There are several banks that offer personal loans in India. Personal loan interest rates are low and such loans are easy to get. But the real question is which bank is best for personal loan. This blog lists out banks that offer the lowest personal loan interest rates.
There’s a lot of categories in personal loan
1.Agriculture Loan
2.Consumer Loan
3.Flexi Loan
4.Marriage Loans
5.NRI Personal Loan
6.Personal Loan Balance Transfer
7.Personal Loan for Salaried Employees
8.Secured Loans
9.Short Term Loans
10.Term Loan
11. Top Up Loan
If you will be taken in any of this loan and here below you can see which bank is best for it.
Top 5 Banks Personal loan offered in India as per low interest rates.
- HDFC Bank.
- State Bank of India.
- ICICI Bank.
- Axis Bank.
- Kotak Mahindra Bank.
1.HDFC Bank
One of the leading providers of Personal Loans in India, HDFC Bank, offers the best loan option that comes with a unique array of features and benefits.
Enclosed below are HDFC Bank Personal Loan Interest Rates & Charges
Charges to avail a Personal Loan
Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal at the sole discretion of HDFC Bank Ltd.
| Fee | Amount to be paid |
| Rack Interest Rate | Salaried – 10.50% to 21.00% |
| Loan Processing Charges | Up to 2.50% of the loan amount subject to a maximum of ₹ 25,000/- for salaried customers |
| Stamp Duty & Other Statutory Charges | As per applicable laws of the state |
2.State Bank of India
SBI Personal Loans are available for both salaried and self-employed customers’ financial requirements. A borrower can take a personal loan from SBI for any needs like wedding-related expenses, foreign travel, abroad education, health-related expenses or any other monetary expenses. The loan comes at attractive interest rates for you to service at.
SBI Personal loan details:
| Interest rates | 9.60% – 15.15% |
| Processing fees | NIL upto 31.01.2022 |
| Prepayment charges | Nil |
| Repayment options | Upto 5 years |
| Maximum loan amount | Rs.15 Lakh |
3.ICICI Bank
Avail of a Personal Loan of up to Rs 25 lakh at interest rates starting from 10.25% per annum. The quick approval process of Personal Loans from ICICI Bank.
Enclosed below are HDFC Bank Personal Loan Interest Rates & Charges
| Personal Loan Interest Rates | 10.50% to 19% per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Upto 2.50% of loan amount plus GST |
| Prepayment Charges | 5% on principal outstanding plus GST (for salaried customers)Nil, if loan is closed using own funds (MSME classified customers) |
| Additional Interest on late payment | 24% per annum |
4.Axis Bank
Axis Bank Personal Loans offer fast processing of your loan. Personal Loans can be used for plenty of purposes! They can be availed when you are planning a vacation, renovating your home or arranging a dream wedding for yourself or somebody special in the family. You can get a Personal Loan from Rs. 50,000 up to Rs. 15,00,000 with minimal documentation and speedy approval from Axis Bank.
| Personal Loan Interest Rates | 12% to 21% Per annum |
| Loan Processing Charges / Origination Charges (Non-Refundable) | Upto 2.50% of loan amount plus GST |
| Prepayment Charges | 5% on principal outstanding plus GST (for salaried customers)Nil, if loan is closed using own funds (MSME classified customers) |
| Additional Interest on late payment | 24% per annum |
5.Kotak Mahindra Bank
Kotak Mahindra Bank personal loans are specifically designed keeping in mind your personal goals. This Bank provide fast-disbursed and low-interest personal loans.
Kotak personal loans, you can fulfill your goals of buying a car or funding your education, and a lot more. Take the first step towards your dream life with our personal loans starting at INR 50,000 and going as high as INR 25,00,000.
| Personal Loan Interest Rates | 12% to 21% |
| Penal Interest | @ 24% per annum i.e. 2% per month on the overdue installment. |
| Duplicate statement issuance charges | Rs.250/- per instance per set + GST as applicable. |
