Personal Loan Interest Rates in all Banks
Personal loans are easy to avail of as they do not require collateral and are easy to avail. Whenever you think of personal loans, banks are often the first choice as their interest rates on personal loans are lower than other NBFCs.
The Interest rate on a personal loan is very important and is often the basis on which the decision to avail of the loan is made.
Compare Top Banks Personal Loan Interest Rates in India
Note: Interest Rate Updated As of January 2021
| Bank Names | Interest Rate* | Processing Fees* | Prepayment Charges* |
|---|---|---|---|
| State Bank of India | 11.55 -14.8% | 1% | 3% |
| ICICI Bank | 11.25 -17.99% | 2.25% | 5% |
| HDFC Bank | 10.75 -21.3% | 2.5% | 2-4% |
| Axis Bank | 12-24% | 1-2% | Nil |
| Citibank | 10.99-18.99% | 3% | Decided on a case to case basis |
| Standard Chartered Bank | 10.89-21% | 3% | 1-5% |
| Kotak Mahindra Bank | 10.99% onwards | Up to 2.5% | 5% |
| Yes Bank | 13.99-16.99% | 2.5% with a minimum of Rs 999 | 2% |
| IDBI Bank | 12-14% | NA | 2% |
| Bank of Baroda | 11.35-16.35% | 2% | NA |
| Karnataka Bank | 12-17% | 0.5% | 2% |
*Processing Fee and Prepayment Charges are subject to GST at the rate of 18%
Other than the banks there are many other financial institutions and fintech lenders who also lend personal loans to individuals.
| Private Lender Names | Rate of Interest | Processing Fees* | Prepayment Charges* |
|---|---|---|---|
| Money View | 1.33% p.m onwards | 2.5-6% of the loan amount | Nil, if done after a minimum of 3 EMIs |
| Kredit Bee | 15-29.95% p.a | Minimum of Rs 750 to up to 3% of the loan amount | NA |
| Pay Sense | 1.4 -2.3% p.m | Up to 2.5% of the loan amount | 4% of the outstanding loan amount |
| Credy | 1- 1.5% p.m | Minimum of Rs 500 to 3% of the loan amount | 2% of the outstanding loan amount |
| Money Tap | 13 -18% p.a | Rs 499 as one-time set-up fee of credit line + Processing fee on each withdrawal depending upon the amount withdrawn | NA |
*Processing Fee and Prepayment Charges are subject to GST of 18%