Personal Loan Interest Rates

Personal Loan Interest Rates are charged on the personal loans availed to meet any personal needs of an individual. Personal Loan Interest Rates varies with each loan provider and other influencing factors. Personal Loan Interest Rates of each banks and NBFCs, other charges applicable, lowest Interest rates are given in the article.

Last modified:2019-06-26


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A Brief Explanation about Personal Loan Interest Rates

Personal Loans are availed by individuals to meet their needs and can be availed for any personal reasons from medical expenses to buying a new gadget. For any kind of loan availed the bank or the non-banking financial companies charges interest rates. Likewise interest rates are charged for any type of Personal Loan availed by an individual. Personal loan interest rates differ from each bank and also for NBFCs. Many factors like employment of the applicants, their EMI, applicant’s CIBIL score, loan duration and many more. Nowadays, many banks are providing personal loans at competitive interest rates. Also some banks allow flexibility for the customers in many aspects. Some banks do not charge for loan prepayments. Personal loans are completely an immediate financial help to the applicants as the processing time taken is also less. Check each section below for more details on Personal Loan Interest Rates. The key features of Personal loan are listed below.
 

Loan amount

Rs.25000 to Rs.2 lakhs

Loan tenure

6 months to 5 years

Processing time

2 -3 days

Personal loan interest rates

11.49% onwards

What are the Personal Loan Interest Rates of Different Banks?

Personal Loans provided by different banks charges different interest rates. Personal loan interest rates varies according to certain influencing factors. Check out the Personal Loan Interest Rates of different banks listed below.
 

SBI

12.50% to 16.60%

Up to Rs. 15 lakh

Bank of Baroda

11.60% to 19.6.%

Up to Rs. 10 lakh

Punjab National Bank

10.95% to 14.70%

Up to Rs. 5 lakh

IDBI bank

13.20% to 13.75%

Up to Rs. 10 lakh

Central Bank

From 11.50%

Up to Rs. 10 lakh

Canara Bank

From 13.60%

Up to Rs. 3 lakh

Bank of India

12.95% to 14.95%

Up to Rs. 10 lakh

Indian Bank

From 14.90%

Up to Rs. 5 lakh

Union Bank

From 14.40%

Up to Rs, 5 lakh

IOB

12.70% to 15.25%

Up to Rs. 5 lakh

Vijaya Bank

From 12.90%

Up to Rs. 10 lakh

Syndicate Bank

From 13.30%

Up to Rs. 10 lakh

Oriental Bank

From 11.80%

Up to Rs. 5 lakh

Corporation Bank

From 12.75% to 13.75%

Up to Rs. 2.5 lakh

UCO Bank

From 12.05%

Up to Rs. 10 lakh

Andhra Bank

11.25% to 12.75%

Up to Rs. 5 lakh

Dena Bank

13.00% to 14.00%

Up to Rs. 1 lakh

Allahabad Bank

11.60% to 13.60%

Up to Rs. 7.5 lakh

United Bank

13.15% to 15.00%

Up to 2 lakh

 

What are the Personal Loan Interest Rates Charged by Non-Banking Sectors?

Apart from Banks that provide personal loan, there are other non-banking sectors that offer best personal loans. Check the Personal Loan Interest Rates for top non-banking financial companies listed below.
 

NBFC

Interest Rates

Loan Amount Approved

Tata Capital

11.49% Onwards

Up to Rs. 25 lakh

BajajFinserv

13.99% Onwards

Up to Rs. 25 Lakh

Aditya Birla

14.00% to 16.25%

Up to Rs. 30 Lakh

Fullerton India

17.25% Onwards

Up to Rs. 20 Lakh

India Infoline Finance Ltd

13.50% to 18.00%

Up to Rs. 25 Lakh

What are the Different Types of Personal Loan Interest Rates?

Applicant who is applying for Personal Loan should be well informed on the Interest Rates of Personal Loans by each bank. Interest rates on Personal loan is based on the economic conditions, eligibility, and also personal credit history. There are banks which provide lower interest rate offers and but make other charges like processing fees, pre-closure charges, etc to be higher. So before availing for Personal Loans a good market research on Interest rates and other charges should be made by the applicant and then go forward to apply. Personal Loan Interest rates are of two types
  • Fixed rates - constant throughout the tenure
  • Floating rates - gets reset with the altering market conditions

What are the Factors Influencing your Personal Loan Interest Rates?

There are certain range of interest rates quoted by banks and the interest rates differ from bank to bank. Also, the interest rates differs for each individual who is applying for the loan and the bank fixes the interest rate based on many factors. Here are few parameters on which a bank fixes the interest rates on your loan request.
  • Your Credit Score/CIBIL Score - The first thing a bank checks on to fix the interest rates for the loan amount you have quoted for is your credit score. Credit Score of 750-900 is considered to be good range and there are chances of lower interest rates being approved by the bank. It is recommended that you maintain a good credit score.
  • Loan Amount - The loan amount you quote for influences the interest rate. The higher the loan amount there are chances of lower interest rates.
  • Interest Rates - The loan Interest differs based on the fixed or floating interest rate you are opting for.
  • Tenure of the Loan - Banks are ready to provide lower interest rates on longer time period of the loan. 
  • Personal Loan Type - Based on different requirements banks provide different type of personal loans and the type of loan you choose determines the interest rate.
Other factors like qualification, years of experience, repayment capacity, etc determines the interest rates. The bank checks on each of the criteria and then fixes the interest rate.

What are the Factors to be Considered by an Individual while Choosing Personal Loan?

Personal loans are easily available nowadays as mostly all the banks provide personal loans and allow their customers to choose any type of personal loan according to their need. When choosing personal loan, applicant must pre-plan his/her budget to avoid financial struggle in the future. One should consider various other factors while choosing personal loan and they are listed below.
  • It is not considered wise by choosing to opt for bank that provides lowest interest rates but one should consider other factors. 
  • Sometimes bank gives the lowest interest rates but has other charges like preclosure charges, processing charges at higher rate.
  • Few other factors are to be checked of the bank before proceeding, like customer service, proper document processing, earlier lending history, providing proper documents, etc.

HDFC Personal Loan Interest Rates 

Most of the Personal loan have fixed interest rates. Similarly, HDFC Personal Loan have fixed interest rate range.

Interest Rates

10.99% to 20.99% - for Salaried

Processing Fee

Up to 2.50%

Pre-payment charges

No prepayment charges until 12 EMIs

Charges for late payment of EMI

2% per month on EMI

Check your Personal Loan eligibility online or at select branches in just 60 seconds. Once all your papers are submitted, the loan will be disbursed in just one working day. HDFC Bank can customise a Personal Loan for you. Existing HDFC Bank account holders can avail of our special offers, interest rates and charges. First-time Loan customers can also avail of a host of benefits.

State Bank of India Personal Loan Interest Rates  

  • State Bank of India provides personal loans under different categories and the relative interest rates differ based on the type of loan. The overall interest rate and other charges are given below.
  • The salaried people are provided loans at minimum 11.90% interest and for business people interest rate starts at 12.4%.
  • For specific interest on different type of Personal Loans, check the link SBI personal loan interest rates.

ICICI Personal Loan Interest Rates

ICICI Personal Loan interest rates are influenced by some of the factors such as the age of the applicant, loan amount, tenure of the loan and the credit history. A person who has very high credit history can negotiate with the bank while the loan amount is being sanctioned. Check the table below for details on ICICI Personal Loan Interest Rates.
 

Interest Rate

10.99% to 22.00%

Loan Processing Charges

Up to 2.25% + GST

Prepayment charges

Up to 5% + GST

Additional interest on late payment

24% per annum

Prepayment/Foreclosure charges

Rs. 100/- + GST

Loan Cancellation charges

Rs. 3000/- + GST

Bajaj Finserv Personal Loan Interest Rates and Charges 

Bajaj Finserv Personal Loans are provided to their customers through quick verification and processing. One can immediately avail personal loan and it is approved within 24 hours. Some of the key details of Bajaj Finserv Personal Loan are listed below.
 

Interest rate

13.99%

Processing fees

2.25% - 3% of the loan amount

Penal interest

2.38 % default interest including taxes per month

Secure fee (only for online approvals)

Rs. 4,499

Foreclosure charges

4% plus applicable taxes on principal outstanding

Part-prepayment Charges

2% plus applicable taxes on part-payment amount paid

Tata Capital Personal Loan Interest Rates and Charges 

Tata Capital personal loans are availed easily through proper documentation. One can obtain personal loans for their immediately requirement from Tata Capital where personal loan amount are provided upto Rs.25 lakhs. Salaried, self-employed businessmen as well as professionals can make use of Tata Capital personal loans. Tata Capital personal loan interest rates and other information are given in the below table.
 

Interest rate

11.49% to 19.00%

Processing Fees

Up to 2.00%

PreClosure Fee

Up to 4.00%

Part Payment Fee

Rs 0.00

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