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    Bankbazaar Personal Loan Interest Rates

    We found 33 Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 17.99%
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    1-5 Years
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    10.99% - 25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    11% - 16% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.00% - 18.25% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
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    10.99% - 14.49% Fixed
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    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
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    Personal Loan Interest Rates

    While personal loans are a great way of receiving financing for any any short-term requirements, the interest rate and other charges associated with it are usually dependent on the type of credit facility availed. The rate of interest for personal loans in India can range from as low as 10.65% p.a. to as high as 24% p.a. or even more depending on multiple factors. Some of the key elements which determine the interest rate offered by a lender to a borrower are:

    • Credit history of the applicant along with his/her repayment history
    • Applicant’s net annual income
    • Credit score of the borrower
    • Relationship with the bank
    • Current employer’s reputation
    • Stable source of income
    • Debt-to-income ratio
    • Individual negotiation skill

    Charges Associated with Personal Loan

    The table mentioned below displays the interest rate and other charges associated with personal loan effective from 6 June 2018.

    Particulars Interest Rate and Other Charges Applicable
    Interest rate 10.65% to 24% p.a.
    Processing fee 0 to 5% of personal loan amount
    Type of interest rate Fixed or floating
    Loan amount Rs.1 lakh to Rs.30 lakh
    Loan tenure 1 to 5 years
    Preferred credit score 750 or above
    Pre-closure fee NIL to 4% of principal outstanding loan amount
    Interest on late payment 24% p.a.
    Amortization schedule charges Rs.200 to Rs.250 for each schedule along with applicable GST
    Foreclosure or pre-payment statement charges Up to Rs.100 along with applicable GST
    Loan cancellation charges Up to Rs.3,000 (Sometimes, customer will be asked to pay interest from loan disbursement date until loan cancellation date
    Repayment mode swap charges Rs.500 along with applicable GST
    Duplicate No Objection Certificate (NOC) or No Due Certificate (NDC) For each NOC: Up to Rs.500 For each NDC: Up to Rs.200 (Along with applicable GST)
    Account statement charge Rs.200 to Rs.250 plus applicable GST
    EMI bounce charge Rs.400 to Rs.450 plus GST
    Duplicate prepayment statement charges Rs.200 plus GST
    Stamping charges At actuals

    Note: These rates can change as per different bank's updates.

    Personal Loan Interest Rates

    When you are facing a short-term financial crisis, you can receive the required funds you need quickly through a personal loan. The borrower does not have to provide the reason towards the expenditure of this type of a loan. Therefore, it can be availed for numerous reasons such as medical bill payments, wedding expenses of self or a family member, education fees, home renovations, vacation expenses, etc. Here are a few significant features that will prove that taking a personal loan for any of your requirements is a great idea.

    • Personal loans are quick and easy and hence can be availed without any hassle.
    • Banks generally do not ask for any collaterals or guarantors while approving these loans Therefore, borrowers have to provide minimal documents to secure them.
    • Personal loans offer great and competitive interest rates which do not weigh you down too much.
    • These loans have a comfortable repayment period and can be broken down into several small EMIs making them easier on your pocket.
    • Availing personal finance for your various needs means that you do not need to spend via your credit card. Since the interest rate of credit cards is usually much higher than that of personal loans, this translates into huge savings in the long run in terms of the amount paid as interest.

    Personal Loan Interest Rates from Top Indian Banks Updated on 21 Sep 2018

    Bank Name Personal loan interest rates

    Aditya Birla Finance Personal loan
    11.00% to 13.75%

    Capital First Personal loan
    12% to 18%

    CitiBank Personal loan
    10.99% to 16.49%

    Fullerton Personal loan
    12.49% to 33%

    HDBFS Personal loan
    14.99%

    HDFC Bank Personal loan
    10.99% to 21.25%

    ICICI Bank Personal loan
    11.49% to 18.25%

    IndusInd Personal loan
    11% to 16%

    India Infoline Finance Ltd
    13.49% to 19.99%

    Kotak Personal loan
    10.99 to 17.99%

    Oriental bank of Commerce
    10.65% to 11.65%

    Standard Chartered Bank Personal loan
    10.99% to 14.49%

    Tata Capital Personal loan
    11.50% to 17.25%

    Given below are details of Personal Loan Interest Rates of a few top banks of the country.

    SBI Personal Loan Interest Rate

    State Bank of India (SBI) is the apex nationalized bank of the nation. The bank has several personal finance solutions to its credit and SBI Personal Loan Interest Rates are quite competitive and varied as per its customers’ requirements. A few of these personal loans are listed below along with the rate of interest applicable for each of these loan schemes as on June 2018.

    • Xpress Credit Personal Loan: This personal finance scheme from SBI is aimed at fulfilling all your urgent financial needs be it for your sudden needs or planned vacations. This loan offers customers the option to choose between a term loan and an overdraft facility based on their requirements and situation. See the table below to learn about the interest rates offered by SBI under this scheme:
    Type of Facility CIBIL TU Score 2-Year MCLR Spread Over 2-Year MCLR Effective Rate of Interest With No Reset
    Term loan No Check Off 8.25% p.a. 3.40% - 6.40% p.a. 11.65% - 14.65% p.a.
    Term loan Check Off 8.25% p.a. 2.90% - 5.90% p.a. 11.15% - 14.15% p.a.
    Overdraft No Check Off 8.25% p.a. 3.90% - 6.90% p.a. 12.15% - 15.15% p.a.
    Overdraft Check Off 8.25% p.a. 3.40% - 6.40% p.a. 11.65% - 14.65% p.a.

    Below mentioned table showcases the interest rates offered by SBI to IT employees of renowned firms:

    Credit Info Bureau Score 2-Year MCLR Spread Over 2-Year MCLR Effective Rate of Interest With No Reset
    750 and above 8.25% p.a. 4.80% p.a. 13.05% p.a.
    550 - 749 8.25% p.a. 5.80% p.a. 14.05% p.a.
    Less than 550 or no score 8.25% p.a. 6.80% p.a. 15.05% p.a.

    Learn about the SBI rates of interest available for non-permanent employees:

    Type of employer CIBIL TU Score Interest Rate
    State or central government, central PSUs, state PSUs, quasi-government, defence forces, and nationally acclaimed educational organisations Check off Category 1: 430 bps above 2-year MCLR = 12.55% p.a. Category 2: 640 bps above 2-year MCLR = 14.65% p.a.
    Unrated corporates, co-operatives, and institutions Check off Category 1: 505 bps above 2-year MCLR = 13.30% p.a. Category 2: 665 bps above 2-year MCLR = 14.90% p.a.
    • Xpress Bandhan Personal Loan: This unsecured personal loan is offered to individuals who do not hold a salary account at SBI. Using this scheme, borrowers can finance their emergency credit needs such as medical bills, wedding expenses, home renovations, education of a child, etc. Interest rates available under this scheme:
    Gender of the Applicant Facility Type Check Off Category Rating 2-Year MCLR Spread Over 2-Year MCLR Effective Rate of Interest With No Reset
    Female Term Loan Check Off A- and above 8.25% p.a. 3.90% p.a. 12.15% p.a.
    Female Term Loan Check Off BBB+ and below 8.25% p.a. 4.40% p.a. 12.65% p.a.
    Female Term Loan No Check Off A- and above 8.25% p.a. 6.00% p.a. 14.25% p.a.
    Female Term Loan No Check Off BBB+ and below 8.25% p.a. 6.50% p.a. 14.75% p.a.
    Female Overdraft Check Off A- and above 8.25% p.a. 4.15% p.a. 12.40% p.a.
    Female Overdraft Check Off BBB+ and below 8.25% p.a. 4.65% p.a. 12.90% p.a.
    Female Overdraft No Check Off A- and above 8.25% p.a. 6.25% p.a. 14.50% p.a.
    Female Overdraft No Check Off BBB+ and below 8.25% p.a. 6.75% p.a. 15.00% p.a.
    Male Term Loan Check Off A- and above 8.25% p.a. 4.05% p.a. 12.30% p.a.
    Male Term Loan Check Off BBB+ and below 8.25% p.a. 4.55% p.a. 12.80% p.a.
    Male Term Loan No Check Off A- and above 8.25% p.a. 6.15% p.a. 14.40% p.a.
    Male Term Loan No Check Off BBB+ and below 8.25% p.a. 6.65% p.a. 14.90% p.a.
    Male Overdraft Check Off A- and above 8.25% p.a. 4.30% p.a. 12.55% p.a.
    Male Overdraft Check Off BBB+ and below 8.25% p.a. 4.80% p.a. 13.05% p.a.
    Male Overdraft No Check Off A- and above 8.25% p.a. 6.40% p.a. 14.65% p.a.
    Male Overdraft No Check Off BBB+ and below 8.25% p.a. 6.90% p.a. 15.15% p.a.
    • SBI Pension Loan: This loan is granted to those who are pensioners of the Central/State Government or have served the defense forces of the country, and are receiving a monthly pension from the government. This personal loan is sanctioned to applicants who are less than 76 years of age. Check out the table below to learn about the interest rates offered by SBI under this scheme:
    Loan Scheme 2-Year MCLR Spread Over 2-Year MCLR Effective Rate of Interest With No Reset
    SBI Pension Loan 8.25% p.a. 3.35% p.a. 11.60% p.a.
    Jai Jawan Pension Loan 8.25% p.a. 3.35% p.a. 11.60% p.a.
    Pension Loan to Coal Mines Provident Fund (CMPF) Pensioners 8.25% p.a. 3.35% p.a. 11.60% p.a.
    • SBI Festival Loans: Festival Loans by State Bank of India are provided so as to help you get through the added expenditure during festival time without burdening you with excess liability. With this scheme, you will be able to enjoy the festivities with your family and friends without having to worry about the finances. The rate of interest offered on this personal loan is competitive compared to personal loans offered by other banks.
    Apply for Personal Loan

    HDFC Bank Personal Loan Interest Rates

    Not only the application process of the personal finance scheme offered by HDFC Bank is simple and hassle-free, but the loan disbursal under this plan is also extremely quick. This scheme requires minimum documentation and HDFC Bank Personal Loan Interest Rates are also very attractive. This loan scheme offers zero hidden charges with nominal processing fees and convenient repayment options.

    The interest rates of HDFC Bank Personal Loans are competitive with respect to other banks offering personal loans and ranges between 15% and 20.99% p.a. for salaried individuals on a monthly reducing basis.

    HDFC Bank personal loans also offer life protection cover of up to Rs.8 lakh for accidental hospitalization and up to Rs.1 lakh for death or permanent disability of the loan borrower.

    A few important features of HDFC Bank personal loans are mentioned below:

    • Highly competitive rate of interest
    • Special privileges for HDFC Bank account holders
    • Loan eligibility can be checked online
    • Get a personal loan in as less as 1 day if you have all the documents in place
    • Convenience of interacting with the customer care center via a host of available options including phone calls, chats, emails etc.
    • Simple documentation
    • Transparency of fees and other charges
    • Credit Shield cover equal to the balance loan amount

    ICICI Bank Personal Loan Interest Rates

    Personal Loan Interest rates

    ICICI Bank offers customised personal loans to its customers at attractive interest rates based on the benchmark 1-year Marginal Cost of funds-based Lending Rate (MCLR). This means that a customer can choose the amount of loan depending upon his requirement. The interest rates offered by ICICI Bank to a customer opting for a personal loan depends on numerous factors such as income, credit score, etc. The ICICI Bank Personal Loan usually varies from 10.99% p.a. to 22% p.a. The loan amount depends upon the nature of employment of the applicant. A few benefits of ICICI Bank personal loans are:

    • Attractive interest rates
    • Simple documentation
    • Direct credit of amount through online channels
    • Quick processing of loan
    • Simple payment options via a host of different payment channels like ECS, AD or PDC
    • Loan tenure can be chosen by the customer depending upon his/her repayment capacity
    • Fixed rate of interest which is on a monthly reducing basis
    • No security or collaterals are required to be submitted

    Points to watch-out for before availing personal loans:

    The above listed points about various personal loans sufficiently highlight the use and the advantages of getting a personal loan. For all those who want to go ahead and avail personal finance, here are a few things that one should watch-out for while applying for a personal loan

    • Check the rate of interest offered and the hidden charges like processing fee etc. Sometimes these may be too high resulting in a higher loan amount than you actually wanted to owe
    • Check your credit score beforehand to get a fair idea of your loan eligibility so that the lending entity isn't able to take advantage
    • Unsecured loans generally offer lower loan amounts
    • Go for a secured loan in case the loan amount sought is more but only if you are sure you will be able to pay up in the stipulated tenure
    • Check if there are any pre-payment charges and whether you are comfortable with those

    Axis Bank Personal Loan Interest Rates

    Axis Bank offers great features and benefits on its personal loans. Be it your child's education or a family wedding, you need not worry about the extra cash that you might require for urgent needs. Axis Bank Personal Loan interest rates are also quite competitive and attractive. A few highlights of Axis Bank Personal Loans are:

    • Low processing charges
    • Loans available for salaried customers
    • Loan amount ranging from Rs.50,000 to Rs.15 lakh
    • Highly competitive interest rates
    • Hassle-free application procedure
    • Simple documentation

    See the table below to learn about Axis Bank Personal Loan Interest Rates:

    Loan Type 1-Year MCLR Spread Over 1-Year MCLR Effective Rate of Interest Reset Facility
    Fixed rate personal loan 8.60% p.a. 6.90% to 15.40% p.a. 15.5% to 24% p.a. No reset

    Things to note before availing personal loans

    While opting for a personal loan is helpful when you are in urgent need of funds to meet your short-term financial crisis, there are a few things that you should keep in mind before applying this loan. Below mentioned are the points to note before applying for a personal loan:

    • Check the rate of interest offered by the lender prior to the loan application and verify the hidden charges such as processing fee, repayment mode charges, amortization charges, late payment fees, etc. to avoid any future surprises.
    • Check your credit score beforehand to get a fair idea of your loan eligibility so that the lending entity isn't able to take advantage.
    • Unsecured loans generally offer lower loan amounts with a higher interest rate since the borrower does not need to provide any collateral.
    • Go for a secured loan in case the loan amount sought is more but only if you are sure you will be able to pay back within the stipulated tenure.
    • Check if there are any prepayment charges and whether you are comfortable with those.

    Factors Affecting Personal Loan Interest Rates

    Getting a personal loan is very simple and quick. You need not specify your intention for taking a personal loan. Also, your lender will process your loan application in a very short period of time without causing much trouble to you.

    However, you need to be cautious about the interest rates when it comes to personal loans. These interest rates are provided depending on various criteria. For other loans such as car loans and home loans, the interest rates are flat in nature.

    Your personal loan interest rates can be impacted by numerous factors:

    • Your credit history and credit score: A key element that plays a significant role in determining your personal loan interest rate is your credit score. This is determined by checking your credit history and credit-related behavior. If you have displayed discipline and promptness in paying your full loan in the past then your credit history as well as credit score will be high. To receive an impressive credit score, you will need to make sure you pay each and every installment for your loan or credit card on time. This will help you have a decent credit score resulting in a lower personal loan interest rate. In India, a good credit score is a score that is higher than 750. The score ranges from 300 to 900 where 300 is the lowest limit and 900 is the highest limit.
    • Your income: When you earn a high salary at the company that you work for or at the business that you own, your lender will be of the opinion that you will be able to repay your loan without any difficulty. Lenders prefer applicants who will not miss out on any payment and therefore, it is important to meet the minimum income criteria set by the bank or non-banking financing company (NBFC). When you provide relevant documents as proof of income, your lender will be able to believe in your competency to repay. You can discuss with your bank or NBFC representative for a lower interest rate by showing your income. If you have been moving jobs, make certain that you apply for a personal loan after a substantial amount of gap. It is important that you show a steady flow of income while applying for a new loan.
    • Your relationship with your bank or NBFC: When you apply for a new personal loan, try approaching a bank or NBFC that you have already taken a loan from. You could also go to a bank where you already have a bank account or a savings deposit. You might have already established a good relationship with the representatives at this bank. This will help you secure a good interest rate for your personal loan. Also, your bank would be ready to make adjustments to give you an impressive interest rate to retain you as a customer. Hence, make sure you are a loyal and disciplined customer by making all payments on time.
    • Your employer’s reputation or goodwill: Before sanctioning a personal loan, lenders also check the company that you are currently working at. If you are an employee at any of the top organizations in the country, you might get a lower interest rate since it shows that you have regular source of income. When you are working at any start-up company or a recently established company, your lender may assume that there are chances that you do not have a regular income flow hence you might default on the loan Hence, your lender may charge a higher interest rate. In such cases, you can give proper assurance to your lender that you will be able to repay your loan on time.
    • Your negotiation skills: If you meet the personal loan eligibility criteria properly, you can utilize your personal negotiation skills to receive a waiver or a discount on your interest rates by discussing with your lender. You can give relevant explanations to your lender and then obtain waivers on processing fees and interest rates.

    Types of Interest Rates

    In India, there are chiefly 2 types of interest rates and they include fixed/flat rates and floating/variable rates. Under fixed interest rates, your interest rate will be fixed or locked for the entire loan period. Whether the rate increases or decreases, your rate will remain the same. On the other hand, with a floating or variable interest rate, your rate will depend on the fluctuations in the market. If the same rate of interest goes down in the market then your interest rate will be low. When the interest rate increases in the market, your interest rate will be high.

    Personal Loan Flat or Fixed Interest Rate

    Under this interest rate system, the interest rate does not change during the entire loan period. It is fixed by the lender as per his or her assumptions regarding the average discount rate over the entire loan tenure. The capital value of a fixed rate personal loan is fixed as per the future interest rates that are determined during the computation process.

    Personal Loan Reducing or Variable Interest Rate

    A personal loan with a variable or reducing interest rate has a rate that changes on a regular basis. This happens as it changes according to the benchmark interest rate that fluctuates over a period of time. When the benchmark interest rate goes down, it is very helpful to a borrower since the interest rate reduces as well. If you anticipate that the interest rate will go down during a particular time frame, you can go for a personal loan reducing or variable interest rate. A reducing or variable interest rate is also known as an adjustable interest rate.

    Interest Rates Based on Collateral or Security

    Based on the requirement for collateral, personal loans can be categorised into two types - secured and unsecured. When a customer opts for a secured personal loan, he or she has to provide a collateral to receive the required funds. This collateral or security offers lenders the guarantee that the borrower will repay the loan on time. In case of default, the lender will gain complete rights over the collateral. Due to this reason, secured loans are low-risk schemes and therefore, lenders usually offer a lower interest rate for such loans.

    On the other hand, when a customer chooses an unsecured loan, he or she is not under any obligation to provide a collateral or security. Therefore, the risk associated with such schemes are comparatively higher than that of secured loans. This usually translates to a higher interest rate on unsecured personal loans.

    Personal Loan Prepayment

    Prepayment is the process of repaying a loan early. If you have a sudden inflow of cash, you can opt for this facility to repay your loan before the loan tenure ends. You can choose to prepay a loan installment, a part of the total debt, or your entire loan. This can help you avoid any debt situation in the future as the chances of you defaulting will be significantly reduced.

    When you make a personal loan prepayment, your lender might levy an additional charge as prepayment fee since you are clearing the loan before the official due date.

    When you make a personal loan prepayment, your loan tenure will decrease with your existing EMI or your loan your current EMI amounts will go down for the rest of your loan tenure. Most banks and NBFCs require that your prepayment amount is at least 3 or 4 times your current EMI.

    Impact on EMIs when you go for Pre-Payment of your Personal Loan

    When you are computing your EMIs, you can enter your pre-payment details for a clear understanding of how the pre-payment will have an impact on your loan expenses.

    You can calculate your EMIs for your personal loan with the help of an online EMI calculator which is available on several third-party financial portals as well as banking websites. You will only need to key in the loan amount, loan tenure, interest rate, and the processing fee for your personal loan. If you are planning to pre-pay your loan, you can enter those details also.

    You can check out the BankBazaar personal loan EMI calculator which is very user-friendly. When you plan to make a pre-payment, you can open the BankBazaar personal loan calculator and then enter information about pre-payment. You will need to key in your pre-payment frequency, your pre-payment amount, your pre-payment fee, and click on any of the drop-down options against the ‘Pre-payment applies to’. The options include ‘Final pre-payment made’, ‘Sum of all pre-payments’, ‘Sum of pre-payments made in last year of the loan.

    You will get results for your EMIs and then you can decide your loan amount and loan tenure accordingly. You can also decide how much you want to pre-pay for each installment or for your full loan period.

    How to Get Better Interest Rates on Personal Loans

    Before you finalize on any one personal loan option, you can follow a few simple guidelines to get better interest rates than the ones that have already been offered to you.

    • Do a proper comparison of the various loan options: Most banks and NBFCs provide multiple personal loan schemes. You can use third-party financial websites and official websites of banks to perform thorough comparisons to zero in on the best option available in the market. This way, you can pick a plan that suits your requirement and situation along with a decent interest rate.
    • Get the help of a co-applicant if you have a bad credit score: If you have a poor credit score, you need not worry that your personal loan interest rate will be very high. You can take the help of a co-applicant or a guarantor to assure the bank that you will repay your loan on time inspite of your bad credit history. Most personal loans do not require a guarantor. However, if you request them to consider your case, your lender may agree to give you a loan when you have a co-applicant by your side.
    • Clear all your previous dues: Before you apply for a personal loan, make sure that you pay off all your credit card dues and your outstanding amounts of other loans. This way, you can negotiate with your lender and get an excellent loan deal. When your lender makes a random credit check, he or she will get to know that you have made a late payment or that you missed a few payment deadlines. If you do not have any such records, you will get a decent interest rate for your personal loan.
    • Go for a secured personal loan if you have bad credit history: This is a less-preferred option since most people choose personal loans as they are unsecured and do not require any collateral. However, if you have bad credit history and if your lender is charging a very high interest rate, you can offer an asset to your lender as a security or a collateral. This will help you get a reasonable interest rate.

    Before you apply for a personal loan, make sure you have boosted your credit score and that you meet all the eligibility criteria laid by your bank or NBFC. This will assist you in obtaining a good interest rate for your personal loan.

    How to apply for a personal loan:

    Applying for a Personal Loan Interest rate at BankBazaar.com involves three simple steps :

    Step 1: In the first step, the user must fill the Personal Loan Interest rate eligibility form available online with required personal data. Once submitted the Personal Loan Interest rate tool automatically checks for eligibility of the applicant and personalized Personal Loan Interest rate options.

    Step 2: In the second step, the applicant can compare various Personal Loan Interest rate options offered by the tool interface and apply for the best suitable Personal Loan Interest rate.

    Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of Personal Loan Interest rate application online.

    The application is sent electronically to the selected bank. The Personal Loan Interest rate department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS alters as well as emails.

    Personal Loan Interest Rates Tips

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    Scout Out the Best

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    Most Recent Articles on Personal Loan Interest Rates

    Fixed and Reducing Balance Interest Rate in Personal Loans

    Personal loan interest rates are classified into fixed interest rates and floating interest rates. Many of you may not be aware of how these different interest rates are calculated. Due to this lack of knowledge, you may end up paying much higher amounts for your loan unnecessarily. Under a fixed interest rate system, the interest rate is fixed when the loan is approved and is charged on the full loan and it remains the same for the loan tenure. Under the reducing balance interest rate or the floating interest rate system, interest is charged only for the unsettled loan amount. Find out how personal loan interest rates are computed by clicking here!

    How is Interest Calculated on Personal Loans?

    A personal loan interest rate is computed by taking many significant factors into consideration. Your lender will check your monthly income, employer details, and credit history. Your salary will directly affect your loan interest rate. If your income is very high, your interest rate will be lower. If you have a good credit history, you will be able to enjoy a good interest rate. Your lender will check out your credit score and determine your interest rate. You will need to bring confidence in your lender regarding your repayment behaviour. Your negotiation skills with your lender will assist you in securing a favourable interest rate. Understand the entire interest calculation process here!

    How to Get the Best Interest Rate on your Personal Loan?

    A personal loan is one of the best ways to meet your multiple financial requirements. It is easily available and requires minimum documentation work. You can compare different personal loan options provided by different banks before you finalise on one. To get an affordable interest rate for your loan, you can follow a few important tips. You will have to make sure your credit history looks good before you apply for a loan. You could work on enhancing your credit report in case it is bad. You should also maintain excellent job stability to get a good interest rate. You can also establish good banking relations with your banker to get a decent rate. Learn more ways to get the best rate here!

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    Customer Reviews

    • ICICI Bank Personal Loan
      "Overall good"
      0.5 4.5/5 "Excellent!"
      ICICI Bank is also good in the personal loan process. The customer services and response is good and there has been no hassles in the process. They have offered a low rate of interest and processing charges. The loan was processed on time too.
      Was this review helpful? 1
      , vadodara
      Reviewed on Sep 18, 2018
    • Axis Bank Personal Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with Axis bank and the process to get the loan was smooth and easy. They contacted me on time and provided the loan on time as well. The interest rate and processing charges is normal. In all there has been no issues till date.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • Axis Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My personal loan was taken with AXIS BANK 6 months back. The loan amount was 2 lakhs and the interest rate was very high . The rate of interest was 11.5%which is satisfactory .I am completely happy with the service here since there is no inconvenience faced at all. They have sanctioned the loan with in 3 days.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2018
    • HDFC Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I am a prime customer of HDFC Bank and they have offered me a personal loan as well. The customer services and response is good and the process was on time to get the loan. The rate of interest and processing charges was normal too. I am happy with the experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 18, 2018
    • ICICI Bank Personal Loan
      "POOR"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with ICICI BANK , initially they said they will charge 14% of interest rate but later they charge 16% so i am not happy . The processing fee is 5% and tenure period is 5year . Customer support and their response is not up to the mark . The services is not satisfactory .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 17, 2018
    • Early Salary Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been good and the loan amount which they had provided had been satisfactory. The documentation process also had been simple as well. The interest rate with them had been less when compared with the market rate. There has not been any hassle faced with their banking services so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      It has been a great experience i had with Bank Bazaar so far and i had recently started using the services of them. Their customer support had been responsive and had made a good follow up during the process of my loan. I had recently started using the services of them and i had been using the mobile application of them and it has been easy in using it.
      Was this review helpful? 0
      , noida
      Reviewed on Sep 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had chosen to go with HDFC since my salary account has been with them so that it will be very much easy so that the EMI will be deducted directly from my bank account. The process in getting this loan ahs been easy and smooth and the loan amount which they had provided also had been satisfactory. There has been an offer going on and since the interest rate with them has been quite low when compared with the market rate.
      Was this review helpful? 1
      , noida
      Reviewed on Sep 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience i had with this personal loan from HDFC where the process in getting this loan had been smooth and easy. The loan amount which they had provided had been satisfactory and the interest rate with them has also been good when compared with the market rate.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Sep 17, 2018
    • Bajaj Finserv Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Bajaj Finserv and my experience was good, the loan amount was for Rs 3 lacs with nominal interest when compared to others. Customer service was good with Bajaj and they responded on time. The tenure period for this loan is 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this Personal loan almost ten years back and the tenure period which they had provided had been good as well. The loan amount which they had provided had been good and the interest rate also had been good as well, there has not been any hassle faced with their banking services.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 17, 2018
    • ICICI Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had chosen to go with them since i was having my Salary account with ICICI and the process in getting the loan has been smooth and easy. The loan amount which they had provided also had been good. The interest rate with them has been nominal when compared with the market rate. Their customer support and their staff responses where good and the disbursal time also had been good with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 17, 2018
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with Bank Bazaar so far and i had been using the services of them from the recent times. I had been using the website as well as their mobile application and it has been easy in using it. Their customer support and their staff responses also had been good as well.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 17, 2018
    • Cashe Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan has been smooth and easy. The loan amount which they had provided has been less than what i was expecting but it was okay, and the interest rate with them has been a little high when compared with the market rate but it was fine. Their customer support had been good where they had been responsive.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had been using the services of Bank Bazaar for the last one to two months and the experience i ahd with them had been okay. I had been using the mobile application of them and it has been easy in using it. Their customer support with them also had been responsive and had made a good follow up during the process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 17, 2018
    • Early Salary Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and the loan amount which they had provided also had been satisfactory. The interest rate which they had charged also had been good as well. Their customer support and their staff responses also had been responsive.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 17, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with them so far. The loan amount which they had provided also had been satisfactory and the interest rate which they had charged also had been very low when compared with the market rate. There has been some processing fee which they had charged, their customer support and their staff responses also had been good but it has been hard to reach with their customer support executives.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 17, 2018
    • Citibank Personal Loan
      "GOOD SERVICE"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with CITI BANK , the tenure period is 1.5year . Customer support and their follow up is good , i can connect them easily . They charge 14% rate of interest with this bank . I did not face nay issue at the time of getting loan and even at time of documentation .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Sep 17, 2018
    • HDFC Bank Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC BANK ,They charged 16% rate of interest which is too high and tenure period is 2year .The processing fee with this bank is 2% and it is too high with this bank . Loan amount is up to the mark with this bank . Customer support and their response is good with this bank .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Sep 17, 2018
    • Bank Bazaar Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with them and i had recently started using the services of them. I had been using the mobile application of them and it has been easy in using it. Their customer support also had been responsive and they had made a regular follow up during the whole process in getting the loan through them.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Sep 17, 2018
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