Personal Loan Interest Rates in all Banks

Personal loans are easy to avail 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 the loan is made.

Compare Top Banks Personal Loan Interest Rates in India

Note: Interest Rate Updated As of Oct 2019

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13 -18% p.a Rs 499 as one-time set-up fee of credit line + Processing fee on each withdrawal depending upon the amount withdrawn NA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%