Compare Personal Loan Interest Rates February 2023

Compare personal loan interest rates from top banks of India – SBI, HDFC, ICICI, Axis Bank, Standard chartered, PNB, Bajaj Finserv, Fullerton India, Bank of Baroda, Bank of India, Union Bank, Citibank, Kotak Mahindra, Yes Bank etc.

Benefits of Personal Loan Personal Loan is an easy way to meet your financial need. You can use Personal Loan for multiple purposes such as – marriage purpose, medical purpose, education purpose, consumer durable etc.

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Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Best Personal Loan Interest Rates January 2023

Banks Interest Rates
State Bank of India 10.50% – 13.50%
ICICI Bank 11.25% – 18.00%
HDFC Bank 10.75% – 18.00%
Bajaj Finserv 10.99% – 16.00%
Axis Bank 12.00% – 20.00%
Kotak Mahindra Bank 10.99% onwards
Fullerton India 11.99% – 20.00%
Bank of Baroda 11.15% – 16.15%
Bank of India 12.20% – 14.20%
Tata Capital 10.99% onwards
Standard Chartered 11.00% – 19.20%
IndusInd Bank 11.25% onwards
IDFC First 14.00% – 19.00%
PNB Bank 11.50% – 14.50%
Union Bank 10.10% – 14.20%
Citibank 10.50% onwards
Corporation Bank 10.75% – 12.25%
United Bank 13.70% onwards
Bank of Maharashtra 10.85% – 11.85%
Allahabad Bank 12.15% onwards
Bank of India 12.20% – 14.20%
Central Bank of India 11.10% onwards
Indian Overseas Bank 11.75% onwards
Karnataka Bank 12.97% onwards
Karur Vysya Bank 12.00% – 18.00%

Highlights of Personal Loan in India

  1. Rates are as low as 10.25% to 20.00%.
  2. Rates varies from Bank to Bank/Customer to Customer.
  3. Factor for deciding rates: Monthly Salary, Company Profile, Employment Status.
  4. Personal loan is an unsecured loan and usually rates are higher than secured loans.

How to get Best Personal Loan From Top Banks

When you need cash, a Personal loan is your best mate to fulfill your financial needs. If you are a salaried person, you can avail a loan based on your eligibility. To grab the best deal, customers should compare multiple factors.

Personal Loan Eligibility Criteria

  1. Different eligibility for different customers
  2. Same customers can get Rs. 50,000 to 10 lacs depending upon eligibility criteria of bank
  3. Choose a most suited bank which tailor-made products as per your needs

Personal Loan Prepayment Charges

  1. Prepayments help in reducing interest & loan tenure
  2. Check banks on prepayment charges varies from 0% to 5%
  3. Select the bank by making calculations on prepayment fee
  4. Right Mix of all above can help you to get more & pay less!

Personal Loan FAQs – Frequently Asked Questions

It is an unsecured  (do not put any type of security) loan provided by a bank and non-banking financial company (NBFC) based on – income, previous credit record, repayment capacity, employment type and more. Personal loan is available for salaried and self-employed.

What is personal loan?

This is a unsecured loan and helps you to meet your financial requirements. You don’t usually need to pledge any asset as collateral or security for availing personal loan. It is totally based on your credit record and CIBIL Score.

How to apply for personal loan?

You can apply easily online for personal loan at emicalculator-india.

What are the Interest Rates for Personal Loan?

Interest rate is the value that borrower have to pay on the principal loan amount..

What is Personal Loan EMI Calculator?

It is online tool that help to calculate personal loan emi, give you an idea about interest to be paid.

What are eligibility criteria for Personal Loan?

  • One must have a regular source of income.
  • Salaried individual, self-employed business person or a professional both are eligible.
  • One must have proper credit record and good CIBIL.
  • Final amount sanctioned will depend on your income and eligibility and some other factors as per the lender’s criteria.

What are the tenor options available?

You can choose a repayment period ranging from minimum 12 to maximum 60 months.

Can I foreclose or prepay my Personal Loan?

Yes, you can foreclose or prepay your personal loan, most of lender allow foreclosure after 12 EMI, it depend on lender to lender. And also you have to pay pre-closure charges of 2% -5% of principle loan amount. For prepay, payment can be made through cash, cheque or demand draft.

Is there any processing fee charges?

Processing fee is depend on bank to bank and lender to lender basically it is 2% – 4% of sanction loan amount.

Top-up facility on existing Personal Loan?

Top Up facility is available for those who have paid 12 EMI on the existing Personal Loan. You can Place the request for Top up on existing Personal. The facility is based on your existing personal loan record.

How do I repay the Personal loan?

You can repay the loan in Equated Monthly Instalments (EMIs). You can pay your EMI through auto debit, ECS, PDC.

Who can become a co-applicant?

For self-employed: Son, Daughter, partners with at least 51% Stake to be taken co-applicant, one director to be taken co-applicant.