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Finance

Compare Personal Loan Interest Rates in India

Personal Loans can be a daunting financial commitment that many are worried to take on. However with the right attitude, careful planning and research, Personal Loans can help you tremendously. Whether it is fulfilling a travel dream or paying off a mounting debt, Personal Loans can help you achieve financial security and freedom. Today many banks offer Personal Loans at attractive interest rates and repayment models such as Indiabulls Personal Loan, ICICI Personal Loans, HDFC Personal Loans, and so on, making it easy for someone to make a choice. Everyone can achieve financial bliss provided they analyse their expenditure, plan their savings and of course overcome any financial obligation that may come with the help of Personal Loans.

There are many important details of a Personal Loan such as interest rate, loan amount sanctioned, repayment tenure, prepayment closure charges, etc. Banks such as ICICI Bank, HDFC Bank, Citibank, and Indiabulls offer attractive Personal Loan packages for self-employed and salaried individuals.

Before you go ahead and pick a Personal Loan, it is important to do a Personal Loan interest rate comparison. This will help you understand the additional amount you will be paying apart from your loan amount during your repayment tenure. This is an important calculation as this will determine your EMI which you will have to pay monthly once you finalise a loan.

Personal Loan Interest Rate Comparison Table

S. No. Name of the Bank/NBFC Interest Rate (Min.-Max.)
1 Andhra Bank 11.75% – 13.25%
2 Bank of Baroda 11.70% – 16.70%
3 Bank of Maharastra 12.75%
4 Canara Bank 11% – 14%
5 Central Bank of India 11.60%
6 Corporation Bank 12.85% – 13.85%
7 Dena Bank 13% – 14%
8 IDBI Bank Limited 10.10% – 12.85%
9 Indian Bank 10.65% – 11.25%
10 Indian Overseas Bank 11.95% – 13.70%
11 Oriental Bank of Commerce 10.25% – 12.25%
12 Punjab & Sind Bank 12.80% – 14.05%
13 Punjab National Bank 12.05% – 15.05%
14 State Bank of India 11.05% – 17.10%
15 Syndicate Bank 12.65% – 13.65%
16 UCO Bank 11.45% – 11.80%
17 Union Bank of India 10.70% – 14.70%
18 United Bank of India 13.95% – 14.20%
19 Vijaya Bank  

12.75% – 13.75%

20 Bank of India  

12.20% – 14.20%

21 Axis Bank Ltd. 15.75% to 24%
22 Bandhan Bank Ltd. 15%-18.55%
23 Catholic Syrian Bank Ltd. 12%-19%
24 Dhanlaxmi Bank Ltd. 10.20% – 10.70%
25 Federal Bank Ltd. 11.49%-14.49%
26 HDFC Bank Ltd 10.99%-20%
27 ICICI Bank Ltd. 10.99%-22%
28 IndusInd Bank Ltd 10.75%-30.50%
29 Jammu & Kashmir Bank Ltd. 11.55% – 12.30%
30 Karnataka Bank Ltd. 12.70%
31 Karur Vysya Bank Ltd. 15.65%
32 Kotak Mahindra Bank Ltd 10.99%-24%
33 RBL Bank Ltd. 15.5%-23%
34 South Indian Bank Ltd. 12.05%-14.55%
35 Tamilnad Mercantile Bank Ltd. 14.70%
36 YES Bank Ltd. 10.75%-17.5%

*The interest rates are as per the information available on the products’ websites as on 20.12.2018.

What is an interest rate Personal Loan comparison?

The process of comparing the different options available in the market against the different interest rates for a Personal Loan is a Personal Loan Interest Rate comparison.

Most banks have a minimum of Rs. 30,000 per month for salaried employees as a criterion for applying for a Personal Loan. Banks such as Indiabulls provide a Personal Loan for anyone who earns Rs. 30,000 per month.

ICICI Personal Loan, for instance, offers up to 20 Lakhs with repayment tenure of 60 months. The best feature of this loan is the instant loan disbursal directly into the account once the documents are provided and the application is processed online. The interest rates offered by the bank range from 10.99%-22%.

Similarly, HDFC Bank offers one of the highest loan amounts in the industry up to Rs. 40 Lakhs depending on individual requirement. The interest rate for the same starts at around 10.99%-20% and the loan term can extend up to 60 months.

Indiabulls Personal Loan offers one of the lowest interest rates in the industry starting at 11.99% making it the best pick if you are aiming for a low-interest Personal Loan. This means that the borrower can repay the loan without any additional stress.

Some of the other attractive features of the Indiabulls Personal Loan are:

Low-interest rates: Indiabulls has one of the lowest interest rates in the market making it easy for anyone to borrow and repay without any stress. The interest rates start as low as 11.99%

Good loan repayment tenures: Indiabulls Personal Loan has one of the shortest loan tenures in the industry where repayment can be made in 3 months, or it can be extended up to 24 months. This means that you can payback the amount in a period suitable to you.

No security: One of the best features of the Indiabulls Personal Loan is that the bank does not ask for ay collaterals or security deposit against the loan application.

Online Process: Indiabulls Personal Loan provides an option to simplify the loan application process by making it online. Everything from EMI calculation to submitting documents it’s all digital.

Instant loan on the phone: Once the criteria are met and the documents proceed, the loan is disbursed instantly into the bank account. This unique feature is enabled on Indiabulls online app which can be downloaded onto the mobile phone.

Large loan amount: India bulls offer Personal Loans starting at Rs. 1,000 till Rs. 10 Lakhs which makes it easy for the borrower to repay without any worry.

No Prepayment Charges: For loans under Rs. 20,000, if you wish to close them early, there are any prepayment charges levied by Indiabulls

Repayment through the app: Once you download the app, you can manage all the aspects of your loan on the app including repayment.

How do I apply for Indiabulls Personal Loan?

Indiabulls Personal Loan Dhani is very easy to apply for. All you have to do is download the app on IOS or android store for free to start with. Enter your Aadhaar or pan card details and the loan amount required and apply online. You also need not worry about security since Indiabulls will ensure all your details are safe and secure. Indiabulls Personal Loan Dhani is one of a kind and has made the process hassle-free by either applying on the website or through the Indiabulls Dhani Personal Loan app.

Personal Loans can be utilised for any personal purpose ranging from the repayment of debt to planning a holiday. The most important part of a loan application is to check and keep handy all the documents required along with checking the eligibility criteria thoroughly. To apply for an Indiabulls Personal Loan, you will need the following documents if you are a salaried person.

Documents required for Indiabulls Personal Loan

  • Proof of residence
  • Proof of identity: Passport, Aadhaar Card, Pan Card
  • Letter from the place of employment
  • Proof of salary such as salary slips
  • Bank statements for 3 months
  • Income Tax Returns Filed

Another aspect a lot of banks consider, apart from the documents is credit score or CIBIL score. A credit score showcases your ability to repay a loan, your previous financial history and any financial defaults. If you have a high credit score, chances of you securing a Personal Loan rise significantly. The minimum score asked by banks is around 750. It is critical to maintaining this number as a lot of banks reject loan applications on this even if you have all the right documentation. An Indiabulls Personal Loan, for instance, can be availed by anyone who is in the age group of 21-58 years at the time of loan application. This means that if you fulfil all the criteria, have a good credit score then you can get a Personal Loan in a jiffy.

Once you have taken care of all the documentation and fulfilled the criteria for a Personal Loan, do a double check and make sure you are certain of your commitments before signing on the dotted line.  Personal Loans are a great financial tool to help you realise your dreams such as purchasing a smartphone, buying an electrical appliance, or even bailing out of a financially tough situation. It is important to consider tenure, prepayment charges, interest rate, eligibility criteria and any other requirements that the banks may have before applying. It is wise to remember that you are borrowing money at the end of the day and it has to be paid back, so pick a plan which suits your needs and utilises the money well.

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