Personal loan Interest rates are considered as one of the key factors in determining the cost of borrowing. Interest rates are generally add-ons that one has to pay along with the amount they applied for a loan. If the interest rates are lower, then the borrower has to repay less debt during his total loan tenure and vice-versa. Following is the interest rate chart offered by major financial and non-financial institutions.
Lenders | Interest Rate* (p.a.) | Loan Amount (Rs.) |
Allahabad Bank | 9.20% onwards | As per the applicant’s profile |
Andhra Bank | 10.80% onwards | As per the applicant’s profile |
Axis Bank | 12% onwards | 50,000 to 15 lakh |
Bajaj Finserv | 12.99% onwards | Up to 25 lakh |
Bank of Baroda | 11.40% onwards | 50,000 to 10 lakh |
Bank of India | 9.35% onwards | Up to 10 lakh |
Bank of Maharashtra | 10.85% onwards | Up to 10 lakh |
CASHe | 33% to 36% | 9,000 to 3 lakh |
Central Bank | 8.45% onwards | Up to 20 lakh |
Citibank | 9.99-14.24% | 10,000 to 30 lakh |
Early salary | 24% onwards | 8,000 to 2 lakh |
Federal Bank | 11.49% onwards | Up to 25 lakh |
Fullerton India | 11.99% onwards | Up to 25 lakhs |
HDFC Bank | 10.75% onwards | 50,000 to 40 lakh |
Home Credit | 24% onwards | 25000 to 2.40 lakh |
HSBC Bank | 10.50% onwards | Up to 30 lakh |
ICICI Bank | 11.25% onwards | 50,000-20 lakhs |
IDBI Bank | 12% onwards | 25,000-5 lakhs |
IDFC Bank | 10.75% onwards | 1 lakh-25 lakhs |
Indiabulls | 13.99% onwards | Rs.1000 to Rs. 15 lakh |
Indian Bank | 9.20% onwards | As per the applicant’s profile |
Indian Overseas Bank | 11% onwards | Up to 15 lakh |
IndusInd Bank | 11% onwards | 50,000-15 lakhs |
Kotak Mahindra Bank | 10.75 onwards | 50,000-20 lakh |
Kreditbee | 1.02% p.m. onwards | 1000 to 2 lakh |
MoneyTap | 1.25% p.m. onwards | Rs. 3000 to Rs. 5 lakh |
Money view | 1.33% p.m. onwards | Rs. 10,000 to Rs. 5 lakh |
Muthoot Finance | 15% onwards | Rs. 50,000 onwards |
Punjab National Bank | 8.80% onwards | 25,000 to 15 lakh |
RBL Bank | 14% onwards | 1 lakh to 20 lakh |
Standard Chartered Bank | 11.00% onwards | 1 lakh-50 lakhs |
State Bank Of India | 9.60% onwards | Up to 20 lakhs |
TATA Capital | 10.99% onwards | 75,000 to 25 lakh |
UCO Bank | 9.45% onwards | Up to 10 lakh |
Union Bank of India | 8.90% onwards | Up to 15 lakh |
Yes Bank | 10.75% onwards | 1 lakh to 40 lakh |
From the above table, we can compare the interest rate of multiple Banks/NBFC and predict which institution is best to take a personal loan in the current scenario.
HDFC bank personal loan comes with added benefits.
How to achieve a low interest rate on a personal loan?
Following are the tips that you have to follow to achieve a low interest rate on a personal loan:-
Always try to balance a good credit score.
Try to keep your credit utilization ratio on the lower side.
Achieve a lower FOIR(fixed obligation to income ratio).
When you are applying for a personal loan, don’t go for multiple lenders at the same time.
Try to get your loan approved from a bank/NBFC with whom you have a good relationship, such as a savings account and fixed deposit.
The interest rate plays a crucial role in determining your total debt against the lender. There are multiple Banks/NBFS to choose from and get yourself a low-interest rate personal loan.
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