Personal loan is one of the easiest types of loans in India. Many banks and NBFCs offer this type of loan to its customers across the nation. A personal loan can be taken for any personal or professional reason. A personal loan borrower does not have to reveal the reason behind taking this loan. The funds released under this loan are dependent on the borrower’s financial history, credit score and ability to pay off the loan. The tenure for a personal loan ranges from 5 to 7 years depending upon the amount, lender’s policies and borrower’s eligibility.
As personal loan is a type of unsecured loan, the interest rate here is slightly higher than other types of secured loans. Banks and NBFCs offer two types of interest rates in personal loan: fixed interest rate & flexible interest rate. The loan borrower can choose any one of them as per their convenience.
Following is a list of personal loan interest rates offered by various banks and NBFCs in India:
| Bank/NBFC Name | Interest Rate* |
| Axis Bank Ltd. | 15.5% onwards |
| Bajaj Finance Ltd. | 11.99% onwards |
| Capital First Ltd. | 12% onwards |
| Citi Bank | 10.99% onwards |
| Fullerton India Credit Co. Ltd. | 14% onwards |
| HDB Financial Services Ltd. | 13.99% onwards |
| HDFC Bank Ltd. | 14.75% onwards |
| ICICI Bank Ltd. | 10.99% onwards |
| IDFC Bank Ltd. | 11.69% onwards |
| IndusInd Bank Ltd. | 10.75% onwards |
| Janlakshmi Financial | 18% onwards |
| Kotak Mahindra Bank | 11.50% onwards |
| Qbera | 13% onwards |
| Ratnakar Bank Ltd. | 14.5% onwards |
| Standard Chartered Bank | 10.99% onwards |
| Tata Capital Financial Services Ltd. | 11.49% onwards |
*The above mentioned statistics are as of February 2018. These can change as per the bank/NBFCs policy terms and the loan borrower’s profile.
Check your eligibility for personal loan.
