Fixed Rates: Fixed-rate personal loans remain fixed throughout the loan tenure, irrespective of changes in the repo rate. The fixed interest rates are slightly higher than the floating rates. However, the individuals availing personal loans at fixed interest rates have higher certainty in financial planning as their EMI outflows would not be impacted by the changes in interest rate regimes.
| Lenders | Rate of Interest (p.a.) |
|---|---|
| HDFC Bank | 9.99%-12.15% |
| ICICI Bank | 11%-13% |
| Tata Capital | 11.99%-13.99 |
| Axis Bank | 9.99%-17.15% |
| Federal Bank | 12%-19.50% |
Floating Rates: Personal loans offered at floating rates are subject to periodic changes as per the changes in the repo rate or other external benchmarks used by the respective lenders. The changes in their interest rates would depend on the reset date set for the borrowers.
| Lenders | Rate of Interest (p.a.) |
|---|---|
| Bank of Baroda | 10.40%-18.20% |
| UCO Bank | 10.20%-13.45% |
| Union Bank of India | 10.35%-14.45% |
| Punjab National Bank | 10.50% – 17.05% |
| Punjab & Sind Bank | 9.85%-12.90% |
| Bank of Maharashtra | 9.00%-13.80% |
