Personal Loan Interest Rates – Compare Personal Loan From Top Banks In India

 

(Updated on 07.11.17) Personal Loan Interest Rates November 2017Compare Personal Loan Approval on the basis of ☛ Interest Rate ☛ Eligibility ☛ Prepayment Charges ☛ Processing Fee from top PSU & Private Banks such like ✓ HDFC ✓ SBI ✓ ICICI ✓ Axis ✓ Bajaj Finserv ✓ Fullerton & more.

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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

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Personal Loan Interest Rates-Compare Top Banks’ Personal Loan Rates

What is a Personal loan?

Personal Loan is an unsecured loan for personal use which doesn’t require any security or collateral and can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durable, the loans is very handy & caters to all your needs. T loans can be ranged from Rs. 50,000 to Rs. 25 lakh & the tenure for repaying the loan varies from 1 to 5 years.

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HDFC Bank

HDFC provides personal loans at its best interest rate with pocket-friendly EMI.The bank provides you loans with simplified documents with no hidden charges. Know your eligibility and get instant approval.

Personal Loan Interest Rate (CAT A):
✓ For Special Companies: 13% – 14.75%
✓ For 75,000 & above salary: 15.75%
✓ For 50,000-75,000 salary: 16.25%
✓ for 35,000-50,000 salary: 17%
✓ below 35,000 salary: 18.25%
✓ Special Rates for Loan Amount b/w 10lacs – 20lacs: 11.99% – 13.75%

Personal Loan Interest Rate (CAT B):
✓ For 75,000 & above salary: 15.75%
✓ For 50,000-75,000 salary: 16.25%
✓ For 35,000-50,000 salary: 17%
✓ Below 35,000 salary: 18.25%
✓ Special Rates for Loan Amount b/w 10lacs – 20lacs: 11.99% – 13.75%

Personal Loan Interest Rate (Others):
✓ Personal Loan Interest Rate would be 20% for others.

✓ Processing Fee: Rs.999 – 1.75% (for Special Companies) 2% (HDFC). 

Know how much EMI you have to pay if you are taking a personal loan amount ₹ 200000, ₹ 300000 & ₹ 500000 @ 13% ROI for 4 years (i.e. 48 months).

Loan Amount (₹) ₹2,00,000.00 ₹3,00,000.00 ₹5,00,000.00
Tenure (Months) 48 48 48
EMI ₹ 5,365.50 ₹ 8,048.25 ₹ 13,413.75

Know how much emi you have to pay if you are taking a personal loan amount ₹ 200000, ₹ 300000 & ₹ 500000 @ 15.75% ROI for 4 years (i.e. 48 months).

Loan Amount (₹) ₹2,00,000.00 ₹3,00,000.00 ₹5,00,000.00
Tenure (Months) 48 48 48
EMI ₹ 5642.48 ₹ 8463.72 ₹ 14106.2

ICICI Bank

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.

ICICI Bank offers attractive interest rate, easy documentation, fast processing with repayment options of ECS, AD or PDC.

Personal Loan Interest Rate: 11.49% to 20%:

Know how much emi you have to pay if a customer opting personal loan amount Rs. 500000 @ 11.49% ROI for 4 years, 3 years, 2 years & 1 year.

Personal Loan Amount (₹) ₹5,00,000.00 ROI (%) EMI (₹)
Tenure (months) 12 11.49% 44305.19
Tenure (months) 24 11.49% 23417.83
Tenure (months) 36 11.49% 16485.63
Tenure (months) 48 11.49% 13042.06

AXIS BANK

Axis bank offers personal loan from ₹ 50,000/- to ₹ 15,00,000/- with attractive interest rate @ 15.50% to 24%, processing fee @ 1.50% to 2.00% with nil prepayment & foreclosure charges, simple documentation, balance transfer facility & more. 

For example a customer applied for₹ 1,50,000 amount interest rate offered by Axis Bank is 16.5% for 12 months, 24 months, 36 months & 48 months. Now you have to know how much EMI you have to pay for 1 year, 2 years, 3 years & 4 years.

Loan Amount (₹) Tenure (in months) Interest Rate (%) Loan EMI (₹)
₹1,50,000.00 12 16.50% 13645.15
₹1,50,000.00 24 16.50% 7380.35
₹1,50,000.00 36 16.50% 5310.66
₹1,50,000.00 48 16.50% 4289.55

ANNUALLY CALCULATED VALUES

Year Principal Amount
(X)
Interest Amount
(Y)
Principal + Interest
(X + Y)
Outstanding Amount
2015 ₹ 2,227 ₹ 2,063 ₹ 4,290 ₹ 1,47,773
2016 ₹ 29,238 ₹ 22,237 ₹ 51,475 ₹ 1,18,535
2017 ₹ 34,444 ₹ 17,031 ₹ 51,475 ₹ 84,091
2018 ₹ 40,578 ₹ 10,897 ₹ 51,475 ₹ 43,514
2019 ₹ 43,514 ₹ 3,672 ₹ 47,185 ₹ 0

BAJAJ FINSERV

Bajaj Finserv offers personal loan upto ₹ 25 lakh at a very attractive interest rate @ 16%, processing fee @ 2% – 3% with fast online approval, nil foreclosure charges, part prepayment facility & more.

Suppose you have applied for ₹ 2.5 lakh amount interest rate offered by Bajaj Finserv is 16% for 3 years then you should have to check how much amount you will pay including principal & interest.

Loan Amount Tenure Interest Rate Loan EMI
₹2,50,000.00 36 months (3 years) 16.00% 8789.26

If you have applied for ₹ 2.5 lakh @ 16% ROI for 3 years, you will pay total interest amount ₹ 66413 & yearly interest you have to pay ₹ 22138. Now i show you a complete breakup how much interest amount you will pay year by year.

Year Principal
(X)
Interest
(Y)
Principal & Interest(X + Y) Outstanding Amount
2015 ₹ 5,456 ₹ 3,333 ₹ 8,789 ₹ 2,44,544
2016 ₹ 71,432 ₹ 34,039 ₹ 1,05,471 ₹ 1,73,112
2017 ₹ 83,738 ₹ 21,733 ₹ 1,05,471 ₹ 89,374
2018 ₹ 89,374 ₹ 7,308 ₹ 96,682 ₹ 0

State Bank of India (SBI)

State Bank of India offers attractive interest rates, No pre-payment/ Pre-closure penalty, fast disbursal, customer service % more on Personal Loan.

✓ Personal Loan Interest Rate: For CAT A: 18.50%, CAT B: 18.50% & For Others: 18.50%

✓ Processing Fee: Processing charges are 2.02%-3.03% of the loan amount.

Document Required for SBI Personal Loan

Important documents to be furnished while opening a Personal Loan Account:
✓ For existing bank customers
✓ Passport size photograph
✓ From salaried individuals
✓ Latest salary slip and Form 16.

If your salary is around 40k – 50k per month and working in CAT A company and you have applied personal loan for an amount ₹ 400000 @ 18.5% ROI. Know how much emi you have to pay for 12 months, 24 months, 36 months & 48 months :

Loan Amount (₹) Tenure (in months) Interest Rate (%) Loan EMI (₹)
₹2,00,000.00 12 18.50% 18383.62
₹2,00,000.00 24 18.50% 10033.21
₹2,00,000.00 36 18.50% 7280.74
₹2,00,000.00 48 18.50% 5927.38
₹3,00,000.00 12 18.50% 27575.44
₹3,00,000.00 24 18.50% 15049.81
₹3,00,000.00 36 18.50% 10921.11
₹3,00,000.00 48 18.50% 8891.07
₹4,00,000.00 12 18.50% 36767.25
₹4,00,000.00 24 18.50% 20066.41
₹4,00,000.00 36 18.50% 14561.49
₹4,00,000.00 48 18.50% 11854.77
₹6,00,000.00 12 18.50% 55150.87
₹6,00,000.00 24 18.50% 30099.62
₹6,00,000.00 36 18.50% 21842.23
₹6,00,000.00 48 18.50% 17782.15

STANDARD CHARTERED BANK

Standard Chartered Bank offers personal loan up to ₹ 20 lakhs for salaried employee and up to ₹ 10 lakhs at a attractive interest rate @ 12.99% to 16.00% for salaried and @ 12.99% to 16.00% for self employed and businessman.

For example a customer have applied for an amount ₹ 1,00,000 amount, interest rate given by Standard Chartered Bank is 12.99%. Customer should have to know how much emi he/she will pay or 1 year, 2 years, 3 years & 4 years tenure.

Loan Amount Interest Rate (%) Loan Tenure EMI Total Interest Amount Total Payment (Interest + Principal)
₹1,00,000.00 12.99% 12 months (1 year) ₹8,931.00 ₹7,175.00 ₹1,07,175.00
₹1,00,000.00 12.99% 24 months (2 years) ₹4,754.00 ₹14,089.00 ₹1,14,089.00
₹1,00,000.00 12.99% 36 months (3 years) ₹3,369.00 ₹21,281.00 ₹1,21,281.00
₹1,00,000.00 12.99% 48 months (4 years) ₹2,682.00 ₹28,748.00 ₹1,28,748.00

KOTAK MAHINDRA BANK

Kotak Mahindra Bank offers personal loan from ₹ 50,000 to 15 lakhs at a very attractive interest rate @ 13.00% to 18.00%, processing fee @ upto 2% of the loan amount+ service tax with flexible repayment options, doorstep services, simple documentation & more.

A customer eligible for personal loan who’s minimum salary should be ₹ 25000 per month, age should be in between 21-58 years, 2 years minimum work experience & at least 1 year reside in city.

No i give you an example to figure out if you have applied for personal loan ₹ 250000, interest rate given by Kotak Mahindra Bank is 14%, how much emi you will pay for tenure 12 months, 24 months, 36 months & 48 months.

Loan Amount Interest Rate (%) Loan Tenure EMI Principal Amount Interest Amount
₹2,50,000.00 14.00% 12 months ₹22,446.78 ₹2,50,259.00 ₹19,363.00
           
₹2,50,000.00 14.00% 24 months ₹12,003.22 ₹ 116,312 (1st Year) 27724 (1st Year)
₹2,50,000.00 14.00% 24 months ₹12,003.22 ₹ 133,826 (2nd Year) 10354 (2nd Year)
           
₹2,50,000.00 14.00% 36 months ₹8,544.41 ₹ 72033 (1st Year) ₹ 30495 (1st Year)
₹2,50,000.00 14.00% 36 months ₹8,544.41 ₹ 82793 (2nd Year) ₹ 19735 (2nd Year)
₹2,50,000.00 14.00% 36 months ₹8,544.41 ₹ 95273 (3rd Year) ₹ 7372 (3rd Year)
           
₹2,50,000.00 14.00% 48 months ₹6,831.62 ₹ 50,118 (1st Year) ₹ 31,866 (1st Year)
₹2,50,000.00 14.00% 48 months ₹6,831.62 ₹ 57,604 (2nd Year) ₹ 24,380 (2nd Year)
₹2,50,000.00 14.00% 48 months ₹6,831.62 ₹ 66,206 (3rd Year) ₹ 15,778 (3rd Year)
₹2,50,000.00 14.00% 48 months ₹6,831.62 76151 (4th Year) ₹5891 (4th Year)

CITIBANK

Citibank offers personal loan up to ₹ 30,00,000* at attractive interest rate starting from 13.99% per annum with nil processing charges, pre closure option, full & part pre-payment option avail, balance consolidation for your Credit card and personal loan outstanding, simple documentation & more.

A customer eligible for personal loan his/her monthly salary should be ₹ 32000 per month, age should be 26 years to 58 years, minimum job experience should be 2 years and at least 1 year reside in city.

For example a customer have applied for personal loan ₹ 3,50,000 and interest rate given by Citibank is 15.00%, you should have to figure out how much emi & interest amount you will pay for 12 months, 24 months, 36 months & 48 months.

Loan Amount Interest Rate (%) Loan Tenure EMI Interest Amount
₹3,50,000.00 15.00% 12 months ₹31,590.00 ₹29,085.00
₹3,50,000.00 15.00% 24 months ₹16,970.00 ₹57,288.00
₹3,50,000.00 15.00% 36 months ₹12,133.00 ₹86,783.00
₹3,50,000.00 15.00% 48 months ₹9,741.00 ₹1,17,557.00

PERSONAL LOAN TRENDS NOVEMBER 2017

User searches for How to get Personal Loan up +50% in past week – 14.02.2016
User searches for Personal Loans up +200% in past week – 28.01.2016
User searches for Personal Loan Interest Rates up +80% in past week – 20.06.2016
User searches for What Is Personal Loan up +70% in past week – 20.06.2016
User searches for Personal Loan Eligibility Calculator up +50% in past week – 20.06.2016
User searches for Personal Loan Rates up +400% in past week – 18.06.2016
User searches for Personal Loan Interest Rates Comparison up +180% in past week – 15.06.2016
User searches for Personal Loan To Pay Off Credit Cards up +50% in past week – 21.05.2016
User searches for Personal Loan Interest Rate up +60% in past week – 19.03.2016
User searches for HDFC Personal Loan Application Status up +50% in past week – 19.03.2016
User searches for SBI Personal Loan Interest Rates up +50% in past week – 19.03.2016
User searches for HDFC Bank Personal Loan Interest Rate up +40% in past week – 19.03.2016
User searches for HDFC Personal Loan Customer Care Number up +40% in past week – 19.03.2016
User searches for Home Credit Personal Loan up +130% in past week – 12.03.2016
User searches for Personal Loan Interest Calculator up +80% in past week – 20.02.2016
User searches for HDFC Personal Loan Status Check up +90% in past week – 16.02.2016
User searches for HDFC Personal Loan Rate of Interest up +80% in past week – 16.02.2016
User searches for Personal Loan from SBI up +70% in past week – 16.02.2016
User searches for Axis Bank Personal Loan Interest Rates up +60% in past week – 16.02.2016
User searches for ICICI Bank Personal Loan Customer Care up +50% in past week – 16.02.2016
User searches for Cibil Score For Personal Loan up +650% in past week – 30.01.2016
06.01.16 – User searches for HDFC Personal Loan Customer Care up +40% in past week
06.01.16 – User searches for Personal Loan Apply up +40% in past week
24.11.2015 – User searches for Personal Loan Interest Rates in SBI up +100% in past week
17.11.2015 – User searches for Bajaj Finance Personal Loan Status up +200% in past week
13.11.2015 – User searches for SBI Personal Banking up +140% in past week
13.11.2015 – User searches for HDFC Bank Personal Loan Application Status up +100% in past week
09.11.2015 – User searches for Personal Loan for Self Employed up +100% in past week
07.11.2015 – User searches for Axis Personal Loan up +130% in past week
04.11.2015 – User searches for HDFC Personal Loan Status Track up +90% in past week
20.10.2015 – User searches for ICICI Bank Personal Loan Application Status up +110% in past week
19.10.2015 – User searches for SBI Personal Loan up +100% in past week
User searches for HDFC Personal Loan Customer Care up +60% in past week – 10.10.2015
User searches for SBI Personal Loan Interest up +60% in past week – 05.10.2015