Personal Loan Interest Rates starts from 10.49% p.a. If you meet all the eligibility criteria of the lender, getting low interest Personal Loans can become easier for you. Apply for a Personal Loan today and get instant disbursal on approval. Having a credit score of 750 of above can get you best personal loan interest rates. The interest rate on your loan affects the EMI to be paid. Higher interest rate means higher EMI amount.
|Interest Rate||Starting @ 10.49% |
Check Best Offers
|Processing Fee||Upto 3.5% of Loan Amount|
|Loan Tenure||1 to 5 years|
|Lowest EMI Per Lakh||2,149/- for 5 years|
Here is a comparison between personal loan offers from top banks in India, based on interest rates and processing fees. These two charges make the most of the overall cost of personal loans. This table can help you with deciding which is the most affordable personal loan available right now.
|Banks||Interest Rates||Processing Fees|
|HDFC Bank||10.50%||Up to 2.50%|
|Yes Bank||10.99%||Up to 2.50%|
|Kotak Mahindra Bank||10.50%||Up to 3% of loan amount + Applicable Taxes|
|Bajaj Finserv||11%||Up to 4.13% + GST|
|IDFC First Bank||10.75%||Up to 2%|
|TATA Capital||10.99%||Up to 3% of the loan amount + GST|
|IndusInd Bank||10.5%||Up to 2.50%|
|ICICI Bank||10.50%||Up to 2.25%|
|Navi||9.9%||3.99% to 6%|
|SBI||10.55%||Up to 1.50%|
|HSBC Bank||9.99%||Up to 1%|
|PNB||11.40%||Up to 1% + GST|
|Federal Bank||11.99%||Up to 3%|
|Bank of Baroda||10.10%||Up to 2%|
|Canara Bank||10.65%||Up to 0.50%|
|Aditya Birla Personal Loan||Min. APR- 13% p.a.|
Max. APR- 28% p.a.
|Up to 3% of the loan amount|
|Central Bank of India||12%||Up to Rs. 500|
|Indian Bank||10%||As communicated by corporate office|
|UCO Bank||11.70%||Up to 1%|
|Bank of India||10.25%||Up to 2%|
|South Indian Bank||13.10%||2% + GST|
|IDBI||11%||Up to 1% + taxes|
|Dhanlaxmi Bank||12.90%||Up to 2.5%|
When you are going for a Personal Loan then the most important thing that keeps running through your mind is whether you will get a decent interest or how much the EMI for a 5 year term is going to be. To answer this question, let's take a look at some of the banks who are offering personal loans at very low interest rates.
If you believe in instant solutions to your personal finance problems then Yes bank Personal Loan is for you. With interest rates starting from 10.99%(if your credit score is 750+) that can go upto a full blown 24%(if your credit score is really in bad shape), Yes bank offers a credible way out to sort out your financial requirement. For a period of 5 yrs, a Rs 1 lakh loan can give you an EMI of Rs 2174
If you are looking for a quick loan approval with 100% digitized process then Kotak Mahindra Personal Loan can be the right fit for you. With interest rates starting from 10.50%(if your CIBIL score is 750+) that can go upto a full blown 24%(if your credit score is really in bad shape), Kotak Mahindra bank offers a credible way out to sort out your financial requirement. For a period of 5 yrs, a Rs 1 lakh loan can give you an EMI of Rs 2149
Ever heard about 3 second loan approvals! Well, it’s here…With ICICI you have this luxury of availing an instant personal loan with much ease. With interest rates starting from 10.50%(if your credit score is 750+) that can go upto a full blown 24%(if your credit score is really in bad shape), ICICI bank offers a credible way out to sort out your financial requirement. For a period of 5 yrs, a Rs 1 lakh loan can give you an EMI of Rs 2149.
Lowest personal loan interest rate is offered by IDFC First Bank, which starts from 10.49% p.a. A Personal Loan is an unsecured loan for which you are not required to submit any collateral or security. Personal Loans can be used for almost any purpose, such as medical emergency, travel, wedding, purchase of a new gadget, etc. MyMoneyMantra presents to you a complete analysis of all the best Personal Loan interest rates from major banks, which will help you analyse and understand the best loan options available to suit your requirements.
Following are some tips to get low personal loan interest rates in India:
There are mainly 2 types of interest rates that you can consider before going for a personal loan - Fixed and Floating.
There are two most common types of interest rates on loans that are followed by all lenders, i.e. fixed interest rate and floating interest rate.
It all boils down to these factors that have the potential to influence your personal loan interest rate. Check below how -In this interest rates model, the lending rates on your loan will remain unchanged for the entire term of the loan. These rates are not affected by any change in the economic factors.
Although both interest rate types have their own merits and demerits, there are a few things you should consider while deciding which interest type you should opt for:
Personal Loan balance transfer is a facility offered by lenders where a personal loan customer can transfer their total outstanding personal loan balance from their existing lender to another. Many customers opt for this facility to get lower interest rates, better terms, and other benefits.
Let us assume that you have an existing Personal Loan with an outstanding of Rs.4 lakh at an interest rate of 16%. The repayment tenure is 5 years, which brings the EMI to Rs.9727. If you get any better deal from another lender, let's just say at 12.5%, then you can save close to Rs.44,000 through the balance transfer option. Look at the below illustration
|Existing||Post Balance Transfer|
|Total Outstanding||Rs.4 lakhs|
|Repayment tenure||5 years|
|Total Interest on outstanding amount||Rs.1,83,633||Rs.1,39,951|
|Total Amount Repaid||Rs.5,83,633||Rs.5,39,951|
|Savings through balance transfer||-||Rs.43,682|
When you consider taking a personal loan, it's always helpful to understand how much it will cost you. You must assess the annual percentage rate (APR) on a personal loan when calculating the entire cost. APR represents the annualized cost of loan repayment based on the interest rate, processing fees. The APR and loan tenure can help you determine how much you will pay in interest total over the term of the loan.
Let's say you get a personal loan of Rs. 5,00,000 with an APR of 9% for a repayment tenure of 5 years. Considering these aspects and using our Personal Loan EMI Calculator, your equated monthly payment or EMI would be Rs. 10,379 and the total interest to be paid over the tenure of the loan would be Rs. 1,22,751.
Now assume you borrow the same loan amount but with a different tenure of 3 years, and your interest rate is 8% instead of 9%. Now your EMI will be Rs. 15,668 and your total interest paid would be Rs. 64,055, which is higher than the previous example.
You must compare the numbers this way to get the lowest EMI possible. Using an online personal loan calculator can help you with determining what kind of loan amount and rate of interest are the best fit for your budget.
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
Many factors are involved in getting a Personal Loan with lower interest rates. Some of the factors include repayment of the debt on time, checking and rectifying the credit report, maintaining a good credit score, and repaying existing loan EMIs on a regular basis.
Looking at the current personal loan interest rates, at present, the IDFC Bank offers the lowest personal loan interest rates starting from as low as 10.49% p.a.
You can avail a maximum personal loan amount of Rs. 1 Crore. Every bank has its own personal loan limit.
Personal loan processing charges may vary between 0.50% and 2% of the sanctioned loan amount. In addition to processing fees, there are various other charges associated with personal loans that may vary from lender to lender.
At present, personal loan interest rates start from 10.49% p.a. Rate of interest is determined by different banks depending on the borrower's credit score, income, loan amount, and other factors.
One chooses an ideal repayment tenure for a Personal Loan on the basis of many factors such as monthly budget calculation, interest rate, future financial planning and prospects, the existing liabilities, career goals, and so on.
The personal loan rates are determined based on factors like the amount being borrowed, monthly income, the credit history, age of the borrower, and so on. Most of the time lenders prefer applicants who have the good credit score and who timely pay their EMIs.
Compare interest rates, processing fees, foreclosure charges, ease of applying for the loan and benefits of each lender before selecting the bank and choose the one that offers the best deal.
Higher the credit score, higher are the chances to get a loan application approved and vice versa. CIBIL score ranges from 300 to 900. A score of 700 and above is considered to be a good score to get a Personal Loan sanctioned.
Yes, you can apply jointly with a co-applicant (spouse or parents). This will help you to increase the eligibility and you can also get the loan of a higher amount as the income of your co-applicant will also get clubbed while calculating the eligible loan amount.
Yes, if you fail to pay the loan on time then it will have the repercussions on the co-applicant as well. The default in the loan will adversely affect their CIBIL rating and score.
Yes, you need to have at least one functional bank account in your name. It is better to have an account with the same bank you are applying for the loan.