Personal loans are unsecured loans offered by banks or other financial organizations. Personal loan interest rates depend on various factors like your credit score, income, and age. It is super easy to get a personal loan if you have a strong credit history and all of your paperwork is in order.
Before taking a personal loan, it’s important to check the interest rate of various banks to choose the most affordable option. Here is a list of top banks in India and their interest rates as well as processing fees -
|
Leading Banks |
Rate of Interest (p.a.) |
Processing fee |
Loan Amount |
Tenure |
|---|---|---|---|---|
|
9.99% to 24% |
Up to ₹6,500 + GST |
Up to ₹50 Lakh |
1 to 7 years |
|
|
10.99% onwards |
Up to 5% + taxes |
Up to ₹1 Crore |
1 to 6 years |
|
|
9.99% to 16.50% |
Up to 2% of the loan amount |
Up to ₹50 Lakh |
Up to 72 months |
|
|
8.75% to 21.55% |
Up to 2% of the loan amount + GST |
Up to ₹50 Lakh |
Up to 84 months |
|
|
10.85% to 21% |
Up to 2.50% of the loan amount |
Up to ₹50 Lakh |
Up to 72 months |
|
|
11% to 14.75% |
1% of the loan amount, min. ₹2,500/- + Taxes |
₹50,000 to ₹5 Lakh |
13 to 60 months |
|
|
UCO Bank (Select Plus Personal Loan) |
10.75% onwards |
NIL |
Up to ₹10 Lakh |
Up to 60 months |
|
18% |
2% of the loan amount |
₹30,000 to ₹5 Lakh |
12 to 36 months |
|
|
9.99% onwards |
0% to 3.5% of the loan amount |
Up to ₹15 Lakh |
9 to 60 months |
|
|
10.49% onwards |
Up to 3.5% of the loan amount |
Up to ₹5 Lakh |
12 to 48 months |
|
|
9.75% to 12% |
Up to 2% of the loan amount |
₹1 Lakh to ₹5 Lakh |
6 months to 5 years |
|
|
12.40% to 13.40% |
Up to 3% of the requested loan amount |
Up to ₹10 Lakh |
Up to 60 months |
|
|
11.99% onwards |
Up to 3% of the loan amount |
Up to ₹25 Lakh |
Up to 60 months |
|
|
10% to 15% |
Up to 1.5% of the loan amount, min. ₹1,000 and max. ₹15,000 + GST |
₹1 Lakh to ₹50 lakhs |
Contact your nearest branch for information |
|
|
9.75% onwards |
1% of the loan amount + GST |
Up to ₹20 Lakh |
Up to 84 months |
|
|
11.85% onwards |
1% of the loan amount, min. ₹2,500/- and max. ₹15,000/- |
Up to 36 times the applicant’s gross monthly salary |
Up to 84 months |
|
|
9.05% to 12.65% |
1% of the loan amount, min. ₹500 and max. ₹7,500 |
Up to ₹50 Lakh |
Up to 84 months |
|
|
11.25% or 11.75% |
1% of the loan amount + GST |
24 times the gross salary, subject to max. ₹20 Lakh |
Up to 84 months (multiples of 12) |
|
|
11.25% onwards |
1% of the loan amount, NIL for Defence Personnel |
Up to 24 times the applicant’s gross monthly salary, max. ₹50 Lakh |
Up to 72 months |
|
|
12.9% - 18.25% |
1% to 2% of the loan amount + GST, min. ₹1,000 + GST and max. ₹10,000 + GST |
₹50,000 to ₹15 Lakh |
12 to 60 months |
|
|
11.15% onwards |
₹470 for pre-approved loans, NIL for GOVT/PSU employees, and for others, 1% on the loan amount; max. ₹10,000 |
20 times the applicant’s monthly gross salary |
Up to 84 months |
Get Funds in Your Account in Minutes
NBFCs, or Non-Banking Finance Companies, have become increasingly popular with people for personal loans and other products. Here are some top NBFCs in the country and their interest rates and processing fees -
|
Banks, NBFCs, and Online Lenders |
Rate of Interest (p.a.) |
Processing fee |
Loan Amount |
Tenure |
|---|---|---|---|---|
|
14% onwards |
Starting from 2.00% of the loan amount |
₹5,000 to ₹10 Lakh |
3 to 60 months |
|
|
12% to 28.5% |
Up to 4.8% + GST |
₹6,000 to ₹10 Lakh |
6 to 60 months |
|
|
13.99% onwards |
3% onwards + taxes |
₹10,000 to ₹15 Lakh |
3 to 24 months |
|
|
10% to 30% |
Up to 3.93% of the loan amount (inclusive of taxes) |
₹40,000 to ₹55,00,000 |
Up to 36 months |
|
|
Freo (Formerly MoneyTap) |
13% onwards |
2% to 3.5% of the loan amount, greater than or equal to ₹25,000 |
₹3,000 to ₹5 Lakh |
2 to 36 months |
|
13% onwards |
Up to 3.75% of the loan amount + GST |
₹10,000 to ₹30 Lakh |
12 to 60 months |
|
|
Olyv (SmartCoin) |
1.5% per month onwards |
2% to 15% of the loan amount |
₹500 up to ₹5 Lakh |
2 to 24 months |
|
14% p.a. onwards |
Up to 7% |
Up to ₹5 Lakh |
3 to 60 months |
|
|
1.66% to 3% per month |
Up to 6% of the loan amount |
₹15,000 to ₹3 Lakh |
2 to 18 months |
|
|
Fibe (Formerly EarlySalary) |
9% to 16% p.a. onwards |
2% onwards |
₹20,000 to ₹10 Lakh |
6 to 36 months |
Tailored Personal Loans up to ₹10 Lakh
If your lender is charging a high interest rate, you can switch to a different lender without ending the transaction by using the personal loan balance transfer service.
Let’s take an example: Assume you owe ₹5 Lakh on a personal loan with a three-year repayment period and a 15% interest rate. Your monthly EMI will be ₹17,333 in that situation, with a total interest payment of ₹1.24 Lakh.
If you transfer to lender B, who offers a 12% interest rate, your monthly EMI on the outstanding balance of ₹5 Lakh would be ₹16,607 per month. Consider the following table to gain a better understanding of the situation:
|
Existing loan amount |
Balance to transfer |
|
|---|---|---|
|
Outstanding amount |
₹5 Lakh |
₹5 Lakh |
|
Rate of interest |
15.00% |
12.00% |
|
Remaining term |
3 years |
3 years |
|
EMI |
₹17,333 |
₹16,607 |
|
Total interest to pay |
₹1,23,976 |
₹97,858 |
|
Total amount to pay |
₹6,23,976 |
₹5,97,858 |
|
SAVINGS |
₹26,118 |
Thus, moving your personal loan from lender A to lender B can save you up to ₹726 on your monthly EMI. Furthermore, moving the debt will save you ₹26,118 in total interest payments. If you need more money, you can get a personal loan top-up when you transfer your balance.
Moneyview Says
Aarav was determined to take his parents on a vacation to Munnar. But discouraged by major banks demanding a CIBIL score of 750 or higher, he feared his 680 credit score would leave him trapped with high interest rates. That was until he discovered Moneyview, which offers personal loans to borrowers with credit scores starting from just 650.
By applying on the Moneyview app, he easily secured his required funds at an interest rate of just 14% p.a. Within just a few hours of approval, the loan was disbursed, and Aarav brought his family's travel dreams to life without the heavy burden of high-interest debt.
The interest is not the only expense that you have to pay on a personal loan. There are other charges associated as well, which are mentioned below -
Personal loans are subject to processing fees in addition to interest rates. A processing fee on a personal loan is a one-time, non-refundable charge added to the loan amount to cover the cost of processing the application.
Prepayment and foreclosure fees must be paid if you want to pay off or close your personal loan account before the end of the predetermined loan term. These fees might range anywhere from 0% to 6% of the outstanding balance.
If you pay your personal loan EMI late, you will be charged a fee by the lender.
Other fees levied by the bank on personal loan clients after disbursement include check bounce fees, duplicate statement fees, and loan changeover fees. These fees are not payable by all clients and are only applied when the event occurs.
The following table lists the most common fees associated with personal loans in some top banks -
|
Banks |
Processing Fee |
Prepayment / Foreclosure Charges |
Penalty for overdue EMI |
Post Loan Disbursement Charges |
|---|---|---|---|---|
|
Up to 2% of the loan amount |
3% on the principal outstanding amount. Nil after 12 EMIs paid. |
5% p.a. on the overdue EMI until repayment |
Cheque Bounce Charges - ₹500 Loan Cancellation Charges - ₹2,500, if cancelled after 15 days of loan disbursal |
|
|
Up to 5% + taxes |
2% to 4% + Taxes on the outstanding principal |
8% p.a. on the overdue amount + Taxes |
EMI Dishonour / Bounce Charges - ₹750 + Taxes per instance |
|
|
Up to ₹6,500 + GST |
2% - 4% of the outstanding loan amount |
18% p.a + Taxes on the overdue instalment amount |
Payment Return Charges - ₹450 per instance Loan Rebooking Charges - ₹1,000 + Taxes |
|
|
Up to 3.5% of the loan amount |
4% to 5% of the principal outstanding amount + GST |
24% + GST on the total overdue (Principal + Interest) or ₹100 + GST, whichever is higher |
Payment Dishonour Charges: ₹450 per instance + GST Loan Cancellation Charges: ₹1,000 + GST (allowed after 7th day of disbursal till the first EMI is due) |
|
|
Up to 3% of the loan amount |
Up to 3% |
2% p.m. of the overdue amount |
Charges for Switching Loan from Fixed to Floating Rates and Vice Versa: 0.25% of the balance outstanding / Drawing power, whichever is higher |
|
|
Up to 2% of the loan amount + GST |
2% to 3% of the principal outstanding amount |
8% above the applicable interest rate on the overdue amount, not exceeding 24% per instance |
Payment Return Charges - ₹339 + GST per instance |
|
|
Up to 2.5% of the loan amount |
2% to 4% of the principal outstanding amount |
At the same interest rate as mentioned in your loan agreement |
Foreclosure Statement Charges: ₹500 per instance Loan cancellation / Re-booking charges - ₹1,000 + Taxes |
Loan Amount
Min ₹5,000
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
Personal loans are the best choice when you have a financial emergency. Keep in mind that apart from the interest rate levied by your lender, there are other charges that also need to be taken into consideration before you choose a bank or NBFC. You can use the tables on this page to compare personal loan interest rates across all banks to find the best rates for your situation.
Your chances of getting a good personal loan rate increase if you have a high CIBIL score and a clear track record. Generally, you need a credit score of 750 or above to qualify for any credit product.
However, with Moneyview, you can get a personal loan with a credit score of just 650. What’s more is that you can get the loan amount in your bank account within just a few hours of approval.
If you need urgent funds for a short-term goal, opt for Moneyview personal loans. You can get loan amounts from ₹5,000 to ₹10 Lakh. To know more, download the Moneyview app or check out our Moneyview website.
Medha is a writer passionate about untangling money matters. She breaks down complex financial topics into clear and actionable advice, helping you make informed decisions for a secure future. Navigate the financial world with her!
Need Quick Cash?
Your earnings indicate your ability to repay a debt. A larger income indicates that you have more financial flexibility to pay back the loan on time. This indicates that your risk is low. Lenders prefer low-risk borrowers and may thus offer you a cheaper interest rate.
A strong credit score demonstrates that you are financially responsible. This lowers your risk level. If your credit score is 750 or higher, you will almost certainly be given preferred pricing.
Lenders will consider your present debt load when assessing your loan application. They may not issue you a personal loan if you spend the majority of your current income repaying existing loans. Even if they do, you will be charged a high-interest rate.
Personal Loan by Income and Purpose
Personal Loan Insights and Guides
Loan EMI Calculators
Loan Schemes and MSME Loans
Best Personal Loan Resources
Personal Loan in Top Cities
Personal Loan Types and Comparisons
Loan Process, Terms and Rules Explained
Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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