre-payment permitted until repayment of 12 EMIs

Pre-payment charges

Salaried – 13-24 Months – 4% of Principal Outstanding,
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding

Axis Bank Personal Loan Interest Rate

Axis Bank offers personal loan ranging from Rs 50,000 to Rs 15,00,000 with a repayment tenure of 12 months to 60 months. You can even transfer your on-going loans to AXIS bank with the balance transfer facility. It requires minimal documentation and has quick approval.

Interest Rates & Charges

Rate of Interest

15.50% to 24%

Loan Processing Charges

1.50% to 2.00% + Service Tax as applicable

Cheque Bounce Charges

Rs. 500 per cheque bounce + Service Tax as applicable

Cheque/ Instrument Swap charges

Rs.500 per instance + Service Tax as applicable

Prepayment/ Forclosure Charges

Nil

Default Interest Rate

@24.00% per annum i.e 2% per month on the overdue instalment

 

ICICI Personal Loan Interest Rate

ICICI personal loan is a multi-purpose loan that offers fixed rate of interest and flexible tenures
 

Type Charges
Rate of interest
 
11.49% to 22%
Processing Fee  Up to 2.25% per year + Service tax
Prepayment charges 5% per year of the principal outstanding amount + service tax
Charges for loan Cancellation Rs. 3000/- + service tax
Extra interest on late payment 24% per year
 
Prepayment Charges Rs 100/ schedule + Service tax

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