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Personal Loan Interest Rates
Personal Loans are very useful and they are mostly referred to as multipurpose loans simply because they can be used for an array of purposes. A Personal Loan is an unsecured loan and one is not required to submit any kind of collateral to get the loan.
Therefore, the rate of interest for a Personal Loan is highest compared to other secured loan alternatives. The Personal Loans can be used for almost any purpose such as medical emergency, travel, and wedding or to buy a new gadget or for some other crucial circumstances. Most of the time, people are very conscious while opting for a Personal Loan. As the rate of interest is high, one may have second thoughts while opting for a Personal Loan.
That is why MyMoneyMantra presents to you a complete analysis of all the Personal Loan interest rates from major banks, which will help you analyse and understand the best loan options available to suit your requirements.
|Banks||Interest rate (%)||EMI (Per Lakh)||Processing fee|
|Allahabad Bank Personal Loan Interest Rate||8.40% - 12.90%||2,047 - 2,270||1.06% of loan amount (Minimum 1,068)|
|Andhra Bank Personal Loan Interest Rate||11.30% - 12.80%||2,189 - 2,265||Not available|
|Bank of Baroda Personal Loan Interest Rate||11.35% - 16.35%||2,192 - 2,450||2% of loan amount (Minimum 1,000 and Maximum 10,000)|
|Bank of India Personal Loan Interest Rate||11.50% - 13.50%||2,199 - 2,301||Up to 2% of loan amount (Minimum 1,000 to Maximum 10,000)|
|Bank of Maharashtra Personal Loan Interest Rate||10.85% - 11.85%||2,167 - 2,217||1% of the loan amount + GST, Mininum 1,000|
|Canara Bank Personal Loan Interest Rate||12.10% - 15.05%||2,230 - 2,382||0.5% of the loan amount (Minimum 1,000 and Maximum 5,000)|
|Central Bank of India Personal Loan Interest Rate||11.25% - 11.50%||2,187 - 2,199||Up to 500 + applicable taxes|
|Corporation Bank Personal Loan Interest Rate||11% - 12.50%||2,174 - 2,250||1.50% of loan amount (Minimum of 500)|
|IDBI Personal Loan Interest Rate||9.65% - 12.40%||2,108 - 2,245||Up to 1% of the loan amount + applicable taxes|
|Indian Bank Personal Loan Interest Rate||10.35% - 14.80%||2,142 - 2,369||0.512% of loan amount (Minimum 512)|
|Indian Overseas Personal Loan Interest Rate||10.25% - 13.20%||2,137 - 2,286||0.40% to 0.75% of loan amount (depending on the loan scheme and amount)|
|Oriental Bank of Commerce Personal Loan Interest Page||10.30% - 11.80%||2,139 - 2,214||Up to 1% of the loan amount + applicable taxes|
|Punjab & Sind Bank Personal Loan Interest Rate||12.45% - 13.70%||2,247 - 2,311||1% of the loan amount|
|PNB Personal Loan Interest Rate||9.95% - 14.50%||2,122 - 2,353||Up to 1.80% of loan amount + GST|
|SBI Personal Loan Interest Rate||10.50% - 16.55%||2,149 - 2,461||Up to 1% of the Loan amount + applicable taxes|
|Syndicate Bank Personal Loan Interest Rate||11.25% - 13.65%||2,187 - 2,309||Up to 0.50% of the Loan amount (minimum 500)|
|UCO Bank Personal Loan Interest Rate||11.20% - 12.60%||2,184 - 2,255||Up to 1% of loan amount (Minimum 750)|
|Union Bank of India Personal Loan Interest Rate||10.10% - 14.20%||2,130 - 2,337||Up to 0.50% of the loan amount (Minimum 500) + applicable GST|
|United Bank of India Personal Loan Interest Rate||13.95% - 14.20%||2,324 - 2,337||1% of the loan amount sanctioned|
|Axis Bank Personal Loan Interest Rate||12%% - 24%||2,224 - 2,877||1.50% to 2% + applicable GST|
|Bandhan Bank Personal Loan Interest Rate||15% - 16.19%||2,379 - 2,442||1% of loan amount + GST|
|Catholic Syrian Bank Personal Loan Interest Rate||12% - 19%||2,224 - 2,594||1% of loan amount, Minimum 250|
|DCB Bank Personal Loan Interest Rate||13% - 25%||2,275 - 2,935||2% - 3% of the loan amount|
|Dhanlaxmi Bank Personal Loan Interest Rate||12.90% - 16.10%||2,270 - 2,437||Upto 2.5% of loan amount, Minimum 1,250|
|Federal Bank Personal Loan Interest Rate||11.49% onwards||2,199 onwards||Upto 3%|
|HDFC Personal Loan Interest Rate||10.75% - 21.30%||2,162 - 2,722||Upto 2.50% of the loan amount, Minimum 2,999 & Maximum 25,000|
|ICICI Personal Loan Interest Rate||11.25% - 22%||2,187 - 2,762||Upto 2.25% of loan amount + GST|
|IndusInd Bank Personal Loan Interest Rate||11.25% - 23%||2,187 - 2,819||Upto 2.50% of loan amount, Minimum of 1000 + taxes|
|IDFC First Personal Loan Interest Rate||9.20% - 34%||2,086 - 3,485||Upto 2% of loan amount|
|Karnataka Bank Personal Loan Interest Rate||12% - 17%||2,224 - 2,485||0.50% of loan amount subject to minimum of 250|
|Karur Vysya Personal Loan Interest Rate||11% - 18%||2,174 - 2,539||Upto, 1% of loan amount, depending on the scheme|
|Kotak Mahindra Personal Loan Interest Rate||11.50% - 24%||2,199 - 2,877||Upto 2% of loan amount + GST|
|Nainital Bank Personal Loan Interest Rate||11.40%||2194||1% of loan amount + GST|
|RBL Bank Personal Loan Interest Rate||14% - 23%||2,327 - 2,819||Upto 4% of loan amount + GST|
|South Indian Bank Personal Loan Interest Rate||11.45% - 14.45||2,197 - 2,350||2% of loan amount + GST|
|Tamilnad Mercantile Bank Personal Loan Interest Rate||14.80%||2369||1% of loan amount + GST|
|YES Bank Personal Loan Interest Rate||13.99% - 16.99%||2,326 - 2,485||Up to 2.50% of the loan amount, Minimum 999 + taxes|
FREQUENTLY ASKED QUESTIONS
How to get low interest rates on Personal Loans?
Ans. 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, maintain a good credit score, and repaying existing loan EMIs on regular basis.
How to ensure that one has selected the perfect repayment tenure for the Personal Loan?
Ans. 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.
How is Personal Loan interest rate calculated?
Ans. The interest rate on the Personal Loan is 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.
How do I decide which is the best bank to take Personal Loan from?
Ans. 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.
What is the importance of CIBIL score for the Personal Loan?
Ans. 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.
Can I take a joint Personal Loan with my spouse?
Ans. 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.
If I default on my Personal Loan, will it have an impact on my co-applicant?
Ans. 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 affect adversely their CIBIL rating and score.
Is a bank account required to service a Personal Loan?
Ans.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.