19th Ave New York, NY 95822, USA

Comparison of Personal Loan Interest Rates offered by leading Banks, NBFCs and Digital Loan Apps (Instant Loan Apps) in India

Comparison of Personal Loan Interest Rates offered by leading Banks, NBFCs and Digital Loan Apps (Instant Loan Apps) in India

Personal Loans

You can go for a personal loan whenever there is a liquidity issue. The purpose of taking a personal loan can be anything from repaying an old debt, going on vacation, funding for the downpayment of a house/car, and medical emergency to purchasing big-ticket furniture or gadgets. Personal loans are offered based on the applicant’s past relationship with the lender and credit score.

Personal Loans by Banks in India

Bank Name

Interest Rate (p.a.)

Processing fee (% of loan amount)

State Bank of India

9.60% – 13.85%

Nil

HDFC Bank

10.25% – 21.00%

Up to 2.5% (Maximum Rs 25,000)

Punjab National Bank

8.30% – 14.85%

Up to 1%

ICICI Bank

10.25% onwards

Up to 2.5%

Bank of Baroda

10.40%-16.00%

2% (Minimum Rs 1,000 and Maximum Rs 10,000)

Union Bank of India

8.90% – 13.00%

Up to 0.5% (Maximum Rs 7,500)

Axis Bank

10.25% onwards

1.5%-2%

Bank of India

10.75% p.a. onwards

Up to 2% (Maximum Rs 10,000)

Indian Bank

8.50% – 9.00%

Up to 1%

Kotak Mahindra Bank

10.25% onwards

Up to 2.50%

Central Bank of India

8.45% onwards

Up to Rs. 500

IndusInd Bank

11.00% onwards

Up to 3%

IDBI Bank

9.50% – 14.00%

1% (Minimum Rs 2,500)

Indian Overseas Bank

10.00% – 11.00%

Up to 0.75%

Yes Bank

10.99% onwards

Up to 2.5%

UCO Bank

10.05% – 10.45%

Up to 1%

Federal Bank

10.49% – 17.99%

Up to 3%

Bank of Maharashtra

9.45% – 11.80%

Up to 1%

IDFC FIRST Bank

10.49% onwards

Up to 3.50% (Minimum Rs 2,999)

RBL Bank

14.00% onwards

Up to 3.5%

Citibank

9.99% – 16.49%

Upto 3%

Standard Chartered Bank

11.00% onwards

1%

HSBC

9.50% – 15.25%

Up to 1%

Bandhan Bank

15.90% – 20.75%

Up to 1%

South Indian Bank

11.55% – 14.40%

Up to 2%

Dhanlaxmi Bank

11.90%-15.70%

Up to 2.5%

CSB Bank

12.00% to 19.00%

0 to 1%

Punjab and Sindh Bank

12.75% to 16%

1% to 2%

Karnataka Bank

12% – 17%

Up to 1%

Karur Vysya Bank

9.40% · 12.00%

Up to 1.5%.

City Union Bank

9.75% to 12.50%

Up to 1%

Tamilnad Mercantile Bank

14.40% – 16.40%

Up to 1%

 

Personal Loans by NBFCs in India

NBFC Name

Interest Rate (p.a.)

Processing fee (% of loan amount)

Muthoot Finance

14.00% onwards

Up to 3.5%

Bajaj Finserv

13.00% onwards

Up to 4%

Tata Capital

10.99% onwards

Up to 2.75%

Fullerton India

11.99% onwards

Up to 6%

HDB Financial Services

Up to 36.00%

Up to 3%

IIFL Finance

16% onwards

Up to 3%

 

Personal Loans by Digital Loan Apps (Instant Personal Loan Apps)

Lenders

Interest Rate (p.a.)

Processing fee (% of loan amount)

Navi Finserv

9% – 36%

Nil

StashFin

11.99% onwards

Up to 10%

Faircent

12.00% onwards

Up to 8%

KreditBee

12.24% onwards

Up to 6%

MoneyTap

12.96% onwards

 2% (Credit Card based limit with RBL Bank)

Dhani Loans & Services (Former Indiabulls Consumer Finance Ltd.)

13.99% onwards

3% onwards

Money View

15.96% onwards

Starting from 2%

PaySense

16.80% onwards

Up to 2.5%

EarlySalary

18.00% onwards

2%

Home Credit

24.00% onwards

Up to 5%

CASHe

27.00% onwards

Up to Rs. 1200 or 3%

IndiaLends

10.80% to 36%

Up to 2.50% of the loan amount subject to a minimum of Rs. 999/- plus taxes

NIRA

18% to 30%

Minimum Rs. 350 + GST & maximum 2% of the loan amount

Capital First Limited

9.99% to 15.96%

Up to 3.5% of the loan amount

Credy

12% to 18%

3%, with a minimum amount of Rs. 500

SmartCoin

20% to 36%

2.5% to 7%

LazyPay

15% to 36%

2%

Note: The interest mentioned above rates may change and shall depend on the sole discretion of the bank, NBFC and RBI, also on case to case basis depending on various factors such as current relationship value, CIBIL score, other credit parameters etc. Interest rates are updated as of 1st May 2022.

Use a personal loan EMI calculator to know how much EMI you would be paying during the loan tenure against different interest rates and loan tenures. The online loan calculator also works as an interest calculator as it also helps you know the total interest payable on your personal loan.

Tips to keep in mind while applying for a personal loan
  • First try the bank where you have a relationship, such as a salary account, home loan, car loan, etc, as the KYC process will be easier and faster.
  • Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. All these charges will add up to your cost. A bank that offers a lower interest rate may charge a higher processing charge or penalty for foreclosure.
  • Try to achieve and maintain a high credit score as that could improve the chances of your loan request getting approved. Remember, this is only of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application.
  • If you have other loans ensure the repayments are on time. This too could improve your chances of securing the loan.

Related Posts

Leave a comment

Show Buttons
Hide Buttons