Compare Personal Loan Interest Rates Starting @ 10.40%

Personal Loan Interest Rate and Fees, Feb 2021
Personal Loan Interest Rate

Starting @ 10.40%

Check Best Offers
Processing Fee

Up to 1.5%

Loan Tenure

1 to 5 years

Lowest EMI Per Lakh

2,144 for 5 years

Prepayment Charges

Nil 

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Personal Loan Interest Rates

Compare Personal Loan Interest Rates starting @ 10.40% on MyMoneyMantra.com and save lakhs on your on personal loan EMI. A Personal Loan is an unsecured loan and one is not required to submit any kind of collateral to get the loan.

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
HDFC Bank 10.50%-21% 2149 - 2705 Upto 2.50% of the loan amount, Minimum 2,999 & Maximum 25,000
ICICI Bank 10.50%-19% 2149 - 2594 Upto 2.25% of loan amount + GST
IDFC First Bank 10.49%-18% 2174 - 2539 Upto 2% of loan amount
YES Bank 10% - 24% 2,125 - 2,877 Up to 2.50% of the loan amount, Minimum 999 + taxes
Federal Bank 10.49%-17.99% 2149 - 2539 Upto 3%
Kotak Mahindra Bank 10.40%-24% 2144 - 2877 Upto 2% of loan amount + GST 
SBI Bank 9.60% - 15.65% 2,105 - 2,413 Up to 1.50% of loan amount (Minimum 1,000 and Maximum 15,000) + GST
PNB Bank 8.45% - 14% 2,049 - 2,327 Up to 1% of loan amount + GST
Axis Bank 10.49%-24% 2149 - 2877 1.50% to 2% + applicable GST
Bank of Baroda Bank 9.85% - 15.45% 2,117 - 2,403 Up to 2% of loan amount (Minimum 500 and Maximum 10,000)
Canara Bank 11.30% - 13.90% 2,189 - 2,322 Up to 0.50% of the loan amount + GST (Minimum 1,000 to Maximum 5,000)
IndusInd Bank 11% onwards 2174 Upto 2.50% of loan amount, Minimum of 1000 + taxes
Central Bank of India Bank 8.35% - 10.20% 2,044 - 2,135 Up to 500 + applicable taxes
PNB Personal Loan Bank 8.45% - 14% 2,049 - 2,327 Up to 1% of loan amount + GST
Bank of Maharashtra Bank 8.55% - 10.55% 2,054 - 2,152 Up to 1% of the loan amount + GST (Mininum 1,000)
Indian Bank Personal Loan Bank 9.05% - 14.65% 2,078 - 2,361 As communicated  by corporate office
Nainital Bank  10%-10.50% 2125 - 2149 1% of loan amount + GST
Indian Overseas 10.30% - 12.05% 2,139 - 2,227 0.40% to 0.75% of loan amount (depending on the loan scheme and amount)
UCO Bank 10.30% - 10.55% 2,139 - 2,152 Up to 1% of loan amount (Minimum 750)
Bank of India 10.35% - 12.35% 2,142 - 2,242 Up to 2% of loan amount (Minimum 1,000 to Maximum 10,000)
Punjab & Sind Bank 11.10% 2179 1% of the loan amount
Canara Bank 11.30% - 13.90% 2,189 - 2,322 Up to 0.50% of the loan amount + GST (Minimum 1,000 to Maximum 5,000)
South Indian Bank 11.55% - 14.40% 2202 - 2348 2% of loan amount + GST
IDBI 12%-14% 2224 - 2327 Up to 1% of the loan amount + applicable taxes
Karur Vysya 12%-19% 2224 - 2594 Upto, 1% of loan amount, depending on the scheme
Dhanlaxmi Bank 12.10% - 15.70% 2220 - 2416 Upto 2.5% of loan amount, Minimum 1,250
Karnataka Bank  12.33% 2241 0.50% of loan amount subject to minimum of 250
Catholic Syrian Bank  12.50%-25% 2250 - 2935 1% of loan amount, Minimum 250
Tamilnad Mercantile Bank  14.25% 2340 1% of loan amount + GST
Bandhan Bank  15% - 16.19% 2,379 - 2,442 1% of loan amount + GST

FAQs

✅ 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.

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