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Personal Loan Interest Rates

(Last updated on : 22 May 2015)
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).

RBI Cuts Repo Rates by .25% on Thursday (15 January 2015), New Repo Rates are 7.75%. Hope In coming 2 or 3 days all niche banks cuts its Personal loan interest rates by .25 percent.
Interest Rates of personal loans for May Month:
• CitiBank offers Special Rates of 13.50% To 15.35%
• HDFC Bank offers Special Rates of 11.99% to 20.00%
• Kotak Mahindra Offers Loans at 12.99% to 17%
• ICICI Bank Personal loans offers at 12.49% to 19.50%
Tata Capital Personal loans offers 13.50% To 18%

Festive Offer : Get gifts upto Rs 13,800 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

Professional Details
Loan Amount:
Occupation :
Annual Income:
City:

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 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 13.49% - 14%
(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)
17%
(Less Than 20,000)
Rs.2707 - Rs.2733
(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.2886
(Less Than 20,000)
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)
17.50%
(Less Than 20,000)
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.2911
(Less Than 20,000)
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)
17.50%
(Less Than 20,000)
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.2911
(Less Than 20,000)
Nil (For Loan amount >10 lacs & 12 EMI paid), else 5% 0.50% for special companies else 1.50% - 2.25%
HDFC Bank 13% - 14.75%
(For Special Companies)
15.75%
(for 75,000 & above salary)
16.25%
(for 50,000-75,000 salary)
17%
(for 35,000-50,000 salary)
18.25%
(below 35,000 salary)
11.99% - 13.75%
(Special Rates for Loan Amount b/w 10lacs - 20lacs)
Rs.2683 - Rs.2770
(For Special Companies)
Rs.2821
(for 75,000 & above salary)
Rs.2847
(for 50,000-75,000 salary)
Rs.2886
(for 35,000-50,000 salary)
Rs.2951
(below 35,000 salary)
Rs.2633 - Rs.2720
(Special Rates for Loan Amount b/w 10lacs - 20lacs)
15.75%
(for 75,000 & above salary)
16.25%
(for 50,000-75,000 salary)
17%
(for 35,000-50,000 salary)
18.25%
(below 35,000 salary)
11.99% - 13.75%
(Special Rates for Loan Amount b/w 10lacs - 20lacs)
Rs.2821
(for 75,000 & above salary)
Rs.2847
(for 50,000-75,000 salary)
Rs.2886
(for 35,000-50,000 salary)
Rs.2951
(below 35,000 salary)
Rs.2633 - Rs.2720
(Special Rates for Loan Amount b/w 10lacs - 20lacs)
20% Rs.3043
Nil (For Loan Amount > 10lakhs with >Salary 75k) else 4% Rs.999 - 1.75% (for Special Companies)
2% (HDFC
Bajaj Finserv 15% - 16% Rs.2783 - Rs.2834
16% Rs.2834
16.50% - 17% Rs.2860 - Rs.2886
Nil Prepayment Upto 2%
Tata Capital 13.50% - 18% Rs.2708 - Rs.2937
13.50% - 18% Rs.2708 - Rs.2937
13.50% - 18% Rs.2708 - Rs.2937
Part Prepayment with ZERO Charges Starting Rs.1500/-
Kotak Bank 12.99% - 13.60%
(For Special Companies)
14.80%
(for 45,000 & above salary)
15.60%
(for 30K - 45K salary)
Rs.2682 - Rs.2713
(For Special Companies)
Rs.2773
(for 45,000 & above salary)
Rs.2814
(for 30K - 45K salary)
15.25%
(for 45,000 & above salary)
15.60%
(for 30K - 45K salary)
Rs.2796
(for 45,000 & above salary)
Rs.2814
(for 30K - 45K salary)
14.50% - 17%
(for 30,000 & above salary)
Rs.2758 - Rs.2886
(for 30,000 & above salary)
0% - 5% 0.75%- 2%
State Bank of India/SBI (SBI Saral) 18.50% Rs.2964
18.50% Rs.2964
18.50% Rs.2964
N.A N.A
Fullerton India 21% - 32% Rs.3097 - Rs.3718
21% - 32% Rs.3097 - Rs.3718
21% - 32% Rs.3097 - Rs.3718
Zero after 3yrs (Otherwise 4%) 2%
Standard Chartered Bank 12.99% - 15%
(As per the loan Amount)
Rs.2682 - Rs.2783
(As per the loan Amount)
12.99% - 15.50%
(As per the loan Amount)
Rs.2682 - Rs.2808
(As per the loan Amount)
13% - 16.50%
(As per the loan Amount)
Rs.2683 - Rs.2860
(As per the loan Amount)
0% - 5% 0% - 1%
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%
IndusInd Bank 12.99%
(for 5 Lac & above loan Amount (For Special Companies))
15.50%
(For 50,000- 1 Lac Salary
)
16%
(below 50,000)
Rs.2682
(for 5 Lac & above loan Amount (For Special Companies))
Rs.2808
(For 50,000- 1 Lac Salary
)
Rs.2834
(below 50,000)
12.99%
(for 5 Lac & above loan Amount (For Special Companies))
16%
(For 50,000- 1 Lac Salary)
16.50%
(Below 50,000 salary)
Rs.2682
(for 5 Lac & above loan Amount (For Special Companies))
Rs.2834
(For 50,000- 1 Lac Salary)
Rs.2860
(Below 50,000 salary)
16%
(For 50,000 & Above)
16.50%
(Below 50,000 salary)
Rs.2834
(For 50,000 & Above)
Rs.2860
(Below 50,000 salary)
4% 0.99% - 1.75%
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 - Rs.3043
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 - 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 - Rs.2937
(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 - Rs.2743
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 %
Citibank
14% - 16.50% Upto 3% Upto 2.5%
Transfer your personal loan to HDFC Bank
As Low As 12.99% Flat Processing Fee of 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 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
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 classifies 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 you to 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 customers who have accounts or Credit Card with them.

Banks have special schemes for rates of interest for Personal loan for all it 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 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 likely to fund Doctors/Engineers/Ca and Architects. Banks believe these set of customers very 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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