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Personal Loan Interest Rates

Personal Loan Interest Rates

Personal Loan is an unsecured loan given by banks without asking the reason for availing the loan.

To help the general public get the least interest rates on personal loans,
LoanUncle.org has merged all the latest interest rates offered by different banks at one place.

Please keep visiting this section to get updated personal loan interest rates in India

 

  •  Banks/Rates     Salaried
     CAT A  CAT B  Others  Pre-payment Charges  Processing Fees
     ICICI Bank

    13.49% – 14%
    (Special Companies)

    15.50%

    (Salary Above 75k)

    16%

    (Salary 50k -75k)

    16.50%
    (Salary 35k -50k)

    17%
    (Salary 20k -35k)

    17%
    (Less Than 20k)

     

    16%
    (Salary Above 75k)

    16.50%

    (Salary 50k -75k)

    17%

    (Salary 35k -50k)

    17.50%
    (Salary 20k -35k)

    17.50%
    (Less Than 20k)

     

    16%
    (Salary Above 75k)

    16.50%

    (Salary 50k -75k)

    17%

    (Salary 35k- 50k)

    17.50%
    (Salary 20k -35k)

    17.50%
    (Less Than 20k)

     Nil (For Loan amount more than10 lacs & 12 EMI paid), else 5%  0.50% for special companies, else 1.50% – 2.25%
    HDFC Bank  13% – 14.75% (Special Companies)   15.65% (Salary above 75k)   15.75% (Salary 50k-75k)   15.75% (Salary 35k-50k)   17.85% (Salary below 35k)   11.99% – 13.75% (Special Rates for Loan Amount b/w 10lacs – 20lacs)       15.65% (Salary above 75k)   15.75% (Salary 50k-75k)   15.75% (Salary 35k-50k)   17.85% (Salary below 35k)   11.99% – 13.75% (Special Rates for Loan Amount b/w 10lacs – 20lacs) 19.50%
     Nil (For Loan Amount more than 10 lacs with Salary above 75k) else 4% Rs.999 – 1.75% (for Special Companies) 2% (HDFC)
     Bajaj Finserv 15% – 16% 16% 16.50% – 17%  Nil  Upto 2%
     Tata Capital 13.50% – 16%

     

    15.50% – 16.50%

     

    17% – 19%

     

     Part Prepayment with ZERO Charges

     

     Starting Rs.1500/-

     

     Kotak Bank 12.99% – 14.29% (Special Companies)


    14.50%

    (Salary above 45k)

    15.25%
    (Salary 30k – 45k)

    12%

    (Special Rates for Loan Amount more than 15 Lacs)

     

    14.90%
    (Salary above 45k)

    15.25%

    (Salary 30k – 45k)

    12%

    (Special Rates for Loan Amount more than 15 Lacs)

     

    14.50% – 17.50%
    (Salary above 30k)
     3% – 5%  Rs.500- 2%
    State Bank of India (SBI / SBI Saral) 18.50% 18.50% 18.50%  N.A.  N.A.
     Fullerton India 21% – 32% 21% – 32% 21% – 32%  Zero after 3 years (Otherwise 4%) 2%
     Standard Charter Bank 11.99% – 12.99%
    (Loan Amount above 20 Lacs)
    12.99% – 13.99%
    (As per the loan Amount) 
    11.99% – 12.99%
    (Loan Amount above 20 Lacs)

    12.99% – 13.99%

    (As per the loan Amount)
     
     

    12.99% – 15%
    (As per the loan Amount)

     

     0% – 5%  0% – 1%
     HDBFS 16%
    (Salary above 75k)

    17%

    (Salary 35k – 75k)

    18%

    (Salary below 35k)
     
    16%
    (Salary above 75k)

    17%

    (Salary 35k – 75k)

    18%

    (Salary below 35k)
     
    17%
    (Salary above 75k)

    18%

    (Salary 35k – 75k)

    21%

    (Salary below 35k)
     
     NIL for Select Corporates Employees (CAT A & B) else 4%  1% – 2%
     IndusInd Bank 12.99%
    (Loan amount above 15 Lacs & Salary above 1 Lacs)

    13.50%

    (Salary above 1 Lac)

    14.50%

    (Salary 50k – 100k)

    15%

    (Salary below 50)
     
    13.49%
    (Loan amount above 15 Lacs & Salary above 1 Lac)

    14.25%

    (Salary above 1 Lac)

    15%

    (Salary 50k- 100k)

    15.75%

    (Salary below 50k)
     
     

    18%
    (Salary above 1 Lac)

    18.50%

    (Salary 50k – 1 Lac)

    19%

    (Salary below 50k)

     Nil for Loan Amount above 10 Lacs else 4% (Salary more than 75k)  1% – 2.5% (Upto 50% off)*
     Axis Bank 15%
    (For Super CAT A)

    16%

    (For CAT A)
    17% 19% – 20%  Nil
     2%
     Andhra Bank 15.75% – 16.75% 16.75% – 18.75%  Rs250 – Rs1000/-
     Bank of Baroda 14.75% 14.75% 14.75%
    Corporation Bank  14.50%
    (undertaking letter required)
     N.A  N.A  N.A  N.A
     United Bank of India 16%
    (12% for pensioners)
    16% – 18%
    (12% for pensioners)
    16% – 18%
    (12% for pensioners)
     N.A.  N.A.
     Vijaya Bank 16%  N.A  N.A  N.A  N.A
     Indian Bank 13.70% – 14.20% 13.70% – 14.20% 13.70% – 14.20%  N.A  0.50% on the loan amount with min of Rs 500/-
     Bank of India 15% 15% 15%  N.A  2%
    Canara bank 14.95% 14.95% 14.95%  N.A  0.25%
     Citibank  14% – 16.50%  14% – 16.50%  14% – 16.50%  Upto 3%  Upto 2.5%

     

    CAT A refers to – Top 1000 companies
    CAT B refers to – Multi National Companies( MNC’s )
    CAT C refers to – Small companies
    Non Listed refers to – Smaller companies with 100 emloyees.
    Loan Surrogates refers to – Any running loan from any bank

 

Personal loan interest rates in India depend on various criteria, one being the income level. Different banks have different classifications based on which interest rates are calculated. To start with whether you are working for an employer (salaried) or you are an employer yourself (self – employed). Other factors that affects loan interest rates is as follow.

Top 5 factors that effect your Personal Loan interest rates:

  1. Income: If your Income is above a certain limit, Banks believe that your chances of not paying are lesser as you have Income to pay. Most Banks have categories according to income where they give different rates.
    As your monthly income goes higher the rate of interest on your personal loan will be lesser.The rates are defined for customers who have income between twenty thousand to fifty thousand and fifty thousand to seventy five thousand.If you have income above seventy five thousand you will get lower rates.
  2. Your Company Status: Banks define Companies in 3-4 categories.These are Cat A or Elite or Top 500 companies Cat B Cat C or others.
    Anyone working in these companies can take Personal loan from Banks.The better category of your company will mean lower rate of interest. Banks classify these companies on the size of company and reputation. Banks believe working customers with better category companies are less likely to default so they give lesser rates to Cat A companies.
    So if your company is new and not Categorized in the Banks you are likely to get a higher rate or no loan from the Banks. So all start up company employees expect that your Personal loan will come at a higher rate or you can be refuse.
  3. Credit and Payment History:Banks follows Cibil scores/rating before deciding giving loans. If your payments for Credit Cards and Loans is not upto mark , you have the most likely chance of being rejected for the loan or the Bank will give you at a much higher rate.
    Cibil score is in the range of 0-900. Most Banks prefer customers for Personal loan with score above 750 and if your score is above 800 you can expect a .25% basis drop on your rate for the Personal loan.
  4. Relationship with your Bank:The Bank where you have your Salary account/Savings account is likely to pass on to you some special rate for your personal Loans or Processing fee. Banks want to retain there customers and will go all out to give lower rates for Personal loan to customers who have accounts or Credit Card with them.
    Banks have special schemes for rates of interest for Personal loan for all its customers. So when you are considering to take the lowest rate Personal loan you should always check with your bank who do you have your salaried account.
  5. Individuals Negotiating Skills:Based on your above points you can always ask Bank to give you waivers on Rates, Fees Etc.

 

Factors effecting Self Employed customer for Personal loan rates:

  1. Annual Income tax return- If your income is high and you are a large company you can expect rates to be lower for you.
  2. Type of Business- Banks are ready to give lower rates to sound businesses. So all Manufacturing and sound business professionals get a better rate of Interest on the personal loan.
  3. Special rates to Self employed professionals- Banks really likely to fund Doctors/Engineers/Ca and Architects. Banks believe these set of customers very rarely default and hence their rates are better from others.

Disclaimer: Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated. Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates. Banks/ Financial Institutions can contact us at update@loanuncle.org for inclusions or updates.

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