Personal Loan Interest Rates Sep 2019

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.

Factors that affect Personal Loan Interest Rates

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 by Private Sector Banks

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%
DCB Bank 12.00%
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 by Public-Sector Banks

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%
Karnataka Bank 12.85%
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%

 

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