Personal Loan Interest Rate

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personal loan interest

 Simply put, it is an unsecured loan taken by individuals from Banks or NBFCs to meet their personal needs. It is provided on the basis of key criteria such as Income level, Credit Score, Employment History, Repayment Capacity, etc. Unlike a Home or Car Loan, a personal loan is not secured against any assets. The Personal Loan Interest rates is the most important factor which the customers consider before selecting any banks for availing the personal loan

As it is unsecured and the borrower does not put up collateral like Goods or Property to avail it, the lender in case of default, cannot auction anything you own. Therefore, their interest rate on personal loan are always higher than those on Home, Car or Gold Loans when sanctioning them.  On our platform, you can compare the personal loans of various banks and NBFCs and get the cheapest loan deal on personal loans.

We have various banks in India which provide personal loans for employees or self-employed. Personal loan interest rates are different for different banks as per their policy and customers. The Banks generally have lower personal loan interest rates as compared to NBFCs and Private finance. The criteria for personal loans of Banks is a little tougher compared to NBFCs. The easiest way to get a personal loan from banks is to first compare with all the banks as per their terms and conditions.

The comparison of personal loan interest rates is an important factor before selecting any bank for a personal loan. is a platform which helps our customers to compare all types of personal loan interest rates at one place for better decisions and understanding

Following is the table to compare personal loans interest rates from various banks in India


Interest Rate (p.a.)

Processing Fee

10.5% p.a. - 21.00% p.a.

Up to 2.50%

15% - 21% (fixed) p.a.


10.99% p.a. onwards - 16.99% p.a.

At the discretion of the bank Up to 2.50%

9.99% p.a. - 16.49% p.a.

Up to 3%

10.25% and above

Up to 2.5%

12% p.a.- 21% p.a.

At the discretion of the bank

10.49% p.a. - 31.50% p.a.

3% onwards

9.50% p.a. - 15.25% p.a.

Up to 1%

10.49% p.a. onwards

Up to 3.5%

10.99% onwards

Up to 2.75%

19% p.a. - 49% p.a.


11.49% p.a. - 16.49% p.a.

At the discretion of the bank

14% p.a. -26% p.a.

Up to 2%

9.60% p.a. - 15.65% p.a.

Up to 1.50%

12% p.a. - 17% p.a.

Maximum of Rs.8,500

10.50% p.a. - 12.50% p.a.

Up to 2%

10.49% p.a. - 17.99% p.a.

Up to 3%

24% p.a. onwards

2% onwards

10.35% p.a. - 12.35% p.a.

Up to 2%

11.99% p.a. - 36% p.a.

Up to 6%

8.15% p.a. - 10.90% p.a.

Contact the bank

9.40% p.a. - 19.00% p.a.

0.30% onwards

10.60% p.a. - 18.10% p.a.

Up to 2%

9.30% p.a. - 10.80% p.a.

Up to 0.50%

14% p.a. - 23% p.a.

Up to 3.5%

7.90% p.a. onwards

Up to 1.00%

9.45% p.a. - 12.80% p.a.

Up to 1%

9.85% and above

Up to 1%

12.75% p.a.

1.00% subject to a minimum of Rs.250

10.80% p.a.

Up to Rs.500

Banks offering the lowest personal loan interest rate


Personal Loan Amount


RoI (%)


>=25000 and <=5 Lacs

12 - 60 Months

8.90% - 14.00%

Punjab National Bank

Upto 10 Lacs

Upto 60 months

9.35% - 15.35%

Indian Bank

>=50000 and <=5 Lacs

12 - 36 Months

9.40% - 9.90%

Karur Vysya Bank

Upto 10 Lacs

12 - 60 Months

9.40% - 19.00%

State Bank Of India

>=25000 and <=20 Lacs

06 - 72 Months

9.80% - 12.80%

Benefits of Personal Loan

Multipurpose use

Being multipurpose in nature, it is a most desirable option in terms of financial products. As compared to other types of loans, it can be used for various purposes like renovating your home, marriage-related expenses, a family vacation, meeting unexpected medical expenses or any other emergencies.

Minimum & Simple Documentation

To avail personal loan, you have to give very less documents, unlike home loans. Therefore, it takes less time to get a personal loan.

Quick Approval

Since less documentation is required, they get instant approval from source bank. Personal loans are the quickest & easiest to get approval as compared to other loans.

Unsecured Loan (Collateral Free)

The online personal loan is an unsecured loan which means that the borrower does not have to provide any collateral to the lenders. You don’t have to explain to the bank where you want to use the personal loan amount.

Personal Loan Eligibility

Every Bank or NBFC providing personal loan have different eligibility requirement and needs. Still there are some common criteria for all the Banks & NBFCs. Before applying it is advisable to check eligibility on Eligibility Calculator.

1. Age

2. Minimum Net Income (Monthly)

3. Credit Score

4. Employment Type

5. Company Type

6. Work Experience

Documents – Personal Loan

  • Pan card
  • Residence Proof- Aadhar, Passport, Driving License, Voter ID, Utility Bills & Rent Agreement
  • Identity and Age Proof
  • Bank Statement (Latest 6 Months)
  • Salary Slips (Latest 3 months)
  • Completely filled personal loan form & Passport Size Color Photo
  • Form 16 or ITR of last 2 years. is a platform for availing the personal loan by comparing the personal loan interest rates and get the loan with ease and hassle-free process.

Following is our contact form for getting personal loan services on our platform