Personal Loans are a hit amongst those looking for money on loan urgently without the hassle of paperwork and collaterals. They are one of the most widely known and used form of borrowing money. But because these loans are for a shorter period of time, the lenders tend to increase the Personal Loan Rate of Interest so as to maximise their profit. Picking out the best Personal Loan Rates could take in a lot of hard work and research. Hence before finalising the lender of your choice, it is advised to take a look what various banks have on offer.
Usually, the banks agree upon a Personal Loan Rate ranging between 11.59% to 25%. If an applicant has a good CIBIL score, the rate of interest for the Personal Loan usually drops down as well. Also, providing a collateral can help you shrink the interest rates considerably. Let us take a look at the Personal Loan Rates offered by the top 6 banks of the nation:
HDFC Bank: HDFC bank is known to offer a Personal Loan Rate between 15.75% to 20%. The loan amount on offer for a Salaried Individual is upto ₹25 lakhs and upto ₹15 lakhs for the Self- Employed. A processing fee of up to 2.50% of the loan amount or a minimum of ₹1,000 to a maximum of up to ₹25,000 is levied on the Salaried Individuals. In case of a prepayment, a prepayment charge of up to 4% of the outstanding principal amount is charged along with the service tax.
ICICI Bank: ICICI bank is currently offering a Personal Loan Rate between 11.59% to 22%. The loan amount on offer for a Salaried Individual is upto ₹20 lakhs and upto ₹30 lakhs for the Self- Employed. A processing fee of up to 2.25% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 5% of the outstanding principal amount is charged along with the service tax.
Bajaj Finserv: Bajaj Finserv is known to offer a Personal Loan Rate of 12.75% onwards. The loan amount on offer is upto ₹25 lakhs and is only available for Salaried Individuals. A processing fee of 2.25% to 3% of the loan amount is levied on the borrower. In case of a prepayment, a prepayment charge of up to 4% of the outstanding principal amount is charged along with the applicable taxes.
SBI Bank: SBI bank is currently offering a Personal Loan Rate between 11.90% to 16.55% for the unsecured Personal Loan and 10.55% to 15.65% for the Secured Loan. The loan amount on offer is upto ₹15 lakhs for an individual. A processing fee of up to 1% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 3% of the outstanding principal amount is charged along with the service tax.
Kotak Mahindra Bank: Kotak Mahindra bank is known to offer a Personal Loan Rate between 11.29% to 14.29%. The loan amount on offer for a Salaried Individual is upto ₹15 lakhs for tan individual. A processing fee of up to 2% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, a prepayment charge of up to 5% of the outstanding principal amount is charged along with the service tax.
Axis Bank: Axis bank is currently offering a Personal Loan Rate between 15.59% to 24%. The loan amount on offer for a Salaried Individual is upto ₹15 lakhs for an individual. A processing fee of about 1.50% to 2% of the loan amount along with service tax is levied on the borrower. In case of a prepayment, there happen to be no prepayment charges to be paid by the borrower.
While opting for a Personal Loan, it is highly recommended to explore all the options and be certain of the interest rates and EMIs. It is prudent to plan out one’s expenses in advance and for the rest, we have Personal Loans!
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