Personal Loan Interest Rates
Interest rate is the amount of interest charged over and above the principal amount by the lender from the borrower. Interest rate is the percentage or principal of the loan amount. Personal Loan Interest rates depends on your credit score, credit history, income, debt-to-income ratio, loan repayment tenure etc. For eg; consumers with good credit may find low interest rates and those with poor credit will pay considerably higher rate.
Personal Loan Interest Rates in Comparison to Banks
Personal loan is an unsecured loan that cares to all your financial and personal needs such as travel, home renovation, applying online courses, medical emergency, wedding etc. In today’s post we are going to discuss in details about personal loan interest rates as compared to the banks and the loan amount one can avail for personal loan.
Also Read: Home Loan Interest Rates
1. SBI Personal Loan Interest Rates
State Bank of India is an Indian multinational public sector bank. SBI is the 49th largest bank in the world which offers various banking facilities and loan services. SBI offers personal loan at an attractive rate of interest ranging from 9.60% p.a. with loan amount up to Rs 20 lakh. It also offers pre-approved personal loan with instant loan disbursal[1].
| Particulars | Details |
| Interest Rate | 9.60% p.a. to 15.40% p.a. |
| Loan Amount | Up to 20 lakhs |
| Loan Tenure | Up to 6 years |
| Prepayment Charges | 3% on prepaid amount |
| Penal Interest | 2% per month |
SBI Personal Loan Interest Rate as per Loan Schemes
| Loan Schemes | Rate of Interest (Per Annum) |
| XPRESS Credit | 10.60% p.a. to 13.10% p.a. |
| XPRESS Credit – Non-Permanent Employees (NPES) | 11.50% p.a. to 13.855 p.a. |
| Pension Loan | 9.60% p.a. to 12.60% p.a. |
| Xpress Credit Insta Top-Up | 10.70% p.a. |
| Pre-Approved Personal Loans | 12.60% p.a. |
| SBI Quick Personal Loan through CLP portal | 10.85% p.a. to 12.85% p.a. |
| SBI Kavach Personal Loan Scheme | 8.50% p.a. |
SBI Personal Loan Processing Fees as per the Loan Schemes
| Loan Schemes | Processing Fee |
| XPRESS Credit | 1% of the loan amount + GST (Processing fee waived off till 31st January 2023) |
| SBI Quick Personal Loan | 1.5% of the loan amount |
| SBI Pension Loan | 0.50% of the loan amount + GST (Processing fee waived off till 31st January 2023) |
| Xpress Bandhan | 1% of the loan amount + applicable tax |
| SBI Kavach Personal Loan | – |
2. ICICI Bank Personal Loan Interest Rates
ICICI Bank offers Personal Loan to its customers at competitive interest rates starting from 10.75% p.a. for the tenure up to 5 years[1]. ICICI Bank offers personal loans of maximum up to Rs 50 lakhs. Avail personal loan from ICICI Bank with a quick disbursal process and flexible tenure.
| Particulars | Details |
| Interest Rate | Ranges from 10.75% p.a. to 19% p.a. |
| Loan Amount | Up to Rs 50 lakh |
| Loan Tenure | Up to 5 years |
| Processing Fees | Up to 2.50% p.a. of the loan amount |
| Prepayment Charges | 3% p.a. of the loan amount + GST |
| Loan Cancellation Charges | Rs 3,000 + GST |
| Penal Interest | 24% p.a. |
| EMI Bounce Charges | Rs 400 + GST |
| Loan Product | Rate of Interest (p.a.) |
| Personal Loan | Starts from 10.75% onwards |
| Flexi cash (Overdraft facility to salary account holder) | 12% to 14% |
| Personal Loan for NRIs | Ranges from 15.49% p.a. |
3. HDFC Bank Personal Loan Interest Rates
Avail and get up to Rs 40 lakhs from HDFC Bank personal loan with attractive interest rates ranging from 10.50% to 21.30%[1]. To avail personal loan from HDFC Bank you just needs a minimum documentation and the amount will be disbursed in your account in just 10 seconds for pre-approved customers and in 4 hours for other customers. HDFC Bank is known for their innovation loan products loaded with an array of benefits for the borrowers.
| Particulars | Details |
| Interest Rate | 10.50% p.a. to 21.30% p.a. |
| Loan Amount | Up to 40 lakh |
| Loan Tenure | Up to 5 years |
| Processing Fees | Up to 2.50% of the loan amount, subject to a maximum fee of Rs 25,000 |
| Prepayment Charges | 4% of the loan amount between 13 to 24 months 3% of the loan amount between 25 to 36 months 2% of the loan amount (loan tenure if above 36 months |
| Overdue EMI interest | 2% per month on the principal or EMI that is overdue |
| EMI bounce Charge | 1st return: Rs 450 + GST 2nd return: Rs 500 + GST 3rd return: Rs 550 + GST |
4. Yes Bank
Yes Bank personal loan interest rates starts at 10.99% p.a. with flexible loan tenure up to 5 years. Yes Bank personal loan application process is hassle free and the loan amount is disbursed within a few hours of its sanction. So, avail personal loan from Yes Bank at an attractive and higher interest rates.
Axis Bank Personal Loan Interest Rates
| Particulars | Details |
| Interest Rate | 10.99% p.a. |
| Loan Amount | Up to Rs 40 lakhs |
| Loan Tenure | Up to 5 years |
| Prepayment Charges | 2% to 4% of the outstanding principal amount |
| Part prepayment charges | 2% of the amount paid towards part payment + GST |
| Cheque Bounce Charges | Rs 750 for each bounced cheque + GST |
5. Axis Bank Personal Loan Interest Rates
Axis Bank offers personal loan amount up to 15 lakhs with less paperwork and fastest disbursal of the loan amount. Enjoy hassle-free loan process and easy loan transfers in Axis Bank. Axis Bank offers personal loan at affordable and fixed rate of interest of 10.25% p.a. onwards with flexible loan repayment tenure.
| Particulars | Details |
| Interest Rate | 10.25% p.a. onwards |
| Loan Amount | Up to Rs 15 lakhs |
| Loan Repayment Tenure | Up to 5 years |
| Processing Fees | Up to 2% of the loan amount |
| Prepayment/ Foreclosure Charges | 2% to 5% + GST |
| Penal Interest | 24% per annum |
| Late Payment Fee | 2% of the overdue amount per month |
6. Federal Bank
Federal Bank offers personal loan to both salaried and self-employed individuals. Federal Bank offers loan up to 5 lakh for a tenure of 4 years at a competitive interest rate ranging from 10.49% p.a.
| Particulars | Details |
| Interest Rate | 10.49% to 17.99% p.a. |
| Loan Amount | Up to Rs 25 lakh |
| Loan Tenure | Up to 4 years |
| Processing Fees | Up to 3% |
| Foreclosure Charges | Nil for floating rate of interest 3% for fixed rate of interest |
| Penal Interest | 2% per month |
Factors Affecting Federal Bank Personal Loan Interest Rate
- One must choose a shorter loan tenure for higher interest rates
- One can get a higher interest rate for the repayment capacity. Federal Bank offers attractive interest rates to a loan applicant with a regular income.
- If you have a good credit history, the bank will offer you an attractive interest rate
- One must have a good CIBL score. Banks checks the CIBL score of an applicant to determine his repayment capacity
7. Bank of Baroda
Avail personal loan from Bank of Baroda with an attractive interest rate and easy documentation procedure and flexible repayment tenure. Bank of Baroda offers personal loan up to Rs 20 lakhs. With interest rate ranging from 10.50% onwards. Bank of Baroda offers personal loan with zero payment charges and special personal loan schemes.
| Particulars | Details |
| Interest Rates | 10.50% to 17.95% p.a. |
| Loan Amount | Up to Rs 20 lakh |
| Loan Tenure | Up to 7 years |
| Processing Fees | Up to 2% of the loan amount + GST (Rs 1,000 to Rs 10,000) |
| Penal Interest | 2% on the outstanding loan amount |
| Foreclosure Charges | NIL |
| Loan Product | Interest Rate (p.a.) |
| Baroda Loan for Pensioners | 11.70% p.a. |
| Pre-approved Personal Loan | 11.85% |
8. Punjab National Bank
Punjab National Bank offers a wide variety of personal loans to both salaried and self-employed individuals and pensioners. PNB offers personal loan at an interest rate of 10.15% p.a. with maximum loan tenure up to 7 years.
| Particulars | Details |
| Interest Rate | 10.15% – 16.70% p.a. |
| Loan Amount | Up to 20 lakhs |
| Loan Tenure | Up to 7 years |
| Processing Fees | 1.80% of the loan amount |
| Prepayment Charges | NIL |
| Foreclosure Charges | NIL |
Interest Rates according to Loan Schemes
| Loan Schemes | Interest Rate |
| Personal Loan Scheme for Public | Starts from 11.15% p.a. |
| Personal Loan Schemes for Doctors | 10.15% p.a. onwards |
| Personal Loan Schemes for Pensioners | 11.50% p.a. onwards |
| Personal Loan Schemes for Self-employed | 13.50% |
9. Union Bank of India
Union Bank of India offers personal loans at attractive interest rates ranging from 8.90% p.a. with flexible loan repayment tenure up to 5 years. Union Bank also offers Union Women Professional Personal Loan Scheme to women professionals for loan amount of up to Rs 50 lakh and for tenure up to 7 years.
| Particulars | Details |
| Interest Rate | 8.90% p.a. – 15.25% p.a. |
| Loan Amount | Up to Rs 15 lakh |
| Loan Tenure | Up to 5 years |
| Processing Fees | Up to 1% of the loan amount |
Union Bank Personal Loan Floating Interest Rates according to Loan Schemes
| Loan Schemes | Floating Rate of Interest |
| Union Personal Under Tie-up | 10.90 % p.a. to 12.70% p.a. |
| Union Personal Under Non-Tie-up | 11.90% – 13.70% p.a. |
| Union Personal for Non-Salaried Individuals | 12.90% – 14.70% p.a. |
| Government employees with employer undertaking | 10.70% p.a. |
| Government employees without employer undertaking | 12.20% p.a. |
Factors Affecting Personal Loan Interest Rate
There are various factors which can affect your personal loan interest rate. Some of them are as mentioned below:
- Good credit score
- Higher loan amount will come with a higher rate of interest which will poses a risk to the bank, thus always opt for a lower loan amount
- Good credit history
- Income plays an important role in determining your interest rate. Hence bank offers lower interest rates to individuals with higher income
- Good relationship with the bank
10. UCO Bank
UCO Bank formerly known as United Commercial Bank is an Indian public sector bank in India which offers a wide variety of banking services to the customers. UCO Bank offers personal loan with interest rates ranging from 9.85% p.a. for the maximum loan amount of Rs 15 lakh with flexible loan repayment tenure of up to 7 years. There are multiple loan options you can choose from UCO bank.
| Particulars | Details |
| Interest Rates | 9. 85% p.a. to 12.70% p.a. |
| Loan Amount | Up to Rs 15 lakh |
| Loan Tenure | Up to 7 years |
| Processing fees | 1% of the loan amount |
| Minimum Monthly Salary | Rs 10,000 |
UCO Bank Personal Loan Interest Rates
| Loan Scheme | Interest Rate |
| UCO Cash | Interest rate for employees of Central/State Government is 12.30% p.a.For other than Government Employees is 12.55% |
| UCO Pensioner Loan Scheme | 12.70% p.a. |
| UCO Shopper Loan Scheme | 8.40% p.a. to 9.40% p.a. |
FAQs
1. What do you mean by Interest Rates?
Ans: Interest rate is the amount of interest charged over and above the principal amount by the lender from the borrower. Interest rate is the percentage or principal of the loan amount.
2. What do you mean by Personal Loan?
Ans: Personal loan is an unsecured loan that cares to all your financial and personal needs such as travel, home renovation, applying online courses, medical emergency, wedding etc.
3. What are the factors which affects Personal Loan Interest Rates?
Ans: There are various factors which affects personal loan interest rates. Some of them are:
- Applicant’s income
- Loan repayment tenure
- Credit history
- Credit score
- Relationship with the loan provider
4. How to Improve your Personal Loan Interest Rates to get lowest Interest Rate?
Ans: To avail for a cheapest rate of interest one must –
- Have to improve credit score
- Avoid missing payments
- Maintain a good credit history
- Maintain a good relationship with the loan provider
- You can negotiate for a lowest interest rate with your lender
5. Are Personal Loan Interest Rates fixed or floating?
Ans: Personal loan interest rates can be both fixed and floating. You can opt for a fixed interest rate or floating interest rate, based on the options that are provided by the lender.
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