Personal Loan Interest Rates | Comparison & Features
MoneyTap Blog

Personal Loan Interest Rates

Looking for a personal loan, but apprehensive about the high interest rates? It is important to understand and do an elaborate personal loan interest rates comparison before you make the choice.

A quick guide to help you find the best personal loan option:

An interest rate for personal loans is usually high as compared to other type of loans. The best way to get a low rate is by doing an exhaustive personal loan interest rates comparison taking into consideration all the factors related to personal loans and all the benefits offered by all the lenders in the market. A comparative analysis will help you identify, which bank, lender or NBFC has the best personal loans to offer. Here’s a quick guide:

  • moneytap

    13-24.03%
    Interest Rate

    2 months to 36 months
    Loan Tenure

  • Salient Features
    • Get instant approval and quick disbursal for a credit line online of up to ₹ 5 Lakh
    • Withdraw as little as ₹ 3,000 up to your full approved limit
    • Pay interest only on the amount used
    • Minimum documentation
    • Zero charges on foreclosure & prepayment
    Loan Amount Range ₹ 35,000 to ₹ 5,00,000
    Loan Tenure 2 months to 36 months
    Interest Rate Range (p.a) 13-24.03%
    Fees & Charges 2% + GST
  • axis bank

    15.75% to 24%
    Interest Rate

    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Minimum documentation and quick approval
    • Can borrow up to ₹ 15 Lakh
    • Zero charges on foreclosure & prepayment
    Loan Amount Range ₹ 50,000 up to ₹ 15 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 15.75% to 24%
    Fees & Charges 1.50% to 2.00% + GST
  • bajaj
    12.99% onwards
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Borrow up to ₹ 25 Lakh and repay your loan over flexible tenors ranging from 12 months to 60 months
    • Disbursal in just 24 hours
    • Minimal documentation
    Loan Amount Range Up to ₹ 25 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 12.99% onwards
    Fees & Charges Up to 3.99% of the loan amount
  • capital first
    12% - 18%
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Instant online approval and get the personal loan approved in 2 minutes
    • Loan amount from ₹ 1 Lakh – ₹ 25 Lakh
    • Flexible repayment tenures between 1 to 5 years
    Loan Amount Range ₹ 1 Lakh - ₹ 25 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 12% - 18%
    Fees & Charges Up to 1.5%
  • citi bank
    10.99% - 18.00%
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Personal loans starting at unbelievable rates of 10.99% p.a
    • Loan funds credited to your bank account in 48 hours
    • Minimal documentation and speedy loan approval
    Loan Amount Range ₹ 25,000 - ₹ 30 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 10.99% - 18.00%
    Fees & Charges 0.25% - 2%
  • hdfc bank
    15.50% - 21.50%
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • EMI starting at ₹ 2174/ Lakh
    • Loan up to ₹ 40 lakh
    • Minimal documentation and loan disbursal in 4 hours
    Loan Amount Range ₹ 50,000 - ₹ 40 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 15.50% - 21.50%
    Fees & Charges 0.99% to 2.50%
  • icici bank
    11.25% - 22%
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Flexible tenure up to 60 months
    • The interest rate will not increase during your loan tenure
    • Get cash in your account in 3 seconds
    Loan Amount Range ₹ 50,000 - ₹ 30 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 11.25% - 22%
    Fees & Charges 0.99%, Up to 2.25%
  • induslnd bank
    11.25% onwards
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Choose a loan tenure as per your convenience ranging from 1 to 5 years
    • Convenient repayment option
    • Simple documentation, quick processing and speedy disbursal
    Loan Amount Range ₹ 50,000 - ₹15 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 11.25% onwards
    Fees & Charges Up to 2.50% of loan amount plus tax
  • kotak
    10.99% - 24% p.a.
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Quick online approval for personal loan
    • Personal loan eligibility up to ₹ 15 Lakh
    • Flexible repayment options
    Loan Amount Range ₹ 50,000 - ₹ 15 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 10.99% - 24% p.a.
    Fees & Charges Upto 2.5% of the loan amount+ GST
  • standard
    10.99% - 19.00%
    Interest Rate
    12 months to 60 months
    Loan Tenure
  • Salient Features
    • Flexible repayment tenures of up to 60 months
    • Get waivers on your last EMI for loans with tenure of 36 / 48 / 60 months, or 2% cashback on EMI paid
    • Low processing charges
    Loan Amount Range ₹ 1 Lakh - ₹ 30 Lakh
    Loan Tenure 12 months to 60 months
    Interest Rate Range (p.a) 10.99% - 19.00%
    Fees & Charges 3% of the loan amount
  • tata capital
    11.25% onwards
    Interest Rate
    12 months to 72 months
    Loan Tenure
  • Salient Features
    • Higher eligibility of up to ₹ 25 Lakh
    • Extended tenures of up to 6 years
    • Flexi EMI and part rep tions
    Loan Amount Range ₹ 75,000 - ₹ 25 Lakh
    Loan Tenure 12 months to 72 months
    Interest Rate Range (p.a) 11.25% onwards
    Fees & Charges Up to 2.5% of the loan amount + GST
  • sbi
    12.50% - 16.60%
    Interest Rate
    12 months to 48 months
    Loan Tenure
  • Salient Features
    • Low interest rates. Interest charged on a daily reducing balance
    • Low processing charges
    • No hidden costs /administrative charges
    • No security required, minimal documentation
    Loan Amount Range Up to ₹ 10 Lakh
    Loan Tenure 12 months to 48 months
    Interest Rate Range (p.a) 12.50% - 16.60%
    Fees & Charges 2% – 3% of loan amount

Everyone wants to save money wherever they can. This fact is truer when you are taking a personal loan. Think about it. What’s the first thing that comes to your mind when you are about to take a personal loan? Personal loan interest rate, right? You want the best rate of interest so that you can save some money. Well, you’re not alone. Everybody taking a personal loan want to squeeze the most out of their loan by paying as low interest rate as possible.

Which bank is the best for personal loans?

Going purely by the interest rates, Yes Bank is currently offering the lowest interest rate of 10.75%. Apart from this HDFC, RBL Bank, Tata Capital, IIFL, Citibank are the best banks to get personal loans from. These banks offer interest in the range of 10.99-16% and the money is disbursed within 1-2 days.

Personal Loan Interest Rates Comparison 2019: Best Personal Loan Interest Rates

Bank Personal Loan Interest Rates Processing Fee *Amount to be repaid
Yes Bank 10.75% Starting at 0.99%, Up to 2% 111740
HDFC Bank Personal Loan 10.99% Min 0.99%, Max 2.50% Up to Rs. 10,000 113490
Citibank 10.99% Up to 0.5% 115990
Standard Chartered Bank 10.99% 1.00% 111990
IndusInd Bank 11.00% Min 1% to Max 2.50% 112000
Indian Bank 11.05% 0.5%, Min- Rs. 508 111550
ICICI Bank Personal Loan 11.25% Starting from 0.99%, Up to 2.25% 112240
Axis Bank 11.25% 1.50% to 2.00% 112750
Federal Bank 11.49% 0.5%, Min Rs. 500 111990
IDFC Bank 11.50% Starting from 0.75%, Up to 2% 112250
Kotak Bank 11.50% Up to 2.5% 114000
Andhra Bank 11.55% Case to Case 113550
Bank of Baroda 11.60% 2%, Min Rs. 250 113600
Tata Capital 11.75% Flat fee of Rs. 999*, Up to 2% 113750
Bajaj Finserv 11.99% Starting from 1.50%, Up to 3% 113490
PNB 12.00% 1.8% + taxes 113800
SBI Personal Loan 12.50% In the range of 2% to 3% 114500
Vijaya Bank 12.50% 0.25%, Max. Rs. 10000 + ST 112750
Union Bank of India 12.65% 0.5%, Min Rs. 500 113150
Indian Overseas Bank 12.70% Rs. 204 per lakh 112904
Corporation Bank 12.95% 1.5%, Min Rs. 500 114450
IIFL 12.98% 1 - 2% 114980
Allahabad Bank 13.00% 1.06%, Min- Rs. 1068 114060
Canara Bank 13.00% 0.50% 113500
Dena Bank 13.00% 1% 114000
IDBI Bank 13.20% 1% 114200
Syndicate Bank 13.40% 0.5%, Min Rs. 500 113900
Karur Vysya Bank 13.90% 0.40% 114300
RBL Bank 13.99% Up to 2% 114990
HDB Financial 13.99% Up to 2% of the loan amount 115990
Bank of Maharashtra 15.10% 1%, Min Rs. 1,000 116100
Fullerton India 17.25% Up to 2.00% 119250
  • * The table below shows an approximate amount to be repaid assuming the interest rate is at its lowest and processing fee is at its minimum.

What do you understand by personal loan interest rate?

Simply put, the interest rate is the percentage of your loan balance that you need to pay in addition to the amount you borrowed. Lenders charge you interest with each scheduled repayment. Therefore, you monthly repayment is divided into two parts: an interest payment and a repayment on your balance. The interest amount decreases as your loan balance gets lower.

So, what exactly is the best rate of interest on personal loans?

The amount you pay every year to repay your loan depends upon the Annual Percentage Rate (APR). So, what’s an Annual Percentage Rate? APR is the amount of interest on your total loan amount that you’ll pay annually. The lower the APR, the better for you. So, the best interest rate for you will be the one where the APR is the lowest.

Read on for more information about personal loans and their rate of interest to help you figure out the best interest rate. You can also use a personal loan interest rate calculator to help you choose the best personal loan offer.

Types of personal loan interest rates

There are 2 types of interest rates for personal loans – a fixed interest rate loan and floating interest rate loan.

Fixed Vs. Floating rate of interest for personal loans

Fixed rate of interest as the name suggests is fixed for the entire term of the loan. The advantage with fixed interest rate is that you can plan your personal finances and not worry about the rate fluctuations in the market.

However, in floating, the rate can change anytime. Change in the interest rate can occur due to various factors and they are governed by the policy rate declared by the government. In this type of loan, the tenure of the loan is fixed, but the interest rate can increase or decrease, which invariably increases or decreases your EMIs. The advantage with floating rate is that it is cheaper than fixed rate loan by 2 to 3%, thus saving a lot of money when the rates go low.

What factors affect personal loan interest rates?

The rate of interest for personal loans vary from individual to individual and it is based on several factors, such as credit score, job history, income, past loan repayment history, etc. The factors are essentially put in place to ensure that the borrower has the financial capability to repay the loan. Some factors affecting the interest rates are as follows:

cibil scores

CIBIL score

personal income

Personal
income

relations with bank

Relationship with
the bank

employer brand new

Employer
brand

Download for
FREE!

MoneyTap’s Interest Rates and Charges for Personal Loans

MoneyTap’s Personal Loan is the simplest way to get a personal loan. It doesn’t follow the traditional loan procedure. You have the flexibility of accessing the loan at any time and from anywhere through your personal line of credit. Best of all, it has the best loan rates and you pay interest only on the amount you use.

  • MoneyTap’s Features
    Benefits
  • Interest Rate
    Interest rate starts from as low as 1.08% per month (13% pa). Interest is charged only on the amount used. If no amount used, no interest charged.
  • Processing Fee
    • - Rs. 499 + GST as Annual Line Setup Fee
    • - 2% + GST as Processing Fee
    • - Zero foreclosure penalties
    • - Late payment fee – penalty charged
  • Loan amount
    ₹ 25,000 up to ₹ 5 Lakh
  • Loan tenure
    Lifetime (gets recharged after repayment)