Personal loan rates in India depend on various criteria, one being the income level. Different banks have different classifications based on which interest rates are calculated. To start with whether you are working for an employer (salaried) or you are an employer yourself (self – employed). The factors which determine your Personal Loan interest rates are as follows: -
• Income
• Your Company Status
• Credit and Payment history.
• Relationship with the Bank you intend to take loan from.
• Individual's Negotiating Ability.
Read below how these factors effect your Interest rates **
To help its customers get the best interest rates on personal loans Insight Technical has consolidated all the information regarding latest rate of interests at one place. Please keep visiting this section to get updated rates of interests on personal loans.
| Banks/Rates |
Salaried |
| CAT A |
CAT B |
Others |
Pre-Payment
Charges |
Processing Fees |
Apply |
| Andhra Bank |
15.5%-15.75%
|
15.5%-15.75% |
15.5%-15.75% |
N.A. |
Rs250-Rs1000/- |
 |
| Axis Bank |
15%
|
17% |
19%-21% |
Nill |
2% |
|
| Bank of Baroda |
13.5% |
13.5% |
13.5% |
N.A. |
2% |
|
| Bank of India |
12.00% - 14.00%
( Full Secured-11.50%) |
15.5% |
15.5% |
N.A. |
N.A. |
|
| Bank of Maharashtra |
14% |
14% |
14% |
N.A. |
N.A. |
|
| Corporation Bank |
13.5% |
14.5% |
14.5% |
N.A. |
1.50% of the loan amount or Rs.500/- |
|
| Citibank |
16.5%
(more than 50000 salary),
17%
(for 35000-50000 salary),
17.5%
( between 22000-35000 salary) |
Only for Citibank account
holders: 17.25%
(for more than 50000 salary),
18%
(for 30000-50000 salary),
18.5%
(20000-30000 salary) |
Only for Citibank account holders: 17.25%
(for more than 50000 salary),
18%
(for 30000-50000 salary),
18.5%
(20000-30000 salary) |
5% |
2% |
|
| Citi Financial |
16% |
17%-18% |
21% |
5 |
2% |
|
| Fullerton |
23% |
28% |
28% |
4% |
2% |
|
| HDFC Bank |
For super CAT A 13.5%
(for 75,000 and above Salary if salaried account in HDFC Bank )
14.5%
(for 75,000 & above salary),
15.5%
(for 35,000-75,000 salary),
16.5%
(upto 35,000 salary) |
18%
(for 35,000 & above salary),
19%
(upto 35,000 salary) |
21%
(for 35,000 & above salary),
24%
(upto 35,000 salary) |
4% |
2% - 2.5% |
|
| ICICI Bank |
N.A. |
N.A. |
N.A. |
N.A. |
N.A. |
|
| Reliance |
12%-28% |
12%-28% |
12%-28% |
5% |
2% |
|
| SBI |
12%-16% |
16%-20% |
16%-20% |
N.A. |
2%-3% |
|
| Syndicate Bank |
12.25% - 13.50% |
12.25% - 13.50% |
12.25% - 13.50% |
N.A. |
N.A. |
|
| UCO Bank |
13.25% |
13.25% |
13.25% |
N.A. |
1% |
|
| Union Bank |
13.75% (Fixed) |
13.75% (Fixed) |
13.75% (Fixed) |
N.A. |
N.A. |
|
| United Bank Of India |
13.25%(Fixed),
12.00%( For pensioners) |
13.25%(Fixed),
12.00%( For pensioners) |
13.25%(Fixed),
12.00%( For pensioners) |
N.A. |
N.A. |
|
| Vijaya Bank |
13.25%
(for women's),
13.75%
(For marriage and purchase of consumer durables), 12.75%
(For pensioners),
13.25%(For Shikshak) |
N.A. |
N.A. |
N.A. |
N.A. |
|
Where
| CAT A refers to |
- Top 1000 companies |
| CAT B refers to |
- Multi National Companies( MNC's ) |
| CAT C refers to |
- Small companies |
| Non Listed refers to |
- Smaller companies with 100 emloyees. |
| Loan Surrogates refers to |
- Any running loan from any bank |
Income : If your Income is above a certain limit, Banks believe that your chances of not paying are lesser as you have Income to pay. Income above 75 per month usually gets some discounts from all personal loan Banks .
Your Company Status : If the company you are working with is a well known corporate, the Banks feel that you are less likely to shift from your job and will result in lesser defaults.
Credit and Payment History : Banks follows Cibil scores/rating before deciding giving loans. If your payments for Credit Cards and Loans is not upto mark , you have the most likely chance of being rejected for the loan or the Bank will give you at a much higher rate.
Relationship with Bank : The Bank where you have your Salary account/Savings account is likely to pass on you to some special rate for your personal Loans or Processing fee.
Individuals Negotiating Skills : Based on your above points you can always ask Bank to give you waivers on Rates, Fees Etc.
Disclaimer: Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.
Banks/ Financial Institutions can contact us at contact@insighttechnical.net for inclusions or updates. |
