|Bank||Personal Loan Interest Rates||Processing Fee|
|SBI Personal Loan||11.30%||1.00%|
|HDFC Bank Personal Loan||10.75%||Upto 2.50% Min Rs. 1,999|
|ICICI Bank Personal Loan||11.25%||Upto 2.25% of Loan Amount|
|Bajaj Finserv||12.99%||Starting from 1.50%, Up to 3%|
|IDFC First Bank||10.75%||Upto 1.5%|
|Axis Bank||10.99%||Upto 1.75%|
|Tata Capital||10.99%||Upto 2.50% of Loan Amount|
|IndusInd Bank||11.00%||Min 0.75% to Max 1.75%|
|Kotak Bank||10.99%||Upto 2.5%|
|RBL Bank||13.99%||Upto 2%|
|IIFL||12.99%||1 - 2%|
|HDB Financial||13.99%||Upto 2% of Loan Amount|
|Andhra Bank||11.55%||Case to Case|
|Yes Bank||10.99%||Starting at 0.99%, Upto 2%|
|Standard Chartered Bank||10.99%||1.00%|
|Bank of Baroda||10.50%||2%, Min Rs. 250|
|Union Bank of India||11.00%||0.5%, Min Rs. 500|
|Bank of Maharashtra||10.85%||1.00%, Min Rs. 1,000|
|Allahabad Bank||12.15%||1.06%, Min Rs. 1068|
|Federal Bank||11.49%||0.5%, Min Rs. 500|
|Karur Vysya Bank||12.00%||0.40%|
|Syndicate Bank||13.40%||0.5%, Min Rs. 500|
|Corporation Bank||12.95%||1.5%, Min Rs. 500|
|PNB||11.50%||1.8% + Taxes|
|Indian Overseas Bank||11.50%||Rs. 204 Per Lakh|
|Indian Bank||11.05%||0.5%, Min Rs. 508|
Personal loans are unsecured loans available for both salaried and self-employed professionals to help meet their general personal or private expenses that are urgent and immediate in nature. Unsecured loans are loans without any security that can be availed quickly. The rate of interest on personal loans is higher than that on secured loans. There are multiple personal loan providers in India which offer cheap and quick loans. You need a new loan only if:
Benefits of taking a personal loans are : -
As per the current rates, Citibank, Bank of Baroda offers the lowest interest rate of 10.50%. You can get best personal loan depending upon the company you are working with, loan amount you have applied for and your repayment capacity. Higher the loan amount, lower will be the rate of interest.
HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank are the best banks for personal loan, if you are looking for an instant personal loan with in 1-2 days. The interest rates of these banks are in the range of 10.5% to 18%. These loans providers offer online lending process. You can get instant personal loan approval from these banks online at workloans and check eligibility without having to submit paper documents. Post approval, in case you are an existing bank account holder or existing loan customer of HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank, you may be eligible for instant disbursement without any documents. In other cases, you may upload a few documents on mobile app or submit them physically to a bank loan officer who will visit you at your place before loan disbursement.
To get lowest personal loan interest rate online, read the do’s and don’ts mentioned below.
You should do a detailed comparison of personal loan interest rates and charges of all banks before chosing the best bank for personal loan.
As these loans are mostly unsecured, banks have a pre-decided set of rules (credit policies). Many loan applications get rejected as the borrower do not fulfil the basic set of rules of banks for approval of the personal loan. Hence, the borrower works on improving his or her chances of getting a loan using some simple tips.
Last, but not the least. Practice a healthy credit discipline regimen to maintain a healthy score and improve the chances of getting a loan. This regimen includes paying EMIs on time (every late payment reduces your credit score), restricting the number of credit cards, reducing the limit usage on credit cards, resort to taking a secured credit, wherever possible and regularly checking your credit report to ensure timely course corrections.
So, follow the above tips to get your loan application being approved easily and reduce the chances of rejection.
|Documents Required||Individuals||Firms, Partnerships|
|Signed Application Form||Required||Required|
|Identity Proof||PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card||PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card|
|Certificate and Proof of Business Existence||NA||PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI|
|Address Proof||Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)||Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter|
|Age Proof||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate|
|Income Proof||Last 2 years Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit||Last 2 years ITR, last 6 months bank account statement|
|Maximum Annual Percentage Rate (APR)||10.50% to 22%|
|Representative example of the total cost of the loan, including all applicable fees||
Here is an illustration of the total cost of the loan: