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Personal Loan Interest Rates

Current Personal Loan Interest Rate in India Jan 2021

Last Updated 22nd Jan 2021

Personal Loan interest rate in India are in the range of 10.40% to 22.00% with low rates for employees of reputed corporate or borrowers with existing relationship with the bank.

Lowest Personal Loan Rate 10.40%
Processing Fee Upto 2% of loan amount
Loan Tenure Upto 5 years
Lowest EMI Per Lakh ₹ 2,144 for 5 years
Prepayment Charges Nil to upto 5%
Apply for Personal Loan @ 10.40%* Get upto ₹ 1,000* Cashback Or Free Corona Health Insurance Cover of up to ₹5 lakh

Personal Loan Interest Rates Comparison, Best Personal Loan

Bank Personal Loan Interest Rates Processing Fee
SBI Personal Loan Rates 9.60% 1.00%
HDFC Bank Personal Loan Rates 10.50% Upto 2.50% Min Rs. 1,999
ICICI Bank Personal Loan Rates 10.75% Upto 2.25% of Loan Amount
Bajaj Finserv Personal Loan Rates 12.99% Starting from 1.50%, Up to 3%
IDFC First Bank Personal Loan Rates 10.49% Upto 1.5%
Axis Bank 10.49% Upto 1.75%,Min Rs.4,999
Tata Capital 11.25% Upto 2.50% of Loan Amount
Fullerton India 11.99% 2%
IndusInd Bank 10.49% Min 0.75% to Max 1.75%
Kotak Bank 10.40% Starting from Rs.999
RBL Bank 13.99% Upto 2%
IIFL 12.99% 1 - 2%
HDB Financial 13.99% Upto 2% of Loan Amount
IDBI Bank 12.00% 1.00%
Karur Vysya Bank 12.00% 0.40%
Muthoot 14.00% 2.5-3.5%
Yes Bank 10.45% Min-Flat Rs.2021
Standard Chartered Bank 11.50% 1.00%
Union Bank of India 11.00% 0.5%, Min Rs. 500
Canara Bank 13.00% 0.50%
Bank of Maharashtra 10.85% 1.00%, Min Rs. 1,000
Andhra Bank 11.55% Case to Case
Allahabad Bank 12.15% 1.06%, Min Rs. 1068
Federal Bank 11.49% 0.5%, Min Rs. 500
Syndicate Bank 13.40% 0.5%, Min Rs. 500
Bank of Baroda 10.50% 2%, Min Rs. 250
PNB 8.95% 1.8% + Taxes
Indian Overseas Bank 11.50% Rs. 204 Per Lakh
Indian Bank 11.05% 0.5%, Min Rs. 508
Corporation Bank 12.95% 1.5%, Min Rs. 500
Axis Finance 13.00% 2%

Lowest Interest Rate on Personal Loan

As per the current rates, Kotak Bank offers the lowest interest rate of 10.40%.The rate at which you get a personal loan depends on the reputation of the company you work with, loan amount, your credit score and your existing banking relationship with the bank. Typically, banks charge lower rate for a higher loan amount and for employees working with large and reputed companies.

HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank, IDFC First Bank are the best banks for personal loan, if you are looking for an instant personal loan with a quick disbursal within a few hours to 1-2 days. Interest rate on instant personal loan of these top banks are in the range of 10.49% to 17.99%. Further, if you are an existing bank account holder or existing loan customer of HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank, IDFC First Bank, you may be eligible for an instant disbursement without the need to submit any documents for personal loans.

Current Personal Loan Interest Rates 22 Jan 2021

As mentioned above, a personal loan interest rate differs across different lenders. However, the personal loan rate may also differ across the different types of borrowers such as salaried employees, self-employed, pensioners and women borrowers. Detailed information about the varying personal loan rates against these categories is listed as follows: 

Current Personal Loan Rates for Salaried Employees

The occupation of an individual plays a major role in getting an affordable interest rate. While both salaried and self-employed professionals can apply for a personal loan, in general, salaried employees can avail the loan at a comparatively lower interest rate. This is because salaried employees have stability in their jobs with a fixed source of income. List of the top banks providing the lowest personal loan interest rates for salaried employees is:

Bank Interest Rate Processing Fee Maximum Loan Amount
PNB 8.95% - 11.80% 1.8% + Taxes ₹ 15 Lakh
SBI 9.60% - 16.40% 1.00% ₹ 15 Lakh
Kotak Bank 10.40% - 17.99% Starting from Rs.999 ₹ 15 Lakh
Yes Bank 10.45% - 20.00% Min-Flat Rs.2021 ₹ 20 Lakh
Axis Bank 10.49% - 16.75% Upto 1.75%,Min Rs.4,999 ₹ 25 Lakh

Current Rates for Instant Personal Loan

Various personal loan lenders offer Instant Personal Loans to existing customers and to borrowers with good credit scores. Some of the top lenders with the lowest personal loan interest rates are listed as follows:

Bank Name Interest Rate Processing Fee
SBI9.60% to 16.40% 1.00%
HDFC Bank10.50% to 22.00% Upto 2.50% Min Rs. 1,999
ICICI Bank10.75% to 22.00% Upto 2.25% of Loan Amount
Citibank10.90% to 18.99% Upto 0.5%
Bajaj Finserv12.99% to 15.50% Starting from 1.50%, Up to 3%

Latest Personal Loan Rates for Self Employed

Apart from salaried individuals, self-employed professionals with a stable source of income can also apply for a personal loan. Self-employed professionals, however, need to provide accurate proofs of business existence and income certificates to ensure the lender of the repayment capability. List of top lenders providing the lowest personal loan interest rates for self-employed are listed as follows: 

Bank Interest Rate Processing Fee
Bank of Baroda 11.05% -14.10% Upto 2%, Min Rs. 1,000 and Max Rs. 10,000
Corporation Bank 11.20% -15.00% Upto 0.75%, Min Rs. 5,000
SBI 11.20% -16.60% In the range of 2% to 3%
ICICI Bank 11.50% -16.25% Starting from 0.99%, Up to 1.75%
HDFC Bank 11.90% -21.35% Starting from 0.99%, Max 2.25%

Current Personal Loan Rates for Pensioners

Various lenders such as SBI and PNB provide concessional personal loan interest rates to Pensioners in comparison to the general public. The discount on the personal loan rate could be even more when pensioners borrow the loan form the same bank when they hold the pension account. However, the lowest interest rate on personal loan is 10.40%.

Today’s personal loan rates for women

In order to boost the urge of financial independence among the women in the country, many top lenders provide discounted personal loan rates to women borrowers. The discounted rates for women borrowers may boost the employment opportunities for salaried, self-employed and entrepreneur women. Some of the top personal loan lenders with the lowest personal loan rates are:

Bank Interest Rate Processing Fee
PNB 8.95% -11.80% 1.8% + Taxes
SBI 9.60% -16.40% 1.00%
Kotak Bank 10.40% -17.99% Starting from Rs.999
Yes Bank 10.45% -20.00% Min-Flat Rs.2021
Axis Bank 10.49% -16.75% Upto 1.75%,Min Rs.4,999

Personal Loan Balance Transfer Rates

Personal loan rates may vary across banks; thus, there is always a lender that offers the lowest personal loan interest rate. In case you feel that you are paying high interest to the lender, you may switch the lender without closing the loan through the personal loan balance transfer facility. Various Banks offer special rates on personal loan balance transfer. Currently Kotak Bank offer the lowest personal loan balance transfer rate of 10.40%.

Illustration: Suppose you have an outstanding balance on a personal loan of ₹ 5,00,000 to be paid at an interest rate of 15% for a remaining tenure of 3 years. In that case, your monthly EMI would be ₹ 17,333 with a total interest payout of ₹ 1.24 Lakh. However, if you plan to switch to lender B who provides an interest rate of 12%, then your monthly EMI would be ₹ 16,607 on the outstanding balance of ₹ 5,00,000. This is further depicted in the table below:

Parameters Existing Loan Balance Transfer
Outstanding Loan Amount ₹ 5,00,000 ₹ 5,00,000
Interest Rates 15 % 12 %
Remaining Tenure 3 years 3 years
EMI ₹ 17,333 ₹ 16,607
Total Interest Payout ₹ 1,23,976 ₹ 97,858
Total Amount Payable ₹ 6,23,976 ₹ 5,97,858
Savings - ₹ 26,118

Thus, on transferring your personal loan from lender A to lender B, you can save upto ₹ 726 on your per month EMI, which amounts to saving ₹ 8,712 per year. Further, the saving on total interest payout on transferring the loan would be ₹ 26,118 . If you want additional funds, you can avail personal loan top up at the time of balance transfer.

Factors Affecting Personal Loan Rates

There are a number of factors that affect personal loan interest rates. These are listed as follows: 

  • Credit score : Personal loans are unsecured loans that are offered only on the basis of a person's repayment ability. This, however, is ensured with the help of credit score.  All personal loan lenders ensure lending loans to an individual with a good credit score of 700 and above. In case of relatively low credit score, you may either get a personal loan at a high rate of interest or may not get it all.
  • Income : Income is another factor that ensures the lender of the loan repayment ability of the borrower. Thus, the higher the income, the lower would be the personal interest rate. Many lenders have fixed income criteria for lending personal loans, failing to which you may not be considered an eligible personal loan borrower.
  • Repayment history : A good repayment history depicts the financial discipline related to payments and repayment of loans and credit card bills. In case of any defaults in the repayment schedule, the lender may be suspicious of your abilities and may charge a higher interest rate. Thus, the credibility of your repayment history may help you grab a lower interest rate.
  • Existing relationship with the bank : In case you are an old customer of the lender via a savings or investment account, then it is likely that you will be offered a lower interest rate from that bank. This is because banks often offer pre-approved personal loans at concessional rates to their existing customers, in order to maintain their relationship with the existing customers. 
  • Your organization’s reputation : The reputation of the organization you are currently working for plays an important role in helping you grab a decent personal loan interest rate. This is because a renowned and stable organisation will ensure the lender of your jobs security.

How to get the lowest personal loan rates?

As personal loans are unsecured loans, banks consider several factors before deciding to sanction the loan and offer low interest rates. Factors that have to be kept in mind when you apply for a personal loan are as follows:

  • Check special offers for your company – Always check current offers and interest rates offered for the company you are working for, as banks run special schemes for employees of top corporate.
  • Compare bank offers for various loan amount – Some banks offer low interest rate at higher loan amount.
  • Check for rates at various loan tenure – Banks may offer lower rates on personal loan for certain tenure and, if possible, opt for tenures with lower interest rates.
  • Apply for loan amount within the limit you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application. Always check eligibility for a particular amount of loan before applying.
  • Avoid multiple bank application - Simultaneous loan applications get recorded in your CIBIL report and can hurt your chances of getting a loan as well as your credit score
  • Look beyond the offer from your salary bank – It is not e Various banks keep offering attractive schemes to acquire premium customers. Hence, the offer from your salary bank may not be the best option.

How are Personal Loan Interest Rates determined?

You should do a detailed comparison of personal loan interest rates and charges of all banks before chosing the best bank for personal loan.

  • Special offers for salaried employees and salaried account customers: Banks launch attractive schemes with low interest rates on a regular basis, especially for individuals working with large reputed companies. Rate of interest varies based on the categorisation of your company in the internal categories of banks which can vary from bank to bank. Hence, always check for offers from multiple banks to get the cheapest personal loan rates.
  • Processing fees – Most banks charge a processing fees of ₹ 999 to upto 2% of loan amount, whichever is higher. Since these loans are short tenure loans, higher processing fees can result in significantly high cost on loans. Hence, it is important to compare the All Inclusive Rates (AIRs) or the effective rate on personal finance loans to compare and select the right offer.
  • Insurance premium - Since these are unsecured loans, banks request the borrower 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 Banks typically levy prepayment or foreclosure charges on personal loans that can range from from nil to up to 5%. So, be careful to be mindful of choosing a loan with low prepayment charges as you consider low rate personal loan offers.

Types of Personal Loan Interest Rates

Personal loan interest rates varies across lender to lender. However, the calculation of personal loan is based on two rate types in general, as listed follows:

  • Fixed-rate of interests: The rate of interest charged on the loan amount remains constant throughout the loan tenure. Thus, the personal loan EMI also remains the same throughout the repayment schedule.
  • Floating rate of interest: Personal loan rate is not fixed and remains variable. The interest rate, in this case, is linked to the external benchmarks perceived by the lender such as RBI repo rate. Hence interest rates keep changing with market conditions. Also, since the rate is not fixed, the EMI on personal loan may increase or decrease abruptly.

Personal loan interest calculation can be done differently using the below-mentioned types of personal loans interest rate calculation. These are listed as follows:

  • Flat Rate Method : According to the flat rate method calculator of personal loan interest rate, the personal loan rate is calculated on the original loan amount throughout the loan tenure. Thus the principal amount remains the same. For instance, even when you borrow a personal loan for five years of Rs 10 lakhs, you will continue paying the interest on the whole of Rs 10 lakhs amount throughout the five years. This method is also called the fixed method of personal loan interest calculation.
  • Reducing rate method : The reducing balance method, as the name suggests calculates the interest rate on the outstanding loan amount. As per this method of interest calculation, the principal component that is paid during the monthly EMI is not chargeable for interest calculation;thus the outstanding balance reduces with time, and the interest is charged only on the remaining principal amount. As per this method, the interest amount reduces with time.

The functioning of the above-mentioned methods can be understood with the help of the following table:

Parameters Flat Rate Method Reducing Balance Method
Loan amount ₹ 6,00,000 ₹ 6,00,000
Tenure 60 months 60 months
Rate of Interest 14% 14%
Monthly EMI ₹ 17,000 ₹ 13,961
Total Interest payout ₹ 4,20,000 ₹ 2,37,627
Savings - ₹ 1,82,373

Personal Loan Interest Rate Calculation and Formula

The personal loan interest rate calculation helps the personal loan borrower determine the loan borrowing ability. Calculation of the interest rate helps in planning the repayment schedule for the repayment of personal loan. For this purpose, one can also use the personal loan EMI calculator. It is an online tool that functions on the basis of a mathematical formula, as listed below:

P*r* (1+r)^n/([(1+r)^n]-1)

Here P is the principal amount, r is the interest rate, and n is the loan tenure. Though the EMI calculator functions on the mathematical algorithm similar to the manual calculation, yet using the calculator is easy and time-saving. Through this EMI calculator, one can also derive the personal loan interest amount to be paid as an EMI component.

Quick Guide on Personal Loan

  • Purpose: Some of the basic purposes for which this loan is granted include vacation or travel, higher education, wedding, medical treatment, credit card payment and many more. Banks specify the purpose for which they are willing to grant this loan.
  • Key Features:
    • Age of the borrower: Loan available for both salaried and self-employed profesionals within the age group of 21 and 60 years
    • Loan Amount: In the range of ₹ 9,000 to ₹ 75 Lakh.
    • Loan Tenure: Can range from 1 to 72 months.
    • Interest rates: Personal Loan Interest Rates starting from 10.40%.
    • Personal Loan EMI: Lowest EMI of ₹ 2,144 per lakh.
    • Work Experience: Up to 3 years of total experience.
    • Processing Fees: Up to 2% of loan amount.
    • Documents Required: Address Proof, Identity Proof, Income Documents.
    • Special Schemes: Banks offer good personal loan interest rates and schemes for salaried borrowers working in government, defense, private or MNC companies. Banks offer personal loan to self employed professionals like Doctors, CA, CS, Architects. Top banks has also launched special loan schemes to pensioners up to an age of 76 years.
Watch this video to know the best personal loan for you
Main Video
Illustration on Personal Loan
Maximum Annual Percentage Rate (APR) 10.40% to 24.00%
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: ₹ 1,00,000
  • Time period: 6 Months to 72 Months
  • Personal Loan Interest Rate: 10.40% to 24.00%
  • Processing Fee payable to: Upto ₹ 3,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 1,873 for 72 Months ₹ 1,00,000 loan at 10.40% (lowest rate, longest time period) to ₹ 17,853 for 6 Months ₹ 1,00,000 loan at 24.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.98% to 24.58%
  • Total cost payable over loan tenure: ₹ 6,555 for 6 Months loan to ₹ 38,343 for 72 Months loan

Check Personal Loan Interest Rates of All Banks

FAQs

Which bank is best for personal loan?

SBI, HDFC Bank, IDFC First Bank, Axis Bank, IndusInd Bank, Kotak Bank, Yes Bank, Bank of Baroda, PNB are the best banks for taking a personal loan based on their current personal loan rates as they offer interest rate in the range of 10.40% to 10.65%. You must compare the interest rates, charges and quick disbursal of all banks before you choose the best personal loan offer.

What is the current interest rate for personal loans?

The present personal loan interest rates ranges from 10.40% to 22.00%.

What is the average interest rate on personal loans?

The average interest on personal loan ranged between 10.40% to 22.00%. The personal loan interest rates vary from one lender to another.

Which bank has the lowest interest rate for a personal loan?

Amongst a number of personal loan providers in the market, currently, Kotak Bank offer the lowest personal loan rates of 10.40%.

How does balance transfer help you get a lower interest rate?

Personal loan balance transfer facility can help you get a lower interest rate, as you can conveniently switch to a lender who is offering a lower interest rate in comparison to the current lender. The balance transfer facility can be availed without closing the loan; however, some banks may charge the foreclosure or balance transfer fee while balance transferring of a loan.

How does Repo Rate affect the interest rate of personal loans?

A Repo rate is the rate at which the Reserve Bank of India (RBI) offers the credit to the commercial banks. This is similar to how banks lend loans to the general public. RBI, however, offers the lending to commercial banks, against securities such as the government securities. A rate cut in the repo rate will lower the borrowing costs for commercial banks and thereby for the general public. Thus the interest rates are reduced as well.

What are the charges for personal loan?

In addition to rate of interest, banks charge the following two fees on personal loans.

  • Processing fee: This fees is charged when you apply for a loan. The processing fee can range between 2 – 3% of the loan amount and can be negotiated down, if you bargain. It also helps, if you approach the bank through an online market place like myloancare.in, as we negotiate with the bank on your behalf and also, offer attractive cash backs on sanctioned loans. Sometimes, we also get to offer exclusive loan schemes on behalf of the banks such as nil processing fees for our valued customers.
  • Pre-closure fee: This fees is charged when you decide to close your loan before the completion of loan tenure. Banks imposes this penalty to cover the loss it can incur due to premature closing of a fixed rate loan. Prepayment penalty can range up to 5% of the loan amount. You need to read the terms and conditions of your loan agreement carefully to check on the prepayment clause and ensure that it is not too strict compared to market benchmarks. Banks are also open to revise the prepayment clauses if negotiated and discussed by the borrower or his loan care representative.

What is the CIBIL score for personal loan?

CIBIL score ranges from 300 to 900. A score of 750 and above is considered as good score to get personal loan. Higher the credit score, higher the chances to get loan application approved.

Do I need to open a bank account to service my personal loan?

Yes, you need to have at least one functional bank account in your name. It is even better if you have an account with the same bank from which you would like to get a loan.

Can I apply for personal loan jointly with my spouse?

Yes, you can apply jointly with a co-applicant (either be your spouse or your parents). This helps you to increase your eligibility and you can also avail for a higher amount of loan as your co-applicant’s income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.

Does it affect my co-applicant if I default in personal loan?

Yes, if you fail to pay the loan on time then it will also affect your co-applicant as default in loan will affect his/her CIBIL rating as well.

What are the main factors that affect interest rate of personal loan?

As these are unsecured loans, they have higher rate of interest. Personal loan interest rates vary for different loan amount, company category and net income. High income and good company profile can lend you high loan amount at low interest rate. Personal loan rates for government employee and defence personnel may be different from that for private salaried employees.

Do lending institutions change interest rates after sanction of loan?

Usually, personal loans are given at fixed interest rates and hence banks do not change these rates after sanction. However, if you have opted for a floating interest rate, the rate of interest will be reset at regular intervals by the bank in response to fluctuations in market interest rates.


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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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