All Bank Details
| Bank Name | Rate of Interest | Processing Fee |
| Allahabad Bank | 10.50% to 12.99% | 1.60% of the Loan Amount |
| Andhra Bank | 11.55% to 13.05% | As offered by the lender |
| Axis Bank | 15.75% to 24% | 1.50% to 2.00 % + GST |
| Bajaj Finserv | Starting from 12.99% | Up to 3.99% of the loan amount |
| Bank of Baroda | 11.35% to 16.35% | 2% of the loan amount |
| Bank of India | Starting from 13.10% | One time @ 2.00% of loan amount |
| Bank of Maharashtra | Starting from 12.5% | 1.00% of the Loan Amount |
| Canara Bank | 13.00% to 16.50% | 0.5% of the Loan Amount |
| Central Bank | MCLR (12M) + 3.00% | Rs 500 + S.T |
| Citibank | Starting from 10.99% | Upto 2.75% of loan amount |
| Corporation Bank | 12.95% to 13.95% | 1.50% of the loan amount |
| Federal Bank | Starting from 11.49% | 0.50% of loan amount |
| Fullerton India | Starting from 12% | Upto 6.5% of the loan amount |
| HDFC Bank | 11.25% to 21.50% | Up to 2.50% of the loan amount |
| HSBC Bank | 10.75% to 17.84% | Up to 1% of the disbursed loan amount |
| ICICI Bank | 11.50% to 19.25% | Up to 2.25% per annum of loan amount |
| IDBI Bank | Starting from 12% | 1% of the Loan Amount |
| IDFC First | Starting from 11.5% | Up to 2% of the loan amount |
| Indian Bank | Starting from 14.20% | 0.51% on the Loan Amount |
| IndusInd Bank | Starting from 10.75% | Upto 2.5% of the loan amount plus tax |
| Kotak Mahindra Bank | 11.29% to 19.99% | Up to 2.5% of the loan amount + GST |
| Faircent finance | 16.50% | As applicable by the lender |
| Punjab National Bank | Starts from 12% | 1.80% of the loan amount |
| RBL Bank | Starting from 12% | 4% of the loan amount |
| Standard Chartered Bank | Starting from 11.99% | Upto 3% of the loan amount |
| State Bank of India | Starting from 11% | 1% of the loan amount |
| Syndicate Bank | 13.25% to 13.65% | 0.50% of the loan amount |
| TATA Capital | Starting from 11.25% | Up to 2.5% of the loan amount + GST |
Fixed Rate of Interest.
Fixed Interest Rate is an roi that remains fixed throughout the personal loan tenure. In other
words if an individual has taken a personal loan for 5 years, the interest rate offered by the
bank will remain the same throughout the tenure.
Floating Personal Loan Interest Rate
Floating Personal loan interest rate is a roi that changes during the loan tenure. For this type
of personal loan, there is a basic rate that is informed to the borrower while availing the loan
and the interest rate keeps on fluctuating above and below this basic rate as per floating
components.
What's the Factors that Influence Your Personal Loan Interest Rates?
Personal loan interest rate roi basically starts from 10.75% but is not same for everyone and if
you are planning to avail a personal loan, it is important for you to understand the factors that
may influence your interest rate. Depending on the following factors two individuals can get
different interest rates on a personal loan from the same lender:
Credit score
A cibil score not only helps you to avail a personal loan but also it helps in pulling down your
interest rate. How? A cibil score is a 3 digit number that acts as a validation of how you have
handled the past repayments of your credit cards and personal loans etc
You need every time to repay your EMI on time, scores are added to your cibil score
It is most important to maintain a good cibil score of 750 or above as it proves your
creditworthiness and such individuals are considered reliable by the lenders during
offering a personal loan and hence a lower interest rate may be offered.
Income:
As personal loans are\ unsecured loans and you do not need to involve any collateral against them,
a higher monthly income of an individual works as an assurance to the lenders. The lenders tend to
believe that high income borrowers are able to repay the loan without any delay and hence offer a
lower interest rate to them. For example, a borrower with a monthly income of Rs. 80,000 might get
a personal loan with an interest rate of as low as 10.99% but on the other hand, a borrower with a
monthly income of Rs. 24,000 might get an interest rate of 13.50% from the same bank.
Reputed employer
: If you are working with a reputed organisation, you are most likely to crack a great deal on your
personal loan interest rate. This happens because lenders believe that such borrowers have a stable
job and receive salary on time that's why they are able to repay the EMIs on time. Apart from this,
the nature of your job also influences your credit score as a salaried professional might get a
different interest rate as compared to a self- employed individual.
Relationship with your bank
: If you have a salary account with any bank and share a good history of repaying the past EMIs
with the bank on time, the bank is most likely to offer you a personal loan with lower interest rate
or processing fee. The lenders might also offer you a few more benefits.
Best Deal on Your Personal Loan Interest Rate.
Availability of a normal personal loan is quick and easy but availing a personal loan at the lowest
interest rate might be difficult if you don’t consider the following points before applying for a
personal loan.
Improve your credit score of 750 or above as it defines your credit worthiness and
below 750, you will have to make efforts to maintain it. The easy ways to do so are
to keep paying the EMIs of your existing loans and credit cards on time and keep
checking your credit report for any defaults
Pay existing loan, if any: Your loan to Income Ratio (LTI) that is calculated by
taken into consideration by lenders as this ratio helps the lenders to
determine your ability to manage monthly EMIs along with the other
expenses. If your LTI is more than 50%, you will either not be considered for
a loan or the lender will charge you a high interest rate. Before applying for a
personal loan, it is suggested to pay your existing loan to bring the LTI ratio
down, which will actually help you to get a lower interest rate.
Compare lenders: Don’t go for the very first personal loan offer you get or
lenders on a personal loan and then go for the lender offering the lowest
interest rate. At Aplomb Financial Advisor, you can compare the interest rates offered
by different banks under one roof and can choose the desired one. Also, do
not forget to compare other hidden charges and terms and conditions as well.
Apply with a co- applicant: If your credit score is below 750, lenders may
situations, you can apply for a personal loan with a co- application
(maybe spouse or a parent) having a credit score of 750 or above.
This way, the financial information of both your co- application and you will
be considered and you might get a lower interest rate.
Consider pre- approved offers: Lenders, after considering your repayment
the bank side, a lower interest rate might be offered because the bank has
already analysed each and every aspect. So, keep looking for personal loan
pre- approved offers.
Asked Questions – Answer
Ques: Can I go for banks offering lower personal loan interest rates for my existing personal
loan with additional top-ups?
Ans: It depends on the existing top ups that one has on the loan. There are a lot of
factors where you can consider going on the lower interest rate. The best option would
be to contact your financial lender so they can guide the suitable offer for you.
Ques: How much interest rate is charged on a personal loan?
Ans: An interest rate on a personal loan varies from bank to bank but usually the
interest rate offered on a personal loan starts from 10.99%.
Ques: How can I get personal loans with a lower interest rate?
Ans: Taking a personal loan with a lower interest rate involves many factors. Some
of the factors include paying down existing debt, checking and rectifying your credit
reports on time, repaying EMI on a timely basis.
Ques: Who is the best lender to get a personal loan with low interest?
Ans: All banks have different personal loan interest rates to offer. They depend on
various factors for different loan applicants. Some of the factors include age, credit
history, self-employed or salaried etc. On the basis of these factors, the interest rate is
decided by the particular lenders.
Ques: How can I choose the ideal repayment tenure for personal loans?
Ans: You can Choose ideal repayment tenure includes a lot of points. One has to
analyse the monthly budget, calculate the Interest Rates involved, the future financial
planning prospects, the existing liabilities etc.
Ques: How much time does it take for a personal loan to get disbursed?
Ans: Personal loan is disbursed to your account within 3 to 5 working days.
