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Personal Loans Interest Rates
(Last edited on : 05 September 2010)

Personal loan 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). The factors which determine your Personal Loan interest rates are as follows: -
• Income
• Your Company Status
• Credit and Payment history.
• Relationship with the Bank you intend to take loan from.
• Individual’s Negotiating Ability.

Read below how these factors effect your 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. Please keep visiting this section to get updated rates of interests on personal loans.

 

Banks/Rates	Salaried
	CAT A	CAT B	Others	Pre-Payment Charges	Processing Fees	Apply
Fullerton India	15.5%	21%-23%	21%-28%	4%	2%
HDFC Bank	15.5% (for 75,000 & above salary), 16% (for 50,000-75,000 salary), 17% (for 35,000-50,000 salary), 19% (below 35,000 salary)	15.5% (for 75,000 & above salary), 16% (for 50,000-75,000 salary), 17% (for 35,000-50,000 salary), 19% (below 35,000 salary)	22%	4%	2% if salaried account in HDFC - other wise 2.5%
Citibank	16% (more than 50000 salary), 16.5% (for 35000-50000 salary), 17.5% (between 22000-35000 salary)	Only for Citibank account holders: 17% (for more than 50000 salary), 18% (for 30000-50000 salary), 18.5% (20000-30000 salary)	Only for Citibank account holders: 17% (for more than 50000 salary), 18% (for 30000-50000 salary), 18.5% (20000-30000 salary)	5%	2%
State Bank of India/SBI	16% (Guarantor required)	16%-20% (Guarantor required)	16%-20% (Guarantor required)	N.A.	2%-3%
Citi Financial	16%	17%-18%	21%	5%	2%
Andhra Bank	15.75%-16.75%	16.75%-18.75%	N.A.	N.A.	Rs250-Rs1000/-
Axis Bank	16%	18%	19%-23%	Nill	2%
Bank of Baroda	15%	15.5%	N.A.	N.A.	2%
Corporation Bank	14.5% (undertaking letter required)	N.A.	N.A.	N.A.	1.50% of the loan amount or Rs.500/-
ICICI Bank	N.A.	N.A.	N.A.	N.A.	N.A.
Standard Chartered Bank	15.5% - 22%	15.5% - 22%	15.5% - 22%	2%-5%	1%-2%
Syndicate Bank	13.5% (against security of IVP, NSC, KVP, LIC policies, RBI Relief Bonds)	13.5% (against security of IVP, NSC, KVP, LIC policies, RBI Relief Bonds)	13.5% (against security of IVP, NSC, KVP, LIC policies, RBI Relief Bonds)	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.

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

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. Income above 75 per month usually gets some discounts from all personal loan Banks.
Your Company Status : If the company you are working with is a well known corporate, the Banks feel that you are less likely to shift from your job and will result in lesser defaults.
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.
Relationship with Bank : The Bank where you have your Salary account/Savings account is likely to pass on you to some special rate for your personal Loans or Processing fee.
Individuals Negotiating Skills : Based on your above points you can always ask Bank to give you waivers on Rates, Fees Etc.

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.