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Personal Loan Interest Rates

(Last updated on : 09 December 2016)
Personal loan interest rates in India depend on various criteria, among which major is 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).
Latest Offers for the month of December 2016:
RBI cuts repo rate by 25 basis points to 6.25%. As a result, EMIs of your personal loan will come down. The major offer of October is NIL processing fees on personal loans. So, if you are looking for personal loan, apply now & get the best offers for yourself and save up to Rs. 5000.

Festive Offer : Get gifts upto Rs 18,490 on disbursal.
Refer to T&C - www.deal4loans.com/personal-loan-offers.php

Get instant quotes on Interest Rates & EMI on personal loan from top 10 banks of India
Loan Amount
Employment Status

Read below the factors effecting Interest Rates **
To help its customers get the best interest rates on personal loans, deal4loans has consolidated all the information regarding latest rate of interests at one place. To get updated rate of interest on personal loan, keep visiting this section.

Banks/Rates Salaried
CAT A Per lac EMI
(For 4 yrs.)
CAT B Per lac EMI
(For 4 yrs.)
Others Per lac EMI
(For others for 4 yrs.)
Pre Payment Charges Processing Fees
ICICI Bank 12.50% - 15.75%
(For Special Companies)
15.50%
(Salary Above 75,000)
16%
(Salary 50,000 -75,000)
16.50%
(Salary 35,000 -50,000)
17%
(Salary 20,000 -35,000)
11.59% - 14.99%
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
Rs.2658 - Rs.2821
(For Special Companies)
Rs.2808
(Salary Above 75,000)
Rs.2834
(Salary 50,000 -75,000)
Rs.2860
(Salary 35,000 -50,000)
Rs.2886
(Salary 20,000 -35,000)
Rs.2613 - Rs.2783
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
16%
(Salary Above 75,000)
16.50%
(Salary 50,000 -75,000)
17%
(Salary 35,000 -50,000)
17.50%
(Salary 20,000 -35,000)
11.59% - 14.99%
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
Rs.2834
(Salary Above 75,000)
Rs.2860
(Salary 50,000 -75,000)
Rs.2886
(Salary 35,000 -50,000)
Rs.2911
(Salary 20,000 -35,000)
Rs.2613 - Rs.2783
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
16%
(Salary Above 75,000)
16.50%
(Salary 50,000 -75,000)
17%
(Salary 35,000 - 50,000)
17.50%
(Salary 20,000 -35,000)
11.59% - 14.99%
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
Rs.2834
(Salary Above 75,000)
Rs.2860
(Salary 50,000 -75,000)
Rs.2886
(Salary 35,000 - 50,000)
Rs.2911
(Salary 20,000 -35,000)
Rs.2613
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
Nil (For Loan amount >10 lacs & 12 EMI paid), else 5% Rs.999 for Special offers otherwise 1% - 2.5%
HDFC Bank 12.50% - 14.75%
(For Special Companies)
15.65%
(For 75,000 & above salary)
15.75%
(For 50,000-75,000 salary)
15.85%
(For 35,000-50,000 salary)
17.85%
(For 20,000-35,000 salary)
17.90%
(Below 20,000 salary)
11.49% - 12.99%
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
Rs.2658 - Rs.2770
(For Special Companies)
Rs.2816
(For 75,000 & above salary)
Rs.2821
(For 50,000-75,000 salary)
Rs.2826
(For 35,000-50,000 salary)
Rs.2930
(For 20,000-35,000 salary)
Rs.2932
(Below 20,000 salary)
Rs.2608 - Rs.2682
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
12.50% - 14.75%
(For Special Companies)
15.65%
(For 75,000 & above salary)
19.50%
(For 50,000-75,000 salary)
15.85%
(For 35,000-50,000 salary)
17.85%
(For 20,000-35,000 salary)
17.90%
(Below 20,000 salary)
11.49% - 12.99%
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
Rs.2658 - Rs.2770
(For Special Companies)
Rs.2816
(For 75,000 & above salary)
Rs.3016
(For 50,000-75,000 salary)
Rs.2826
(For 35,000-50,000 salary)
Rs.2930
(For 20,000-35,000 salary)
Rs.2932
(Below 20,000 salary)
Rs.2608 - Rs.2682
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
19.50% Rs.3016
Nil (For Loan Amount > 10 lakhs with >Salary 75k) else 4% Now : Rs 999 for Special offers otherwise 1% - 2%
Bajaj Finserv 15% - 16% Rs.2783 - Rs.2834
16% Rs.2834
16.50% - 17% Rs.2860
4% Upto 2%
Tata Capital 13.90%
(Salary above 1lakh)
14.35%
(For 60,000-99,000 salary)
16.50%
(For 30,000-60,000 salary)
17%
(For 20,000-30,000 salary)
12.50% - 12.75%
(For Tata Group Companies)
Rs.2728
(Salary above 1lakh)
Rs.2750
(For 60,000-99,000 salary)
Rs.2860
(For 30,000-60,000 salary)
Rs.2886
(For 20,000-30,000 salary)
Rs.2658 - Rs.2670
(For Tata Group Companies)
14.50%
(Salary above 1lakh)
15%
(For 60,000-99,000 salary)
17%
(For 30,000-60,000 salary)
12.50% - 12.75%
(For Tata Group Companies)
Rs.2758
(Salary above 1lakh)
Rs.2783
(For 60,000-99,000 salary)
Rs.2886
(For 30,000-60,000 salary)
Rs.2658 - Rs.2670
(For Tata Group Companies)
17%
(Salary above 1lakh)
15%
(For 50,000-99,000 salary)
17%
(For 30,000-60,000 salary)
12.50% - 12.75%
(For Tata Group Companies)
Rs.2886
(Salary above 1lakh)
Rs.2783
(For 50,000-99,000 salary)
Rs.2886
(For 30,000-60,000 salary)
Rs.2658
(For Tata Group Companies)
Nill Foreclosure after 12 EMI's & Partial Payment Options without any charges. Rs.999
Kotak Bank 11.49% - 13.25%
(For Special Companies)
14.25%
(Salary above 45,000)
15.35%
(Salary 30,000 - 45,000)
16%
(Salary 20,000 - 30,000)
11.49%
(Special Rates for Loan Amount above 15 lakhs)
Rs.2608 - Rs.2695
(For Special Companies)
Rs.2745
(Salary above 45,000)
Rs.2801
(Salary 30,000 - 45,000)
Rs.2834
(Salary 20,000 - 30,000)
Rs.2608
(Special Rates for Loan Amount above 15 lakhs)
11.49% - 13.25%
(For Special Companies)
16%
(Salary 20,000 - 30,000)
15.35%
(Salary 30,000 - 45,000)
14.70%
(Salary above 45,000)
11.49%
(Special Rates for Loan Amount above 15 lakhs)
Rs.2608 - Rs.2695
(For Special Companies)
Rs.2834
(Salary 20,000 - 30,000)
Rs.2801
(Salary 30,000 - 45,000)
Rs.2768
(Salary above 45,000)
Rs.2608
(Special Rates for Loan Amount above 15 lakhs)
15.65%
(Salary above 95,000)
16.65%
(Salary 60,000 - 95,000)
17.65%
(Salary 40,000 - 60,000)
20.15%
(Salary below 40,000)
Rs.2816
(Salary above 95,000)
Rs.2867
(Salary 60,000 - 95,000)
Rs.2919
(Salary 40,000 - 60,000)
Rs.3051
(Salary below 40,000)
Zero (if loan Amount is more than 10 lakhs) Else 5% Rs.999 - 2%
State Bank of India/SBI (SBI Saral) 12.45% - 14.95% Rs.2656 - Rs.2781
12.45% - 14.95% Rs.2656 - Rs.2781
12.45% - 14.95% Rs.2656
N.A 1.01% of the loan amount
Fullerton India 21% - 32% Rs.3097 - Rs.3718
21% - 32% Rs.3097 - Rs.3718
21% - 32% Rs.3097
Zero after 3yrs (Otherwise 4%) 2%
Standard Chartered Bank 11.99%
(For 75,000 & above salary)
12.99%
(For 41,000 - 75,000 salary)
13.49%
(Below 40,000 salary)
Rs.2633
(For 75,000 & above salary)
Rs.2682
(For 41,000 - 75,000 salary)
Rs.2707
(Below 40,000 salary)
11.99%
(For 75,000 & above salary)
12.99%
(For 41,000 - 75,000 salary)
13.49%
(Below 40,000 salary)
Rs.2633
(For 75,000 & above salary)
Rs.2682
(For 41,000 - 75,000 salary)
Rs.2707
(Below 40,000 salary)
11.99%
(For 75,000 & above salary)
12.99%
(For 41,000 - 75,000 salary)
13.49%
(Below 40,000 salary)
Rs.2633
(For 75,000 & above salary)
Rs.2682
(For 41,000 - 75,000 salary)
Rs.2707
(Below 40,000 salary)
1% 0% - 0.50%
HDBFS 16%
(for 75,000 & above salary)
17%
(For 35,000 - 75,000 salary)
18%
(Below 35,000 salary)
Rs.2834
(for 75,000 & above salary)
Rs.2886
(For 35,000 - 75,000 salary)
Rs.2937
(Below 35,000 salary)
16%
(for 75,000 & above salary)
17%
(for 35,000 - 75,000 salary)
18%
(below 35,000 salary)
Rs.2834
(for 75,000 & above salary)
Rs.2886
(for 35,000 - 75,000 salary)
Rs.2937
(below 35,000 salary)
17%
(for 75,000 & above salary)
18%
(for 35,000 - 75,000 salary)
21%
( below 35,000 salary)
Rs.2886
(for 75,000 & above salary)
Rs.2937
(for 35,000 - 75,000 salary)
Rs.3097
( below 35,000 salary)
NIL for Select Corporates Employees (CAT A & B) 4% For Rest 1% - 2%
Citibank 11.49% - 16.50% Rs.2608 - Rs.2860
Upto 3%
IndusInd Bank 12.99% - 13.50%
(For 1 Lac & above Salary
)
13.75% - 14.25%
(For 50,000- 1 Lac Salary)
14.50% - 15.25%
(Below 50,000 Salary)
Rs.2682 - Rs.2708
(For 1 Lac & above Salary
)
Rs.2720 - Rs.2745
(For 50,000- 1 Lac Salary)
Rs.2758 - Rs.2796
(Below 50,000 Salary)
14% - 14.50%
(For 1 Lac & above Salary
)
15% - 15.50%
(For 50,000- 1 Lac Salary)
16% - 16.50%
(Below 50,000 Salary)
Rs.2733 - Rs.2758
(For 1 Lac & above Salary
)
Rs.2783 - Rs.2808
(For 50,000- 1 Lac Salary)
Rs.2834 - Rs.2860
(Below 50,000 Salary)
17.50% - 18.50%
(For 1 Lac & above Salary
)
18% - 19%
(For 50,000- 1 Lac Salary)
19% - 20%
(Below 50,000 Salary)
Rs.2911
(For 1 Lac & above Salary
)
Rs.2937
(For 50,000- 1 Lac Salary)
Rs.2990
(Below 50,000 Salary)
4% 0.5% - 2%
Axis Bank 15%
(For Super CAT A)
16%
(For CAT A)
Rs.2783
(For Super CAT A)
Rs.2834
(For CAT A)
17% Rs.2886
19% - 20% Rs.2990
Nil 2%
Andhra Bank 15.75% - 16.75% Rs.2821 - Rs.2873
16.75% - 18.75% Rs.2873 - Rs.2977
Rs250 - Rs1000/-
Bank of Baroda 14.75% Rs.2770
14.75% Rs.2770
Corporation Bank 14.50%
((undertaking letter required) )
Rs.2758
((undertaking letter required) )
N.A Rs.2126 - Rs.2126
N.A Rs.2126
N.A N.A
United Bank Of India 16%
(12%(For pensioners))
Rs.2834
(12%(For pensioners))
16% - 18%
(12%(For pensioners))
Rs.2834 - Rs.2937
(12%(For pensioners))
16% - 18%
(12%(For pensioners))
Rs.2834
(12%(For pensioners))
N.A. N.A.
Vijaya Bank 16% Rs.2834
N.A Rs.2126
N.A Rs.2126
N.A. N.A.
Indian Bank 13.70% - 14.20% Rs.2718 - Rs.2743
13.70% - 14.20% Rs.2718 - Rs.2743
13.70% - 14.20% Rs.2718
N.A 0.50% on the loan amount with min of Rs 500/-
Bank of India 15% Rs.2783
15% Rs.2783
15% Rs.2783
N.A 2%
Canara Bank 14.95% Rs.2781
14.95% Rs.2781
14.95% Rs.2781
N.A 0.25 %
State Bank of Bikaner and Jaipur (SBBJ) 13.05% - 14.05% Rs.2685 - Rs.2735
13.05% - 14.05% Rs.2685 - Rs.2735
13.05% - 14.05% Rs.2685
N.A 1%
State Bank of Hyderabad (SBH) 14.05% - 15.25% Rs.2735 - Rs.2796
14.05% - 15.25% Rs.2735 - Rs.2796
14.05% - 15.25% Rs.2735
N.A 1%(min Rs. 1000)
State Bank of Maharashtra (SBM) 16.85% Rs.2878
16.85% Rs.2878
16.85% Rs.2878
N.A 1%
State Bank of Patiala (SBP) 12.50% - 14.50% Rs.2658 - Rs.2758
12.50% - 14.50% Rs.2658 - Rs.2758
12.50% - 14.50% Rs.2658
N.A 1.01%
State Bank of Travancore (SBT) 12.60% - 13.60% Rs.2663 - Rs.2713
12.60% - 13.60% Rs.2663 - Rs.2713
12.60% - 13.60% Rs.2663
N.A 1%+S.T.
Union bank of India 14.35% Rs.2750
14.35% Rs.2750
14.35% Rs.2750
N.A 14.35% - 0.5%(min.Rs 500)
Allahabad Bank 13.55% Rs.2710
13.55% Rs.2710
13.55% Rs.2710
N.A 1.22%(min.Rs.1223)
Central Bank of India 13.35% Rs.2700
13.35% Rs.2700
13.35% Rs.2700
N.A Rs.500 One time free
Dena bank 10.90% - 14% Rs.2580 - Rs.2733
10.90% - 14% Rs.2580 - Rs.2733
10.90% - 14% Rs.2580
N.A 1%
Bank of Maharashtra 15.15% Rs.2791
15.15% Rs.2791
15.15% Rs.2791
N.A 1% (min.Rs. 1000)
Indian Overseas Bank 14.05% Rs.2735
14.05% Rs.2735
14.05% Rs.2735
N.A 1.01% - 1.10%
IDBI Bank 13.20% Rs.2693
13.20% Rs.2693
13.20% Rs.2693
N.A 1% + S.T.
Oriental Bank of Commerce 11.05% - 12.80% Rs.2587 - Rs.2673
11.05% - 12.80% Rs.2587 - Rs.2673
11.05% - 12.80% Rs.2587
N.A 0.5% (min.Rs. 500)
UCO Bank 12.20% - 12.45% Rs.2643 - Rs.2656
12.20% - 12.45% Rs.2643 - Rs.2656
12.20% - 12.45% Rs.2643
N.A 1%(min.Rs.750)
Citibank
11.49% - 16.50% Upto 3% Upto 2.00%
Transfer your personal loan to HDFC Bank
Salary>=35,000 11.69% Rs.999
Salary<35,000 11.99% Rs.999
*Terms & conditions apply
Where
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

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 paying are higher as you have a regular income. 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 Rs. 20,000 to Rs. 50,000 and Rs. 50,000 to Rs. 75,000. On the other hand, if you have income above Rs. 75,000 you will get lower rate of interest.


2.Company Status: Banks define Companies in 3-4 categories namely
  • Cat A or Elite or Top 500 companies
  • •Cat B
    •Cat C
    •Others

    Anyone working in these companies can take a Personal loan from Banks. The better the category of your company, the lesser rate of interest you get. Banks classify these companies on the size of company and reputation.

    Banks give a lesser rate of interest to CAT A company customers as they are less likely to default. So, if your company (start-ups) is new and not categorized in the Banks you are likely to get a higher rate or no loan from the banks.

    3.Credit and Payment History: Banks follow Cibil scores/rating before giving personal loans. If your payments for Credit Cards and Loans is not up to mark, there is a chance for you of getting rejected by the bank or getting a higher rate of interest. Cibil score for a personal loan is in the range of 0-900 and most banks prefer customers with the score above 750. Also, if your Cibil score is more than 800, you can get 0.25% basis drop on your personal loan rate of interest
    4.Relationship with your Bank:The bank where you have your Saving account/Salary account is most likely to give you some special rate of interest or processing fees on personal loans. Banks make sure that their personal loan and credit card customers get better options as compared to other banks. So, before applying to other banks for a personal loan, check your own bank rate of interests
    5.Individuals Negotiation Skills:Keeping in mind the above information, you can always negotiate and ask Banks for special waivers on Interest Rates, Processing Fees, etc.


    Factors effecting Self Employed customer for Personal loan Interst 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 business .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 like to fund Doctors/Engineers/CA and Architects as they believe these set of customers are rarely default and hence there 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 customercare@deal4loans.com for inclusions or updates.
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