Personal Loan Interest Rates - HDFC, SBI, Bajaj, ICICI Bank, Others

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Personal Loan Interest Rates in India

Last Updated 28th Oct 2016
  • Best offer for salaried employees - Compare and get lowest interest rates @11.49%* from banks
  • Maximum loan tenure upto 5 years
  • Flexi loans, nil prepayment charges options
  • Apply personal loan online without any security or collateral
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Personal Loan Interest Rates Comparison, Lowest EMI Oct 2016, Best rates

Bank, Click for More Details Interest Rates* Lowest EMI per Rs. one lakh
126 votes
11.49% - 20.00% Rs. 2,199
4 votes
12.50% - 16.60% Rs. 2,658
19 votes
11.49% - 22.00% Rs. 2,199
Axis Bank
27 votes
15.50% - 24.00% Rs. 2,405
34 votes
11.49% - 15.75% Rs. 2,199
Bajaj Finserv
13 votes
14.25% - 16.75% Rs. 2,340
Standard Chartered Bank
6 votes
11.99% - 15.50% Rs. 2,224
Fullerton India
3 votes
17.25% - 35.00% Rs. 2,898
Capital First
0 votes
16.00% - 24.00% Rs. 3,516
Andhra Bank
0 votes
13.95% - 16.00% Rs. 2,324
Bank of Maharashtra
0 votes
15.10% - 15.10% Rs. 3,471
Canara Bank
0 votes
13.65% - 13.65% Rs. 2,715
Dena Bank
0 votes
13.00% - 14.00% Rs. 3,369
Union Bank of India
1 votes
11.65% - 14.40% Rs. 2,207
Vijaya Bank
0 votes
12.70% - 13.70% Rs. 2,260
Tata Capital
1 votes
13.50% - 17.50% Rs. 1,846
Allahabad Bank
0 votes
13.55% - 13.55% Rs. 2,304
Federal Bank
0 votes
13.44% - 15.24% Rs. 2,705
IndusInd Bank
24 votes
11.25% - 30.50% Rs. 2,187
Yes Bank
0 votes
14.00% - 16.00% Rs. 2,327
Bank of Baroda
0 votes
14.10% - 14.10% Rs. 3,423
Corporation Bank
0 votes
13.50% - 14.50% Rs. 3,394
0 votes
13.20% - 13.75% Rs. 2,286
Indian Bank
0 votes
14.50% - 17.00% Rs. 3,442
Indian Overseas Bank
0 votes
12.70% - 15.25% Rs. 2,260
0 votes
12.45% - 15.45% Rs. 2,247
Karur Vysya Bank
0 votes
13.90% - 16.40% Rs. 3,413
Syndicate Bank
0 votes
14.20% - 14.20% Rs. 2,337
Kotak Bank
11 votes
11.50% - 24.00% Rs. 2,199
Apply personal loan online in Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi, Gurgaon, Noida, Kolkata, Ahmedabad, Jaipur, Chandigarh and over 1,000 more locations in India. Apply loan online at MyLoanCare.
Maximum Annual Percentage Rate (APR) 11.49% to 22%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • Interest Rate: 11.49% to 22%
  • Processing Fee payable to: Upto Rs. 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,199 for a months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 22.4%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 33,956 for 60 months loan

Personal Loan

Compare Personal Loan Rates

  • Personal Loan processing fees – Most banks charges minimum processing fees of Rs. 999 to upto 2% on personal loans. To get lowest fee, comparison of personal loan rates, offers and cashback applying online through MyLoanCare.
  • Personal Loan insurance premium - Since personal loans are unsecured loans, it is advisable to take an insurance policy when availing a loan. However, the premium varies from bank to bank depending upon the risk coverage under various policies. So, check the loan sanction letter carefully to know the coverage and premium.
  • Personal Loan prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your loan partially before time, it is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to eve upto 5%. So, check carefully if the low rate of interest you are getting comes with high prepayment or foreclosure charges. Note that some personal loans cannot be repaid before time.
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Lowest personal loan rates Online

How to get and apply online?
  • Best discount and offers for salaried customers - In most cases the lowest rate of interest on personal loan is offered by banks to employees of large reputed companies. To check current offers on interest rate and processing fee for yourself, simply apply online at MyLoanCare.
  • Offer based on loan amount – You may be surprised to know that in some cases rate of interest on say, a Rs. 10 lakh loan, may be lower than that on a Rs. 9.5 lakh personal loan. This is due to different pricing grids of banks and discounts for higher loan amounts that are offered from time to time.
  • Discount for tenures – Banks may offer lower rates on personal loan for certain tenure and it may be useful to check these carefully.

Best Personal Loan

How to get best personal loan interest rate?
  • Do not fall for marketing gimmicks – It is common for personal loan agents and DSA’s to lure customers by quoting a lower rate of interest knowing very well that the final rate will be higher. Always check with authorized representatives and get the rates in writing before giving your documents for processing.
  • Do not apply with multiple banks for your personal needs – Remember that every personal loan application is recorded in your CIBIL report. Too many loan applications at the same time can hurt your chances of getting a loan and even lead to an increase in rate of interest. Multiple applications signal desperation to get loan on the part of the customer.
  • Your salary bank may not offer the cheapest loan – You may have got “pre-approved personal loan” offer from your bank by email. Typically these may not be the lowest interest rate offers in the market. Always check and compare offers of all leading banks online before applying.
  • Do not apply for loan amount more than what you are eligible for – use online personal loan eligibility calculator to estimate how much loan amount you are likely to be eligible for. Apply for a loan amount that is either less than or upto that to get the best rate of interest. Applying for an amount higher than your eligibility may lead to rejection of your loan application.

Personal Loan apply online

Documents for Personal Loan Application
Signed Application Form
Identity Proof (PAN)
Residential Address Proof
Last 2 years' Form 16
last 6 months salary slip
last 6 months' bank account statement showing salary credit
Typically Accepted Proofs
Individuals Firms, Partnerships
Identity Proof PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card
Certificate and Proof of Business Existence PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
Address Proof Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter
Age Proof PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

Personal Loan interest rates in India

Frequently Asked Questions

What should be the borrower’s age to apply for personal loan?

Borrower should be at least 21 years old and not more than 60 years of age.

Does no CIBIL history affect personal loan?

Yes, banks may reject your personal loan application if you do not have a CIBIL history or poor CIBIL. In that case, you have to opt for a personal loan with high rate of interest. Banks consider you to avail gold loan or credit card to build some CIBIL history before you apply for a personal loan.

What factors affect my personal loan interest rate?

Personal loan interest rate can be affected by 3 main factors:
  • Higher the personal loan amount, lower will be the rate of interest
  • Higher the net monthly income, lesser will be the personal loan interest rate
  • Working in a reputed company can avail you lower interest rate on personal loan

How does interest rate impact personal loan eligibility?

Maximum Personal Loan eligibility depends upon the EMI that you can pay based on your monthly income. The EMI comprises of two components – interest on loan amount and principal repayment. Higher the rate of interest, higher the component of EMI that goes towards meeting interest and lower the principal repayment component of EMI. So, rate of interest is a critical input for calculating loan eligibility. You can calculate your loan eligibility by using Personal Loan Eligibility Calculator.

Can I reduce EMI on personal loan?

You can reduce your personal loan EMI if the bank offers part prepayment or full prepayment. Most banks allow prepayment after repayment of 6-12 EMI’s and some banks allow after 1 EMI only. So, opt for prepayment of loan if you have surplus amount and want to lower your burden of EMI.
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
Personal Loan News - Oct 2016
18th Oct 16 Citibank gives special Diwali offers on personal loans
Citibank personal loan offers reduction in rates to 11.49 per cent for digital channels and online applications made at MyLoanCare. Bank offers 0.50 per cent discount on processing fee and an Amazon Gift Voucher of Rs. 250 for loans disbursed till 3rd November, 2016. Also, get a Flipkart Gift Voucher upto Rs. 2500 on applying through MyLoanCare.
11th Oct 16 Fullerton India gives special offers on personal loans
Fullerton India has come out with special offers on personal loan in this festive season for the people of Andhra Pradesh and Telangana. Fullerton India is offering 0.5 per cent waiver on personal loan interest rates and special gifts for high value loans. The company is also offering 50 per cent waiver on processing fees of personal loan to women applicants. The offer is valid from October 1, 2016 till Diwali.
04th Oct 16 Tata Capital introduces Happy Hours for personal loans
Tata Capital introduces Happy Hours named social media promotion for its personal loans product. During the Happy Hours the prospective buyers can apply for the loan with ZERO processing fees for the limited period of 6 hours only. The promotional offer of personal loans will exclusively be available on the social media pages of Tata Capital. They have successfully completed two rounds of Happy Hours and the next round will be on 5th October, 2016 from 1 PM to 7 PM only.
27th Sep 16 Tata Capital Witnesses an Uptake in Personal Loans
Tata Capital has seen a heavy growth in retail loans, especially personal loans in the current financial year. Tata Capital has noticed a 68 per cent jump in the number of personal loans disbursed between April to July to over Rs. 220 crores in the current fiscal from Rs.130 crore in the last fiscal.
06th Sep 16 Federal Bank launches Digital Personal Loans
Federal Bank has launched Digital Personal Loans for its customers to avail personal loans instantly with minimal paper work. Now customer can get personal loans in a minute by just logging into its website. The loan money will be credited to the account of the customer after the approval of the offer by the borrower. This is the third digital retail loan scheme offered by the bank after car loan and loan against term deposit.