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Personal Loan Interest Rates

(Last updated on : 25 August 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).
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Get instant quotes on Interest Rates & EMI on personal loan from top 10 banks of India
Loan Amount
Employment Status

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 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)
11.49% - 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.2608 - 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)
11.49% - 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.2608 - 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)
11.49% - 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.2608
(Special rates for Loan Amount b/w 5 lacs - 20 lacs)
Nil (For Loan amount >10 lacs & 12 EMI paid), else 5% 0.50% for special companies else 1.50% - 2.25%
HDFC Bank 12.75% - 14.75%
(For Special Companies)
15.65%
(For 75,000 & above salary)
15.75%
(For 50,000-75,000 salary)
15.75%
(For 35,000-50,000 salary)
17.85%
(below 35,000 salary)
11.49% - 12.99%
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
Rs.2670 - Rs.2770
(For Special Companies)
Rs.2816
(For 75,000 & above salary)
Rs.2821
(For 50,000-75,000 salary)
Rs.2821
(For 35,000-50,000 salary)
Rs.2930
(below 35,000 salary)
Rs.2608 - Rs.2682
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
15.65%
(For 75,000 & above salary)
15.75%
(For 50,000-75,000 salary)
15.75%
(For 35,000-50,000 salary)
17.85%
(Below 35,000 salary)
11.49% - 12.99%
(Special Rates for Loan Amount b/w 10lacs - 30lacs)
Rs.2816
(For 75,000 & above salary)
Rs.2821
(For 50,000-75,000 salary)
Rs.2821
(For 35,000-50,000 salary)
Rs.2930
(Below 35,000 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 14.99%
(Salary above 1lakh)
15% - 16.50%
(For 50,000-99,000 salary)
16% - 17%
(For 30,000-50,000 salary)
16.50% - 17.50%
(For 20,000-30,000 salary)
12.50% - 17%
(For Tata Group Companies)
Rs.2783
(Salary above 1lakh)
Rs.2783 - Rs.2860
(For 50,000-99,000 salary)
Rs.2834 - Rs.2886
(For 30,000-50,000 salary)
Rs.2860 - Rs.2911
(For 20,000-30,000 salary)
Rs.2658 - Rs.2886
(For Tata Group Companies)
14.99%
(Salary above 1lakh)
16.50% - 18%
(For 50,000-99,000 salary)
17% - 18.50%
(For 30,000-50,000 salary)
12.50% - 17%
(For Tata Group Companies)
Rs.2783
(Salary above 1lakh)
Rs.2860 - Rs.2937
(For 50,000-99,000 salary)
Rs.2886 - Rs.2964
(For 30,000-50,000 salary)
Rs.2658 - Rs.2886
(For Tata Group Companies)
15.99%
(Salary above 1lakh)
17.50% - 19%
(For 50,000-99,000 salary)
18% - 19.50%
(For 30,000-50,000 salary)
12.50% - 17%
(For Tata Group Companies)
Rs.2834
(Salary above 1lakh)
Rs.2911
(For 50,000-99,000 salary)
Rs.2937
(For 30,000-50,000 salary)
Rs.2658
(For Tata Group Companies)
Part Prepayment with ZERO Charges 1.25%-2.50%
Kotak Bank 14%
(for 45,000 & above salary)
14.90%
(For 30K - 45K salary)
11.50%
(Special Rates for Loan Amount More than 15 Lacs & salary more than 1 Lac)
Rs.2733
(for 45,000 & above salary)
Rs.2778
(For 30K - 45K salary)
Rs.2609
(Special Rates for Loan Amount More than 15 Lacs & salary more than 1 Lac)
14.55%
(45,000 & Above salary)
14.90%
(for 30K- 45K salary)
11.50%
(Special Rates for Loan Amount More than 15 Lacs & salary more than 1 Lac)
Rs.2760
(45,000 & Above salary)
Rs.2778
(for 30K- 45K salary)
Rs.2609
(Special Rates for Loan Amount More than 15 Lacs & salary more than 1 Lac)
15.15%
(95,000 & Above salary)
16.15%
(for 60k -95k salary)
17.15%
(for 40K- 60K salary)
19.65%
(salary less than 40k)
Rs.2791
(95,000 & Above salary)
Rs.2842
(for 60k -95k salary)
Rs.2893
(for 40K- 60K salary)
Rs.3024
(salary less than 40k)
Nil for Loan amount > 10 Lakhs else 5%
State Bank of India/SBI (SBI Saral) 12.60% - 13.10% Rs.2663 - Rs.2688
13.60% - 14.10% Rs.2713 - Rs.2738
14.60% - 15.10% Rs.2763
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% - 12.99%
(Loan Amount 20Lacs & Above)
12.99% - 13.99%
(As per the loan Amount)
Rs.2633 - Rs.2682
(Loan Amount 20Lacs & Above)
Rs.2682 - Rs.2732
(As per the loan Amount)
11.99% - 12.99%
(Loan Amount 20Lacs & Above)
12.99% - 13.99%
(As per the loan Amount)
Rs.2633 - Rs.2682
(Loan Amount 20Lacs & Above)
Rs.2682 - Rs.2732
(As per the loan Amount)
12.99% - 15%
(As per the loan Amount)
Rs.2682
(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%
Citibank 11.49% - 16.50% Rs.2608 - Rs.2860
Upto 3% Upto 2.00%
IndusInd Bank 12.99%
(for 1 5 Lac & above loan Amount (for 1 Lac & above salary))
13.50%
(For 1 Lac & above Salary
)
14.50%
(For 50,000- 1 Lac Salary)
15%
(Below 50,000)
Rs.2682
(for 1 5 Lac & above loan Amount (for 1 Lac & above salary))
Rs.2708
(For 1 Lac & above Salary
)
Rs.2758
(For 50,000- 1 Lac Salary)
Rs.2783
(Below 50,000)
13.49%
(for 1 5 Lac & above loan Amount (for 1 Lac & above salary))
14.25%
(For 1 Lac & above Salary
)
15%
(For 50,000- 1 Lac Salary)
15.75%
(Below 50,000 salary)
Rs.2707
(for 1 5 Lac & above loan Amount (for 1 Lac & above salary))
Rs.2745
(For 1 Lac & above Salary
)
Rs.2783
(For 50,000- 1 Lac Salary)
Rs.2821
(Below 50,000 salary)
18%
(For 1 Lac & above Salary
)
18.50%
(For 50,000- 1 Lac Salary)
19%
(Below 50,000 salary)
Rs.2937
(For 1 Lac & above Salary
)
Rs.2964
(For 50,000- 1 Lac Salary)
Rs.2990
(Below 50,000 salary)
Nil for Loan Amount above 10 Lakhs else 4% (Salary >75k) 1% - 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 %
Citibank
11.49% - 16.50% Upto 3% Upto 2.00%
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 Perosnal loan for all it's customers. So when you are considering to take the lowest rate Personal loan you should always check with the bank in which you are holding your salary account.

5.Individuals Negotiation Skills: Based on your above information you can always ask Bank to give you special waivers on Interest 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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