Personal Loan Interest Rates – Personal Loans are the most sought-after Loans to meet any immediate personal needs. Different Banks offer different interest rates on Personal Loans. Most of the Banks offer Personal Loan on Fixed as well as Floating Rate of interest. But there are also certain factors that affect your interest rate on personal loan such as age of the applicant, his/her monthly income, CIBIL Score, applicants relationship with the Bank. So before applying for a Personal Loan, read below to know which Bank offers the most attractive rate of interest on Personal Loan.
For Salaried Individuals
Income of the Applicant: Personal Loan interest rate depends on your income. Banks offer low rate of interest to customers with Income above a certain limit.
Company Status: Interest Rate on Personal Loan also depends on the applicant’s Category of the Company of i.e. CAT A, CAT B, CAT C, Others. Banks offer low rate of interest on Personal Loan to applicants working in company under CAT A category.
CIBIL Score: Personal Loan Interest Rate depends on the Applicant’s CIBIL Score. Most Banks prefer a CIBIL score of Above 750 for Personal Loan. Applicant’s with CIBIL Score above 800 are given preferential interest rate on Personal Loan.
Applicant’s Relationship with Bank: Banks offer special rate of interest on Personal Loan to its existing customers.
For Self-Employed Individuals
Annual Income Tax Return: You can avail Personal Loan at low rate of interest if your income is high and you are a large company.
Kind of Business: Interest Rate on Personal Loan also depends on the kind of business of the applicant. Banks offer special interest rates on Personal Loan to manufacturing business and to sound business professionals.
Special Interest Rate: Banks offer Special rate of interest on Personal Loan to Self-Employed Professionals such as teachers, doctors, engineers etc.
Read the table below to know about Personal Loan Interest Rates offered by Private and Public-Sector Banks in India.
|Personal Loan Interest Rate|
|Private Sector Bank||Rate of Interest|
|Axis Bank||15.75% – 24.00%|
|HDFC Bank||11.25% – 21.50%|
|ICICI Bank||10.99% – 18.49%|
|Kotak Mahindra Bank||10.99% – 20.99%|
|Yes Bank||Starting at 10.75%|
|Federal Bank||11.75% – 14.65%|
|Induslnd Bank||10.99% – 16.00%|
|RBL Bank||13.00% – 18.00%|
|Bandhan Bank||15.00% – 15.61%|
|Bajaj Finserv||10.99% – 16.00%|
|CitiBank||10.99% – 18.99%|
|HSBC Bank||10.99% – 17.84%|
|Standard Chartered Bank||12.00% – 17.00%|
|TATA Capital||10.99% – 18.00%|
|Fullerton India||14.00% – 33.00%|
|IDBI Bank||12.00% – 14.00%|
|Personal Loan Interest Rate|
|Public Sector Bank||Rate of Interest|
|Bank of Baroda||12.00% – 17.00%|
|Central Bank of India||10.85% – 14.35%|
|Punjab National Bank (PNB)||11.30% – 15.05%|
|Canara Bank||11.00% – 14.00%|
|State Bank of India (SBI)||11.05% – 15.45%|
|Allahabad Bank||8.50% – 13.00%|
|Bank of India||12.20% – 14.20%|
|Oriental Bank of Commerce||11.40%|
|Bank of Maharashtra||11.75% – 12.75%|
|Corporation Bank||12.95% – 13.95%|
|Dena Bank||13.00% – 14.00%|
|Lakshmi Vilas Bank||11.30%|
|Nainital Bank||11.30% – 14.75%|
|Punjab & Sind Bank||12.80% – 14.05%|
|Syndicate Bank||12.40% – 13.65%|
|UCO Bank||9.85% – 12.85%|
|United Bank of India||13.45% – 14.20%|
|Andhra Bank||11.55% – 13.20%|
|Jammu & Kashmir Bank||12.40% – 14.40%|