Personal Loan Interest rate – Compare and Check Loan Interest Rate Online

Personal loans aid in meeting the immediate and private expenses without the need for any collateral. Personal loans can be used for the purpose of basic expenses such as vacation, higher education, travel, medical treatment, wedding, credit card payment. These unsecured loans can be availed by both salaried as well as self-employed individuals. As these loans do not require any collateral and are sanctioned quickly, they come with a higher personal Loan Interest rate than that of secured loans. Some banks have a fast turnaround and approve the loan in a few hours. They require minimum documentation for approval and usually have a tenor between 1 to 5 years. 

Key Features of a Personal Loan

Here are some key features that an applicant needs to be aware of before applying for the personal loan. Keep in mind, these may vary across financial institutions

Age of the applicant: between 21 and 60 years of age

Loan amount: Rs.50000 to Rs.5000000

Loan tenor: 1 year to 5 years

Interest rates: starting from 10.75%

Processing fees: up to 2% of the loan amount

EMI: lowest EMI is Rs.2162 per lakh.

Prepayment charges: Nil to up to 5%

Documents required: identity proof, address proof, and income documents

These documents may include PAN card, driving license, Aadhar card, passport, voter ID, a government-issued i-card, bank statement, and telephone/ electricity/ mobile bill.

Some banks even demand work experience of up to 3 years to ensure income stability. Banks offers customized personal loans with special interest rates for salaried applicants working in defense, government, private, and MNC companies. Moreover, personal loans are also offered to self-employed professionals like CA, doctors, architects, and CS. Reputable banks also have special schemes for pensioners up to an age of 76 years.

Compare Personal Loan Interest Rate in India

It is crucial to compare the interest rates and processing fees of various banks before choosing a bank to avail for the personal loan. Also, applicants must check for the best discounts and current offers in addition to tenor based discounts. YES Bank is the best bank to avail a personal loan with respect to the interest rates, as it’s rate is just 10.75%. The interest rates of the top banks are as follows:

SBI personal loan interest rate: 12.50%

HDFC personal loan interest rate: 11.25%

ICICI personal loan interest rate: 11.25%

Axis bank personal loan interest rate: 11.25%

Those applicants who are in search of a loan within 1-2 days should opt for HDFC Bank, ICICI Bank, Tata Capital, Citibank, IIFL, and RBL Bank. Also, these banks offer instant disbursal for existing customers. This table displays the interest rate of all the banks along with its processing fees for easier comparison.

BanksInterest rateProcessing fee
HDFC Bank11.25%0.99%-2.50% up to Rs.10000
ICICI Bank11.25%0.99%-2.25%
Axis Bank11.25%1.50%- 2.00%
Bajaj Finserv11.90%1.50%- 3.00%
Citibank10.99%Up to 0.5%
IDFC Bank11.50%0.75%- 2.00%
RBL Bank13.99%Up to 2%
Tata Capital11.75%Up to 2%
Fullerton India17.25%Up to 2%
Induslnd Bank11.00%1.00%- 2.50%
Kotak Bank11.50%Up to 2.5%
IDFC First Bank14.00%1.5%
IIFL12.99%1%- 2%
Capital First14.00%1.5%
HDB Financial13.99%Up to 2% of loan amount
Dena Bank13.00%1%
Standard Chartered Bank10.99%1%
Canara Bank13.00%0.5%
IDBI Bank13.20%1%
KarurVysya bank13.90%0.4%
Yes Bank10.75%0.99%- 2.00%
Allahabad Bank13.15%1.06%, minimum Rs.1068
Vijaya Bank12.50%0.25%, maximum Rs.10000+IST
Indian Overseas bank12.70%Rs.204 per lakh
Indian Bank11.05%0.5%, minimum Rs.508
Union Bank of India12.70%0.5%, minimum Rs.500
Federal Bank11.49%0.5%, minimum Rs.500
Syndicate Bank13.40%0.5%, minimum Rs.500
Corporation Bank12.95%1.5%, minimum Rs.500
PNB12.00%1.8%+ loan amount
Bank of Maharashtra15.10%1%, minimum Rs.1000
Bank of Baroda11.60%2%, minimum Rs.250
Andhra Bank11.55%Depends upon the case

Please note that the interest rates and processing fees can change without prior notification by the banks including the SBI personal loan interest rate.

If you want to apply for loan so you can check emi, interest rate, tenure and net payable amount through Personal loan EMI calculator.

Applicants must avoid applying with multiple banks as simultaneous loan applications get recorded in the CIBIL report and can hurt the chances of getting a loan. Also, borrowers must not apply for a loan amount more than what they are applicable for just because of low Personal Loan Interest rate offered by that particular bank.