After hike in base rates from RBI all the major banks hike interest rates for Personal loan schemes but some banks still offers festive schemes on loans.
After some changes & hike in interest rates all the major bank gets good business throughout the last month because of festive schemes.
Personal Loan Rates Table
|Bank||Rate of Interest||Processing Fees||Pre-Payment Charges||Part Payment|
|HDFC Bank||13.99% – 20.00%||0.8% – 1.75% (for Special Companies)
|ICICI Bank||13.99% – 18.50%||2% – 2.25%||5%||No||Apply|
|ING Vysya Bank||13.75% – 18.25%||1.5% (For ING Salary Account Holder), other wise 1.75% – 2%||Nil||Yes||Apply|
|Bajaj Finserv Lending||15.00% – 17.00%||2% – 2.5%||Nil||Yes||Apply|
|Kotak Bank||13.99% – 19.00%||2%||4%||No||Apply|
|Standard Chartered Bank||16.00% – 22.00%||2%||2% – 5%||No||Apply|
|State Bank of India||18.25% – 19.50%||2%||2% – 5%||No||Apply|
Latest RBI Updates on Loans:
RBI has effectively raised interest rates without touching the policy rates, in an effort to salvage the currency.
Governor D Subbarao raised the cost of borrowing under the marginal standing facility by 200 bps and narrowed the window of borrowing for banks from it to just 1 % of deposits at Rs 75,000 cr citing the need to “restore stability to the foreign exchange market”. These measures will force banks to seek funds from markets and offer higher rates for depositors.
As a result, interest rates on short-term borrowings, commercial papers, deposit rates and loans rates may go up 25-50 basis points in the next few weeks.
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- Indian Overseas Bank Personal Loan Interest Rates | Documents | Eligibilty