Compare interest rates on personal loans between lenders


A personal loan is a type of unsecured credit that meets the personal needs of an individual. In this structure, a bank lends money on the creditworthiness of the borrower and no collateral is required for the borrowed money.

The first thing to check here is the loan amount and date required.

A key requirement from a borrower’s perspective is to check processing fees and pre-closing fees. Processing fees may vary from bank to bank.

Likewise, while few lenders charge any fees on the partial or full prepayment, many of them charge a substantial fee on foreclosure.

Here is a list of top banks offering different interest rates and processing fees on personal loans (compiled by Bankbazaar):

Bank Interest rate (pa) Processing fee
National Bank of India 9.60% pa – 15.65% pa Up to 1.50%
ICICI Bank 10.5% pa – 19% pa Up to 2.25%
HDFC Bank 10.5% pa – 21.00% pa Up to 2.50%
Yes Bank 13.99% pa – 16.99% pa Up to 2.50%
Citibank 9.99% pa – 16.49% pa Up to 3%
Kotak Mahindra Bank 10.25% and more Up to 2.5%
Axis Bank 12% pa – 21% pa At the discretion of the bank
Baroda Bank 10.50% pa – 12.50% pa Up to 2%
HSBC Bank 9.75% pa – 15.00% pa Up to 1%
IDFC Premier Bank 12% pa – 26% pa Up to 3.5%
Capital of Tata 10.99% from Up to 2.75%
Bank of Karnataka 12% pa – 17% pa Maximum of Rs.8,500
Mortgage loan Cash loan 19% pa – 49% pa 0% -5%
Small Ujjivan Financial Bank 11.49% per year – 16.49% per year At the discretion of the bank
Federal Bank 10.49% pa – 17.99% pa Up to 3%
IndusInd Bank 11.00% pa – 31.50% pa 2.5% from
IIFL 24% pa from 2% from
Bank of India 10.75% pa – 12.75% pa Up to 2%
Aditya Birla Capital 14% pa -26% pa Up to 2%
Fullerton India 11.99% per year – 36% per year Up to 6%
IDBI Bank 8.30% per year – 11.05% per year Contact the bank
Karur Vysia Bank 9.40% pa – 19.00% pa from 0.30%
Bank of South India 10.25% pa – 14.15% pa Up to 2%
Indian Overseas Bank 9.30% per year – 10.80% per year Up to 0.50%
RBL Bank 14% pa – 23% pa Up to 3.5%
National Bank of Punjab 8.95% pa – 14.50% pa Up to 1.80%
Bank of Maharashtra 9.55% per year – 12.90% per year Up to 1%
Central Bank of India 9.85% and over Rs.500
City Union Bank 11.25% per year 1.25%
Dhanalaxmi Bank 11.90% pa – 15.7% pa Up to 2.5%
J&K Bank 11.80% pa and more Up to Rs.500
It is important to note that when providing personal loans, most lenders decide eligibility based on income, repayment capacity, current monthly obligations, and credit rating. A better score means better rates on loans.

The maximum loan amount that one can borrow depends on the risk appetite and internal policies of the lenders. While banks can offer up to Rs 1-40 lakh, the fintech company cannot go beyond Rs 1-5 lakh, according to experts.

Banks generally offer fixed interest rates as well as floating interest rates. In a fixed rate scenario, borrowers pay the same interest rate throughout the loan repayment period.

On the other hand, the floating or variable interest rate is tied to the marginal cost of lending rate or MCLR, thus causing the interest rate to fluctuate as the MCLR changes, according to Bankbazaar.


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