Personal Loan Interest Rates in India: Nowadays everyone faces financial problems and hence takes personal loans. As you know, personal loans are typically taken out for personal expenses, which is why the interest rates on them are quite high.
Do you want to know which bank has the cheapest personal loan and which bank is giving loan at the lowest interest rate? Today you will know about the list of top banks in India from which you can avail loan at the lowest interest rate.
What is Personal Loan?
A personal loan is a type of consumer loan issued by a bank or financial institution based on an individual’s income, credit score, and financial profile. This loan can be used to finance personal needs such as weddings, education, travel, medical expenses, or other major expenses.
Bankwise Personal Loan Interest Rates
| No. | Bank Name | Interest Rate |
|---|---|---|
| 1 | HDFC Bank Personal Loan | 10.50% |
| 2 | ICICI Bank Personal Loan | 10.50% |
| 3 | Bank of Baroda Personal Loan | 13% |
| 4 | Citibank Personal Loan | 9.99% |
| 5 | Axis Bank Personal Loan | 12% |
| 6 | IndusInd Bank Personal Loan | 10.50% |
| 7 | Kotak Personal Loan | 11.99% |
| 8 | Standard Chartered Personal Loan | 10.49% |
| 9 | Bandhan Bank Personal Loan | 10.99% |
| 10 | SBI Quick Personal Loan | 10.10% |
| 11 | Punjab National Bank | 8.9% से 14.45% |
| 12 | Union Bank of India | 8.9% से 13% |
| 13 | Canara Bank | 12.05% |
| 14 | Bank of India | 12.15% |
| 15 | Indian Bank | 9.05% से 13.65% |
| 16 | Central Bank of India | 9.85% से 10.05% |
| 17 | Indian Overseas Bank | 11.5% |
| 18 | UCO Bank | 8.2% से 10.3% |
| 19 | Bank of Maharashtra | 9.45% से 12.8% |
| 20 | Punjab and Sind Bank | 13.5% |
| 21 | Catholic Syrian Bank | 12.00% से 19.00% |
| 22 | City Union Bank | 9.75% से 12.50% |
| 23 | Dhanlaxmi Bank | The amount of the loan is determined by the bank |
| 24 | DCB Bank | 13% से 25% |
| 25 | Federal Bank | 10.49% से 17.99% |
| 26 | IDBI Bank | 9.50% से 14% |
| 27 | Jammu and Kashmir Bank | |
| 28 | Karnataka Bank | 11.75% |
| 29 | IDFC first bank | 13.15% |
| 30 | Lakshmi Vilas Bank | 10.49% से 20% |
| 31 | RBL Bank | 10.95% |
| 32 | Nainital bank | 14% से 23% |
| 33 | South Indian Bank | 11.95% से 12.20% |
| 34 | Yes Bank | 10.15% |
| 35 | Karur Vysya Bank | 10.99% |
Availing the cheapest personal loan from a bank can be a significant help in times of need. Personal loans are used for individual uses like – medical bills, personal purposes, pay tution fee and other works.
Each institution sets different personal loan interest rates, which depend on your income, credit score, and loan amount. If you want a low interest rate, it’s important to have a good credit score. Furthermore, a lower interest rate reduces your EMI burden.
HDFC Bank Personal Loan
HDFC Bank offers personal loan for both salaried and self-employed person at low interest rates. Interest rates started from 10.50% and go up to maximum of 21.00%. If you’re want to need low-interest loan, you can apply for an HDFC Bank personal loan.
ICICI Bank Personal Loan
ICICI offer personal loan up to ₹25 lakh, you can apply for the lowest interest rate. This Bank offers personal loans at interest rates ranging from 10.50% to 19%. Anyone with a monthly income of ₹30,000 is eligible.
Bank of Baroda Personal Loan
Bank of Baroda offers personal loans up to a maximum of ₹20 lakh to all eligible individuals. The lowest loan amount is ₹1 lakh for urban and ₹50,000 for rural and semi-urban branches. The repayment tenure for this can be up to 84 months and the interest rates start from 10.60% to 17.95%.
To avail this loan, applicants from government or private sectors must be at least 21 years of age and have a monthly income of around ₹25,000. Bank of Baroda also charges a processing fee for personal loans, which can vary by customer.
Citibank Personal Loan
Citibank has launched a personal loan service for its customers. Personal loans start at ₹50,000, with an interest rate of 10.75%. If you’re a Citibank customer, applying for a loan is very easy.
Axis Bank Personal Loan
You can easily avail a personal loan from Axis Bank, ranging from ₹50,000 to ₹4,000,000. Repayment tenures range from 12 to 60 months, and you can also choose a repayment period of your choice.
Interest rates start at just 10.49%, including a processing fee of 1.5% to 2% of the loan amount and GST. If you’re looking for a convenient and affordable personal loan option, Axis Bank is definitely worth a look.
IndusInd Bank Personal Loan
You can easily avail a personal loan from IndusInd Bank. The best part is that this bank offers an interest rate of 10.49%, and you can avail loans between ₹30,000 and ₹50 lakh. You can choose from a 12- to 60-month repayment period. IndusInd Bank is committed to helping its customers achieve their financial goals.
Kotak Personal Loan
Kotak Mahindra Bank is ready to provide personal loans to meet your financial needs. With this, you can easily avail loans ranging from ₹50,000 to ₹40 lakh, with interest rates starting at 11.99% per annum. You can also choose a repayment term between 12 and 60 months.
Personal loans are used to meet personal financial needs. You can easily apply for one at any bank and use it for purposes such as medical treatment, school fees, and home repairs.
Personal Loan Eligibility Criteria
- Applicants must be between 21 and 60 years of age.
- A stable source of income is required.
- A good credit score is required (often 700 or higher).
- Employed individuals must have been in their current job for at least 6 months.
- Self-employed individuals require proof of business stability and income.
Lowest Interest Personal Loan India
| Bank / NBFC | Interest Rate (p.a.) | Loan Amount Range | Tenure |
|---|---|---|---|
| SBI | 10.55% – 13.25% | ₹50,000 – ₹20L | Up to 6 years |
| HDFC Bank | 10.50% – 21.00% | ₹50,000 – ₹40L | Up to 6 years |
| ICICI Bank | 10.75% – 19.00% | ₹50,000 – ₹25L | Up to 5 years |
| Axis Bank | 10.49% – 21.00% | ₹50,000 – ₹40L | Up to 5 years |
| Bajaj Finserv | 11.00% – 20.00% | ₹1L – ₹25L | Up to 7 years |
Conclusion
A personal loan is an unsecured loan that can be used to pay for a wedding, vacation, unexpected medical expenses, credit card debt, etc. It is also easy to apply for this and anyone can take a personal loan.
The Personal Loan minimum interest rate often varies depending on various factors include, credit score, income, loan amount and tenure. Before applying for a Personal Loan, it’s crucial to understand the importance of CIBIL score.
FAQs
What is a Personal Loan interest rate?
The interest rate on a Personal Loan is the annual cost of borrowing money.
Do personal loan interest rates vary from person to person?
Yes, they do. Standard Chartered’s current personal loan interest rates start as low as 11.49% p.a, however, interest rate will depend on repayment ability, credit history and age.
What is a good rate of interest for a personal loan?
A good rate of interest for a personal loan is typically considered to be in the range of 10% to 12% per annum in India.
