Personal loans are still in demand due to the ease with which they are processed and the convenience offered. However, it becomes important to know the current bank interest rates and terms being offered for facilitating the best possible decision. Here are the best personal loan interest rates available from the major banks until November 2024.
Best Personal Loan Interest Rates
- 1.HDFC Bank:
- Interest Rate: Starting at 10.75%
- Loan Amount: ₹40 lakh
- Tenure: 12 to 72 months
- Processing Fee: ₹4,999 + GST
- 2.ICICI Bank:
- Interest Rate: Between 10.65% and 16%
- Loan Amount: According to eligibility
- Tenure: 12 to 72 months
- Processing Fee: Up to 2.50% of loan amount
- 3.State Bank of India (SBI):
- Interest Rate: From 11.15%
- Loan Amount: Up to ₹20 lakh. Even for non-account holders.
- Tenure: Up to 84 months
- Processing Fee: Variable
- 4.Axis Bank:
- Interest Rate: From 11.25%
- Loan Amount: ₹50,000 to ₹15 lakh
- Tenure: Flexible repayment options
- 5.Kotak Mahindra Bank:
- Interest Rate: As low as 10.99%
- Loan Amount: ₹50,000 to ₹40 lakh
- Tenure: Between 12 and 60 months
- Processing Fee: Up to 3% of the loan amount
- 6.Punjab National Bank (PNB):
- Interest Rate: 11.75% to 16.25%, depending on the borrower category
- Loan Amount: Customized for different categories of employment
- Tenure: Maximum 60 months
Personal Loan Interest Rates Determinants
- CIBIL Score: A high credit score is generally associated with a smaller rate of interest.
- Income: People with a stable, high income also receive better deals.
- Employer Category: Certain banks also offer lower rates to those employed in the government or corporate sectors.
- Loan Tenure and Amount: Larger amounts as well as longer paybacks are to affect rates.
Tips For Borrower Compare with different banks to get the best available rate.
Opt for pre-approved deals if available as these offer preferential rates. Also check on the total cost of the loan which would include processing and other charges,.
The packages demonstrate the competitive efforts of banks in trying to attract borrowers, who have different financial needs. Always ensure you fully understand terms and conditions before applying for a personal loan
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