Personal Loan – Compare and Apply Online at Lowest Rate of Interest

Personal Loan is a collateral-free loan (unsecured) which can be used to fund any personal expenses like a wedding, buying furniture or expensive jewelry, medical emergency, etc. Usually, the personal loan is taken for immediate financial needs and it can be repaid in 2-5 years.

Best Banks to Get Personal Loan (Interest Rates & Comparison Chart)

BankInterest RateProcessing FeesLoan AmountTenurePreclosure ChargesLate Fees
SBI11.85% - 15.10%2% - 3%Upto Rs. 10 LakhUpto 48 MonthsUpto 3%24% p.a.
Bank of Baroda11.6% - 16.6%2%Upto Rs. 10 LakhUpto 48 MonthsNil (After 6 EMI)24% p.a.
Bajaj Finserv12.49% - 16%2.25 – 3%Upto Rs. 25 LakhUpto 60 Months4%24% p.a.
CitiBank10.99% - 17.99%3%Upto Rs. 30 Lakh1-5 Years4%24% p.a.
ICICI Bank10.75% - 20%2.25%Upto Rs. 25 LakhUpto 60 MonthsUpto 5%24% p.a.
Tata Capital11.49% - 19%2%Upto Rs. 75 LakhUpto 72 Months4%24% p.a.
Axis Bank15.5% - 24%1.5 – 2%Upto Rs. 15 LakhUpto 60 MonthsNil24% p.a.
HDFC Bank14.75% - 20.7%2.50%Upto Rs. 25 LakhUpto 60 Months2% - 4%24% p.a.
Kotak Mahindra10.99% - 24%2.50%Upto Rs. 15 LakhUpto 60 Months5%3% per month
Standard Chartered10.99% - 19%3%Upto Rs. 30 LakhUpto 60 Months5%24% p.a.

 

Should You Go For Personal Loan?

  • The interest rates of personal loans are very high and it varies from 10.8% to 20% p.a. depends upon various factors like repayment risk, eligibility loan amount, tenure, etc.
  • Personal loans can be helpful in case of immediate financial needs but it can be harmful to your financial health. You should consider a personal loan only when you don’t have any other option.
  • Before applying for the personal loan, you should compare the interest rates and other charges of all the major banks.
  • Don’t borrow more than you can pay. Properly calculate the EMI, Interest and other charges before going for a personal loan.
  • Keep the loan tenure as short as possible to minimize the interest cost.

 

Key Features: Personal Loan

#1. Collateral Free Loan 

In general, the bank offers unsecured personal loans and you don’t need to provide any security to the bank in the form of property or an asset.

#2. No Restriction on Fund Utilization

Unlike the home loan and car loan, the Personal Loan can be used for any purpose whether its regular expenses or any immediate financial need.

#3. Simple KYC & Quick Approval 

Generally, banks do not ask for security to approve the personal loan, therefore, the application process is very simple and you can apply online for instant approval of the personal loan.

Personal Loan Eligibility Criteria

 

Check – Personal Loan Eligibility Calculator

CriteriaSalaried ClassBusiness / Self-Employed
Age21 - 60 yrs.21 - 68 yrs.
Income (Minimum)₹12,000 - ₹ 20000

Per Month
₹ 2 Lakh

Yearly Net Profit
Credit Score700+700+
Work Experience2 Years2 Years

 

Documents Required For Personal Loan

Check List for Salaried Class Applicant:

#1. Photo ID & Age ProofAadhar Card, PAN Card, Driving License, Passport, Voter ID Card, etc.

#2. Address ProofPassport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement etc.

#3. Signed Loan Application Form

#4. Income Proof –

  • Bank Statement of the last 6 months showing Salary Credit
  • Salary Slip of 6 Month
  • Form-16 or Income Tax Return of Last 2 Years 

Check List for Self-Employed / Business Class Applicant:

#1. Photo ID & Age Proof – Aadhar Card, PAN Card, Driving License, Passport, Voter ID Card, etc.

#2. Address Proof – Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement etc.

#3. Signed Loan Application Form

#4. Business Proof – PAN, GST Registration, Copy of Company Registration Certificate, Copy of partnership deed, Trade license, certificate of practice or registration certificate issued by RBI, SEBI

#5. Income Proof –

  • Bank Statement of the last 6 months
  • Income Tax Returns of Last 3 Years
  • Audited Balance Sheet and Profit & Loss Account of Last 3 Years

 

Personal Loan EMI

EMI Per 100,000 Rupees of Loan

Here is the calculation of monthly installments (EMI) for the loan of Rs. 1,00,000 at different interest rate levels and different tenure of the loan. The below calculation is based on the loan of Rs. 1 lakh and the EMI will change in proportionate to the change in the amount of Loan. For example, if the Loan Amount is Rs. 2 lakh then below EMI will be double:

Interest Rates1 Year
of Loan
2 Years
of Loan
3 Years
of Loan
4 Years
of Loan
11%8838466232742585
12%8885470733212633
13%8932475433692684
14%8979480134192734
15%9026485034682783
16%9073489635172834
17%9120494435652887
18%9167499236152939
19%9217504236672990
20%9263509137173043
21%9311514037693098

Total Interest Payment Per 100000 Rupees of Loan

The calculation of total interest to be paid (over the period of the loan) for the loan amount of Rs. 1,00,000 at different levels of interest rate and tenure is given below. The interest amount will change in-proportionate to the change in the amount of loan. For example, if the Loan Amount is Rs. 50,000 then below interest amount will be half of the shown amount:

Interest Rate1 Year
Loan
2 Years
Loan
3 Years
Loan
4 Years
Loan
11%6058118601786024058
12%6619129761957226402
13%7182141002129828772
14%7745152322304031167
15%8311163692479533587
16%8877175122656536033
17%9447186632835138504
18%10016198193015041000
19%10589209823196343520
20%11161221513379046067
21%11738233273563048635

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Amitabh Bhatacharya
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Amitabh Bhatacharya

Which the best bank to get low interest personal loan

Amitabh Bhatacharya
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Amitabh Bhatacharya

Can I Apply for Personal Loan online

Akshay
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Akshay

What is the rate of GST on Personal Loans?

Akshay
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Akshay

Is there any personal loan with no interest rates

Akshay
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Akshay

which bank gives lowest interest rate for personal loan?

Akhilesh
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Akhilesh

Which is the best personal loan for Government Employees