India’s top private usually offers a 10.49% interest rate on personal loan and government Banks offers an 8.55% to 10.50% interest rate p.a. But the most valuable part is a credit score and other factors to get the best interest rate such as job profile, monthly salary, etc.
24hr Loan provides personal loan interest rates for all banks. This list is updated. Take a look at your preferred bank interest rates.
Compare Personal Loan Interest Rates All Banks
|Banks||Interest Rates||Processing Fee|
|HDFC Bank||10.5% p.a. – 21.00% p.a.||Up to 2.50%|
|WeRize||16.00% p.a. – 21.00% p.a.||Up to 3%|
|Faircent||12.00% p.a. – 28.00% p.a.||Up to 6%|
|Fibe||24.00% p.a. – 30.00% p.a.||Up to 2.00% or Rs. 199|
|Upward||9.00% p.a. – 32.00% p.a.||Up to 2% – 4%|
|MoneyView||1.33% per month||Up to 2% – 5%|
|Cashe||2.25% per month||Up to 3%|
|Piramal Finance||1% of the loan amount||Up to 4%|
|Bandhan Bank||10.50% p.a. to 13.99% p.a.||Up to 2% of the approved loan amount|
|MoneyWide||16.83% p.a. – 32.83% p.a.||Up to 3%|
|InCred||18.00% p.a.||Up to 5%|
|FlexPay||15% p.a. – 36% p.a.||Up to Rs. 750|
|Prefr||18% p.a. – 36% p.a.||Up to 5%|
|Hero Fincorp||2.08% per month||Up to 2.5%|
|L&T Finance||11.00% p.a. – 19.00% p.a.||Up to 2%|
|Kreditbee||0% p.a. – 29.88% p.a.||Up to 5%|
|Navi||9.90% p.a. – 45% p.a.||Up to 3%|
|ICICI Bank||10.50% p.a. – 16.00% p.a.||Up to 2.50%|
|Chola Turbo Loan||14% p.a.||Up to 6%|
|Yes Bank||10.99% p.a. – 20% p.a.||Up to 2%|
|Kotak Mahindra Bank||10.75% to 11% p.a.||Up to 3%|
|Axis Bank||10.49% p.a.- 22% p.a.||Up to 2%|
|IndusInd Bank||10.25% p.a. – 26% p.a.||3% onwards|
|HSBC Bank||9.99% p.a. – 16.00% p.a.||Up to 2%|
|IDFC First Bank||10.49% p.a. onwards||Up to 3.5%|
|Tata Capital||10.99% onwards||Up to 3.5%|
|Home Credit||24% p.a. – 34% p.a.||2.5%-5%|
|Aditya Birla Capital||14% p.a. -26% p.a.||Up to 2%|
|State Bank of India||11.05% p.a. – 14.05% p.a.||Up to 1.50%|
|Karnataka Bank||12.00% p.a. – 17.00% p.a.||Bank will decide|
|Bank of Baroda||10.90% p.a. – 18.25% p.a.||Up to 2%|
|Federal Bank||11.49% p.a. – 14.49% p.a.||Bank will decide|
|IIFL||12.75% p.a. – 44% p.a.||2% – 6%|
|Bank of India||10.25% onwards||Up to 2%|
|SMFG India Credit||11.99% p.a. onwards||Up to 6%|
|IDBI Bank||10.50% p.a. – 13.25% p.a.||Bank will decide|
|Karur Vysya Bank||10.75% p.a. – 13.75% p.a.||0.50% onwards|
|South Indian Bank||13.1% p.a. – 20.6% p.a.||Up to 2%|
|Indian Overseas Bank||12.5% p.a. – 13.5% p.a.||Up to 0.50%|
|RBL Bank||14% p.a. – 23% p.a.||Up to 3.5%|
|Punjab National Bank||11.40% p.a. onwards||Up to 1.00%|
|Finnable||16.00% to 22.00% p.a.||Up to 4%|
|Bank of Maharashtra||10.00% p.a. onwards||Up to 1%|
|Central Bank of India||12.00% p.a. – 12.75% p.a.||Up to 1%|
|DMI Finance||12.00% p.a. – 40.00% p.a.||Up to 4% + GST|
|J&K Bank||12.40% p.a. – 13.40% p.a.||Up to 1% to Rs.10,000|
|Buddy Loan||11.99% p.a. – 36.00% p.a.||Up to 2% of approved loan amount|
Determinants of Your Personal Loan Interest Rates
Credit History: It is quite true that credit history or credit score is like an umpire on the financial ground. A credit score of 750+ makes you an extraordinary person with a better interest rate. If you are paying others’ loans on time, you are steadily making a good credit history.
So, a credit score is an important point in determining your loan interest rate.
Loan Inquire: Logging in for personal loans with other lenders is a bad habit before knowing loan eligibility. Don’t apply for a loan blindly. Whenever going to apply for a loan, lenders check creditworthiness through hard inquiry.
This inquiry will affect your credit score and you can see all the loan inquiries on your credit report. Try to keep lower credit inquiries for cheap interest rates.
Job Profile: If you are doing a job at a well-known company, you may have the chance of getting the best loan interest rate. Lenders will check the fixed obligation to income ratio (FOIR) to determine the loan interest rate.
If you are a government employee, you will get extra care from lenders with lower interest rates. Also, a private employee of multinational companies gets a lower personal loan interest rate.
Compare Lenders: If you know your own eligibility and requirements, you can compare various lenders. 24hrLoan provides various Banks / NBFCS companies loan eligibility to obtain the loan. Keep checking the better lenders and compare better interest rates.
Also, if you have a good relationship with your Bank, you may chance to get a lower interest rate.
Eligibility Criteria for Personal Loan
- Your age should be 21 to 55 years
- Minimum employee experience 1 year
- The salary of the applicant must be Rs. 12,000 or above
- The applicant’s salary must be transferred to the designated bank account
Required Documents for Personal Loan
- Aadhaar Card Number
- Original Pan Card
- Proof of current residential address: Rent Agreement / Gas bill / Water bill / Property Tax
- Latest bank statements
- Latest salary slips
- Borrower photo
- Guarantor documents (if lender requirement)
FAQs on Personal Loan Interest Rates
What is the personal loan interest rate of SBI Bank?
State Bank of India is offering 11.05% to 14.05% interest rate p.a. on personal loans. The processing fee is up to 1.50% of your loan amount.
What is a good credit history to obtain a lower-interest personal loan?
A credit score number of 750+ is really a good score to obtain a cheap interest rate. The government employee or popular company job profile may help you get better rates.
What is the processing charge provided by lenders?
The minimum 0.5% to 5% processing fee is charged by lenders. Also, Banks will waive processing fees on special occasions.
Who will get a personal loan faster?
The salaried employee with Rs. 12,000 salary and 1 year experience will get a quicker personal loan. Other creditworthiness will be checked by lenders.
What is the personal loan interest rate of Punjab National Bank?
The latest Punjab National Bank interest rate is 11.40% p.a. onwards on personal loans. A processing fee of up to 1% is applicable.