If you need quick money for medical bills, weddings, travel, or emergencies, personal loans can help. But personal loan interest rates are different for each lender. So, make sure to compare offers before you apply.
In this guide, you’ll learn how interest rates work, what affects them, and how to get the best rate for your needs.
Latest Personal loan interest rates from Leading Banks
| Bank/NBFC | Interest Rate (p.a.) | Loan Amount | Loan Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 10.30% – 15.30% | Min ₹1 lakh – Max Rs. 35 lakh | Max 7 years & Min 6 months | 1.5% of the loan amount, Min ₹1,000 and Max ₹15,000. |
| HDFC Bank |
10.90% – 24.00% | ₹50,000 to ₹40 lakhs | Up to 6 years | ₹6,500 plus GST |
| Bajaj Finserv |
10% – 31% | ₹40,000 – Max ₹55 lakh | 8 years | 3.93% of the loan amount, including applicable taxes. |
| Hero FinCorp | 19.75% – 30% | ₹5 lakh | Up to 3 years | b/w 2.5% and 3.5% of the loan amount, plus applicable taxes. |
| ICICI Bank |
10.85% – 16.65% | ₹50,000 to ₹50 lakh | 6 years | Up to 2% of the loan amount plus applicable taxes. |
| Axis Bank | 11.25% – 22% | ₹50,000 to ₹40 lakh | 12 to 84 months | Ranging from 1.5% to 2% of the loan amount, plus applicable GST |
| Kotak Mahindra Bank |
10.99% – 16.99% | ₹50,000 to ₹35,00,000 | 5 years | 5% of the loan amount plus applicable taxes |
| Bank of Baroda |
10.60% – 18.30% | Up to ₹20 lakh | 7 years | 2% of the loan amount with a Min of Rs. 1,000 and a Max of Rs. 10,000. |
| Union Bank of India |
11.40% – 15.50% | Up to ₹50 lakhs | 2 months – 60 months | 0.50% of the loan amount, with a minimum of Rs. 500 + service tax. |
| Yes Bank | 11.25% – 21.00% | ₹1 lakh to ₹40 lakh | Up to 5 years (60 months) | 2.5% of the loan amount |
| Bandhan Bank | 9.47% – 12.55% | ₹50,000 to ₹25,00,000 | From 12 to 36 months | Up to 3% of the loan amount, plus GST. |
| Punjab national bank(PNB) |
11.75% – 13.25% | Up to ₹20 lakhs | 7 years | 0.35% of the loan amount. Minimum- Rs. 2,500/ Maximum- Rs. 15,000 |
Note: Final interest rate depends on your credit score, monthly income, job type, and repayment ability.
💻 Want to Check Your EMI or Eligibility?
Now that you understand how personal loan interest rates work, it’s time to calculate your EMI and see if you qualify.
Use the tools below to plan better:
| Personal Loan Calculator | Check Loan Eligibility |
These tools will help you avoid over-borrowing and manage your monthly payments smoothly.
📊 Why Comparing Personal Loan Interest Rates Matters
Different lenders charge different Personal Loan Interest Rates. Even a small difference in rate can save you thousands of rupees over time.
For example, if you take ₹5 lakh and repay it over 5 years:
At 10.5%, you’ll pay around ₹1.38 lakh in interest.
At 14.5%, the interest will be around ₹2.05 lakh.
Always compare before choosing!
💡How to Pay Less Interest on Personal Loans
Want to reduce your interest rate? Try these tips:
- Keep your CIBIL score above 750
- Choose a shorter repayment period
- Apply with someone else, like your spouse or parent.
- Check for pre-approved offers from your bank
- Compare at least 3–5 lenders before choosing one
- Don’t apply for many loans all at once.
⏳ Estimate Your EMI in Seconds
Using our Personal Loan EMI Calculator makes it simple to plan how you will repay your loan. Just enter your loan amount, personal Loan Interest Rates, and tenure to quickly find out how much you need to pay each month.
This helps you avoid borrowing more than you can afford and keeps your finances stress-free. Always plan your EMIs before applying to make sure your budget stays on track!
✔️ Benefits of Choosing the Right Personal loan interest rates
A personal loan is unsecured, meaning you don’t need to provide any security or assets. If you choose the right loan and interest rate, you will get:
- Quick disbursal, often within 24–48 hours
- Flexible repayment options (up to 7 years)
- No restrictions on usage (use it for weddings, travel, education, etc.)
- Potential to improve your credit score when you pay EMIs on time
- Transparent terms when you choose a trusted lender
⚠️ Common Mistakes to Avoid When Taking a Personal Loan
Many people rush into loans without fully understanding the terms. Don’t make these mistakes to save money and avoid problems:
- ❌ Ignoring the Interest Rate: Don’t just focus on EMI. Low EMIs with a long tenure can mean paying more interest overall.
- Not Checking Processing Fees: Sometimes fees add up and increase the total loan cost.
- Applying to Too Many Lenders: Multiple loan applications can hurt your credit score.
- Skipping Prepayment Rules: Check if you can pay early without extra charges to save interest.
- Not Reading the Fine Print: Always check for hidden charges or conditions before signing.
📌 FAQs on Personal Loan Interest Rates
Q1. Will my credit score impact the interest rate on my personal loan?
A1. Yes, a higher credit score (750 or above) can help you get lower interest rates.
Q2. Can self-employed people get personal loans at good interest rates?
A2. Yes, but banks may offer slightly higher rates compared to salaried individuals.
Q3. Are personal loan interest rates the same all the time or do they change?
A3. Most are fixed, but some lenders may offer floating rates depending on the loan terms.
Q4. Is there a processing fee on personal loan interest rates?
A4. Yes, most lenders add a processing fee, usually between 1% and 3% of the loan amount.
Q5. Can I reduce my interest rate after taking the loan?
A5. In most cases, no. But you can transfer your loan to another bank offering a lower rate.
Q6. Does the loan amount affect the interest rate?
A6. Sometimes. Larger loan amounts may have better or slightly higher rates depending on the lender’s policy.
📌 Final Words
Don’t be in a hurry to take the first loan offer you see. Take your time to check interest rates,
eligibility, fees, and repayment details. Doing a little research now can save you a lot of money and stress in the future.
Explore Our Loan Calculators & Interest Rate Guides
Want to understand your loans better? Explore our range of calculators and interest rate guides to manage your finances smartly:
| EMI Calculators | Interest Rate Guides |
|---|---|
 Home Loan EMI Calculator– Calculate your monthly EMIs based on loan amount, tenure, and interest rate. |
Home Loan Interest Rates – Calculate your monthly EMIs based on loan amount, tenure, and interest rate. |
 Car Loan Calculator– Easily figure out your car loan payments. |
 Car Loan Interest Rates– Compare competitive car loan rates. |
| 🏍️ Bike Loan Calculator – Plan and calculate your bike loan EMIs. |
🏍️ Bike Loan Interest Rates – View and compare updated rates. |