Compare Personal Loan Interest Rates & Charges from Top Banks Here!

19 Oct 2019 // 24 min read // Personal Loans
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If you have been on the lookout for a Personal Loan, then you must already be aware of the fact that it is essentially an unsecured loan offered by all the leading banks and non-banking financial companies of the nation. The USP of the Personal Loan is: it can be procured for meeting varied expenses ranging from sponsoring the higher education of children to bearing the wedding expenses of one’s child, from meeting the expenses pertaining to medical emergencies to enjoying a much-deserved vacation and more.

Particularly a Personal Loan brings along the following benefits:

  • It doesn’t require you to pledge any collateral in exchange for the loan amount.
  • Since no asset is involved, the lending institution doesn’t need to undertake steps like verification of the property title, property valuation, etc. This ensures that your Personal Loan application is processed in the quickest possible manner.
  • Personal Loans require minimal documentation and are usually offered on the basis of your previous credit repayment history, and your current disposable income.

One of the pivotal factors that will help you assess whether or not you should choose a Personal Loan bank or an NBFC is the interest rate at which they offer the loan. As of now, Kotak Mahindra rates, as well as HDFC Personal Loan interest rates are the lowest in the market at 10.50% and 10.75% per annum respectively.

Personal Loan Online

However, you also need to know about the processing charges for these loans to make an informed decision. In order to make it more convenient for you to stay abreast about Personal Loan Interest Rates, we have created a list of the leading banks of India, complete with their processing charges.

Take a quick look at this list, and see which bank is an ideal pick for you to take this Short Term Loan.

1. SBI Personal Loan

  • Interest Rate – 12.50% to 16.60% per annum
  • Processing Fee – 2 to 3% of loan

2. HDFC Bank Personal Loan

  • Interest Rate – 10.75% to 21.30% per annum
  • Processing Fee – Up to 2.5%, subject to a minimum of Rs. 1,999

3. ICICI Bank Personal Loan

  • Interest Rate – 11.25% to 17.99%
  • Processing Fee – 0.99 to 2.25%

4. Bajaj Finserv Personal Loan

  • Interest Rate – 11.99% to 15.50% per annum
  • Processing Fee – 1.5 to 3%

5. Citibank Personal Loan

  • Interest Rate – 10.99% – 17.99% per annum
  • Processing Fee – Up to 0.5%

6. Axis Bank Personal Loan

  • Interest Rate – 11.25% to 24.00% per annum
  • Processing Fee – 1.5 to 2%

7. IndusInd Bank Personal Loan

  • Interest Rate – 11% to 20% per annum
  • Processing Fee – 1 to 2.5%

8. Kotak Bank Personal Loan

  • Interest Rate – 10.50% to 19.99% per annum
  • Processing Fee – Up to 2.5%

9. Punjab National Bank Personal Loan

  • Interest Rate – 12% to 15% per annum
  • Processing Fee – 1.8%

10. RBL Personal Loan

  • Interest Rate – 13.99% to 18% per annum
  • Processing Fee – Up to 2%

11. Yes Bank Personal Loan

  • Interest Rate – 10.99% to 20% per annum
  • Processing Fee – 0.99 to 2%

12. Andhra Bank Personal Loan

  • Interest Rate – 11.55% to 13.05% per annum
  • Processing Fee – Varies

13. Union Bank of India Personal Loan

  • Interest Rate – 12.70% to 13.70% per annum
  • Processing Fee – 0.5%, subject to a minimum of Rs. 500

14. Bank of Baroda Personal Loan

  • Interest Rate – 11.60% to 16.60% per annum
  • Processing Fee – 2%, subject to a minimum of Rs. 250

15. Standard Chartered Bank Personal Loan

  • Interest Rate – 10.99% to 19% per annum
  • Processing Fee – 1%

16. Personal Loan: Consumer Guide

Now that you have complete information regarding interest rates of top banks such as SBI Personal Loan Interest Rates, you must learn some tricks to find a truly cost-effective deal. 

  • Tip 1: Banks offer Personal Loans at comparatively low-interest rates to the employees of a reputable organisation and A-listed companies. See if you qualify under that criterion, and ask your lender to offer you the best rate accordingly.
  • Tip 2: When you opt for a higher loan amount, most banks reduce the lending rates in a bid to close the deal. Make the most of this time-tested tip to enjoy lower rates on your loan.
  • Tip 3: If you’re looking forward for smaller EMIs, you must get in touch with your chosen bank to discuss if they could offer you a longer tenure. While most restrict the Personal Loan tenure to 5 years, some banks may extend it up to 7 years if need be. This can prove to be in your favour, especially if you are servicing more than one loan.
  • Tip 4: Even if you’re eligible for a higher loan amount (based on your income), make sure to apply for only that amount which you need. A loan is after all a debt and would need to be repaid along with interest. Hence, do not go overboard with the loan amount.
  • Tip 5: While it is recommended for you to shop around in a bid to find the lender with the most optimal Personal Loan offer, you should not apply to multiple banks simultaneously.

Also Read: How to Choose a Personal Loan Lender Based on Interest Rate Structure?

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