Personal Loan Interest Rates - HDFC, SBI, Bajaj, ICICI Bank, All Banks

Personal Loan Interest Rates in India

Last Updated 10th Dec 2016
  • Best personal loan offers - Compare and get lowest interest rates @11.49%* from banks
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  • Maximum loan tenure upto 5 years
  • Flexi loans, nil prepayment charges options
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Personal Loan Interest Rates Comparison, Lowest EMI Dec 2016, Best rates

Bank Personal Loan Interest Rates* Lowest EMI per lakh
HDFC Bank
4.2/5
151 votes
11.49% - 20.00% Rs. 2,199 Explore More
SBI
3.4/5
4 votes
12.50% - 16.60% Rs. 2,658 Explore More
ICICI Bank
4.1/5
21 votes
11.49% - 22.00% Rs. 2,199 Explore More
Axis Bank
3.9/5
29 votes
13.50% - 24.00% Rs. 2,301 Explore More
Bajaj Finserv
3.5/5
23 votes
11.99% - 15.50% Rs. 2,224 Explore More
Standard Chartered Bank
3.8/5
7 votes
11.49% - 20.00% Rs. 2,199 Explore More
IDFC Bank
4.5/5
1 votes
11.99% - 19.50% Rs. 2,224 Explore More
Fullerton India
2.7/5
4 votes
16.00% - 34.00% Rs. 2,834 Explore More
Kotak Bank
3.3/5
11 votes
11.50% - 24.00% Rs. 2,199 Explore More
Citibank
4.3/5
38 votes
11.49% - 18.00% Rs. 2,199 Explore More
IndusInd Bank
3.9/5
25 votes
11.49% - 19.00% Rs. 2,199 Explore More
Bank of Maharashtra
0/5
0 votes
15.10% - 15.10% Rs. 3,471 Explore More
Canara Bank
0/5
0 votes
13.65% - 13.65% Rs. 2,715 Explore More
Dena Bank
0/5
0 votes
13.00% - 14.00% Rs. 3,369 Explore More
Union Bank of India
3.3/5
1 votes
14.40% - 14.40% Rs. 2,348 Explore More
Vijaya Bank
0/5
0 votes
12.70% - 13.70% Rs. 2,260 Explore More
Yes Bank
0/5
0 votes
11.99% - 20.00% Rs. 2,224 Explore More
Tata Capital
4.5/5
1 votes
13.00% - 18.00% Rs. 1,819 Explore More
Andhra Bank
0/5
0 votes
13.85% - 15.10% Rs. 2,319 Explore More
Allahabad Bank
0/5
0 votes
13.45% - 13.45% Rs. 2,298 Explore More
IDBI Bank
0/5
0 votes
13.20% - 13.75% Rs. 2,286 Explore More
Indian Bank
0/5
0 votes
14.50% - 17.00% Rs. 3,442 Explore More
Indian Overseas Bank
0/5
0 votes
12.70% - 15.25% Rs. 2,260 Explore More
PNB
0/5
0 votes
12.25% - 15.25% Rs. 2,237 Explore More
Karur Vysya Bank
0/5
0 votes
13.90% - 16.40% Rs. 3,413 Explore More
Syndicate Bank
0/5
0 votes
14.20% - 14.20% Rs. 2,337 Explore More
Bank of Baroda
0/5
0 votes
14.10% - 14.10% Rs. 3,423 Explore More
Federal Bank
0/5
0 votes
13.32% - 15.12% Rs. 2,699 Explore More
Corporation Bank
0/5
0 votes
13.45% - 14.45% Rs. 3,391 Explore More
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. 3,391 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. 105,467 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.
Personal Loan News - Dec 2016
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
23rd Nov 16 Personal loans rise to 19.3 percent on retail push by banks
The share of personal loans in total credit has increased to 19.3 percent in June, 2016 as compared to 17.9 percent in March, 2016, as per RBI. The increase is seen as a result of shift in focus by lenders towards retail segment and away from corporate segment.
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 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.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in 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 info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.