Personal Loan interest rate in India are in the range of 10.45% to 22.00% with low rates for employees of reputed corporate or borrowers with existing relationship with the bank.
Lowest Personal Loan Rate | 10.50% |
Processing Fee | As Per Bank Norms Min 1% |
Loan Tenure | Upto 5 years |
Lowest EMI Per Lakh | ₹ 2,150 for 5 years |
Prepayment Charges | Nil to upto 5% |
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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% |
Citibank Personal Loan Rates | 10.90% | Upto 0.5% |
IDFC First Bank | 12.00% | Upto 1.5% |
Axis Bank | 10.49% | Upto 1.75% |
Tata Capital | 11.25% | Upto 2.50% of Loan Amount |
Fullerton India | 11.99% | 2% |
IndusInd Bank | 11.00% | Min 0.75% to Max 1.75% |
Kotak Bank | 10.50% | Starting from Rs.999 |
RBL Bank | 13.99% | Upto 2% |
IIFL | 12.99% | 1 - 2% |
HDB Financial | 13.99% | Upto 2% of Loan Amount |
Muthoot | 14.00% | 2.5-3.5% |
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 |
Syndicate Bank | 13.40% | 0.5%, Min Rs. 500 |
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 |
Karur Vysya Bank | 12.00% | 0.40% |
PNB | 8.95% | 1.8% + Taxes |
Indian Overseas Bank | 11.50% | Rs. 204 Per Lakh |
Indian Bank | 11.05% | 0.5%, Min Rs. 508 |
IDBI Bank | 12.00% | 1.00% |
Corporation Bank | 12.95% | 1.5%, Min Rs. 500 |
Bank of Baroda | 10.50% | 2%, Min Rs. 250 |
As per the current rates, Yes Bank offers the lowest interest rate of 10.45%.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 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 10.5% 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, you may be eligible for an instant disbursement without the need to submit any documents for personal loans.
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. Some of the top lenders providing the lowest personal loan interest rates for salaried employees are:
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 |
Yes Bank | 10.45% - 20.00% | Starting from Rs.9999 | ₹ 20 Lakh |
Axis Bank | 10.49% - 16.75% | Upto 1.75% | ₹ 25 Lakh |
HDFC Bank | 10.50% - 22.00% | Upto 2.50% Min Rs. 1,999 | ₹ 75 Lakh |
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 |
SBI | 9.60% to 16.40% | 1.00% |
HDFC Bank | 10.50% to 22.00% | Upto 2.50% Min Rs. 1,999 |
ICICI Bank | 10.75% to 22.00% | Upto 2.25% of Loan Amount |
Citibank | 10.90% to 18.99% | Upto 0.5% |
Bajaj Finserv | 12.99% to 15.50% | Starting from 1.50%, Up to 3% |
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% |
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 10.45%.
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% |
Yes Bank | 10.45% -20.00% | Starting from Rs.9999 |
Axis Bank | 10.49% -16.75% | Upto 1.75% |
HDFC Bank | 10.50% -22.00% | Upto 2.50% Min Rs. 1,999 |
HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI 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 10.5% 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, you may be eligible for an instant disbursement without the need to submit any documents for personal loans.
As per the current rates, Yes Bank offers the lowest interest rate of 10.45%.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 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 10.5% 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, you may be eligible for an instant disbursement without the need to submit any documents for personal loans.
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:
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 10.45%.
Personal Loan EMI: Lowest EMI of ₹ 2,147 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 customized 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.
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