Personal Loan Interest Rates – Feb 19

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Personal Loans come with affordable and attractive Interest Rates for all the financial purposes. Apply now to know more.

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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 in India
Benefits of Personal Loan
FAQs

Personal Loan Interest Rates in India

Bank Name Interest Rate Processing Fee Prepayment Policy How to Apply?
State Bank of India (SBI) 11.30% onwards 1% of the Loan Amount 3% on Prepaid Amount
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Axis Bank 11.25% onwards 1.50% to 2.00% No Charges
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HDFC Bank 11.25% onwards Upto 2.50% of the Loan Amount 4% of Outstanding Loan applicable after 12 months
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ICICI Bank 11.25% onwards Upto 2.25% of the Loan Amount 5% of Outstanding Loan applicable after 6 months
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TATA Capital 11.25% onwards Depends on the Loan Amount 4.5% of Outstanding Loan applicable after 6 months
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Punjab National Bank 12%
onwards		 1.80% of the Loan Amount No Charges
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Bajaj Finserv 13.99% onwards Upto 3.99% of the Loan Amount 4% of Outstanding Loan
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Fullerton India 20%
onwards		 Upto 6.5% of the Loan Amount 3% onwards
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IndusInd Bank 10.50% onwards Upto 2.50% of the Loan Amount 4% of Outstanding Loan applicable after 12 months
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Standard Chartered Bank 12%
onwards		 Upto 2.25% of the Loan Amount 1% onwards
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Citi Bank 10.99% onwards 0.25% onwards 4% of Outstanding Loan applicable after 12 months
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Kotak Mahindra Bank 11.29% onwards Up to 2.5% of the Loan Amount 5% of Outstanding Loan applicable after 12 months
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HSBC Bank 10.99% onwards Up to 1% of the Loan Amount Up to 3.75% of the Loan Amount
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Bank of Baroda 11.65% onwards Ranges from Rs 1000- Rs 10,000 No Charges
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Allahabad Bank 13%
onwards		 1.06% of the Loan Amount 2.25% of the Outstanding Loan Balance
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YES Bank 10.75% onwards Upto 2.50% of the Loan Amount No Charges
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Andhra Bank 11.60% onwards Depends on the Loan Amount –
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IDFC Bank 11.49% onwards Upto 2% of the Loan Amount 3% of Outstanding Loan applicable after 3 months
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RBL Bank 11.99% onwards 1.5% of the Loan Amount No Charges
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Central Bank of India 11.65% onwards Rs.500 + S.T –
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Dena Bank 13%
onwards		 1% of loan amount No Charges
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Union Bank of India 12.7%
onwards		 0.50% of the Loan Amount –
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Bank of Maharashtra 12.75% onwards 1% of loan amount –
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Syndicate Bank 12.35% onwards 0.50% of loan amount No Charges
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Indian Bank 11.40% onwards 0.51% of loan amount No Charges
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Federal Bank 11.49% onwards 0.50% of loan amount 2% of Outstanding Balance
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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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