Personal Loan Interest Rates
Personal Loan is one of the most helpful financial products. You can take a Personal Loan to meet all your need. If you are planning for taking a personal loan you should know the how important personal loan interest Rate is. Your Personal Loan Interest Rates always matters a lot in your personal loan if you have higher Personal Loan Interest Rates that means you have to pay higher interest amount and if you have lower Personal Loan Interest Rates that means you will pay lower interest amount. Personal Loan Lowest interest Rate starts from 10.75%*, but the average personal loan interest Rate is 14%*-17%*. Your Personal Loan Interest Rates basically depends where you work, your current salary, where you leave, repayment capacity etc. If you have higher Personal Loan amount your Personal Loan Interest Rates will be low. Personal Loan Interest Rate for government employee is also low. So if you are a government employee you have to pay lower interest amount. Before you apply for personal loan you should go for personal loan interest Rates comparison. Personal loan interest Rates for senior citizens is also low compared to others.
How to compare Personal Loan Interest Rates of all financial institutions?
Before you avail a personal loan you should compare Personal Loan Interest Rates online, so it will be easy for you. If there is any bank or NBFC offering lower personal loan interest Rates you will get it but if you didn’t check it you won’t know. You also check the other charges before you opt for Personal Loan.
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Processing Fees
The processing fees of a personal loan matters a lot here if your Personal loan’s processing fee is more than 2% than it would be good not to go for that loan. Maybe your Personal Loan interest Rates is low but if you have processing fee is more than 2% and if you have to pay extra charges you have to pay the interest amount plus extra charges.
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Prepayment and foreclosure charges
The prepayment charges and foreclosure charges of a personal loan also important as if the amount is too high, and if you want to close your loan before the tenure you have to a large amount for that and lower personal loan interest Rates won’t help on that time.
All bank Personal Loan Interest Rates
| Financial Institution | Personal Loan interest rates | Processing Fees |
| Personal Loan Interest Rates of SBI | 12.50%* | In the range of 2% to 3% |
| Personal Loan Interest Rates of HDFC Bank | 11.25%* | Min 0.99%, Max 2.50% Up to Rs. 10,000 |
| Personal Loan Interest Rates of ICICI Bank | 11.25%* | Starting from 0.99%, Up to 2.25% |
| Personal Loan Interest Rates of Bajaj Finserv | 11.99%* | Starting from 1.50%, Up to 3% |
| Personal Loan Interest Rates of Citibank | 10.99%* | Nil to up to 0.5% |
| Personal Loan Interest Rates of DFC First Bank | 13.50%* | 2% |
| Personal Loan Interest Rates of Axis Bank | 11.25%* | 1.50% to 2.00% |
| Personal Loan Interest Rates of Tata Capital | 11.75%* | Flat fee of Rs. 999*, Up to 2% |
| Personal Loan Interest Rates of Fullerton India | 17.25%* | Up to 2.00% |
| Personal Loan Interest Rates of IndusInd Bank | 11.00%* | Min 1% to Max 2.50% |
| Personal Loan Interest Rates of Kotak Bank | 11.49%* | Up to 2.5% |
| Personal Loan Interest Rates of RBL Bank | 13.99%* | Up to 2% |
| Personal Loan Interest Rates of IIFL | 12.99%* | 1 – 2% |
| Personal Loan Interest Rates of HDB Financial | 13.99%* | Up to 2% of loan amount |
| Personal Loan Interest Rates of PNB | 12.00%* | 1.8% + taxes |
| Personal Loan Interest Rates of Andhra Bank | 11.55%* | Case to Case |
| Personal Loan Interest Rates of Yes Bank | 10.75%* | Starting at 0.99%, Up to 2% |
| Personal Loan Interest Rates of Union Bank of India | 12.70%* | 0.5%, Min Rs. 500 |
| Personal Loan Interest Rates of Bank of Baroda | 11.60%* | 2%, Min Rs. 250 |
| Personal Loan Interest Rates of Syndicate Bank | 13.40%* | 0.5%, Min Rs. 500 |
| Personal Loan Interest Rates of Standard Chartered Bank | 10.99%* | 1.00% |
| Personal Loan Interest Rates of Bank of Maharashtra | 15.10%* | 1%, Min Rs. 1,000 |
| Personal Loan Interest Rates of Canara Bank | 13.00%* | 0.50% |
| Personal Loan Interest Rates of Corporation Bank | 12.95%* | 1.5%, Min Rs. 500 |
| Personal Loan Interest Rates of Karur Vysya Bank | 13.90%* | 0.40% |
| Personal Loan Interest Rates of Federal Bank | 11.49%* | 0.5%, Min Rs. 500 |
| Personal Loan Interest Rates of Indian Overseas Bank | 12.70%* | Rs. 204 per lakh |
| Personal Loan Interest Rates of Indian Bank | 11.05%* | 0.5%, Min- Rs. 508 |
| Personal Loan Interest Rates of Allahabad Bank | 13.15%* | 1.06%, Min- Rs. 1068 |
| Personal Loan Interest Rates of IDBI Bank | 13.20%* | 1% |
*Interest rates change time to time.
Factors affect Personal Loan Interest Rates
Reducing Personal Loan interest Rates is not that hard, you just have to follow some rules; if you have higher credit score your Personal Loan Interest Rates will be lower. So here are some factors which will affect your Personal Loan Interest Rates.
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CIBIL Score
CIBIL Score or Credit Score is the most important thing on your Personal Loan Interest Rates. If you have high CIBIL Score that means your Personal Loan interest Rates will be low and if you have low CIBIL Score your Personal Loan interest will be high. Your CIBIL Score depends on how you pay your personal loan. To make your CIBIL Score high you need to repay your personal loan on time.
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Applicant’s Age
The applicant’s age is one of the most important in personal loan interest Rates. The age group for personal loan eligibility is 21 to 60 years old. The younger you are there are much chance that you will have a personal loan with lower interest Rates. You will even get offers if you are applying for a personal loan in younger age. Your Personal Loan Interest Rates will be much lower on younger age.
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Employment
Your employment stability matters a lot on your personal loan interest Rates. If you are a salaried person your employer also matters as every financial institution have a company list and if your employer is in the CAT A list your Personal Loan interest Rates will be low. And if you are working there more than two years your Personal Loan interest Rates will be low. And if you are self-employed you must run your business at least for five years to have high personal loan eligibility. And if you are working with a top notch company you salary is also high and if you are in a high position that means you will have a bright career ahead so your Personal Loan interest Rates will be low.
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Existing Debt
If you are someone who has existing debt on his neck your Personal Loan interest Rates can be higher. As you are already paying EMIs on those and if you are taking a new one this can be your liability and you won’t get any loan if your existing loans has already consumed 40% your monthly income. So it is advisable if you have any existing personal loan you can transfer the balance with the new one and can take a top up loan so your Personal Loan Rates of interest can be lower.
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Geographic Location
Geographical locations matters a lot on your Personal Loan Interest Rates as if you are from metro city you will get lower personal loan interest Rates than someone from rural areas. Also some financial institution has red marked on some places so if you are from one of those places your Personal Loan Interest Rates will be high.
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Housing Situation
If you have your own house there are maximum chances that your Personal Loan Interest Rates will be low and your personal loan will be approved but if you are living in a rental house your Personal Loan Interest Rates will be high as your monthly income gets lower for that.
FAQ’s
Late payment fees – if you don’t pay your EMIs on time, Prepayment fees – if you want to prepay a part of your loan, Foreclosure fees – if you want to close your loan ahead of schedule.
