Table of Contents
All Banks Personal Loan Interest Rates- May 2023
In Below table we are giving Interest rates details of all Government Banks, Private Banks, NBFCs & Personal Loan Apps for May 2023 Months.
| Banks/NBFCs | Interest Rate (P.A.) | Loan Amount (Rs.) | Processing Fee | EMI/1 lakh for 1 year (Rs.) |
|---|---|---|---|---|
| Indian Bank | 10.30% onwards | As per applicant profile | 0.01 | 8806 |
| Punjab National Bank | 10.45% onwards | Up to 10 lakh | 0.01 | 8829 |
| Bank of India | 13.25% onwards | Up to 10 lakh | 0.01 | 8761 |
| IDBI Bank | 12.65% onwards | 25,000 to 5 lakh | 0.01 | 8768 |
| Bank of Maharashtra | 8.90% onwards | Up to 20 lakh | 0.01 | 8766 |
| HSBC | 9.75% onwards | Up to 30 lakh | 0.01 | 8780 |
| Citibank | 9.99% onwards | Up to 30 lakh | 0.02 | 8791 |
| Bank of Baroda | 10.25% onwards | 50,000 to 10 lakh | 0.02 | 8792 |
| Central Bank of India | 11.75% onwards | Up to 20 lakh | Rs.590/- | 8793 |
| Indian Overseas Bank | 10.30% onwards | Up to 15 lakh | 0.025 | 8806 |
| Kotak Mahindra Bank | 10.75% onwards | Up to 30 lakh | 0.025 | 8803 |
| UCO Bank | 10.95% onwards | Up to 10 lakh | 0.01 | 8805 |
| Federal Bank | 10.49% onwards | Up to 25 lakh | 0.03 | 8814 |
| ICICI Bank | 10.50% onwards | 50,000 to 25 lakh | 0.0225 | 8815 |
| State Bank of India | 10.65% onwards | Up to 20 lakh | 0.015 | 8819 |
| Union Bank of India | 10.45% onwards | Up to 15 lakh | 0.01 | 8833 |
| Axis Bank | 12.00% onwards | Up to 15 lakh | 5999/- | 8838 |
| IDFC First Bank | 11.00% onwards | Up to 40 lakh | 0.02 | 8838 |
| IndusInd Bank | 11.00% onwards | 50,000 to 15 lakh | .75% to 1.75% | 8838 |
| Standard Chartered Bank | 11.25% onwards | 1 lakh to 50 lakh | 0.0225 | 8850 |
| Bajaj Finserv | 11.49% onwards | Up to 15 lakh | 1.50% to 3% | 8861 |
| Tata Capital | 11.75% onwards | Up to 20 lakh | 0.025 | 8873 |
| StashFin | 11.99% onwards | 1000 to 5 lakh | 0.05 | 8884 |
| Faircent | 12.00% onwards | Up to 10 lakh | 0.08 | 8885 |
| Kreditbee | 12.24% onwards | 1000 to 2 lakh | Rs.500 to 6% | 8896 |
| HDFC Bank | 12.50% onwards | Up to 25 lakh | 0.025 | 8908 |
| Yes Bank | 12.49% onwards | Up to 50 lakh | 0.025 | 8908 |
| MoneyTap | 12.96% onwards | 3000 to 5 lakh | 0.02 | 8930 |
| Fullerton India | 13.00% onwards | Up to 25 lakh | 0 to 6% | 8932 |
| Indiabulls | 13.99% onwards | 1000 to 15 lakh | 0.05 | 8978 |
| Utkarsh Small Finance Bank | 14% to 28% | 100000 to 1000000 | 0.02 | 8978 |
| RBL Bank | 14.00% onwards | 1 lakh to 20 lakh | 0.02 | 8979 |
| Muthoot Finance | 14.50% onwards | 50,000 onwards | 2.5% to 3.5% | 9002 |
| Bandhan Bank | 15.90 % Onwards | 5000 to 5 lakh | 0.03 | 9068 |
| Moneyview | 15.96% onwards | 5000 to 5 lakh | 0.02 | 9071 |
| PaySense | 16.80% onwards | 5000 to 5 lakh | 2% to 2.5% | 9111 |
| Kissht | 0.18 | 10000 to 100000 | 0.025 | 9166 |
| EarlySalary | 18.00% onwards | Up to Rs. 5 lakh | 0 to 3% | 9168 |
| Home Credit | 24.00% onwards | Up to 2.4 lakh | 0 to 5% | 9456 |
| CASHe | 33.00% onwards | 6000 to 4 lakh | 0.02 | 9897 |
| HDB | Up to 36% | Up to 20 lakh | 0.03 | 10046 |
| CashBean | Up to 25% | 1500 to 60000 | Rs.90 to Rs.2000 | 11100 |
| Navi | 12% to 36% | 10000 to 500000 | 0.04 | 15270 |
All Government Banks Personal Loan Interest Rates- May 2023
| Banks/NBFCs | Interest Rate (P.A.) | Loan Amount (Rs.) | Processing Fee | EMI/1 lakh for 1 year (Rs.) |
|---|---|---|---|---|
| Bank of Maharashtra | 8.90% onwards | Up to 20 lakh | 0.01 | 8766 |
| Bank of Baroda | 10.25% onwards | 50,000 to 10 lakh | 0.02 | 8792 |
| Indian Bank | 10.30% onwards | As per applicant profile | 0.01 | 8754 |
| Indian Overseas Bank | 10.30% onwards | Up to 15 lakh | 0.025 | 8806 |
| Punjab National Bank | 10.45% onwards | Up to 10 lakh | 0.01 | 8759 |
| Union Bank of India | 10.45% onwards | Up to 15 lakh | 0.01 | 8833 |
| State Bank of India | 10.65% onwards | Up to 20 lakh | 0.015 | 8819 |
| UCO Bank | 10.95% onwards | Up to 10 lakh | 0.01 | 8805 |
| Central Bank of India | 11.75% onwards | Up to 20 lakh | Rs.590/- | 8793 |
| IDBI Bank | 12.65% onwards | 25,000 to 5 lakh | 0.01 | 8768 |
| Bank of India | 13.25% onwards | Up to 10 lakh | 0.01 | 8761 |
All Private Banks & NBFCs Personal Loan Interest Rates-May 2023
| Banks/NBFCs | Interest Rate (P.A.) | Loan Amount (Rs.) | Processing Fee | EMI/1 lakh for 1 year (Rs.) |
|---|---|---|---|---|
| HSBC | 9.75% onwards | Up to 30 lakh | 0.01 | 8780 |
| Citibank | 9.99% onwards | Up to 30 lakh | 0.02 | 8791 |
| Federal Bank | 10.49% onwards | Up to 25 lakh | 0.03 | 8814 |
| Kotak Mahindra Bank | 10.75% onwards | Up to 30 lakh | 0.025 | 8803 |
| ICICI Bank | 10.50% onwards | 50,000 to 25 lakh | 0.0225 | 8815 |
| IDFC First Bank | 11.00% onwards | Up to 40 lakh | 0.02 | 8838 |
| IndusInd Bank | 11.00% onwards | 50,000 to 15 lakh | .75% to 1.75% | 8838 |
| Standard Chartered Bank | 11.25% onwards | 1 lakh to 50 lakh | 0.0225 | 8850 |
| Bajaj Finserv | 11.49% onwards | Up to 15 lakh | 1.50% to 3% | 8861 |
| Tata Capital | 11.75% onwards | Up to 20 lakh | 0.025 | 8873 |
| Axis Bank | 12.00% onwards | Up to 15 lakh | 5999/- | 8838 |
| Faircent | 12.00% onwards | Up to 10 lakh | 0.08 | 8885 |
| Yes Bank | 12.49% onwards | Up to 50 lakh | 0.025 | 8908 |
| HDFC Bank | 12.50% onwards | Up to 25 lakh | 0.025 | 8908 |
| Fullerton India | 13.00% onwards | Up to 25 lakh | 0 to 6% | 8932 |
| Indiabulls | 13.99% onwards | 1000 to 15 lakh | 0.05 | 8978 |
| Utkarsh Small Finance Bank | 14% to 28% | 1 lakh to 10 lakh | 0.02 | 8978 |
| RBL Bank | 14.00% onwards | 1 lakh to 20 lakh | 0.02 | 8979 |
| Muthoot Finance | 14.50% onwards | 50,000 onwards | 2.5% to 3.5% | 9002 |
| Bandhan Bank | 15.90 % Onwards | 5000 to 5 lakh | 0.03 | 9068 |
All Instant Personal Loan App Interest Rates- May 2023
| Banks/NBFCs | Interest Rate (P.A.) | Loan Amount (Rs.) | Processing Fee | EMI/1 lakh for 1 year (Rs.) |
|---|---|---|---|---|
| StashFin | 11.99% onwards | 1000 to 5 lakh | 0.05 | 8884 |
| Faircent | 12.00% onwards | Up to 10 lakh | 0.08 | 8885 |
| Navi | 12% to 36% | 10000 to 5 lakh | 0.04 | 15270 |
| Kreditbee | 12.24% onwards | 1000 to 2 lakh | Rs.500 to 6% | 8896 |
| MoneyTap | 12.96% onwards | 3000 to 5 lakh | 0.02 | 8930 |
| Moneyview | 15.96% onwards | 5000 to 5 lakh | 0.02 | 9071 |
| PaySense | 16.80% onwards | 5000 to 5 lakh | 2% to 2.5% | 9111 |
| Kissht | 0.18 | 10000 to 10 lakh | 0.025 | 9166 |
| EarlySalary | 18.00% onwards | Up to Rs. 5 lakh | 0 to 3% | 9168 |
| Home Credit | 24.00% onwards | Up to 2.4 lakh | 0 to 5% | 9456 |
| CASHe | 33.00% onwards | 6000 to 4 lakh | 0.02 | 9897 |
| CashBean | Up to 25% | 1500 to 6 lakh | Rs.90 to Rs.2000 | 11100 |
Personal Loan Interest Rates: Everything You Need to Know
If you’re considering taking out a personal loan, it’s important to understand how interest rates work. Personal loan interest rates can have a significant impact on your overall borrowing costs and your ability to repay the loan. In this article, we’ll explain everything you need to know about personal loan interest rates, including what they are, how they’re calculated, and how to find the best rates.
What are personal loan interest rates?
Personal loan interest rates are the fees that lenders charge borrowers for the use of their money. These rates are usually expressed as an annual percentage rate (APR), which includes both the interest rate and any other fees associated with the loan. When you take out a personal loan, you’ll need to pay back the loan amount plus the interest over a set period of time.
Fixed vs. variable interest rates
Personal loan interest rates can be either fixed or variable. A fixed interest rate stays the same for the entire duration of the loan, whereas a variable interest rate can fluctuate based on market conditions. Fixed interest rates are generally more predictable, while variable interest rates can be more volatile.
How are personal loan interest rates calculated?
Personal loan interest rates are calculated based on a variety of factors, including your credit score, income, debt-to-income ratio, loan amount, loan term, and the lender’s own policies. Lenders use this information to assess the level of risk you pose as a borrower and determine the interest rate they will charge.
Factors that affect personal loan interest rates
Several factors can affect the interest rate you’re offered for a personal loan, including:
- Credit score: Borrowers with higher credit scores generally qualify for lower interest rates.
- Income: Lenders may offer lower rates to borrowers with higher incomes or more stable employment.
- Debt-to-income ratio: A lower debt-to-income ratio can indicate a borrower’s ability to repay the loan and may result in a lower interest rate.
- Loan term: Longer loan terms may come with higher interest rates.
- Loan amount: Larger loan amounts may come with higher interest rates.
Credit scores and personal loan interest rates
Your credit score is one of the most important factors that lenders consider when setting your interest rate. Borrowers with higher credit scores generally qualify for lower interest rates, while those with lower credit scores may be charged higher rates or may not qualify for a loan at all.
Finding the best personal loan interest rates
To find the best personal loan interest rates, you’ll need to shop around and compare offers from multiple lenders. Some lenders may specialize in personal loans and offer more competitive rates, while others may have higher rates but more flexible repayment terms. You can use online loan comparison tools to compare offers from multiple lenders and find the best rates for your needs.
Tips for getting the lowest personal loan interest rates
If you’re looking to get the lowest possible interest rate on a personal loan, here are some tips to keep in mind:
- Improve your credit score: A higher credit score can help you qualify for lower interest rates.
- Choose a shorter loan term: Shorter loan terms may come with lower interest rates.
- Shop around: Compare offers from multiple lenders to find the best rates.
- Consider a secured loan: Secured loans may come with lower interest rates than unsecured loans.
How to compare personal loan interest rates
When comparing personal loan interest rates, it’s important to look beyond the interest rate alone. You should also consider factors such as the loan term, repayment schedule, fees, and any other terms and conditions that may apply. Use online loan comparison tools to compare offers from multiple lenders and determine which loan is the best fit for your needs.
Understanding APRs
When comparing personal loan offers, you should pay attention to the APR, or annual percentage rate. The APR includes both the interest rate and any other fees associated with the loan, such as origination fees or prepayment penalties. This provides a more accurate picture of the overall cost of the loan and can help you compare offers more effectively.
How personal loan interest rates affect your loan repayment
The interest rate you’re charged on a personal loan can have a significant impact on your overall borrowing costs and your ability to repay the loan. Higher interest rates mean higher monthly payments and a longer repayment period. To avoid paying more than necessary, it’s important to find the lowest interest rate possible and pay off the loan as quickly as possible.
When to consider refinancing your personal loan
If you’re currently paying high interest rates on a personal loan, you may want to consider refinancing the loan to a lower rate. Refinancing can help you save money over the long term and reduce your monthly payments. However, refinancing may also come with fees and other costs, so be sure to weigh the pros and cons carefully before making a decision.
Personal loan interest rates can have a significant impact on your overall borrowing costs and your ability to repay the loan. By understanding how these rates are calculated and what factors can affect them, you can make more informed decisions when shopping for a personal loan. Remember to compare offers from multiple lenders, pay attention to the APR, and consider factors such as the loan term, fees, and repayment schedule.
अपने पर्सनल लोन इंटरेस्ट रेट को समझे
जब भी आप अपने किसी व्यक्तिगत कार्य के लिए पर्सनल लोन लेते हैं, तो ऐसे में कई सारे सवाल दिमाग में चलते हैं कि आखिर आपके लिए कौन सा पर्सनल लोन सही रहेगा? ऐसे मैं सबसे पहले आप हमेशा इंटरेस्ट रेट की तरफ ध्यान देते हैं जहां पर आप का ध्यान उसी तरफ जाता है, जहां पर मार्केट में अच्छी वैल्यू मिल जाए और इंटरेस्ट रेट भी सही हो| ऐसे में आप कुछ बातों का अध्ययन करते हुए सही इंटरेस्ट रेट को समझ सकते हैं|
अपने व्यक्तिगत लोन के ब्याज दर को कम रखने के तरीके
- जब भी आप पर्सनल लोन लेने जाते हैं, तो यह देखना जरूरी है कि आप कितने अमाउंट का लोन ले रहे हैं ताकि उसी हिसाब से ही इंटरेस्ट रेट को लागू किया जा सके|
- अगर आप अपनी किसी प्रॉपर्टी के माध्यम से लोन ले रहे हैं, तो ऐसे में इन बातों का ध्यान रखना भी जरूरी है ताकि इंटरेस्ट रेट सही रूप से प्राप्त हो सके|
- ऐसा देखा जाता है कि शुरुआत में पर्सनल लोन इंटरेस्ट रेट कम होता है,तब आपको अपने लोन के टाइप को ध्यान में रखना होगा जिसके हिसाब से आप सही इंटरेस्ट के साथ लोन का आंकड़ा देख सकते हैं|
- आप किस प्रकार का कार्य करते हैं? यह इस आधार पर भी लोन लेते हुए इंटरेस्ट रेट प्रभावित होता है ऐसे में आपके कार्य के बारे में भी जानकारी होना जरूरी है|
- अगर आप चाहते हैं कि आपको कम इंटरेस्ट रेट प्राप्त हो तो इसके लिए आपको क्रेडिट स्कोर हमेशा ज्यादा रखना होगा|
पर्सनल लोन इंटरेस्ट रेट को हमेशा प्रभावित करने के कुछ मुख्य कारण
ज्यादातर ऐसा देखा जाता है कि इन्वेस्टमेंट किए गए प्रॉपर्टी पर अच्छा इंटरेस्ट रेट प्राप्त हो जाता है|
- अगर आप किसी घर को लोन में लेते हैं और फिर उस में रहते हैं तो ऐसे में आपका इंटरेस्ट हमेशा प्रभावित होता है|
- ऐसे में मार्केट रेट को हमेशा ध्यान में रखना सही होगा जिसमें आप हमेशा क्लोजिंग डेट के माध्यम से भी इंटरेस्ट रेट सही दिशा में आगे बढ़ा सकते हैं|
- एक बात हमेशा याद रखनी होती है कि कम अमाउंट का लोन लेने पर हमेशा प्रॉपर्टी की वैल्यू का इंटरेस्ट रेट सही प्राप्त होता है|
- अगर लोन लेने वाले की हिस्ट्री दिखाते हैं, तो ऐसे में कम इंटरेस्ट रेट मिलने का चांस होता है|
- जब भी आप लोन लेते हैं, तो हमेशा पेमेंट के बारे में जानना जरूरी है मतलब यह कि जो भी पेमेंट हो रहा है वह वार्षिक, अर्धवार्षिक, मंथली है इसके आधार पर भी इंटरेस्ट रेट हाई हो सकता है|
- हमेशा आपके द्वारा लिए गए लोन और आपके एडिशनल लोन को कंपेयर करके देखा जाता है और उस हिसाब से इंटरेस्ट रेट को निर्धारित किया जाता है|
- ज्यादातर रेंटल और इन्वेस्ट किए गए प्रॉपर्टी पर ज्यादा इंटरेस्ट रेट मिलता है|
इस तरह से हम इन कारकों को जानते हुए अपने पर्सनल लोन इंटरेस्ट रेट के बारे में सही जानकारी ले सकते हैं जिससे बाद में किसी भी प्रकार की दिक्कत ना हो पाए और हम सजग रहकर कार्य कर सकें|
पर्सनल लोन के लिये फिक्स्ड इंटरेस्ट रेट या फ्लोटिंग इंटरेस्ट रेट ?
| फिक्स्ड इंटरेस्ट रेट | फ्लोटिंग इंटरेस्ट रेट |
| पूरी लोन अवधि के दौरान ब्याज दर एक ही रहेगी | | ब्याज दर बैंक के द्वारा प्रति तिमाही बदल सकती हैं | |
| EMI किश्त की राशि बराबर हर माह एक जैसी रहेगी,जिससे आप अपनी वित्तीय प्लानिंग कर सकते हैं | |
EMI किश्त की राशि बदलती रहेगी,जिससे आप अपनी वित्तीय प्लानिंग नहीं कर सकते हैं | |
| ब्याज दर घटने बढने की कोई परेशानी नहीं | | ब्याज दर घट भी सकती हैं और बढ भी सकती हैं | |
| MCLR से लिंक नहीं रहता हैं | | MCLR से लिंक रहता हैं | |
Formula to Calculate Personal Loan EMI
Equated Monthly Installment = [PxRX(1+R)^N]/[(1+R)^N-1], यहाँ P- लोन राशि, R – ब्याज दर प्रति माह,
N- लोन लिए जाने वाले महीनों की संख्या.
उदहारण –
मान लीजिये पर्सनल लोन श्री सुमित को लेना हैं, सुमित कुमार की उम्र 32 वर्ष हैं और उनकी सैलरी प्रति माह 60,000/- रु. हैं, पर्सनल लोन श्री सुमित को 5 वर्ष यानि 60 माह के लिए रु.5 लाख का लेना हैं |
सुमित सबसे कम ब्याज दर वाली बैंक से पर्सनल लोन 11% पर लेते हैं तो –
सुमित को हर माह रु.10,872/- की EMI देनी पड़ेगी, पुरे 5 वर्ष में सुमित को कुल ब्याज रु1,52,270/- और कुल पेमेंट रु.6,52,270/- देय रहेगा |
FAQ –
पर्सनल लोन के लिये ब्याज दर, प्रोसेसिंग फीस व् पारदर्शिता के मामले में सरकारी बैंक सबसे बेस्ट हैं, यदि आप सरकारी बैंक से लोन नहीं लेना चाहते हैं तो फिर प्राइवेट व् NBFCs से लोन ले सकते हैं |
Indian bank cheapest personal loan interest rate in india, In Indian Bank Personal Loan Interest from 8.50 % Salary Credited in Indian Bank or for Home Loan Borrower.
Interest Rates from 8.50 % to 12.50% is good interest rate for personal loan, depending upon Credit Rating, Salaried/Business, Bank Tie Up etc.
For Personal Loan Indian Bank has lowest interest rates, check out other Lower Interest Rates.
Lets Assume Personal Loan Interest Rates is 12 %, Loan Tenure- 3 Years (36 Months) & Loan Amount -3 Lacs.
Then EMI for 3 lakh Personal Loan =Rs.9,965/-.
For 15000 salary, lets assume 60% deduction from your salary for your personal expenses like rent, food, etc. 15000*60% = 9000/-. Amount left for EMI 15000-9000= Rs.6000/-.
for 12% Personal Loan Interest Rate, Loan Duration 5 Years.
You Get Personal Loan of Maximum Amount Rs.3,60,000/-.
Your Salary Bank easily give Personal loan rs 20000 salary.
for 40000 salary, 2% Personal Loan Interest Rate, Loan Duration 5 Years, you get Personal Loan of Rs.9,60,000/-.
It may be possible to negotiate the interest rate on a personal loan, especially if you have a strong credit score and a good relationship with the lender. However, not all lenders are willing to negotiate, so it’s important to shop around and compare offers from multiple lenders.
A good interest rate for a personal loan will depend on a variety of factors, including your credit score, income, and the lender’s own policies. In general, lower interest rates are better, but you should compare offers from multiple lenders to find the best rate for your needs.
Your credit score is one of the most important factors that lenders consider when setting your interest rate. Borrowers with higher credit scores generally qualify for lower interest rates, while those with lower credit scores may be charged higher rates or may not qualify for a loan at all.
Yes, personal loan interest rates can include fees such as origination fees or prepayment penalties. Be sure to read the terms
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Sir I would like to apply personal loan from your bank of India