Best Personal Loan Interest Rates

Here are some useful tips to avail of the best personal loan interest rates in India:

• Improve your CIBIL score: Having a high credit score shows your creditworthiness. Banks, NBFCs (non-banking financial companies), and financial institutions offer the lowest personal loan interest rates to those applicants who have a high credit score. Always check your CIBIL score before applying for the loan. If you have a credit score of below 750, you should improve it. Applicants with a credit score of 750 or more have higher chances of getting a personal loan at a low-interest rate.
• Don’t miss repayments: Missing a loan or credit card repayment will adversely affect your credit score. Banks and other loan providers take your repayment history into consideration before deciding the rate on your personal loan. If you have paid your past EMIs and credit card bills timely, you will be charged a lower interest rate.
• Keep checking for offers: Many lenders introduce offers in the form of special interest rates and processing fee waivers for a limited period of time during festive seasons. Applying for a personal loan during such a festive period can get you the best deal on the interest rate.
• Compare rates of interest: Before applying for a personal loan, you must compare the interest rates charged by various banks and NBFCs on personal loans. Ding this will help you get the best personal loan interest rate.
• Negotiate for the best deal with the lender: If you are already a customer of the lending bank, you can bargain for the lowest interest rate. Many lenders consider good banking relationships when deciding the interest rate.

Following are the latest best personal loan interest rates in India for private sector banks along with the EMI (for Rs. 1 Lakh loan amount and 5 years tenure):

Following are the best personal loan interest rates 2022 of best public sector banks along with the EMI (for Rs. 1 Lakh loan amount and 5 years tenure):

Personal loan interest rates for salaried applicants are usually lower than that for self-employed because the former have regular source of income. The rates may vary from lender to lender based on the borrower’s creditworthiness. Below is the table for different banks with best personal loan interest rates for salaried employees:

Personal loan interest rates for self-employed applicants vary from lender to lender. The rates may differ for different borrowers based on their credit score, income, banking relationship, and other eligibility factors. Below is the table for best bank personal loan interest rates for self-employed applicants offered by different banks:

Many lenders offer a concession of up to 50 basis points on personal loan interest rates for women applicants. The rates may differ based on the borrower’s credit score, income, banking relationship, and other eligibility factors. Below is the table for best personal loan interest rates today for women applicants offered by different banks:

Some lenders offer low interest rates on personal loans to government employees due to their income and job stability. Below is the table for best personal loan interest rates for government employees offered by different banks: