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Rate Alert 2024
Compare Personal Loan Interest Rates
Don’t overpay on your EMIs. Compare the latest interest rates from 30+ Banks & NBFCs starting at just 10.49% p.a. tailored to your credit profile.
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Personal Loan Interest Rates Calculator
Compare prevailing interest rates for personal loans. Adjust tenure and rate to estimate your monthly EMI and total interest cost.
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No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹5,00,000 over 12 months at 9.99% APR. Total repayment: ₹5,27,467.42 with monthly EMIs of ₹43,955.62.
EMI Calculator
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Enter Loan Amount
₹5,00,000
50K50L
9.99
8%30%
1
1Y10Y
Monthly EMI
₹43,955.62
Total Interest
₹27,467.42
Compare Personal Loan Interest Rates from Top Banks and NBFCs
Interest rates vary based on your credit score, income, and employer profile. Compare offers from India's leading lenders below.
| Bank / NBFC | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| HDFC Bank | 10.50% - 24.00% | Up to ₹4,999 + GST |
| SBI (State Bank of India) | 11.15% - 15.30% | Nil to 1.5% + GST |
| ICICI Bank | 10.75% Onwards | Up to 2.50% of Loan Amount |
| Axis Bank | 10.49% - 22.00% | Up to 2% + GST |
| Kotak Mahindra Bank | 10.99% Onwards | Up to 3% + GST |
| Bajaj Finserv | 11.00% - 35.00% | Up to 3.93% of Loan Amount |
| Tata Capital | 10.99% Onwards | Up to 2.75% + GST |
| IndusInd Bank | 10.49% Onwards | Up to 3% + GST |
*Rates are subject to change by the lender at their sole discretion.
Understanding Personal Loan Eligibility & Rates
If you are applying for a personal loan, do note that your eligibility for the loan along with the interest rate offered to you post your application would depend on your credit profile. Consumers with a strong credit history and excellent repayment record are likely to get a lower interest rate. Factors like income, profession, and employer also determine your eligibility for a personal loan. Most Banks and large NBFCs usually prefer salaried individuals with a stable employment history and a strong credit profile.
Those with a damaged credit profile, which is reflected in their credit report, are likely to get rejected by Banks and NBFCs (especially those with a credit score lower than 700). There are a few NBFCs that may cater to some of these consumers, albeit at higher interest rates and for lower loan amounts.
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Types of Personal Loans
A personal loan can be used for a variety of needs such as medical expenses, education, travel, or debt consolidation. Since it's unsecured, you're free to utilize it for almost unknown requirement.
How to Get a Personal Loan with Low Interest Rate?
The interest rates of personal loans can significantly impact your overall borrowing costs. Here are five tips you can follow to improve your chances of availing a personal loan at a lower interest rate:
- Maintain a good credit score of 750 or above – by timely repayment of credit card bills and/or EMIs, avoid frequent multiple credit card applications or loans, etc.
- Consider checking with the lender(s) where you hold a deposit/loan account/credit card. These lenders usually offer loans at preferential interest rates or extend pre-approved offers.
- Maintain job stability and avoid frequent employment changes, as it would reflect income instability.
- Visit Paisabazaar to compare personal loan offers from multiple lenders based on their interest rates, loan tenure, amounts, disbursal times, fees and other charges.
- Avoid making multiple personal loan applications within a short duration as it would reduce your credit scores, thus making it harder to get your personal loan approved at lower interest rates.
How Interest Rates Affect Your Loan Tenure and EMIs?
Personal loan tenures usually range from 1 to 5 years with some banks and NBFCs offering longer tenures of 6, 7 or 8 years. The choice of loan tenure directly affects the borrower’s EMIs and total interest cost. Opting for a longer tenure lowers loan EMIs, making repayment easier for borrowers having limited repayment capacity.
However, this convenience comes at the cost of incurring higher interest costs. Borrowers who choose longer tenures can reduce their total interest cost by making prepayments, whenever they have surplus funds. Personal loan applicants should opt for shorter tenures only when they have adequate repayment capacity for the EMIs.
Let’s Take an Example: Rs 5 Lakh Loan EMI Across Tenures
Below is the EMI, total interest cost and total amount payable for different tenures of a personal loan of Rs 5 lakh at an interest rate of 11.50% p.a.
| Tenure | Interest Rate (p.a.) | EMI | Total Interest | Total Payable |
|---|---|---|---|---|
| 1 year | 11.50% | Rs 44,308 | Rs 31,690 | Rs 5,31,690 |
| 2 years | 11.50% | Rs 23,420 | Rs 62,084 | Rs 5,62,084 |
| 3 years | 11.50% | Rs 16,488 | Rs 93,568 | Rs 5,93,568 |
| 4 years | 11.50% | Rs 13,045 | Rs 1,26,136 | Rs 6,26,136 |
| 5 years | 11.50% | Rs 10,996 | Rs 1,59,778 | Rs 6,59,778 |
Analysis:
Choosing a longer tenure lowers your EMI, making monthly repayments more manageable. For instance, EMI reduces from Rs 44,308 (1-year tenure) to Rs 10,996 (5-year tenure).
But, longer tenure comes at a cost as it significantly increases the total interest cost over the repayment period. For example, with a 5-year loan, you pay Rs 1.59 lakh in interest, which is over 5 times more than the Rs 31,690 paid on a 1-year loan
Key TakeawayIf you have adequate repayment capacity, you can opt for shorter tenures to save on overall interest cost. But if you are not able to manage higher EMIs or have limited repayment capacity, you can opt for longer tenures and consider prepaying your loan when you have adequate funds, keeping aside emergency funds.
*Interest rates and charges are subject to change by lenders.
Why Compare Personal Loan Rates on SIX Finance?
- Multiple Lenders: 30+ lending partners provide multiple offers for every applicant.
- Pre-approved Offers: Pre-approved loan offers at lower rates based on existing credit profile.
- Save Money: A small difference in interest rates can reduce the overall cost of credit.
- Informed Decisions: Transparent data helps you pick the most suitable lender.
Why Comparing Interest Rates Matters before Applying?
Comparing interest rates before applying for a personal loan is important, as even a slight difference can lead to significant savings over the repayment tenure.
- Avoid High-Cost Loan: You may end up choosing a personal loan offer with a higher interest rate without comparing multiple personal loan offers.
- Knowing APR: You can easily identify a personal loan scheme offered at lower interest rates but with higher charges. The fees and charges also add up to the overall cost of the loan which can make an offer expensive.
- Financial Planning: Understanding the interest rates, foreclosure & pre-payments and other loan terms can better help you plan your monthly budget and manage your finances.
How SIX Finance Helps You Make Informed Borrowing Decisions?
- Trusted Lenders: You can explore verified personal loan offers from top banks and NBFCs on websites & its personal loan app.
- Personalised Offers: You get offers customised based on your credit score, salary, and loan requirements.
- Transparent Platform: Before signing the documents, you can check EMI and the total amount using the Personal Loan EMI Calculator.